Friday, December 23, 2005


Canadian Dollar, Gold Had A Good Year

This foreign exchange site looks back on the US/Canadian trading. "Markets today are characteristically slow, given the time of year. As today is an unofficial holiday for many traders and bankers, volumes are likely to be thin. Let's take a look back at USD/CAD."

"Although the Canadian Dollar began the year like many other currencies (under pressure from the USD), the spike in oil prices changed the equation. As the largest exporter of oil to the oil-hungry U.S., the currency went into a prolonged surge for the better part of 2005's second half."

"In recent weeks, the rally has stalled around the 115 mark. The saying 'so goes oil, so goes the Canadian Dollar' seemed to hold true this year, although the underlying 'real' economy has been quite strong of late, with many firm sectors helping drive investor interest. The Canadian Dollar gained roughly 9% against the USD in 2005."

And this report came in from Russia. "Russian gold production fell 6.7% year- on-year to 157.555 tonnes in January-November 2005, the Gold Producers' Union said in a release, quoting a figure for mined gold, byproduct gold and secondary gold or gold recovered from scrap."

"Gold production fell more than 11 tonnes or 6.7% year-on-year. Recoveries fell particularly, by 4 tonnes, because the secondary processing of refined gold into ingots was no longer classified as gold recycling with effect from September."

"Russia could reduce gold production 13% compared with this year's anticipated total to 130.7 tonnes by 2010 - as much as the country mined in 2000, Valery Braiko, head of the Russian Gold Producers' Union, has said."

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