Monday, December 12, 2005
Gold's New Role As A Non-Nationalized Currency?
The gold isgrabbing headlines again. "Comex gold shot to another fresh 25-year high on Monday but eased from that level by the close at the New York Mercantile Exchange. The benchmark February contract settled up $1.30 at $531.50 an ounce, off a high of $543.00 reached during the day session."
"Bill O'Neill said the longer-term picture for gold remains positive and the yellow metal is likely to reach $600 an ounce in 2006. O'Neill added that physical demand for gold is holding steady despite the rise in prices."
"'We are seeing solid levels of demand in Russia, the Middle East and Vietnam," said O'Neill. We are still bullish on gold but there is a little too much frenzy going
on," O'Neill said. In the next few weeks, O'Neill cautioned that the market may see some end-of-the-year book squaring, but he added that gold is moving on with a new
role as an alternative non-nationalized currency."
"The silver market followed gold's moves but settled lower on the day. The most-active March contract closed the day down 21.3 cents at $8.882 an ounce. During the session, the white metal traded in a $8.730-$9.280 range."
"Bill O'Neill said the longer-term picture for gold remains positive and the yellow metal is likely to reach $600 an ounce in 2006. O'Neill added that physical demand for gold is holding steady despite the rise in prices."
"'We are seeing solid levels of demand in Russia, the Middle East and Vietnam," said O'Neill. We are still bullish on gold but there is a little too much frenzy going
on," O'Neill said. In the next few weeks, O'Neill cautioned that the market may see some end-of-the-year book squaring, but he added that gold is moving on with a new
role as an alternative non-nationalized currency."
"The silver market followed gold's moves but settled lower on the day. The most-active March contract closed the day down 21.3 cents at $8.882 an ounce. During the session, the white metal traded in a $8.730-$9.280 range."
# posted by Ben Jones @ 5:15 PM 
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We'll see about this 'new' role. Please note the trading range of silver. For those who haven't owned silver, you can almost always expect more volatility in the white metal than gold will experience. I can remember 70 to 90 cent swings in a day.
every article I read I swear someone new is buying gold. what's going on. it's almost like these people seem something gathering...
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