Monday, January 23, 2006
'Alternative Currency' Appeals As US Dollar Sinks
Bloomberg looks at the trading day. "Gold rose in New York as the dollar declined against the euro and the yen, boosting the precious metal's appeal as an alternative currency. The dollar declined today against 16 of the most-active currencies after officials at the European Central Bank suggested higher rates are needed to prevent a surge in oil prices."
"'Gold is considered an alternative to all currencies,' said Dennis Eich, a precious metals analyst in Chicago. 'Investors are going into gold instead of the dollar, the euro or the yen.'"
"Gold futures for February delivery rose $4.70, or 0.9 percent, to $558.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices reached $568.50 on Jan. 20, the highest in 25 years. The metal has gained 7.7 percent this year."
"The dollar's decline began in Asian trading after the Dow Jones Industrial Average fell on Jan. 20 by the most since 2003. 'The dollar move actually helped act as an incentive for people to buy gold,' said Frederic Panizzuti, senior vice president at a Geneva-based precious-metals trading and refining company."
And this mining news site reports that the Placer Dome/Barrick merger is a done deal. "Placer Dome's chief executive handed in his resignation on Friday after Barrick Gold scooped up the majority of the smaller gold producer's shares and extended its takeover offer for the remaining stock. About 358-million, or 81%, of Placer Dome common shares had been tendered to Barrick's $10,4 billion offer by the Thursday midnight deadline."
"'Gold is considered an alternative to all currencies,' said Dennis Eich, a precious metals analyst in Chicago. 'Investors are going into gold instead of the dollar, the euro or the yen.'"
"Gold futures for February delivery rose $4.70, or 0.9 percent, to $558.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices reached $568.50 on Jan. 20, the highest in 25 years. The metal has gained 7.7 percent this year."
"The dollar's decline began in Asian trading after the Dow Jones Industrial Average fell on Jan. 20 by the most since 2003. 'The dollar move actually helped act as an incentive for people to buy gold,' said Frederic Panizzuti, senior vice president at a Geneva-based precious-metals trading and refining company."
And this mining news site reports that the Placer Dome/Barrick merger is a done deal. "Placer Dome's chief executive handed in his resignation on Friday after Barrick Gold scooped up the majority of the smaller gold producer's shares and extended its takeover offer for the remaining stock. About 358-million, or 81%, of Placer Dome common shares had been tendered to Barrick's $10,4 billion offer by the Thursday midnight deadline."
# posted by Ben Jones @ 3:17 PM 
Comments:
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you people are never going to make money by timing a drop. one day something is going to move the markets and you're going to be on the sidelines while you really need gold.
J.P. Morgan sees gold near $600/oz by year-end
J.P. Morgan sees gold near $600/oz by year-end
Mark,
The Swiss have a 'postal' account that costs around $600 to open. I use Everbank, and the fee is .75% each way, or that's what it was when I last used it.
I am an affiliate with Everbank, so if you click through the EB icon on this blogs sidebar, they will throw me a bone at no cost to you. Thanks!
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The Swiss have a 'postal' account that costs around $600 to open. I use Everbank, and the fee is .75% each way, or that's what it was when I last used it.
I am an affiliate with Everbank, so if you click through the EB icon on this blogs sidebar, they will throw me a bone at no cost to you. Thanks!
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