Tuesday, January 31, 2006
New Highs For 'Former Wallflower'
The Canadian Press has the latest on the gold sector. "The Toronto stock market moved into positive territory late Tuesday morning as gold stocks continued to shine in the wake of rising bullion prices. On the TSX, the gold sector was up three per cent as the near-month contract on the New York Mercantile Exchange rose $3.40 to $569.20 US an ounce. Eldorado Gold rose 18 cents to $5.85."
"But shares in Apollo Gold moved down nine cents or 18.75 per cent to 39 cents on delays at its Montana mine."
"Gold futures climbed above $575 an ounce Tuesday, a fresh 25-year high, and silver prices reached 1984 levels as Iran appeared closer to a referral to the United Nations' Security Council amid concerns about the nation's recently resumed nuclear-research program. Metals traders also awaited the Federal Open Market Committee's decision on U.S. interest rates, due at 2:15 p.m. Eastern time, shortly after metals trading closes in New York."
"'As the Fed-watchers are keeping a keen eye on Mr. Greenspan's farewell gesture to the dollar, and as the watchers of mounting global instability are keeping a keen eye on gold's presence in their basket of assets, gold continues its energetic blossoming from former wallflower to an unstoppable powerhouse,' said Jon Nadler, investment products analyst at bullion dealers Kitco.com."
"At the same time, March silver climbed as high as $9.915 an ounce, an intraday futures level not seen since April 1984. It was last up 9.5 cents, or 1%, at $9.87. Looking ahead, Kitco.com's Nadler expects 'great feats from silver in coming months and years.'"
"Still, he is 'fully aware that the white metal is primarily an industrial commodity (albeit one gifted with more than a few historical monetary attributes) and that its fate is inexorably tied to copper production, as well as hopefully, continuing strong demand from Asian countries.'"
"When it comes to buying precious metals 'as an insurance policy..silver does make sense once the core gold allocation has been accounted for,' he said. 'As the monetary role of silver tends to reassert itself during gold bull markets, and the spill-over effect ('poor man's gold') takes hold in the investment community, silver also shines, and then some,' he added."
"Also in metals, April platinum headed higher for a seventh session in a row, up $6.90 to reach $1,086 an ounce after tapping $1,086.50, a record level for a front-month contract. The previous record was $1,085, though the all-time high for any contract month was $1,189.50, both levels reached on March 5, 1980."
"Sister metal palladium saw its March contract add $11.50 to $295.50 an ounce."
"The Amex Gold Bugs Index (HUI) moved as high as 344.63 points, a new record. It was last up 3.3% at 344.43, with an 8.2% rise in shares of Agnico-Eagle Mines (AEM)."
"But shares in Apollo Gold moved down nine cents or 18.75 per cent to 39 cents on delays at its Montana mine."
"Gold futures climbed above $575 an ounce Tuesday, a fresh 25-year high, and silver prices reached 1984 levels as Iran appeared closer to a referral to the United Nations' Security Council amid concerns about the nation's recently resumed nuclear-research program. Metals traders also awaited the Federal Open Market Committee's decision on U.S. interest rates, due at 2:15 p.m. Eastern time, shortly after metals trading closes in New York."
"'As the Fed-watchers are keeping a keen eye on Mr. Greenspan's farewell gesture to the dollar, and as the watchers of mounting global instability are keeping a keen eye on gold's presence in their basket of assets, gold continues its energetic blossoming from former wallflower to an unstoppable powerhouse,' said Jon Nadler, investment products analyst at bullion dealers Kitco.com."
"At the same time, March silver climbed as high as $9.915 an ounce, an intraday futures level not seen since April 1984. It was last up 9.5 cents, or 1%, at $9.87. Looking ahead, Kitco.com's Nadler expects 'great feats from silver in coming months and years.'"
"Still, he is 'fully aware that the white metal is primarily an industrial commodity (albeit one gifted with more than a few historical monetary attributes) and that its fate is inexorably tied to copper production, as well as hopefully, continuing strong demand from Asian countries.'"
"When it comes to buying precious metals 'as an insurance policy..silver does make sense once the core gold allocation has been accounted for,' he said. 'As the monetary role of silver tends to reassert itself during gold bull markets, and the spill-over effect ('poor man's gold') takes hold in the investment community, silver also shines, and then some,' he added."
"Also in metals, April platinum headed higher for a seventh session in a row, up $6.90 to reach $1,086 an ounce after tapping $1,086.50, a record level for a front-month contract. The previous record was $1,085, though the all-time high for any contract month was $1,189.50, both levels reached on March 5, 1980."
"Sister metal palladium saw its March contract add $11.50 to $295.50 an ounce."
"The Amex Gold Bugs Index (HUI) moved as high as 344.63 points, a new record. It was last up 3.3% at 344.43, with an 8.2% rise in shares of Agnico-Eagle Mines (AEM)."
# posted by Ben Jones @ 9:41 AM 
Comments:
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what do people think of uranium? what do you think of this stock? I think it's almost like a uranium etf.
URANIUM PARTICIPATION CORP (U.TO)
Dines is big on uranium, I'll try and dig up some stuff. he did an FSO interview.
URANIUM PARTICIPATION CORP (U.TO)
Dines is big on uranium, I'll try and dig up some stuff. he did an FSO interview.
You would think traders would rush into GLD/IAU if the market does tank because it is suppose to be a safe haven. If the traders close out all positions and take the proceeds and buy physical gold, that would indicate a huge non-confidence for the entire economy. That would surely be doomsday.
I'm increasing my physical metal allocation anyway.
The author of the article dismisses the SLV ETF speculation as a factor of the silver price.
I'm increasing my physical metal allocation anyway.
The author of the article dismisses the SLV ETF speculation as a factor of the silver price.
Too bad the Mad Maxers will miss out on it as they pile their assets in physical gold to await the apocalypse...or the gold/commodities bull market!
ben, a few good articles today for a possible topic.
World heading for silver squeeze
Molybdenum And Green Economics
World heading for silver squeeze
Molybdenum And Green Economics
amadablamdream:
Good catch. Gotta remember to read the fine print. Interesting how they trade at a discount because of it, though.
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Good catch. Gotta remember to read the fine print. Interesting how they trade at a discount because of it, though.
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