Thursday, March 02, 2006

 

ECB Moves Boost Euro, Gold; Silver Spikes Up

Bloomberg has an update on the markets. "Gold rose to a three-week high in London as the dollar weakened on expectations European interest rates will rise, spurring buying by investors who use the metal as a hedge against further declines in the U.S. currency. The euro has advanced against the U.S. currency for three consecutive days on speculation ECB President Jean-Claude Trichet will follow an interest-rate increase today by signaling the need for further gains in borrowing costs."

"'More hawkish comment from Trichet will help the euro, and then gold,' Mario Innecco, a futures broker at Man Financial Ltd. in London. 'I'm quite positive' on gold, he said."

"Gold for immediate delivery rose $1.08, or 0.2 percent, to $564.03 an ounce as of 9:02 a.m. in London, the highest compared with closing prices since Feb. 9. The metal has gained 9.1 percent this year, after adding 18 percent last year."

"The euro traded at $1.1934 against the dollar, from $1.1923 in New York yesterday. Trichet will hold a press conference at 1:30 p.m. London time after the bank's decision."

"Among other precious metals for immediate delivery in London, platinum gained $5.50, or 0.5 percent, to $1,054 an ounce. Palladium fell $3.50, or 1.2 percent, to $293, and silver climbed 1 cent, or 0.1 percent, to $9.755."

Check out this spike in silver! Over $10.00.

Comments:
Does anyone have word of what caused silver to jump so quickly?
 
Donno, but I hear the shorts are covering like crazy. I'd also guess Buffet told Barclays to go find their own silver!
 
ted butler's recent commentary saying silver would shoot up and his bashing of the ETF?
 
Very nice! Hopefully $10+ is sustainable. No wonder SLW shot up 10% today (it has backed down a little).

This is really nice as I'm taking delivery of 1000oz purchased weeks ago.
 
a nice pop like that will pay for delivery and etc.
 
Silver Mine Strike in Mexico! Wildcatters go on strike, this had to have been part of the reason for the quick spike in silver today!


http://ca.today.reuters.com/news/newsArticle.aspx?type=topNews&storyID=2006-03-02T184657Z_01_N02186166_RTRIDST_0_NEWS-MINERALS-MEXICO-COL.XML&archived=False
 
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