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?
 
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.
 
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