Friday, March 17, 2006


Traders See Oil Nervousness Over Weekend

A late report due to the network outage. "Silver prices closed at a fresh 22-year high as traders bet on a strong demand outlook. Gold prices ended the session modestly lower, retreating from a high near $559, but they still posted a 2.5% rise from the week-ago close. 'Metals continue to move higher basically on the anticipation of strong demand,' said Phil Flynn. Gold is 'having a hard time getting too rambunctious,' said Flynn. 'Inflation data is still very tame.'"

"May silver tacked on 2.3 cents to close at $10.365 an ounce after peaking at $10.46, a level not seen since late 1983, according to Flynn. The contract finished the day around 4.1% above the week-ago close of $9.96. 'Silver..continues to eye upside resistance pegged at $10.50 as ETF [exchange-traded funds] speculation continues,' said James Moore."

"Gold futures fell Friday, but after tallying a gain of over $14 an ounce in the past four sessions, they ended the week higher. 'Gold closed out the week on a firmer yet inconclusive note as traders squared logbooks ahead of the weekend,' said Jon Nadler. 'Nervousness about supplies of crude oil in the wake of the fresh Iraqi offensive launched by the U.S., as well as continuing perceptions of Iranian warmongering are the backdrops that will have gold traders checking news websites way before early Monday morning's resumption of trading,' he said."

"April platinum added $3.40 to end at $1,034 an ounce, up over $21 from last Friday's close. June palladium added $4.40 to close at $319.75 an ounce, up over $30 from last week's close. Indexes that track stocks in the metals-mining sector moved modestly higher Friday, following gains in four of the previous five sessions. They were ready to end around 4% higher for the week."

Today confused me. I thought crude prices would hold with the Nigerian pipeline attack over the weekend.

Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?