Rohstoffnews

18 Nov 2004 17:41

18.11.2004 17:36:57 Gold knackt 445-Dollar-Marke - Späte Verluste mit Dollarerholung

London, 18. Nov (Reuters) - Gold hat am Donnerstag zum fünften Mal in Folge ein neues 16-Jahre-Hoch erreicht, den Handel in Europa dann aber schwächer beendet. Die Rally der Anleger in das gelbe Metall sei abermals dem einbrechenden Dollar zuzuschreiben, der die Bedeutung des Goldes als alternative Investmentform unterstreiche, sagten Händler.

Den neuen Höchststand erreichte Gold im europäischen Handel bei 445,90 Dollar je Feinunze. Danach verlor es parallel zur leichten Erholung der US-Devise wieder und notierte gegen Handelsschluss bei 440,35/441,10 Dollar nach 444,25/445,00 Dollar am Vortag. Das Londoner Fixing erfolgte am Nachmittag bei 442,00 Dollar und am Vormittag bei 444,30 Dollar. Am Dienstagnachmittag war Gold mit 443,45 Dollar gefixt worden.

Nach Aussage von Händler könnte Gold in absehbarer Zeit die Marke von 450 Dollar knacken, da die USA nach einhelliger Marktmeinung ihr enormes Doppeldefizit zumindest teilweise über eine weitere Dollarabwertung finanzieren würden. Vom bevorstehenden Treffen der Finanzminister und Notenbankchefs der wichtigsten 20 Industrieländer (G-20) am Freitag in Berlin werden keine Aktionen oder Impulse erwartet. Im Vorfeld bezeichnete US-Finanzminister John Snow Devisenmarktintervention als "bestenfalls nicht lohnend".

Während der beiden Ölpreis-Schocks 1973 und 1979 war Gold in Folge des Dollar-Verfalls bis auf 850 Dollar im Januar 1980 gestiegen.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.433/16.683 (Vorabend 16.519/16.769) sfr an.

pma/par

18 Nov 2004 17:47

18.11.2004 17:29:50 NY gold retreats from 16-yr peak on profit-taking

NEW YORK, Nov 18 (Reuters) - U.S. gold futures fell from a 16-1/4-year peak on Thursday as traders took profits from a rally above $445 an ounce amid a softer euro against the dollar and after a new much-hyped gold security launched in New York.

December delivery gold slipped $3.50 to $441.60 an ounce at 10:49 a.m. (1549 GMT) on the New York Mercantile Exchange's COMEX division, in a range between $440.20 and its overnight high at $446.40, which was futures' highest price since July 1988.

"We're seeing a reasonable amount of liquidation here," a gold trader at a bank said.

Dealers previously had been positioning themselves in front of the launch on Thursday of bullion-backed exchange-traded fund streetTRACKS Gold Shares on the New York Stock Exchange.

"I think a lot of people are saying, 'gosh, this price is so high. Why is everybody going to jump into gold at this stage,'" said the trader.

StreetTRACKS, the first gold exchange-traded fund in the United States, listed Thursday under stock symbol GLD . It is designed to track the price of gold and trade like any common stock on the exchange.

Gold also got bit by the dollar's rise from an all-time low against the euro at $1.3074 on profit-taking in the euro and a report showing lower U.S. weekly jobless claims.

"We're a little weaker off the spot (price) and the economic data encouraged a little bit of buying in the dollar," said AG Edwards commodity commentator James Quinn.

The firmer dollar, as well as gold's resistance up at the $444-$445 level and a top-heavy speculative net long position in COMEX futures, all combined to fuel the selling, he said.

"Open interest is very much one-sided, and I think you're going to see a little consolidation," Quinn said. "I wouldn't be surprised if we see $440."

Spot gold slid back to $441.25/2.20 an ounce, after a softer euro versus the dollar made the metal less attractive for non-U.S. investors.

Bullion earlier hit a 16-1/4-year high at $445.90 before retreating as far as $439.65. That compared with Wednesday's New York close at $444.25/5.00 and Thursday afternoon fix in London at $442.

December silver fell 6.5 cents to $7.60 an ounce, trading between $7.75, a seven-month high, and $7.56. Spot held at $7.57/60, down from $7.63/66 previously. The fix in London was $7.66.

January platinum tumbled $16.10 at $859.50 an ounce. Spot platinum slid to $858/862.

December palladium lost $3.50 to $219.50 an ounce. Spot palladium was at $215/220.

NEW YORK, Nov 18 (Reuters) - U.S. gold futures fell from a 16-1/4-year peak on Thursday as traders took profits from a rally above $445 an ounce amid a softer euro against the dollar and after a new much-hyped gold security launched in New York.

December delivery gold slipped $3.50 to $441.60 an ounce at 10:49 a.m. (1549 GMT) on the New York Mercantile Exchange's COMEX division, in a range between $440.20 and its overnight high at $446.40, which was futures' highest price since July 1988.

"We're seeing a reasonable amount of liquidation here," a gold trader at a bank said.

Dealers previously had been positioning themselves in front of the launch on Thursday of bullion-backed exchange-traded fund streetTRACKS Gold Shares on the New York Stock Exchange.

"I think a lot of people are saying, 'gosh, this price is so high. Why is everybody going to jump into gold at this stage,'" said the trader.

StreetTRACKS, the first gold exchange-traded fund in the United States, listed Thursday under stock symbol GLD . It is designed to track the price of gold and trade like any common stock on the exchange.

Gold also got bit by the dollar's rise from an all-time low against the euro at $1.3074 on profit-taking in the euro and a report showing lower U.S. weekly jobless claims.

"We're a little weaker off the spot (price) and the economic data encouraged a little bit of buying in the dollar," said AG Edwards commodity commentator James Quinn.

The firmer dollar, as well as gold's resistance up at the $444-$445 level and a top-heavy speculative net long position in COMEX futures, all combined to fuel the selling, he said.

"Open interest is very much one-sided, and I think you're going to see a little consolidation," Quinn said. "I wouldn't be surprised if we see $440."

Spot gold slid back to $441.25/2.20 an ounce, after a softer euro versus the dollar made the metal less attractive for non-U.S. investors.

Bullion earlier hit a 16-1/4-year high at $445.90 before retreating as far as $439.65. That compared with Wednesday's New York close at $444.25/5.00 and Thursday afternoon fix in London at $442.

December silver fell 6.5 cents to $7.60 an ounce, trading between $7.75, a seven-month high, and $7.56. Spot held at $7.57/60, down from $7.63/66 previously. The fix in London was $7.66.

January platinum tumbled $16.10 at $859.50 an ounce. Spot platinum slid to $858/862.

December palladium lost $3.50 to $219.50 an ounce. Spot palladium was at $215/220.

18 Nov 2004 21:29

18.11.2004 21:12:43 NY gold ends off but atop $440 as new ETF launches

NEW YORK, Nov 18 (Reuters) - U.S. gold futures slipped and closed off from a new 16-1/4-year peak on Thursday, as traders took profits from the market's rally amid a firmer dollar and after a new much-hyped gold security launched in New York.

December delivery gold fell $2.20 to $442.90 an ounce on the New York Mercantile Exchange's COMEX division, after moving between an overnight peak at $446.40, which was futures' highest since July 1988, and a low at $440.20.

The dollar's rise from an all-time low against the euro, as well as chart resistance at the $444-$445 level in gold and a top-heavy speculative long position on COMEX, all combined to fuel liquidation in the market, dealers said.

"But a lot of people were relieved to see a correction" in gold, said Ian MacDonald, managing director of precious metals at International Assets Holding Corp.

Gold has been surging in its role as a haven during turbulent times and dollar weakness. The price of the metal is up nearly 40 percent from its low last year at $320 an ounce.

The euro touched a record high at $1.3074 Thursday before profit-taking in the euro and a report showing lower U.S. weekly jobless claims buoyed the dollar. The common European currency was last at $1.2967.

Spot gold slid to $442.95/3.70, after a softer euro made bullion less attractive for non-U.S. investors.

Spot earlier jumped to a 16-1/4-year high at $445.90 before retreating as far as $439.65. That compared with Wednesday's New York close at $444.25/5.00 and Thursday afternoon fix in London at $442.

Brokers pegged gold support at $440 with resistance up at $450.

StreetTRACKS Gold Shares , a bullion-backed exchange-traded fund, launched on the New York Stock Exchange Thursday, aimed at attracting the investment capital that has been piling into the benchmark precious metal.

It is the first gold ETF in the United States and is designed to track the price of bullion.

Dealers have hailed it as bullish for gold because it should open the market to investors including pension funds and private individuals who have previously steered clear of handling the physical commodity.

December silver tumbled 11.3 cents to end at $7.552 an ounce, trading from $7.75, a seven-month high, to $7.51. Spot touched $7.52/55, down from $7.63/66 previously. The fix in London was $7.66.

January platinum sank $12.90 to $862.70 an ounce. Spot platinum last changed hands at $857.50/862.50.

December palladium ended down $3.20 at $219.80 an ounce. Spot palladium hit $214.50/220.50.

19 Nov 2004 08:46

19.11.2004 06:04:02 Gold holds near $442 in Asia, dealers eye G20 meet

(Updates to afternoon)

SINGAPORE, Nov 19 (Reuters) - Gold traded around $3 an ounce below a 16-1/4-year peak in Asia on Friday, as the dollar stayed within sight of historic lows against the euro ahead of a meeting of G20 finance ministers.

Gold hit $445.90 an ounce in London on Thursday, the metal's fifth successive 16-year peak, before losing some of the gains to profit taking and a slight rebound in the dollar.

Gold's fall underlined worries about a possible sell-off in New York, given the large amount of long positions there. Dealers were awaiting the release of CFTC Commitments of Traders report on Friday, which was expected to show a record level of speculative long positions.

Spot gold was trading at $442.50/443.25 by 0449 GMT, compared with $442.95/443.70 last quoted in New York on Thursday and London's afternoon fix at $442 an ounce.

In the currency market, the euro hovered near $1.2954 , versus $1.2962 in late U.S. trade.

Expectations the Group of 20, which includes all major developed and developing countries, will not act to slow the dollar's fall at the summit in Berlin had pushed the currency to an all-time low against the euro at $1.3075.

Gold has been mainly driven by movements of the dollar against other currencies, especially the euro.

Dealers said weakness in Tokyo's yen-denominated gold futures affected sentiment in the spot market. The benchmark October gold contract in Tokyo Commodity Exchange (TOCOM) lost three yen per gram to 1,485 yen.

Some Tokyo dealers expected a decline in TOCOM's platinum futures after the release of a supply-and-demand report by refiner Johnson Matthey (/JMAT.L) also dragged down other metals.

"Since the publication of Johnson Matthey's forecast, TOCOM people have started to sell platinum, palladium, silver and gold," said Yukuji Sonoda, a precious metals analyst at Daiichi Commodities in Tokyo.

But spot gold would find support at $410 and $420 an ounce and could move up to $450 an ounce later this year, a level last seen in June 1988, as long as the dollar remained weak, said Sonoda.

Johnson Matthey said on Tuesday that global platinum market would turn into surplus in 2005 due to expanded mine output, after seeing a deficit of 40,000 ounces this year. Platinum was expected to trade between $760 and $880 an ounce over the next six months, said the British refiner.

Platinum was fell sharply to $846/851 an ounce, compared with $857.50/862.50 late in New York, tracking declines in Tokyo's platinum futures . Sister metal palladium was at $215/220 an ounce, against $214.50/220.50.

Bullion dealers said there was little activity in the physical market with investors and jewellers turning their attention to the G20 meeting and its possible impact on the U.S. dollar.

"I didn't see much of selling as well. Everybody is waiting for the G20 meeting," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

In India, consumers sold their jewellery and coins to take advantage of the current high prices, which have dampened demand during the festive season in the world's largest consumer.

Silver , which normally follows gold's movements, was at $7.49/7.51 an ounce, versus $7.52/7.55 in New York.

19 Nov 2004 08:47

19.11.2004 08:16:12 Europe gold starts slightly up, eyes dollar

* Spot gold little changed in early European trade at $443.00/443.75 a troy ounce by 0705 GMT, slightly up from the previous day's New York close of $442.95/443.70 and within sight of Thursday's 16-1/4-year high at $445.90. * Expected to continue following currencies, with focus on the dollar ahead of meeting of G20 finance ministers that is not expected to act against the U.S. currency's recent weakness. Euro slips back below $1.30 to trade at $1.2973/75 by 0712 GMT. * Silver slips to $7.51/7.54 an ounce from $7.52/7.55. * Platinum drops to $848.00/853.00 an ounce versus New York's previous $857.50/862.50. * Palladium edges up to $215.00/220.00 from $214.50/220.50.

Mit schönen Grüssen von der "Copy-u.Paste-Fraktion"

Aber lasst bloss Dottore in Ruhe, der bringt wenigstens Leben in die langweilige Bude..........und Recht hat er obendrein!

19 Nov 2004 13:36

19.11.2004 13:25:43 Europe gold firm in quiet trade, eyes weak dollar

LONDON, Nov 19 (Reuters) - Gold rose on Friday in Europe, buoyed by dollar weakness as the market consolidated under a fifth successive 16-1/4-year high scored in the previous session, dealers said.

Gold peaked at $445.90 an ounce on Thursday, its highest since July 1988, after the dollar dropped to record lows against the euro, with dealers broadly optimistic on the chances of moving higher to $450.

By 1159 GMT, spot gold was trading quietly at $443.50/444.25 per troy ounce, up from New York's late quote on Thursday of $442.95/443.70.

"We don't expect gold to make any new highs today, it will be sitting quiet," Simon Weeks, director, bullion at ScotiaMocatta said, adding that the market's next target would be levels over $445.

Traders have also attributed gold's recent bullish glow to hype generated by the launch of a new U.S. investment product on Thursday.

StreetTRACKS Gold Shares , a bullion-backed exchange-traded fund, debuted on the New York Stock Exchange on Thursday, with the aim broadening investor access to the market.

"We believe that the introduction of such products will represent an important factor for a sustainable bull trend," Frederic Panizzutti from MKS Finance said in a emailed report on Friday.

Dealers pegged resistance at $445 and support at $440/41.

The dollar stayed near to a record low against the euro as traders waited to see if world finance chiefs would attempt to slow the greenback's slide. The single currency was last at $1.3025, off its all-time high of $1.3074 on Thursday.

Analysts said gold was still within sight of its next upside target of $450, which could likely be driven by another U.S. ETF product launch next week.

San Francisco-based Barclays Global Investors filed a registration with the Securities and Exchange Commission for iShares COMEX Gold Trust, which will mimic the price of COMEX gold futures.

Long liquidation is still seen as a threat to gold at current levels, with sky-high speculative exposure on New York's COMEX gold futures market.

Silver was seen broadly consolidating, tracking gold and currency moves. Spot silver was quoted at $7.57/7.60, up from New York's $7.52/7.55.

Platinum was looking vulnerable as speculators in Asia continued to liquidate positions. Spot platinum was quoted at $852.00/857.00, below New York's previous $857.50/862.50.

Palladium was at $213.00/218.00 from $214.50/220.50.

19 Nov 2004 18:13

19.11.2004 17:11:42 Commodities News Summary

TOP NEWS
> NY gold bolts to new 16-1/4-yr high as dollar hit [nN19373870]

NEW YORK - U.S. gold futures surged to a fresh 16-1/4-year peak on Friday morning, hoisted by a sharply weaker dollar after bearish comments on the currency by U.S. Federal Reserve Chairman Alan Greenspan.

It was the sixth-straight session featuring a new multiyear peak for the dollar-denominated precious metal, as a lower greenback boosted the buying power of non-U.S. investors.

- - - -

> Ivory Coast cocoa sector shaken by expat exodus [nL19506451]

ABIDJAN - Cocoa exporters in Ivory Coast may be forced to restructure their operations after thousands of expatriates fled days of rioting and others consider leaving the world's top grower, industry executives said on Friday.

More than 8,000 French nationals have fled their former colony in the past 10 days, according to the French foreign ministry, and hundreds from other countries have also left fearing the West African state may slide into civil war.

- - - -

METALS > Europe aluminium premiums up on low nearby stocks [nL19604046]

LONDON - Spot European physical aluminium premiums have perked up this week as an outflow of metal to the United States caused lower inventory levels in main European warehouses, traders said on Friday.

"The European spot market is pretty firm. Good Western duty-unpaid in Rotterdam material is around $60 a tonne," one European trader said. In early November, it was $45/55.

- - - -

> UPDATE 1-Talks press on at striking Alcoa Quebec s [nN19412238]

MONTREAL - Contract talks continued on Friday between Alcoa Inc. (/AA.N) and the union for striking workers at its big aluminum smelter at Becancour, Quebec, the two sides said.

Negotiators for Alcoa and the union sat down for their fifth straight day of discussions at Becancour, located about 150 km (95 miles) northeast of Montreal, a company spokesman said.

- - - -

> Talks to resume Friday on Chile Phelps copper mine [nN19557563]

SANTIAGO, Chile - Striking union workers at Chilean copper mine El Abra, majority-owned by U.S.-based Phelps Dodge Corp. (/PD.N), plan to meet company officials on Friday to discuss wage hikes and try to end a 15-day strike.

If the talks are successful, the 450 striking workers could be back at work this weekend or on Monday.

- - - -

> Ormet workers OK strike at Ohio aluminum plant [nN19561113]

NEW YORK - Union members at privately held Ormet Corp. voted Thursday night to allow representatives from the United Steelworkers of America to call a strike at the Hannibal, Ohio, aluminum plant should they deem it necessary during talks with the company, a union source said on Friday.

Ormet filed for Chapter 11 bankruptcy protection in January, citing rising medical benefit costs, low aluminum prices, and weak demand, and has asked union members to make concessions as part of the company's reorganization plan.

- - - -

SOFT COMMODITIES
> Deep EU divisions to surface over sugar reform [nL1934040]

BRUSSELS - A radical overhaul of EU sugar subsidies is likely to bring out deep divisions among member states next week in their first full-scale debate on overhauling a system little changed in 35 years, officials say.

Plans presented by the European Commission, the EU's executive arm, recommend slashing internal prices by some 40 percent, scrapping the safety-net intervention system and cutting EU output. This would also result in much lower exports.

- - - -

GRAINS, OILSEEDS, LIVESTOCK > CBOT soy down after hitting 2-month high this week [nN19331990]

CHICAGO - Soybean futures at the Chicago Board of Trade fell early on Friday on a setback after climbing to two-month highs this week, traders said.

Cargill Investor Services was the featured seller of 700 March, traders said.

- - - -

> Western Europe to increase area sown to 2005 wheat [nL19208914]

LONDON - Western Europe should see a notable increase in wheat plantings for harvest 2005, boosting output at the expense of other crops like maize and rye, analysts said on Friday.

In top wheat producer France, traders and producers say a slump in maize costs will encourage a major shift to soft wheat and put the rise at between three and five percent over last season when 4.84 million hectares were drilled.

- - - -

> WTO case leaves protected food name list intact-EU [nL19154921]

BRUSSELS - The European Union dismissed on Friday reports its system of protecting the names of famous foods and wines like Parma ham and Roquefort cheese had been undermined by a recent World Trade Organisation (WTO) ruling. The WTO, in a still-confidential decision in a case brought by the United States and Australia, found that the EU system "was perfectly compatible" with WTO rules, European Commission trade spokeswoman Arancha Gonzalez said, breaking a pact of silence on such verdicts.

- - - -

> Germany reopens farms sealed off in dioxin scare [nL19177910]

HAMBURG - Five German farms which had been sealed off in a dioxin scare earlier this month may now work normally again, German authorities said on Friday.

The North Rhine-Westphalia state Agricultural Ministry said that tests on meat from the farms showed that levels of cancer-causing dioxin were under the legally permitted limit.

19 Nov 2004 18:14

19.11.2004 17:34:15 UPDATE 1-Europe gold surges as dlr wanes on Greenspan

(Updates with new high, quotes, details)

LONDON, Nov 19 (Reuters) - Gold surged to its highest in more than 16 years for the sixth session in a row on Friday in Europe after comments by U.S. Federal Reserve Chairman Alan Greenspan reinforced the euro's rally against the dollar.

The dollar slumped across the board after Greenspan said appetite for dollar investments could eventually wane. A weaker U.S. currency makes dollar-priced gold cheaper for non-U.S. investors.

Spot gold surged to close in Europe at $446.75/447.50 -- its highest since July 1988 -- and up compared with $442.95/443.70 quoted late in New York on Thursday. The metal was fixed on Friday afternoon at $445.60.

"The dollar weakened again and gold took off just before the fix, mainly on fund buying," a dealer said.

Gold has now gained more than seven percent since the beginning of this year.

LIQUIDATION THREAT
Analysts said gold's bull run would probably continue while the dollar remained weak, but raised the possibility of a sell off due to high speculative exposure.

"The dollar is looking really, really weak and with all the comments that we've seen from Greenspan -- this points to the dollar getting even weaker and that will lift the gold price," UBS Investment Bank analyst John Reade said.

Reade said the market's bullish glow would fade at some point however, as speculators became increasingly overexposed on New York's COMEX gold futures market.

"You don't stand in the way of the falling dollar, but there will be a shakeout at some stage," he said, adding that gold was unlikely to outperform the euro if the dollar continued to weaken substantially.

The euro was last at $1.3025, off its all-time high of $1.3074 on Thursday.

Analysts said gold was still within sight of its next upside target of $450 -- last seen in June 1988.

Traders have also attributed gold's recent bullish streak to hype generated by the launch of a new U.S. investment product on Thursday.

StreetTRACKS Gold Shares , a bullion-backed exchange-traded fund, debuted on the New York Stock Exchange on Thursday, with the aim of broadening investor access to the market.

San Francisco-based Barclays Global Investors also filed a registration with the Securities and Exchange Commission for iShares COMEX Gold Trust, which will mimic the price of COMEX gold futures.

Silver was seen broadly consolidating, tracking gold and currency moves. Spot silver was quoted at $7.57/7.60, up from New York's $7.52/7.55.

Platinum weakened to $852.00/857.00 from New York's previous $857.50/862.50.

Palladium was at $214.00/218.00 from $214.50/220.50.

19 Nov 2004 18:40

19.11.2004 17:00:27 Gold-Höhenflug ungebremst

London, 19. Nov (Reuters) - Gold hat am Freitag seine Hausse fortgesetzt und zum sechsten Mal hintereinander ein neues 16-Jahrehoch aufgestellt. Händler begründeten den anhaltenden Rekordkurs mit dem sich auf einem historisch niedrigen Niveau einpendelnen Dollarkurs. Zudem könnte ein neu lancierter Gold-Fonds die Nachfrage angekurbelt haben.

Im späten europäischen Handel kletterte Gold auf 446,05 Dollar je Feinunze und stellte damit den 16-Jahreshöchststand von 445,90 Dollar vom Vortag ein. Das gelbe Metall schloss mit einem Kurs von 445,25/426,00 nach 440,35/441,10 Dollar am Vortag. Das Londoner Fixing erfolgte am Nachmittag bei 445,60 Dollar und am Vormittag bei 443,70 Dollar. Am Dienstagnachmittag war Gold mit 442,00 Dollar gefixt worden.

Von der am (heutigen) Abend in Berlin beginnenden Konferenz der 20 führenden Industrie- und Schwellenländer (G20) erwarten sich Marktexperten nach eigener Aussage keine negativen Impulse für den Goldkurs. Dies sei durch Aussagen des US-Finanzministers John Snow, wonach die G20 nicht das Forum für Gespräche über Wechselkurse seien, unterstrichen. Der Chef der US-Notenbank Fed, Alan Greenspan, hatte ins gleiche Horn gestossen, in dem er in Frankfurt sagte, dass Interventionen keine nachhaltigen Wechselkursveränderungen bewirkten. Damit haben die Mutmassung vieler Marktteilnehmer, dass die USA ihr Doppeldefizit über eine sinkenden Dollar finanzieren wollten, neue Nahrung bekommen, so Händler.

In diesen Tagen sollen an einigen Börsen handelbare Gold-Fondsanteile (ETF) in den Handel kommen, was Marktteilnehmer auf einen leichteren Einstieg in Gold durch Kleinanleger hoffen lässt. Goldhändler führen die derzeitige Nachfrage zum Teil auf den Aufbau dieser ETF-Fonds zurück.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.516/16.766 (Vorabend 16.433/16.683) sfr an.

19 Nov 2004 21:13

19.11.2004 20:53:22 NY gold ends at 16-1/4-year high anew as dollar off

NEW YORK, Nov 19 (Reuters) - U.S. gold futures closed at fresh 16-1/4-year highs on Friday and looked set to reach $450 an ounce soon, as the dollar-sensitive market got another boost after bearish comments on the greenback by U.S. Federal Reserve chief Alan Greenspan, dealers said.

It was the sixth-straight session featuring a new multiyear peak for dollar-denominated gold, as the ailing greenback was improving the buying power of investors holding rival currencies.

December delivery gold rose $4.10 to end at $447 an ounce on the New York Mercantile Exchange's COMEX division, after trading between $441.90 and $448.50, which was the priciest for futures since July 1988.

"With the euro strong and the dollar weak, and everything else the way it is, it looks like gold should hit $450 early next week," said Pioneer Futures analyst Scott Meyers.

"There is a chance for a pullback because the speculative long position is so huge, but I see this as really guided by the (currency traders) and if the dollar stays where it is or moves lower, I don't see gold coming off from here."

More investors have turned to gold recently as a safeguard against lingering economic uncertainty and geopolitical tensions. The price is up 40 percent from its low last year at $320 and about 70 percent over the last three years.

The dollar on Friday tumbled to a four-year low against the yen and neared an all-time low versus the euro after Greenspan said appetite for dollar investments would eventually wane.

The market seemed to shrug off news the Bank of France agreed to sell 500 tonnes to 600 tonnes of its gold reserves over the next five years. The bank did not give a start date for the sale, saying its governor would decide on the timing according to market conditions.

In Greenspan's remarks prepared for delivery to a European bankers conference in Frankfurt, he said: "It seems persuasive that, given the size of the U.S. current account deficit, a diminished appetite for adding to dollar balances must occur at some point."

Analysts said $450 was gold's near-term price target, though it remained vulnerable to a quick correction down toward $430, or even $425, if heavily long fund-type accounts decided to pare back positions.

Spot gold also hit a 16-1/4-year high at $447.65 before moving to $446.65/7.40 in the afternoon. That compared with Thursday's late quote in New York at $442.95/3.70 and Friday's late London fix at $445.60.

The euro last fetched a strong $1.3039 supported by ideas that finance ministers in the Group of 20 meeting in Berlin starting Friday will not move to slow the greenback's slide.

December silver rose 4.8 cents to $7.60 an ounce, trading from $7.50 to $7.65. Spot silver changed hands at $7.56/59, up from $7.52/55 previously. London's fix was at $7.585.

January platinum shed $3.00 to end at $859.70 an ounce. Spot platinum last fetched $856/861.

December palladium climbed 50 cents to $220.30 an ounce. Spot palladium was worth $216/222.

22 Nov 2004 13:29

22.11.2004 13:05:01 Europe gold consolidates near highs, eyes $450

LONDON, Nov 22 (Reuters) - Gold hovered near 16-year highs in Europe on Monday as the market consolidated last week's near three percent rise, eyeing its next target at $450 an ounce, dealers said.

Spot gold was quoted at $447.50/448.25 by 1142 GMT, up from New York's late quote of $446.65/447.40 on Friday, when bullion touched $447.65, its highest since July 1988

But traders said volumes were thinning at the peaks, with the market possibly pausing before its next move higher.

"It's been the quietest it's been for about three weeks, but we do need to keep the market in a healthy state of mind and perhaps come back a few dollars," one trader said.

He saw little focus for market as there had been no huge range in the euro, although currency moves would continue to dictate gold's direction.

A weaker U.S. currency makes dollar-priced gold cheaper for non-U.S. investors.

The euro held just below recent record highs against the dollar after the Group of 20 rich and developing nations made no effort at the weekend to stop the U.S. currency's decline.

Comments from U.S. Federal Reserve Chief Alan Greenspan on Friday also strengthened speculation that a weak dollar was welcomed as a way to help cut the U.S. current account deficit.

The euro was at $1.3032/37 in early European trade, just off $1.3022 seen late in New York.

"The recent currency trends are likely to continue in the near term," Alexander Zumpfe from Dresdner Kleinwort Wassertstein said in a daily report.

"This should maintain the bullish tone in gold as well and a test of $450 might be on the cards over the coming days."

Traders also attributed gold's recent bullish glow to the launch of a new U.S. investment product late last week.

StreetTRACKS Gold Shares , a bullion-backed exchange-traded fund, made its debut on the New York Stock Exchange on Thursday, with the aim of broadening investor access to the market.

Although gold's latest ascent suggested further gains ahead, several analysts were wary of year-end liquidation by funds, especially given sky-high speculative exposure on New York's COMEX gold futures market.

Silver ticked up to $7.60/7.63 from $7.56/7.59.

Spot platinum was quoted at $850.00/854.00, down from New York's late quote of $851.00/856.00, while palladium dipped to $213.00/217.00 from 216.00/222.00.

22 Nov 2004 13:34

22.11.2004 13:32:06 Silver fixes higher, Europe gold eyes new highs

* Silver fixes higher at 761.50 cents per ounce compared with previous fix at 758.50 cents. Spot silver ticks up to $7.61/7.64 an ounce by 1207 GMT from $7.56/7.59 quoted late in New York on Friday. * Silver forward rates on Reuters page indicated at 2.133, 2.078, 1.988 and 1.673 for one, three, six and 12 months respectively. * Gold firms near 16-year highs at $447.55/448.25 a troy ounce, from the New York close of $446.65/447.40. Bullion spiked to $447.65 on Friday, its highest since July 1988. * U.S. dollar stays near record lows against the euro at $1.3041. Euro's all-time high was $1.3074 on Thursday. * Platinum down at $850.00/854.00 an ounce versus New York's previous $856.00/861.00. * Palladium slips to $213.00/217.00 from $216.00/222.00.

22 Nov 2004 16:49

22.11.2004 16:41:32 NY gold rises early as dollar stays soft

NEW YORK, Nov 22 (Reuters) - U.S. gold futures climbed to sturdy ground Monday morning not far from 16-1/4-year highs as investors continued to buy on the sagging U.S. dollar, trading sources said.

December delivery gold rose $1 to $448 an ounce on the New York Mercantile Exchange's COMEX division by 10:15 a.m. EST (1515 GMT), trading between $446.10 and $448.20.

Gold reached $448.50 on Friday, which was its highest price since July 1988, as a weak dollar improved the buying power of dollar-priced gold for investors holding other currencies.

Trade was thin as some participants kept to the sidelines ahead of this week's U.S. Thanksgiving holiday. COMEX and NYMEX metals will be closed on Thursday and Friday.

"The market is in a holiday spirit as the dollar is getting clobbered, and the surprise sharp increase in oil last week is another factor that would be bullish for gold and silver," said Frank Aburto at F.C. Stone.

The dollar slid back toward last week's record low versus the euro Monday after a weekend meeting of world finance chiefs ended with no agreement to stem the greenback's decline.

Analysts believe gold should hit $450 sooner rather than later, based on continued weakness in the dollar, but they also remained concerned over the massive speculative net long position on COMEX.

"Gold has been riding higher primarily on U.S. dollar weakness and we see that market as due for a technical correction as well, with too many players now leaning too heavily in one direction since 'everyone knows' the dollar is going to trend lower," said IFR Markets analyst Tim Evans.

After Friday's close, weekly Commitments of Traders data from the Commodity Futures Trading Commission showed funds boosted their net long position in COMEX gold futures to 123,001 contracts as of Nov. 16 from 117,853 lots a week earlier.

Support was seen down near $440 and then $430 and $425, should the market decide to retreat.

The president of the Bundesbank, the German central bank, said Monday it aims to decide before year-end if it will use an option to sell gold under an agreement between European central banks.

Analysts expect them to dispose of every ounce of gold they can under the European Central Bank Gold Sales Agreement, a five-year sales pact that came into force at the end of September. The pact raised the limit on gold sales by its 15 signatories over the next five years to 2,500 tonnes from 2,000 tonnes in 1999-2004.

Players were starting to transfer positions in active December gold into the February futures before delivery begins next month, and most traders should be out of December by Wednesday, Aburto said.

"By then, I don't think there'll be anything that favors the dollar, so gold will be either flat or higher," he said.

The euro was about flat at $1.3033 and not far off from Thursday's all-time high against the dollar at $1.3074.

Spot gold hit $447.40/8.10, versus Friday's late quote in New York at $446.65/7.40. The afternoon fix in London was at $447.80. Bullion on Friday spiked to $447.65, its highest since July 1988.

December silver was unchanged at $7.60 an ounce, trading from $7.565 to $7.66. Spot silver rose to $7.59/62 from $7.56/59 previously. London's fix was at $7.615.

January platinum fell $7.20 to $852.50 an ounce. Spot platinum was worth $851/855.

December palladium lost $1 to $219.30 an ounce. Spot palladium hit $214/218.

22 Nov 2004 17:51

22.11.2004 17:35:50 Gold konsolidiert in Europa knapp unter 16-Jahre-Hoch

London, 22. Nov (Reuters) - Gold hat am Montag nach der Rekordjagd in den letzten Wochen eine Verschnaufpause eingelegt und sich auf hohem Niveau seitwärts bewegt. Die Handelsvolumen waren im Vergleich zur Rally der letzten Wochen recht dünn. Der Markt müsse vielleicht pausieren oder sogar eine kleine Korrektur nach unten vollziehen, bevor der nächste Schritt nach oben erfolgen könne, sagten Händler.

Im Verlauf des europäischen Handels erreichte Gold bei 447,55 Dollar ein Tageshoch und verfehlte damit das am Freitag aufgestellte 16-Jahre-Hoch von 447,65 Dollar nur knapp. Zu Handelsschluss in Europa notierte das gelbe Metall bei 447,40/448,10 Dollar je Feinunze nach 445,25/426,00 Dollar am Freitagabend.

Gefixt wurde Gold am Nachmittag in London mit 447,80 Dollar nach 447,00 Dollar am Vormittag und 445,60 Dollar am Freitagnachmittag.

Händlern zufolge hatte der ruhige Handel auch in dem zum Euro kaum veränderten Dollar seine Grund. Bekenntnissen der US-Regierung zu einem starken Dollar schenke der Markt keinen Glauben. Zudem habe die am Wochenende in Berlin zusammengetroffene Gruppe der führenden Industrie- und Schwellenländer G-20 zu den Wechselkursschwankungen keine Stellung bezogen, was das Abwärtspotenzial des Dollars eher noch verstärke. Damit rücke bei Gold die nächste Hürde bei 450 Dollar immer mehr ins Visier.

Andererseits befürchten einige Analysten den Ausstieg von Fonds zum Jahresende, insbesondere in Anbetracht der extrem hohen spekulativen Positionen am New Yorker Gold Future-Markt COMEX.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.626/16.876 (Vorabend 16.516/16.766) sfr an.

pma/par

23 Nov 2004 09:14

23.11.2004 08:04:23 Europe gold opens off Asia high as dollar firms

* Gold lower in early European trade. Easing on profit taking and firmer dollar after hitting fresh 16-1/4 year high of $449 a troy ounce in Asia. * Quoted at $447.30/448.10 at 0657 GMT versus $448.25/449.00 late in New York on Monday. * Euro softens to $1.2994/99 versus $1.3045. * Silver slips slightly to $7.52/7.54 from $7.53/7.56, while platinum at $852.00/857.00 against $850.50/855.50. * Palladium at $215.00/216.00, versus $214.00/220.00

23 Nov 2004 09:14

23.11.2004 06:23:10 Gold hits $449/oz in Asia,then slips on firm dollar

(Updates to afternoon, adds premiums)

SINGAPORE, Nov 23 (Reuters) - Gold climbed to a 16-1/4-year high of $449 an ounce in Asia on Tuesday before easing on profit-taking and a rebound in the U.S. dollar, but dealers said the precious metal was still on track to reach $450.

Gold would probably head towards $500 -- a level last seen in late 1987 -- because of the weak outlook for the dollar, whose descent has been driven by belief that the United States wants to see it weaken to ease the country's current account deficit.

A weak dollar makes gold a bargain for non-U.S. investors, while geopolitical tensions such as violence in Iraq and worries over the health of the global economy have elevated its safe-haven appeal.

"Every indication is that the market will trade up to $450. Whether that turnes out to be the peak of this cycle or whether it will trigger selling, it's hard to say," said one dealer in Singapore.

"It's going to be fairly low volume day today with Tokyo being out," he added, referring to a public holiday in Japan.

Spot gold was at $446.75/447.50 by 0449 GMT, down from $448.25/449.00 last quoted in New York on Monday.

Trade in the precious metals market on the Tokyo Commodity Exchange (TOCOM) will resume on Wednesday.

The benchmark October gold contract closed up 2 yen per gram at 1,487 yen on Monday.

The dollar bought $1.2998 , versus $1.3045 in late New York trade, and against last week's record low of $1.3074.

In Hong Kong, a key bullion trading centre in East Asia, jewellery manufacturers were on the sidelines because of the high prices while investors in mainland China were expected to sell more gold bars at around $450 an ounce .

"They have something to sell at above $448 but they are not very aggressive," said Ellison Chu, a senior manager at Standard Bank London, referring to investors in China.

"A lot of people there expect the market to go higher, so they are holding up their positions at the moment. If (market) breaks $450, they will clear the short position first. I think the real selling should be lying around $455 or $456," he said.

Gold bars were offered at a discount of 10 U.S. cents an ounce in Singapore, a centre for bullion trading in Southeast Asia, compared with a par last week because more investors were cashing in their holdings.

"We see also see scrap gold business," said Beh Hsia Wah, a dealer at United Overseas Bank.

Gold is mainly used as jewellery and for investment as it can be sold quickly for cash in times of trouble.

In other precious metals, platinum was at $851/856 an ounce, up slightly from $850.50/855.50 late in New York.

Sister metal palladium was at $215/220 an ounce, against $214/220.

Silver was at $7.51/7.54 an ounce, versus $7.53/7.56 in New York.

23 Nov 2004 13:26

23.11.2004 13:16:11 Europe gold eases from new 16 yr peak, eyes $450

LONDON, Nov 23 (Reuters) - Gold eased in Europe on Tuesday morning after hitting a fresh 16-1/4 year high in Asian trade at $449.00 per ounce, but dealers were still looking for further gains towards $450 and beyond.

Spot gold was quoted at $447.75/448.50 by 1150 GMT, down from New York's late quote of $448.25/449.00.

Dealers said that activity could be volatile later in the day, with prices seen moving in step with the euro/dollar rate.

"It will be choppy, especially this afternoon when the COMEX (New York futures) opens, dealers seem to want it lower," one trader said.

Dealers also said the market would be focusing on end-month option expiry this week.

The U.S. currency's brief recovery against the euro in early European trade had seen bullion drop to an intraday low of $455.50.

But the dollar later resumed its decline -- falling to $1.3061 against the euro -- making dollar-priced bullion cheaper for non-U.S. investors.

Dealers said they expected bullion to follow the greenback's volatile trade throughout the day as investors adjusted positions ahead of the U.S. Thanksgiving holiday on Thursday and Friday.

Analysts said gold could challenge resistance around $450, but the metal was looking increasingly vulnerable to retracement on high speculative exposure.

"A majority is still expecting this level to be tested in the short term and hence the selling interest is somewhat limited," Alexander Zumpfe of Dresdner Kleinwort Wasserstein said in a daily report.

"While we favour the upside as well, short term profit taking is always possible though it should remain short-lived and limited," he added.

Traders were also waiting for U.S. economic data on Wednesday, including University of Michigan's consumer sentiment reading for November, that could provide short term direction for the dollar.

Dealers pegged support at $445 and more significantly at $440.

Spot silver was flat but seen under pressure with the possibility of fund liquidation weighing on sentiment, quoted at $7.53/7.56.

Spot platinum stood at $851.00/856.00, up slightly from $850.50/855.50, while palladium was steady at $214.00/219.00.

Zitat

The U.S. currency's brief recovery against the euro in early European trade had seen bullion drop to an intraday low of $455.50

Das muss natürlich 445,50 heissen...........ist aber eh wurscht, wir stürmen jetzt auf die 450, 1 Dolar fehlt noch.........

Silber-Leasing-Rates sind wieder spürbar zurückgegangen..........

23 Nov 2004 13:35

23.11.2004 13:33:17 Silver fixes lower, gold at new highs

* Silver fixes lower at 756.50 cents per ounce compared with previous fix at 761.50 cents. Spot silver ticks up to $7.55/7.58 an ounce by 1207 GMT from $7.53/7.56 quoted late in New York on Monday. * Silver forward rates on Reuters page indicated at 2.00, 1.960, 1.925 and 1.662 for one, three, six and 12 months respectively. * Gold hovers at fresh 16-1/4 year high at $449.50/449.75 an ounce, up from the New York close of $448.25/449.00. Gains strength as the U.S. dollar notches up fresh record lows versus the euro. * Platinum slightly up at $851.00/855.00 an ounce versus New York's close of $850.50/855.50. * Palladium unchanged at $214.00/219.00 an ounce.

23 Nov 2004 16:20

23.11.2004 16:18:26 Early NY gold sags, misses $450 as options expire

NEW YORK, Nov 23 (Reuters) - Gold extended its rally to almost $450 an ounce Tuesday morning as the dollar hit a record low against the euro, but futures retreated as dealers jockeyed for advantage before COMEX December options expire at day's end.

Dealers said demand related to the strong first week of trading in the gold-backed streetTRACKS security on the New York Stock Exchange supported futures.

December delivery gold topped at $449.90 an ounce, the highest price for benchmark futures since July 1988. At 9:29 a.m. EDT (1429 GMT) it was off $1 at $448, holding well above the overnight low of $446.10.

"We reached the $450 target. Today is COMEX options expiry and the $450 strike does have a lot of interest still," said a bullion trader. "We are still pretty close to that, so it's probably going to be a magnet."

Speculators have accumulated a huge bullish position. Much of the early volume on the floor was switches, as funds rolled long positions from December to February, and to a lesser extent June gold, before first notice day next week.

"There's option expiration today," said a floor broker, adding that there were "more switches than anything else here.

"The trade and locals tried to really push this market down here early this morning," he said.

Gold in dollar terms has been surging in recent weeks as the euro rallied to record highs. The six-year old euro peaked at $1.3093 Tuesday, while the yen this week reached its strongest level since March 2000 against the greenback, arming overseas investors with greater bullion purchasing power.

Investor purchases of streetTRACKS, which is a certificate of ownership in physical gold held in trust, requires banks that administer the fund to buy bullion in the open market.

"It's hard to be short given that from a technical perspective it looks very firm and also because this (gold security) continues to put a half a million ounces of demand in the market," said the trader. "It will burst at some point but from $450 or $480? That's the big question."

Bullion peaked at $449.50. Spot gold was at $447.75/8.50, down from Monday's late level at $448.25/9.00. The morning fix in London was $447.

December silver was down 1.2 cents at $7.56 an ounce, trading $7.615 to $7.505. It hit a seven-month high at $7.75 last week.

Spot silver was unchanged at $7.53/56. London's fix was $7.565.

January platinum was up $2.80 at $858.00 an ounce. Spot platinum last priced at $851.00/855.00.

December palladium was $1.50 lower at $217.00 an ounce. Spot palladium hit $213.00/217.00.

23 Nov 2004 18:07

23.11.2004 17:35:39 Gold mit Tageshoch bei 449,50 Dollar

London, 23. Nov (Reuters) - Gold hat am Dienstag in Europa mit einem Höchststand von 449,50 Dollar nur knapp die psychologisch wichtige Markte von 450 Dollar verfehlt. Am Nachmittag gab der Kurs dann wieder etwas nach. Ein Test der 450 Dollar-Hürde noch vor dem langen Thanksgiving-Wochenende in den USA hänge von den Fonds ab, so Händler. Diese müssten nun entscheiden, ob sie noch vor Donnerstag ihre überhohen Long-Positionen zumindest teilweise abbauten, um Gewinne mitzunehmen.

Die Kursspanne liege zwischen 445 und 450 Dollar, so ein Händler. Am Nachmittag seien einige Call-Optionen verkauft worden. Am Mittwoch verfallen Over-The-Counter gehandelte Optionen.

Eine starke Unterstützung liegt Händlern zufolge bei 445 Dollar sowie deutlicher bei 440 Dollar.

Nach wie vor orientiert sich Gold Händler zufolge an der Entwicklung auf dem Devisenmarkt und reagiert spiegelbildlich. Bei einem fallenden Dollarkurs werde das in der US-Devise gehandelte Gold für Anleger aus anderen Währungsräumen billiger beziehungsweise biete einen Schutz vor dem Dollar-Verfall.

Zum Handelsschluss in Europa notierte die Feinunze Gold bei 448,15/448,90 Dollar nach 447,40/448,10 Dollar am Montagabend. Gefixt wurde Gold in London am Nachmittag bei 448,15 Dollar nach 447,00 Dollar am Vormittag und 447,80 Dollar am Montagnachmittag.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.578/16.828 (Vorabend 16.626/16.876) sfr an.

23 Nov 2004 20:56

23.11.2004 20:34:21 NY gold ends off, misses $450, as options expire

NEW YORK, Nov 23 (Reuters) - U.S. gold futures closed off from a fresh 16-1/4-year high on Tuesday, as traders pocketed profits from the market's rally to almost $450 an ounce after the dollar slumped to a new record low against the euro.

Most activity was positioning before this week's Thanksgiving holiday and before COMEX December options expired at day's end, dealers said, though demand based on the strong first week of trade in the gold-backed streetTRACKS security on the New York Stock Exchange continued to support gold.

December delivery gold on the New York Mercantile Exchange's COMEX division fell $1.10 to $447.90, in a range between the overnight low of $446.10 and $449.90, which marked the highest price for benchmark futures since July 1988.

Gold in dollar terms has been surging in recent weeks as the euro rallied to record highs. The six-year old euro peaked at $1.3105 Tuesday, while the yen this week reached its strongest level since March 2000 against the greenback, arming overseas investors with greater bullion purchasing power.

"I remain bullish on this market, but it must be noted that the gold price is only following the demise of the dollar," said Leonard Kaplan, president of Prospector Asset Management, in a report. "Any rally in the currency will force gold lower."

The euro was worth $1.3083 at midafternoon Tuesday.

Investor purchases of streetTRACKS, certificates of ownership in physical gold held in trust, require banks that administer the fund to buy bullion in the open market.

"It's hard to be short given that from a technical perspective it looks very firm and also because this (gold security) continues to put a half a million ounces of demand in the market," said a trader. "It will burst at some point, but from $450 or $480? That's the big question."

Speculators have accumulated a huge bullish position in COMEX gold. Much of the volume was switches as funds rolled long positions from December gold into February futures, and to a lesser extent June gold, before first notice day next week.

"There's option expiration today," said a floor broker, adding that there were "more switches than anything else here."

Estimated turnover was a massive 150,000 contracts, with 30,288 switches.

COMEX and NYMEX markets will be closed Thursday and Friday for Thanksgiving.

Bullion peaked at $449.50. Spot gold last touched $447.55/8.30, down from Monday's late level at $448.25/9.00. The afternoon fix in London was at $448.15.

December silver closed down 1.7 cents at $7.555 an ounce, trading $7.615 to $7.505. It hit a seven-month high at $7.75 last week.

Spot silver was unchanged at $7.53/56. London's fix was $7.565.

January platinum rose $1.70 to end at $856.90 an ounce. Spot platinum last priced at $851.00/855.00.

December palladium lost $1.30 to $217.20 an ounce. Spot palladium traded to $213.00/219.00.