Beiträge von GoldenCentury

29 Dez 2004 20:57

29.12.2004 20:42:51 NY gold ends down on firm dollar, no tsunami rally

NEW YORK, Dec 29 (Reuters) - U.S. gold futures tumbled almost 2 percent on Wednesday and silver also closed lower, as precious metals were slammed by fund selling in volatile trading ahead of the New Year's holiday.

A firm U.S. dollar, as well as gold's failure to rise on safe-haven buying after the Indian Ocean tsunamis and fears of physical selling due to the calamitous events in Asia, touched off some of the long liquidation, dealers said.

"The disaster in Asia has surprisingly had very little impact in the financial markets, which is hard to understand," said William Adams at TheBullionDesk.com. "However, as gold and silver are an important form of savings in Asia, the devastation that this disaster has caused is bound to force many people to cash in their savings as they fight to survive and rebuild their lives and livelihoods."

"It is possible that precious metals prices have come off in anticipation of this extra supply," Adams said.

On the COMEX division of the New York Mercantile Exchange, gold for February delivery fell $8.30 to settle at $437 an ounce, after moving between $445.70 and $434.40, which marked its cheapest price since Dec. 10.

Estimated gold volume was brisk at 64,000 contracts, considering many participants were out of the market this week for vacations.

New York metals will close early at around noon Thursday and stay shut Friday in observance of New Year's Day which falls on a Saturday this year.

The Tokyo Commodity Exchange is closed until Jan. 4.

Floor traders said the first burst of selling came after the dollar bounced from a record low against the euro.

Gold's price often moves in opposition to the dollar as many investors use as an alternative to U.S. currency.

"We saw retail liquidation and that spread into the funds as we took out the 20-day and 50-day moving averages in gold," said a COMEX source.

The 6-year-old euro last fetched $1.3574. Earlier, it rose as high as $1.3646.

"I think we also saw liquidation after we couldn't rally safe-haven buying on this tsunami," added the COMEX trader. Gold historically has been seen as a store of value during times of instability.

In Asia, more than 77,000 were known to have died from Sunday's earthquake-generated waves that hit countries from Indonesia to India. An official with the Federation of Red Cross and Red Crescent Societies said the toll may hit 100,000.

In the gold market, dealer buying to cover short positions supported prices above session lows, traders said, but overall price direction was seen as guided by currency moves.

Brokers pegged chart support in COMEX gold at $435 and $432.90, with initial resistance at $443.

Funds chased gold to a 16-year high near $460 early this month as the dollar fell on worries about economic growth and ballooning U.S. current account and budget deficits.

Spot gold last priced at $435.30/6.05 an ounce, down from $443.90/4.60 at Tuesday's New York close. Wednesday's late fix in London was at $440.25.

March silver slid 23.1 cents to end at $6.827 an ounce, trading from $7.06 to $6.80, its cheapest since Dec. 20. Spot slid to $6.77/80 from $7.00/7.03 previously.

NYMEX front-month January platinum fell $12.80 to end at $862.50 an ounce. Next active April futures lost $13.30 to $860. Spot hit $862.50/867.50.

Floor brokers said the market was focused on rolling long positions out of January platinum.

Starting Dec. 30, first notice day for NYMEX platinum and palladium deliveries will occur on the last business day of the month preceding the contract month, instead of the first business day of the contract month. This will align NYMEX metals with the practice for COMEX metals deliveries.

March palladium fell $3.35 to $185.65 an ounce. Spot traded to $181/187.

29 Dez 2004 19:02

29.12.2004 17:37:45 Goldpreis fällt um knapp sieben Dollar

London/Zürich, 29. Dez (Reuters) - Der Goldpreis hat am Mittwoch bei dünnen Volumen wegen Positionen-Glattstellungen um knapp sieben Dollar nachgegeben. Zu den Glattstellungen sei es gekommen, nachdem der Euro zum Dollar sein neues Rekordhoch nicht halten konnte, hiess es im Markt. Amerikanische Händler berichteten zudem, Spekulanten hätten darauf gehofft, dass die Flutkatastrophe in Südostasien dort zu einer Bewegung hin zum sicheren Gold führen würde. Als dies ausblieb, hätten im Futures-Handel Verkäufe eingesetzt.

Angesichts des schwachen Dollars, der Gold für Investoren aus anderen Währungsräumen günstig macht, sollte der Preisrückgang aber rasch zu einem Ende kommen, hiess es weiter. Das gegenwärtige Niveau sollte sich als stabile Unterstützungslinie erweisen. Optimistische Händler wollten für das kommende Jahr einen Goldpreis von 500 Dollar je Feinunze nicht ausschliessen.

Gold notierte zu Handelsschluss in Europa bei 436,55/437,30 (Vorabend 443,10/443,80) Dollar je Feinunze. Das zweite Londoner Goldfixing lautete auf 440,25 Dollar nach 443,50 Dollar am Vormittag. Am Montag und Dienstag hatte in London kein Handel stattgefunden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 15.833/16.083 (16.065/16.315 ) sfr an.

ajs/par

29 Dez 2004 17:23

29.12.2004 16:18:09 UPDATE 1-Europe gold slides in thin trade as euro retreats

(Updates to afternoon)

LONDON, Dec 29 (Reuters) - Gold fell sharply in thin trade on Wednesday afternoon in Europe, with liquidation hastened in thin volumes by the euro's retreat from earlier record peaks versus the dollar, dealers said.

Spot gold was quoted at $439.45/440.20 per troy ounce by 1512 GMT, compared with $443.90/444.60 late in New York on Tuesday. The metal was fixed on Wednesday afternoon at $440.25.

The euro briefly set a record high against the dollar $1.3646 -- marking a fresh peak for the fifth session running before it stepped back to $1.3608.

Dealers said that while the dollar's respite against the euro dented the allure of gold for non-U.S. investors -- bullion's journey south was temporary.

"I don't expect it to trade much lower. Given the overall dollar weakness, gold looks still cheap...this might encourage some bargain hunters and help the metal to crawl higher again," a European dealer said.

He said however that gold would need to strengthen through $440 again in order to decrease downward momentum.

Dollar weakness has been the dominant factor behind gold's three-year run upwards, with prices reaching their highest in 16-1/2 years this month at $456.75 as worries about the ability of the United States to fund its ballooning twin deficits weighed on the currency.

"With trading volumes still very thin ahead of the New Year gold is likely to find tough resistance ahead of $448-450 with support seen at $438-40," James Moore of TheBullionDesk.com said in a daily report.

Bullion dealers have said they expect the metal to head higher in 2005, with some seeing prices reaching $500.

In other precious metals, silver edged up to $6.99/7.02 from $6.95/6.99 late in New York on Tuesday.

Platinum saw speculative buying in thin trade, with spot prices rising to $867.00/871.00 from $865.00/870.00 previously. Palladium eased to $182.00/186.00 from $185.00/190.00.

28 Dez 2004 22:39

28.12.2004 20:40:43 NY gold ends off, silver up in thin year-end trade

NEW YORK, Dec 28 (Reuters) - Gold futures finished lower on Tuesday and other precious metals were mixed in trade thinned by year-end vacations and a UK bullion market holiday, dealers said.

Better-than-expected U.S. consumer confidence data lifted the dollar off a record low versus the euro and limited demand for gold, which investors often use as an alternative to the dollar.

"The confidence data put pressure on gold," said James Quinn, AG Edwards & Sons commodity commentator.

"The industrial metals, among them silver and copper, responded more favorably to prospects for lower oil prices. The talk there was weaker energy prices are going to be good for the global economy, and that's good for industry," Quinn said.

"I don't think you're going to see real aggressive end-of-the-year trade this week," he added. "We have an abbreviated session Thursday, and we're off Friday, so I think whatever we're going to do will be done early tomorrow."

On the COMEX division of the New York Mercantile Exchange, gold for February delivery lost 90 cents to end at $445.30 an ounce, after dealing between $446.60 and $444.

Estimated final volume was a very light 20,000 contracts. Many participants were out of the market for UK public holidays on Monday and Tuesday. London bullion trade will reopen on Wednesday.

New York metals will close early at around noon on Thursday and stay shut Friday, when New Year's Day will be observed.

The Tokyo Commodity Exchange is closed for the year. TOCOM activity resumes on Jan. 4.

U.S. consumer confidence grew to a 5-month high in December, bolstered by improved job opportunities and cheaper energy, a report from the Conference Board said. The index rose to 102.3, which was above forecasts and November's revised reading.

The 6-year-old euro hit a record high for the fourth trading day in a row, reaching $1.3643, as confidence grew that central banks would not act to prevent the dollar's decline. The euro was last around $1.3605.

Analysts said they saw plenty of reasons to buy gold with uncertainty about the outlook for the U.S. economy, overall dollar weakness and demand growing from the launch of U.S. exchange-traded funds.

But in order to test the upside again, the market will need some more downward corrections, some sources said. Gold was pegged in a broad trading band between $440 and $450.

Investment funds chased gold to a 16-year high near $460 an ounce early this month as the dollar fell on worries about economic growth and ballooning U.S. current account and budget deficits.

In Asia, metals were stable overnight as countries on the shores of the Indian Ocean were digging through the devastation caused by a series of tsunamis on Sunday that may have claimed around 50,000 lives.

In New York, spot gold last traded to $443.90/4.60 an ounce, compared with Monday's close at $444.35/5.10.

March silver rose 5.3 cents to $7.058 an ounce, trading from $6.96 to $7.075. On Monday, it touched its highest since Dec. 10 at $7.09. Spot silver fetched $7.00/7.03, up from $6.95/99 previously in New York.

CFTC data showed funds' net long exposure in COMEX silver fell to 37,664 lots on Dec. 21 from 43,225 a week earlier.

NYMEX front-month January platinum closed up 30 cents at $875.30 an ounce. Next active April futures rose 80 cents to $873.30. Spot was worth $865/870.

Floor brokers said the market was focused on rolling long positions out of January platinum.

Starting Dec. 30, first notice day for NYMEX platinum and palladium deliveries will occur on the last business day of the month preceding the contract month, instead of the first business day of the contract month. This will align NYMEX with the practice for COMEX metals deliveries.

March palladium fell $1 to $189 an ounce. Spot hit $185/190.

28 Dez 2004 17:24

28.12.2004 17:17:36 Gold legt dank schwachem Dollar weiter zu

Zürich, 28. Dez (Reuters) - Gold hat am Dienstag dank des weiter schwachen Dollar erneut zugelegt. Da London, der europäische Haupthandelsplatz für das gelbe Metall, feiertagsbedingt weiter geschlossen war, blieben die Umsätze sehr dünn. Der Markt in London öffnet am Mittwoch nach den zweitägigen Weihnachtsfeiertagen wieder.

Gold notierte zu Handelsschluss in Europa bei 443,10/443,80 Dollar je Feinunze nach 442,40/443,20 Dollar am Montagabend. Das Tageshoch wurde bei 445 Dollar erreicht. Erneut war die Handelsspanne sehr eng. Das letzte Goldfixing vom vergangenen Freitagvormittag hatte auf 442,20 Dollar gelautet.

Motor das Preisanstiegs bei Gold war einmal mehr der nachgebende Dollar. Der Euro stieg auf ein neues Rekordhoch von 1,3643 Dollar, bevor er am Nachmittag angesichts unerwartet guter US-Konjunkturdaten wieder etwas abbröckelte. Devisenmarktexperten gehen allerdings von einem weiteren Absinken des Dollar aus.

Ein schwacher Dollar macht das in der US-Währung angeschriebene Gold für Anleger aus anderen Währungsräumen attraktiver.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.065/16.315 (Vorabend 16.149/16.399) sfr an.

par/och

28 Dez 2004 16:41

28.12.2004 16:25:36 NY gold off, silver up early in thin year-end trade

NEW YORK, Dec 28 (Reuters) - Gold futures slipped on Tuesday morning and other precious metals were mixed in trade thinned by year-end vacations and a UK bullion market holiday, dealers said.

A fresh all-time low in the dollar versus the euro supported gold in its recent $440 to $450 an ounce range. In silver, prices held above $7.00 an ounce and near their highest in three weeks.

"There was buying by Morgan Stanley early this morning, but volume is very thin, so anything that comes in is going to push this market," a floor broker said.

By 10:00 a.m. EST (1500 GMT) on the COMEX division of the New York Mercantile Exchange, gold for February delivery lost $1.00 to $445.20 an ounce, trading from $446.60 to $444.90.

Light liquidation weighed on gold after a report showing a U.S. consumer confidence index reading at 102.3 for December, which was above forecasts and November's reading.

Estimated gold volume was an extremely light 2,500 contracts by 9 a.m. Many participants were out of the market for UK public holidays on Monday and Tuesday. London bullion trade will reopen on Wednesday.

Commitments of Traders data from the Commodity Futures Trading Commission issued after Monday's close showed the net fund long position in COMEX gold futures rose to 90,253 contracts as of Dec. 21 from 87,794 lots a week earlier.

The 6-year old euro hit a record high for the fourth trading day in a row, reaching $1.3643 before easing, as confidence grew that central banks would not act to prevent the dollar's decline.

Metals were firm in Asia where countries on the shores of the Indian Ocean were digging through the devastation caused by a series of tsunami waves on Sunday that may have claimed around 50,000 lives.

Safe haven buying and dollar weakness lifted precious metals futures on the Tokyo Commodity Exchange before trading closed for the year. TOCOM activity resumes on Jan. 4.

Investment funds chased gold to a 16-year high near $460 an ounce early this month as the dollar fell on worries about economic growth and ballooning U.S. current account and budget deficits.

Spot gold slipped to $443.30/4.00 an ounce from Monday's close in New York at $444.35/5.10.

March silver rose 4.0 cents to $7.045 an ounce, trading between $6.995 and $7.075. On Monday, it touched its highest since Dec. 10 at $7.09. Spot hit $6.99/7.02 from $6.95/99 previously.

CFTC data showed funds' net long exposure in COMEX silver fell to 37,664 lots on Dec. 21 from 43,225 a week earlier.

NYMEX January platinum rose $1 to $876 an ounce. Spot platinum was quoted at $865/870.

March palladium fell $2 to $188 an ounce. Spot was indicated at $185/190.

Floor brokers said the market was focused on rolling long positions out of January platinum.

Starting Dec. 30, first notice day for NYMEX platinum and palladium deliveries will occur on the last business day of the month preceding the contract month, instead of the first business day of the contract month. This will align NYMEX with the practice for COMEX metals deliveries.

Market Report -- Short Stories (GG)
December 28, 2004 08:54:00 AM ET

Goldcorp (GG) Prudential downgrades Overweight to NEUTRAL. Firm notes that Glamis Gold indicated in its Dec 22 New York road show presentation on behalf of its bid for GG that it would: 1) find more reserves, 2) enjoy lower costs from a future operational joint venture with neighbor Placer Dome, and 3) run the mine better. In particular, GLG criticized that GG selectively mined the very highest grades, and left behind mineable ores as GG "mined the eyes out of the ore body." Firm is concerned that Glamis Gold identified "new information" that suggests the stock mkt may have overvalued GG based on prior public disclosures, and hence more bidders or a higher GLG bid for GG may be less likely.

Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond, and world FX market participants.
Read other Short Story articles

Zacks Sell List Highlights: Hecla Mining, KEMET Corporation, Altera Corporation, and Delphi Corporation

CHICAGO, Dec 28, 2004 (BUSINESS WIRE) -- Zacks.com releases details on a group
of stocks that are part of their exclusive list of Stocks to Sell Now. These
stocks are currently rated as a Zacks Rank #5 (Strong Sell): Hecla Mining
Company (NYSE:HL) and KEMET Corporation (NYSE:KEM). Further they announced #4
Rankings (Sell) on two other widely held stocks: Altera Corporation
(NASDAQ: ALTR) and Delphi Corporation (NYSE:DPH) To see the full Zacks #5 Ranked
list of Stocks to Sell Now then visit: http://at.zacks.com/?id=92

Since inception in 1988, the S&P 500 has outperformed the Zacks #5 Ranked Strong
Sells by 168.2% annually (11.8% vs. 4.4% respectively). While the rest of Wall
Street continued to tout stocks during the market declines of the last few
years, Zacks told investors which stocks to sell or avoid.

Here is a synopsis of why these stocks have a Zacks Rank of 5 (Strong Sell) and
should most likely be sold or avoided for the next 1 to 3 months. Note that a
#5/Strong Sell rating is applied to 5% of all the Zacks ranked stocks:

Hecla Mining Company (NYSE:HL) earnings estimates for the year ending December
2004 have moved lower by 5 cents, or about -45%, from two months ago. The
company said that this year, and this quarter in particular, its work in
lower-grade areas of its underground mines has resulted in somewhat lower
production and higher costs than last year. Hecla reported a third quarter net
loss of (10 cents) per share in early November, falling short of the consensus'
profit expectation.

28 Dez 2004 14:48

28.12.2004 12:47:39 Newmont says Indonesian civil suit withdrawn

JAKARTA, Dec 28 (Reuters) - The world's biggest gold miner said on Tuesday that a $543 million civil lawsuit against a subsidiary, which claimed the unit caused heavy metals poisoning, had been withdrawn.

U.S. mining giant Newmont Mining Corp (/NEM.N) is embroiled in controversy over allegations surrounding mercury and arsenic levels in Buyat Bay near one of the unit's mines in the far north of Sulawesi island, 2,200 km (1,400 miles) northeast of Jakarta.

Six executives of the subsidiary, PT. Newmont Minahasa Raya, are under investigation over the issue and could face criminal charges for pollution.

Three Buyat Bay residents had brought the civil suit. Newmont Minahasa said in a statement the residents had withdrawn the action and as "part of the settlement the plaintiffs acknowledge that their claims were baseless".

The statement also said Newmont Minahasa had agreed, at the plaintiffs' request, to withdraw a $2 million suit of its own against an NGO official over his charges the unit's operations had caused Minamata disease, a form of mercury poisoning.

"We have always maintained that Newmont has not polluted Buyat Bay and that this will become evident when emotions settle down," the statement quoted Newmont legal adviser Mochamad Kasmali as saying.

The NGO official, Iskandar Sitorus, the head of the Legal Aid Foundation for Health Issues, confirmed to Reuters that the suit had been withdrawn.

Prosecutors have said they expect to file charges under environmental laws against the Newmont executives and Newmont Minahasa Raya next month.

A government-commissioned probe concluded last month that sediment in Buyat Bay had significant levels of arsenic and mercury.

Two earlier studies -- one by the Indonesian government and another by the World Health Organisation -- concluded Buyat Bay was not polluted.

The case is being closely watched by business groups, some of whom have criticised the government's pursuit of Newmont as unduly harsh and likely to discourage investment.

Environmental organisations are also watching closely. They say the case shows Jakarta is willing to get tough with polluters.

28 Dez 2004 09:50

28.12.2004 06:14:56 Gold inches up in Asia, platinum hits 3-week high

(Updates to afternoon)

SINGAPORE, Dec 28 (Reuters) - Gold edged up in Asia on Tuesday on some buying in Tokyo as a weak dollar, which together with the devastating tsunami that swept South and Southeast Asia, elevated the metal's safe-haven status.

But volumes were thin with many dealers already out of the market for year-end holidays.

Platinum hit a three-week high on speculative buying after the dollar fell to a record low against the euro on Monday, making dollar-priced precious metals a bargain for holders of other currencies.

Spot platinum was trading at $862/867 an ounce by 0440 GMT, versus $858/863 last quoted in New York. In Tokyo, the benchmark December platinum contract added 14 yen per gram at 2,783 yen.

"It's a speculative buying. That's it. It's nothing to do with physical demand," one dealer in Tokyo said.

Some Tokyo dealers said a tsunami that killed more than 24,000 people in Asia raised gold's safe-haven appeal in Japan but buying interest was limited because of the holiday mood.

Tokyo precious metals futures market will be closed from Dec. 29 to Jan. 3 for the New Year holidays. In Asia, gold is used for investment for future sales in times of trouble as well as adornment.

"We are expecting some activities after the New Year holiday," said Itsuo Toshima, Japan and South Korea regional director of the World Gold Council.

Japanese investors have diversified to gold coins and bars amid a growing willingness to hold hard assets after a series of typhoons across Japan and a major earthquake in October.

Dealers in Japan remembered seeing an increase in demand for coins and gold bars after a 7.2 magnitude earthquake hit the western port city of Kobe in 1995, killing more than 6,400.

Earthquakes are common in Japan, one of the world's most seismically active areas. The country accounts for about 20 percent of the world's earthquakes of magnitude 6 or greater.

Tokyo suffered the Great Kanto Earthquake in 1923, a 8.3 magnitude tremor that killed more than 140,000.

Spot gold was quoted at $444.75/445.50 an ounce, compared with $444.35/445.10 last quoted in New York. The metal had touched a high of $445 an ounce in Asia.

The benchmark December gold contract in Tokyo gold futures rose 3 yen at 1,482 yen.

The euro bought around 1.3597 , down from late New York levels near $1.3620 and from its all-time high at $1.3640.

Dealers, however, said the dollar remained vulnerable to more sell-off because of the record current account deficits in the United States.

Uncertainty about the outlook for the U.S. economy and the dollar's weakness were expected to increase interest in gold, they said.

In other precious metals, palladium was at $185/190 an ounce, compared with $185.50/191.50 in late U.S. trade

Silver was little changed at $6.95/6.98 an ounce.

28 Dez 2004 09:49

28.12.2004 05:28:46 Tokyo gold buoyant as dollar sinks to record low

TOKYO, Dec 28 (Reuters) - Tokyo gold futures advanced on Tuesday as the dollar's fall to a record low against the euro encouraged fund operators to increase their positions, also pushing up platinum futures.

Precious metals futures on the Tokyo Commodity Exchange (TOCOM) closed this year's trading at the end of the morning session. The market will reopen on Jan. 4.

"There are very few players out there, but the dollar's weakness is basically driving up gold and other precious metals," said a senior manager at a Japanese trading house.

"The market is in a good mood and there is an increasing chance that hedge funds will shift money back to precious metals from the start of the year given the weakness of the dollar, with plenty of interest in holding gold for safe-haven purposes."

TOCOM futures prices have been supported as the dollar-based spot price remains solid above $440 per ounce.

As of 0346 GMT, spot gold was quoted at $444.75/5.50 compared with the late U.S. level of $444.35/5.10 on Monday.

The benchmark gold contract for December 2005 delivery closed up 3 yen per gram at 1,482 yen. It had moved in a range of 1,479 to 1,483 yen.

Other contracts closed between 3 yen down and 3 yen up.

Although the benchmark TOCOM gold contract has fallen from a 12-year high of 1,505 yen set on Dec. 2, traders were still willing to buy gold due to its strong fundamentals.

The technical trend remains bullish as the key contract has stayed above the closely watched 1,400 yen level since early August.

This year's low for the key contract was 1,349 yen, hit in early February.

BULLISH OUTLOOK
"In order to test the upside again, the market will need some more downward corrections," said Akira Doi, director at Daiichi Commodities.

Doi said, however, there were plenty of reasons to buy gold with demand for the yellow metal growing after the launch of exchange-traded funds (ETFs) in New York last month.

Some central banks such as that of Argentina were also showing demand for gold, but there were few plans for major gold exploration projects, Doi said.

On the macroeconomic front, uncertainty about the outlook for the U.S. economy and the dollar's weakness were expected to increase interest in gold, he added.

The dollar fell to a record low of $1.3640 against the euro in New York on Monday.

The U.S. currency was under new pressure after data on Friday showed U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

TOCOM platinum advanced further on fund-led buying, with some being squeezed following recent rallies, traders said.

The benchmark platinum contract has gained more than 4 percent since dropping to a five-month low of 2,674 yen per gram on Dec. 10. It closed up 14 yen at 2,783 yen.

Other contracts rose 5 to 12 yen.

TOCOM platinum hit a 16-year high of 3,127 yen in April, but has been on a downtrend since London-based refiner Johnson Matthey projected in November that supplies of the metal would exceed demand in 2005 for the first time in several years.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,482 (up 3) 26,960
SILVER 228.8 (down 1.9) 2,044
PLATINUM 2,783 (up 14) 33,696
PALLADIUM 611 (up 794

27 Dez 2004 21:20

27.12.2004 20:31:22 Quiet NY gold rises as euro hits new high

NEW YORK, Dec 27 (Reuters) - Gold rose in New York on Monday and other other precious metals benefited even more from dollar disinvestment as the euro rose to a new high in thin year-end trade.

On the COMEX division of the New York Mercantile Exchange, gold for February delivery settled at $446.20 an ounce, up $3.30 from Thursday's close before the U.S. Christmas Eve market holiday. The range was $443.40 to $446.70.

Christmastime volume was a very light 12,000 contracts. Gold opened firm but many participants were out of the market for UK public holidays on Monday and Tuesday. London bullion trade will reopen on Wednesday.

The six-year old euro traded above $1.36 for the first time around midmorning on Monday, giving gold a shot in the arm and magnifying gains in silver and platinum.

"I would have expected more of a move given the euro push up," said Paul McLeod, a vice president of precious metals at Commerzbank Securities. "So, gold is lagging behind a little bit. We're waiting to see over the next couple of days if it does make a push to the upper part of the range."

Investment funds chased gold to a 16-year high near $460 an ounce early this month as the dollar fell on worries about economic growth and ballooning U.S. current account and budget deficits.

"We're in the middle of a $430-$450 range," said a New York bullion trader. "But you've got to like gold as long as we continue to hold $430. The euro really did mount a nice rally against the dollar so there could be some catching up in the gold market."

Spot gold rose to $444.35/5.10 from Thursday's close at $440.50/1.25.

March silver jumped 9.0 cents to $7.068 an ounce, trading from $6.935 to $7.095. Spot was quoted at $6.95/99, up from $6.86/90 Thursday afternoon.

NYMEX January platinum jumped $34.8 to $875.00 an ounce. Spot platinum closed at $858/863.

March palladium went up $1.55 to $190.00 an ounce. Spot was indicated at $185.50/191.50.

Floor brokers said the market was focused on rolling long positions out of January platinum.

Starting on Dec. 30, first notice day for NYMEX platinum and palladium deliveries will occur on the last business day of the month preceding the contract month, instead of the first business day of the contract month. This will align NYMEX with the practice for COMEX metals deliveries.

27 Dez 2004 17:33

27.12.2004 16:23:54 Gold in dünnem europäischen Geschäft kaum verändert

London, 27. Dez (Reuters) - Der Goldhandel in Europa hat sich am Montag in sehr ruhigen Bahnen bewegt. Mit London blieb der europäische Haupthandelsplatz für das gelbe Metall feiertagsbedingt geschlossen; in Grossbritannien werden am Montag und Dienstag die beiden Weihnachtsfeiertage nachgeholt und der Handel startet erst wieder am Mittwoch.

Gold notierte kurz vor Handelsschluss in Europa mit 442,40/443,20 Dollar je Feinunze kaum verändert gegenüber dem Freitag-Schlusswert von 442,30/443,10 Dollar. Der Kurs bewegte sich im Tagesverlauf in einer sehr engen Spanne von nur etwas über einem Dollar. Das letzte Goldfixing vom vergangenen Freitagvormittag hatte auf 442,20 Dollar gelautet.

Tendenziell erhält Gold weiter vom nachgebenden Dollar Unterstützung. Der Euro markierte im Tagesverlauf ein neues Rekordhoch knapp über 1,3570 Dollar und Devisenhändler schliessen nicht aus, dass die Einheitswährung in den in diesem Jahr noch verbleibenden Handelstagen noch 1,3750 Dollar erreichen könnte. Ein schwacher Dollar macht das in der US-Währung angeschriebene Gold für Anleger aus anderen Währungsräumen attraktiver.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.149/16.399 (Freitagabend 16.119/16.369) sfr an.

par/och

27 Dez 2004 10:58

27.12.2004 09:09:01 Tokyo gold rises as dollar slips, quake supports

TOKYO, Dec 27 (Reuters) - Tokyo gold futures advanced on Monday, helped by firmness in the dollar-based spot price, with a devastating earthquake that hit Asian regions the previous day lending psychological support.

The benchmark platinum futures on the Tokyo Commodity Exchange (TOCOM) rose more than 1 percent, with Japanese retail investors active buyers, traders said.

"Gold will be supported as underlying fundamentals for the dollar are not likely to improve greatly," said Kaname Gokon, research section manager at Okato Shoji Co. Ltd.

"There continues to be strong bargain-hunting appetite for gold, which is also lending support to other precious metals."

The benchmark TOCOM gold contract for December 2005 delivery closed up 3 yen per gram at 1,479 yen. It had risen to a session high of 1,485 yen, but traders were careful about boosting positions ahead of year-end holidays.

Trading at TOCOM ends in the morning session on Tuesday for this year and trading resumes on Jan. 4.

The dollar hit a record low of $1.3550 against the euro on Monday, pressured by Friday's data showing U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

At 0747 GMT, spot gold was quoted at $442.75/3.50 an ounce, compared with the late Friday European level of $442.00/2.75.

The key TOCOM platinum rose 33 yen per gram at 2,769 yen. It had moved in a range of 2,740 to 2,782.

Yen-based gold and platinum prices found support after a powerful earthquake that unleashed tsunami waves across Asia on Sunday provided psychological impact to retail investors.

"Yen-based investors bought (TOCOM) futures today because the earthquake had an impact in dragging down Asian currencies. Japanese investors are very sensitive about earthquakes," said Hiroyuki Kikukawa, associate director at Nihon Unicom Corp.

The earthquake weakened emerging currencies such as the Thai baht on Monday.

Japanese retail investors have been already diversifying to gold coins and bars amid a growing willingness to hold hard assets after a series of typhoons across Japan and a major earthquake October, traders said.

TOCOM palladium was the sole loser as investors reamined eager about slashing their positions before year-end holidays reflecting its weak fundamentals, with deteriorating technical trends, traders said.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams:

For open interest details please click

Closing price Turnover (lots)
GOLD 1,479 (up 3) 40,859
SILVER 230.7 (up 2.4) 2,393
PLATINUM 2,769 (up 33) 54,096
PALLADIUM 603 (down 10) 802

24 Dez 2004 12:08

24.12.2004 12:05:10 Gold firm in Europe on weak dollar, seen in range

LONDON, Dec 24 (Reuters) - Gold prices rose in Europe on Friday as an ailing dollar slid to a record low against the euro, but market activity was restrained ahead of the end-year holiday, dealers said.

Spot gold stood at $442.00/442.75 an ounce by 1058 GMT, compared with $440.50/441.25 in New York on Thursday. Gold was fixed on Friday morning at $442.20.

"The market has responded to the euro but it's very much range-bound as people have done what they were going to do ahead of Christmas. I don't see things changing much -- unless we get any fundamental shocks," one dealer said.

The euro hit record highs versus the dollar for a second day on Friday, boosted in thin trade by worries about the U.S. current account deficit and economy and an apparent lack of official concern at the dollar's slide.

The single European currency pushed above the key $1.35 level after data showing U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

Euro strength raises the buying power of non-U.S. investors for dollar-priced gold.

In other precious metals, silver moved up to $6.92/6.95 from New York's late $6.86/6.90. Platinum gained to $844.00/848.00 from $839.50/844.50, while palladium fell back to $179.00/183.00 from $181.00/187.00.

There are no afternoon fixes on gold, platinum and palladium due to early London market closures for Christmas holidays, with normal trade resuming on December 29.

24 Dez 2004 09:29

24.12.2004 06:02:14 Gold climbs in Asia ahead of holiday in thin trade

SINGAPORE, Dec 24 (Reuters) - Gold rose nearly $2 an ounce in Asia on Friday as the U.S. dollar fell, though gold futures weakened in Tokyo and trading, which was thin ahead of Christmas, remained within a tight $441 to $443 range.

Spot gold was at $442.00/442.75 an ounce by 0450 GMT, up from New York's late $440.50/441.25, as the dollar hovered near record lows against the euro.

A weaker dollar makes dollar-priced gold a bargain for holders of other currencies. The euro was trading at $1.3503, just off the record high of $1.3518.

In Tokyo gold futures, the benchmark December gold contract lost seven yen at 1,479 yen as investors took profit ahead of the weekend.

Some dealers said gold would regain to $450 in January and probably rise to $500 an ounce later in 2005 on lower mining output and prospects of rising demand in main buyers India and China.

There was also talk of additional demand of up to 400 tonnes in 2005, with more bullion trading centres expected to launch exchange-traded funds (ETF), they said.

A gloomy outlook for the dollar, given the United States' current account and budget deficits, was also a supporting factor for gold, which hit a 16-year high at $456.75 in early December.

Yukuji Sonoda, a precious metals analyst at Daiichi Commodities in Tokyo, believed India would eventually scrap the import tax for gold, which should boost sales in the world's largest consumer.

"Japan will also start ETF (trading) in near future," said Sonoda.

Gold's main commercial use is in jewellery and trinkets, which in India and other consuming countries in Asia may go into dowry chests or into safe-keeping as treasure.

The exchange-traded fund, which is sponsored by World Gold Trust Services LLC, a subsidiary of the World Gold Council, was successfully launched on the New York Stock Exchange last month.

Gold ETFs have also been listed in Australia, Britain and South Africa.

The bullion-backed fund is seen as an alternative to investing in physical gold, which is an expensive buy for small retail players. There was speculation in Asia that Hong Kong would launch exchange-traded funds in late 2005.

"Christmas is coming, so it's very quiet here. There's no physical demand," said one dealer in Hong Kong, a key bullion trading city in East Asia.

"I would expect gold to trade in $441 to $443 range during the European trading session," he said.

The New York market will be closed on Friday, ahead of Christmas on Saturday.

In other precious metals, platinum was trading at $843/848 an ounce, versus $839.50/844.50 late in New York.

Sister metal palladium was at $184/190 an ounce, compared with $181/187.

Silver was at $6.87/6.90 an ounce, versus $6.86/6.90.

24 Dez 2004 09:27

24.12.2004 08:50:01 TOCOM gold slips on yen, platinum tracks New York

TOKYO, Dec 24 (Reuters) - Tokyo gold futures fell on Friday due to the firm yen although bullion's strength provided some support, while platinum also dipped tracking moves in New York.

Gold investors at the Tokyo Commodity Exchange (TOCOM) were also factoring in currency movements from Thursday when TOCOM was closed for the Emperor's Birthday, a public holiday.

The dollar was fetching 103.70/.76 yen at 0630 GMT, little changed against late U.S. trade, but weaker than around the same time on Wednesday when it was trading at 104.29/34.

The U.S. currency held near a record low against the euro on Friday after the currency succumbed the previous day to weak U.S. economic data including disappointing housing figures.

The benchmark December gold contract on TOCOM finished down 10 yen per gram at 1,476 yen, after moving narrowly between 1,474 yen and 1,480 yen.

Other months fell by eight to 11 yen.

"The heavy volume of long positions was behind gold's rise, and now we have people locking in their profits," a Tokyo analyst said.

TOCOM gold is now down about 2 percent from a 12-year high of 1,505 yen marked on Dec. 2.

In New York, U.S. gold futures closed moderately higher on Thursday before an early close and Friday's holiday, after failing to rise sharply despite the euro's rally to an all-time high against the dollar.

February-delivery gold closed at $442.90 an ounce, up $1.50 at the New York Mercantile Exchange's COMEX division.

In the spot market, gold was fetching $441.75/2.75 an ounce at TOCOM's closing bell, compared with $440.50/1.25 last quoted in New York.

Other precious metals mostly tracked moves in New York in the absence of fresh incentives.

"There's little in the way of fundamentals, the mood is more like the year's pretty much over," the Tokyo analyst said.

The benchmark December platinum futures contract closed down 22 yen at 2,736 yen, after moving between 2,732 yen 2,747 yen.

Spot platinum was at $842/847, up from New York levels of $839.50/844.50 an ounce.

Below are closing prices for TOCOM's most active precious metals contracts, with the day's turnover for each metal.

Closing prices are in yen per gram except for silver, which is in yen per 10 grams: For open interest details please click

Closing price Turnover (lots)
GOLD 1,476 (down 10) 61,366
SILVER 228.3 (down 2.9) 3,367
PLATINUM 2,736 (down 22) 42,483
PALLADIUM 613 ( - ) 693

23 Dez 2004 17:02

23.12.2004 16:49:31 Gold-Handel von vorweihnachtlicher Ruhe gekennzeichnet

London, 23. Dez (Reuters) - Gold ist am Donnerstag in einem sehr ruhigen Handel kaum von der Stelle gekommen. Das Geschehen sei in sehr engen Spannen abgelaufen, und weder der am Nachmittag kurzzeitig auf ein neues Rekordtief eingebrochene Dollar noch die Wirtschaftsdaten aus den USA hätten zu einer merklichen Belebung geführt. Die Wechselkursentwicklung sollte vor dem Hintergrund der dünnen Umsätze ebenfalls nicht überbewertet werden. Die meisten Marktteilnehmer hätten ihre Transaktionen für dieses Jahr bereits abgeschlossen. Deshalb sei es schon sehr wahrscheinlich, dass Gold das Jahr auf dem derzeitigen Niveau beschliesse.

Allerdings könnte es noch zu letzten Gewinnmitnahmen in spekulativen Long-Positionen kommen. Obwohl die Zeit dafür langsam knapp werde, könnte es noch zu weiteren Auflösungen kommen, doch dürfte Gold, falls der Euro noch steigen sollte, eher am oberen Ende der Spanne von 437 bis 444 Dollar tendieren.

Insgesamt sehen die Analysten dem kommenden Jahr aber optimistisch entgegen, da das gigantische US-Zwillingsdefizit wohl noch weiter zunehmen und damit den Dollar unter Druck setzen dürfte. Von dieser Bewegung profitiere im allgemeinen das in der US-Währungen gehandelt Gold.

Zum europäischen Handelsschluss stand die Feinunze Gold bei 441,75/442,25 Dollar nach 440,20/440,95 Dollar am Vorabend. Das zweite Fixing in London erfolgte bei 441,10 und am Vormittag bei 442,40 Dollar. Am Vorabend war Gold bei 441,00 Dollar gefixt worden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.119/16.369 (Vorabend 16.211/16.461) sfr an.

Wunderschöne Weihnachten für alle, und..

kauft mehr Lametta...

23 Dez 2004 13:45

23.12.2004 13:39:02 Silver fixes up, Europe gold firms on weak dollar

* Silver fixed higher at 688.00 cents per ounce, compared with previous fix at 684.50 cents. Spot moves up to $6.82/6.85 from late New York's $6.77/6.80.

* Silver forward rates on Reuters page indicated at 2.123, 2.083, 2.015, 1.850 for one, three, six and 12 months respectively.

* Spot gold moves up to $441.75/442.50 per troy ounce by 1229 GMT, compared with $439.20/439.95 late on Wednesday in New York.

* Bullion rises on dollar weakness against euro, but trading volumes thin ahead of year-end holidays. Euro last at $1.3455.

* Platinum rises to $839.00/843.00 from $830.50/844.50, while palladium dips to $180.00/184.00 from $182.00/186.00.

23 Dez 2004 10:25

23.12.2004 07:05:00 Gold regains $440/oz in Asia as dollar weakens

(Updates to afternoon)

SINGAPORE, Dec 23 (Reuters) - Gold regained $440 an ounce in Asia on Thursday as the dollar weakened aganist the euro, but volumes were thin ahead of year-end holidays.

Spot gold was trading at $440.75/441.50 an ounce by 0533 GMT, up from New York's last quoted level of $439.20/439.95 an ounce, and against London's afternoon fix at $441 an ounce.

The Tokyo gold futures market was closed for the Emperor's Birthday, a public holiday. The benchmark December gold contract ended up five yen at 1,486 yen on Wednesday.

Dealers said gold's outlook was positive because of weak dollar. Some expected the metal to reach $500 next year with the euro expected to move towards $1.50.

Tension in Iraq, lower mine production, fewer central bank sales, and less hedging from miners, also lent support, they said.

Slower pre-holiday trade in Japan, one of the world's main gold consumers, put pressure on premiums for gold bars .

The bullion market was looking for inspiration from U.S. jobless claims, durable goods, University of Michigan consumer sentiment, new home sales, and M2 and banking data due later on Thursday.

But N.M Rothschild said in a report the data was unlikely to have a significant impact on the bullion market because of the holiday-shortened week.

"It is difficult to see it (gold) move far from the $440 level over the next week due to market holidays and year-end position squaring," said the report.

New York metals will shut early on Thursday and will remain closed Friday in observance of Christmas Day, which falls on Saturday this year.

The euro was trading at $1.3437 , versus around $1.3385 in late U.S. trade. A firmer euro makes dollar-priced gold a bargain for holders of other currencies.

In Hong Kong, a key bullion trading city in East Asia, dealers said they didn't expect fresh demand from jewellery manufacturers until early next year.

"I think that's all for 2004," said Jimmy Pan, chief dealer at Hing Fung Goldsmith.

In other precious metals, platinum was trading at $842/847 an ounce. Sister metal palladium was at $183/188 an ounce, compared with $182/186 in late U.S. trade

Silver was at $6.82/6.85 an ounce, versus $6.77/6.80 in New York.