Beiträge von GoldenCentury

22 Dez 2004 22:12

22.12.2004 22:02:11 UPDATE 1-Newmont says Indonesia emissions not harmful

(Adds background, more comments from spokesman)

DENVER, Dec 22 (Reuters) - Newmont Mining Corp. (/NEM.N) said on Wednesday its gold operations in Indonesia released mercury, but the toxic emissions were not at levels harmful to people or the environment.

"We predicted in the permitting (for the mine) that there would be mercury emissions," spokesman Doug Hock said.

Hock said an article in the New York Times that the Denver-based gold miner received an internal report three years ago that said it allowed mercury vapors to be released into the air "misrepresented the facts."

"At no time did any test or monitoring data show that there were health impacts to employees or the community as a result of our operations," he said.

Newmont has repeatedly denied claims that waste from a unit polluted eastern Indonesia's Buyat Bay.

The company has found itself in a public relations nightmare since the New York Times has begun writing about environmental issues at the Indonesian unit.

Indonesian Environment Minister Rachmat Witoelar said he would seek clarification from Newmont over the Times article. Indonesia prosecutors have said they plan to soon file charges over the allegations about the mercury waste.

In October Newmont said it was vindicated by reports -- one by the Indonesian government and one by the World Health Organization -- showing that Buyat Bay was not polluted.

Hock said Newmont installed mercury scrubber at its Minahasa operation in 1997 and 1998.

"While the scrubber did experience some operational issues, emissions from the plant at no time endangered human health or the environment," Hock said.

Hock said the company planned a statement later on Wednesday.

Newmont stock was off 64 cents at $44.81 after being down 74 cents earlier.

22 Dez 2004 18:13

22.12.2004 18:10:07 Commodities News Summary

TOP NEWS
> COMEX copper shoots to high, sellers grab profits [nN22391426]

NEW YORK - COMEX copper futures shot up to a new contract high just after the open on Wednesday, then quickly backed off as speculators sold into the rally, traders said,

- - - -

> NY March coffee slides over 4 pct on fund selling [nN22487283]

NEW YORK - New York arabica coffee futures tumbled more than 4 percent Wednesday amid fund liquidation after hitting a contract high the previous session, traders said.

- - - -

> London coffee loses almost 7 pct on NY drop [nL22285806]

LONDON - London coffee futures fell almost seven percent as tumbling prices on the New York market sent London through support levels, traders said.

- - - -

> UPDATE 1-Europe gold slightly weaker, trade thins [nL22158439]

LONDON - Gold slipped on Wednesday in Europe but stayed in narrow ranges as the market tracked the dollar with trade thinning ahead of year-end holidays, dealers said.

- - - -

> CBOT soy falls early, weaker cash markets weigh [nN22497160]

CHICAGO - Soybean futures at the Chicago Board of Trade fell early Wednesday, pressured by weaker processor basis bids after bean movement picked up this week when futures rallied, traders said.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Heavy snow and bitter cold to sweep US SRW wheat b [nN22343180]

CHICAGO - A lot of snow accompanied by bitter cold temperatures will sweep through the U.S. Midwest soft red winter wheat region late this week, a private forecaster said on Wednesday.

- - - -

> UPDATE 1-S.Korea finds suspected milder bird flu a [nSEO209500]

SEOUL - South Korea has discovered a suspected milder form of avian flu at a duck hatchery and will slaughter 9,000 ducks in a bid to prevent the virus from spreading, the government said on Wednesday.

- - - -

> UPDATE 1-Japan says person had bird flu virus, no [nT204760]

TOKYO - Japan's Health Ministry said on Wednesday that at least one person had been infected with the bird flu virus after an outbreak among chickens in February but that there was no chance that this person would infect others.

- - - -

> UPDATE 1-Indonesia sets new commodity import tarif [nJAK159416]

JAKARTA - Indonesia has set new key commodity import tariff levels for 2005, including for corn, rice, sugar and soybeans, according to a ministerial decree obtained by Reuters on Wednesday.

- - - -

> UPDATE 1-Russia grain and sugar beet crops rise [nL22121005]

MOSCOW - Russia's grain harvest rose to 77.6 million tonnes this year from 67.2 million in 2003, the Federal State Statistics Service said on Wednesday quoting preliminary data.

- - - -

> UPDATE 2-Bulgaria sees wheat crop of up to 4.0 mln [nL22167555]

SOFIA - Bulgaria will produce up to 4.0 million tonnes of wheat next year if the weather remains favourable, Agriculture Minister Mehmed Dikme said on Wednesday.

- - - -

METALS > UPDATE 1-Alcoa signs pact to boost Jamalco's alumi [nN22310135]

NEW YORK - Alcoa Inc. (/AA.N) said on Wednesday it signed an agreement in principle with Jamaica's government to expand the Jamalco alumina refinery in Clarendon, Jamaica, by more than 1.5 million tonnes per year.

- - - -

> UPDATE 3-Russia auctions off hefty slice of steel [nL22219573]

MOSCOW - The management of Russian steel giant MMK secured a stranglehold over the company on Wednesday, winning an auction for the state's remaining stake in it and separately snapping up shares from a rival.

- - - -

> China copper smelter closed amid arsenic probe [nHKG233334]

HONG KONG - A copper smelter in Fuxin city has been temporarily closed while environmental authorities investigate reports that some workers were made sick by the smelter's arsenic emission two weeks ago.

- - - -

> Poland's KGHM says mine fire won't affect output [nL2247466]

WARSAW - Polish metals group KGHM (KGHM.DE) said on Wednesday its output will not be affected by a fire in one of its mines, as the shaft was not in operation.

- - - -

SOFT COMMODITIES > Coffee deficit forecast strikes chord among bulls [nL22186619]

LONDON - Global coffee production may fall short of demand for a second straight year in 2004/05, a leading analyst said on Wednesday amid the recent price surge on New York's arabica market.

- - - -

> Brazil CS crushes 324.5 mln tonnes sugarcane-Unica [nN22NICA]

SAO PAULO, Brazil - Brazil crushed 324.5 million tonnes of sugarcane by Dec. 15 of the expected 2002/03 Center-South bumper crop, up 8.7 percent from the 298.5 million harvested a year ago, the Sao Paulo Cane Industry Union (Unica) said Wednesday.

- - - -

> INTERVIEW-Strong rand hits S.Africa sugar exporter [nL225691]

JOHANNESBURG - South Africa's surging rand has hit sugar exporters despite a strong dollar-denominated global sugar price, an industry body said on Wednesday.

- - - -

© Reuters 2004

22 Dez 2004 17:50

22.12.2004 17:44:35 Europe gold drifts to easier close

* Spot gold finishes slightly lower in Europe at $440.20/440.95 per troy ounce by 1615 GMT from $441.30/442.10 in New York late on Tuesday. * Bullion quiet and lacking direction due to narrowly traded currency markets ahead of the end-year holiday. Euro last at $1.3384. * Silver slips to $6.84/6.87 from $6.87/6.90 in New York on Tuesday. * Platinum unchanged at $840.00/844.00 an ounce. * Palladium rebounds to $182.00/186.00 from $179.50/185.50.

22 Dez 2004 17:52

22.12.2004 17:43:40 UPDATE 1-Europe gold slightly weaker, trade thins

LONDON, Dec 22 (Reuters) - Gold slipped on Wednesday in Europe but stayed in narrow ranges as the market tracked the dollar with trade thinning ahead of year-end holidays, dealers said.

Spot gold stood at $440.50/441.25 an ounce by 1123 GMT, down from $441.30/442.10 late in New York on Tuesday.

"Volumes have been light, reflecting the relative calm in the currency markets and the lack of any gold-specific news to move the market," Alan Williamson, analyst with HSBC Bank, said in a report.

"Trading is likely to continue to be quiet ahead of the Christmas and New Year holidays," he said, but added that Thursday's U.S. economic data might move the market.

October personal income data are due to be released at 1330, along with November durable goods shipments and the University of Michigan's consumer confidence data for December at 1445 GMT.

The dollar was mixed in narrow ranges, strengthening slightly in the afternoon.

A weaker dollar raises the buying power of non-U.S. investors for dollar-priced gold. The euro was last at $1.3382/85.

James Moore of The BullionDesk.com said in a daily report that gold should find plenty of trading opportunities between $435 and $444.

"However bearish data...and the prospect of `safe-haven' buying ahead of the Christmas holiday, particularly in the current geo-political climate could see us test towards $448-50," he added.

Spot silver fell to $6.83/6.87 from $6.87/6.90 in New York on Tuesday.

Platinum was unchanged at $840.00/844.00, while palladium gained to $182.00/186.00 from $179.50/185.50.

Palladium was under pressure after the market hit a 16-month low early this week at $174, with dealers looking for the price to slip further towards $160.

22 Dez 2004 17:16

22.12.2004 17:12:07 Gold tritt in vorweihnachtich ruhigem Handel auf der Stelle

London, 22. Dez (Reuters) - Gold hat im Mittwoch in einem zunehmend umsatzschwächeren Handel vor den Weihnachtsfeiertagen auf Vortagesniveau tendiert. In den Fussstapfen eines schwächeren Dollars kletterte das gelbe Edelmetall zunächst noch bis auf 442,72 Dollar je Feinunze, doch machten am Nachmittag besser neue US-Daten die Gewinne zu nichte, sagten Händler. Das US-Wirtschaftswachstum im dritten Quartal war angesichts weniger stark als erwartet gestiegener Importe nach oben revidiert worden, welches auch dem Dollar wieder ein wenig auf die Beine geholfen habe. Mit einer steigenden US-Währungen sinkt allerdings die Kaufkraft von Goldinvestoren aus dem Nicht-Dollar-Raum.

Mit den dahinschwindenden Volumen im Goldhandel dürften aber auch die Kursausschlägen beide Richtungen an Intensität gewinnen.

Zunächst dürfte sich der Goldkurs aber mit dem Spielraum von 435 bis 444 Dollar begnügen, schreibt Analyst James Moore vom Branchendienst thebulliondesk.com. Sollten jedoch schlechte makroökonomische Daten aus den USA eintreffen, oder eine "safe haven"-Kaufbewegung einsetzen, könnte Gold unter Umständen die Marke von 448 bis 450 Dollar testen. Am Donnerstag steht die Veröffentlichung eines von der US-Notenbank Fed stark beachteten Inflationsindizes an.

Zum europäischen Handelsschluss stand die Feinunze Gold bei 440,20/440,95 Dollar nach 440,80/441,60 Dollar am Vorabend. Das zweite Fixing in London erfolgte bei 441,00 und am Vormittag bei 442,70 Dollar. Am Vorabend war Gold bei 440,95 Dollar gefixt worden.

Eine Schweizer Grossbank gab den Gold-Kilopreis mit 16.211/16.461 (Vorabend 16.219/16.469) sfr an.

pma/ajs

22 Dez 2004 13:29

22.12.2004 13:26:56 Silver fixes slightly lower, Europe gold steady

* Silver fixes slightly lower at 684.50 cents per ounce compared with previous fix at 685.00 cents. Spot slips to $6.84/6.87 from $6.87/6.90 in New York on Tuesday.

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

* Spot gold steady in Europe at $441.50/442.25 per troy ounce by 1216 GMT from $441.30/442.10 in New York late on Tuesday.

* Bullion holds firm in quiet trade lacking direction due to narrowly traded currency markets ahead of the end-year holiday. Euro last at $1.3351 versus dollar.

* Platinum rises to $841.00/845.00 from $840.00/845.00 previously.

* Palladium rebounds to $181.00/185.00 from $179.50/185.50.

22 Dez 2004 13:25

22.12.2004 12:38:10 Europe gold firms on euro support, trade thins

LONDON, Dec 22 (Reuters) - Gold moved up on Wednesday morning in narrow ranges, as the market tracked a pressured dollar with trade thinning ahead of year-end holidays.

Spot gold stood at $442.00/442.75 by 1123 GMT, up from $441.30/442.10 quoted late in New York on Tuesday.

"Gold is being well supported up here by the euro but conditions are very thin," one dealer said, adding that the market was set to stay in a $440-445 trading band.

The dollar was around a cent above this month's record low of $1.3470 against the euro and shuttled in a tight range against the yen as trade dwindled ahead of year-end festivities.

A weaker dollar raises the buying power of non-U.S. investors for dollar-priced gold. The euro was last at $1.3375.

Bullion dealers said thin trading was expected to produce sharper moves if the dollar reacts dramatically to upcoming U.S. data.

On Thursday the U.S. Federal Reserve's favoured inflation gauge -- the core PCE (personal consumption expenditures) index -- will be released and is expected to show a gain of just 0.1 percent in November.

That would keep year-on-year U.S. core inflation at 1.5 percent, right in the middle of what's believed to be the Fed's preferred range.

James Moore of The BullionDesk.com said in a daily report that gold should find plenty of trading opportunities between $435 and $444.

"However bearish data...and the prospect of `safe-haven' buying ahead of the Christmas holiday, particularly in the current geo-political climate could see us test towards $448-50," he added.

Spot silver was firm at $6.89/6.90 from $6.87/6.90 in New York on Tuesday.

Platinum rose to $842.00/847.00 from $840.00/845.00 previously, while palladium rebounded to $183.00/188.00 from $179.50/185.50.

Palladium was under pressure after the market hit a 16 month low early this week at $174, with dealers looking for the price to slip further towards $160.

22 Dez 2004 10:03

22.12.2004 09:46:46 TOCOM gold inches up in position adjustment

TOKYO, Dec 22 (Reuters) - Tokyo gold futures firmed on Wednesday as traders mostly adjusted their positions before a national holiday the next day and ahead of Christmas, with support provided by steady bullion prices.

The benchmark December gold contract on the Tokyo Commodity Exchange (TOCOM) finished up three yen per gram at 1,486 yen, the day's high. The session's trough was 1,483 yen.

Other months rose by three to seven yen.

"Given that it is almost Christmas nobody wants to move heavily in any one direction," a Tokyo analyst said.

TOCOM gold has moved within a tight band of 1,481-1,487 yen this week.

The market has gradually strengthened this year, and is now up about 3.7 percent compared with the start of the year.

In the spot market, gold held above $440 an ounce in afternoon trading, although it lacked direction from the currency market, which was also lacklustre going into Christmas.

Spot gold was fetching $441.45/2.15 an ounce at TOCOM's closing bell, compared with $441.30/442.10 last quoted in New York.

"The market is very quiet before Christmas but the basic tone is very strong," Yukuji Sonoda, a precious metals analyst at Daiichi Commodities said.

In the currency market, the dollar was fetching 104.29/4.34 yen at 0630 GMT, against 104.37/40 yen in late U.S. trade.

The dollar edged up against the euro and kept most of the previous day's gains against the pound, but failed to rise against the yen despite weak Japanese economic data.

Japan's trade surplus, released on Wednesday, unexpectedly fell in November from a year earlier, underlining concern about the impact of slower export growth on the sluggish economy as consumer spending at home remained weak.

Separate government data on Japan's service sector activity, the tertiary sector index, showed a fall of 0.1 percent in October from a month earlier, compared with economists' expectations for a flat reading.

In other precious metals, TOCOM platinum chalked up significant gains with the benchmark December platinum futures contract closing up 28 yen at 2,758 yen per gram.

Spot platinum was at $846/851, up from New York levels of $840/845 an ounce.

TOCOM will be closed on Thursday for the Emperor's Birthday, a public holiday. Trading resumes on Friday.

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 1,486 (up 5) 30,487
SILVER 231.2 (up 3.3) 3,263
PLATINUM 2,758 (up 28) 45,063
PALLADIUM 613 (down 2) 1,361

22 Dez 2004 09:42

22.12.2004 09:37:53 UPDATE 1-LME aluminium hits new 9-1/2 year high, funds buy

(Updates prices, adds quotes, background)

LONDON, Dec 22 (Reuters) London Metal Exchange (LME) aluminium futures rose to a fresh 9-1/2 year peak at $1,890/95 per tonne early on Wednesday as funds extended buying that took the metal to $1,887 late on Tuesday.

By 0829 GMT, three months aluminium was firm, quoted at $1,887/90 per tonne, up $12 from Tuesday's kerb close at $1,875.

Dealers said the market was being driven by short-term, trend-followers and Commodity Trade Advisory (CTA) funds, with the next upside target now seen at $1,900 although prices could struggle at those levels.

"This buying is all technically driven by CTA and short-term trend following funds, but I'm sceptical about aluminium making $1,900 as the buying could reverse easily," an Asia-based trader said.

"There's been renewed buying interest this morning, which has absorbed a bit of trade selling but we can't tell what will happen next when these funds reach the technical targets -- we could be in for a volatile day," he added.

Standard Bank London analyst Robin Bhar said in a report: "The funds have covered their shorts and against a background of positive fundamentals and bullish charts, have added to their long positions looking for higher levels before the year-end."

Analysts said the metal had been buoyed initially by news on Monday that China may remove tax rebates on aluminium exports and introduce a tax next year to restrict overcapacity and high exports of energy-intensive production.

© Reuters 2004

22 Dez 2004 09:21

22.12.2004 06:27:35 Gold holds above $440/oz in lacklustre Asia trade

(Updates to afternoon)

SINGAPORE, Dec 22 (Reuters) - Gold held above $440 an ounce in afternoon trading on Wednesday but lacked direction from the currency market, with both markets lacking lustre ahead of the Christmas holiday.

Bullion trading in New York will close from midday on Thursday through Friday, with Christmas falling on Saturday.

Spot gold was trading at $441.25/442.00 an ounce by 0439 GMT, little changed from $441.30/442.10 late in New York.

Gold should trade within the familiar $441 to $443 range in Europe and closely watch movements of the dollar against other currencies ahead of the release of data on U.S. economic growth and industrial production later on Wednesday, traders said.

The euro bought $1.3355, against $1.3372 late in New York.

"The market is very quiet before Christmas but the basic tone is very strong," said Yukuji Sonoda, a precious metals analyst in Daiichi Commodities in Tokyo.

In Tokyo, the new benchmark December gold contract in Tokyo gold futures rose four yen per gram at 1,486 yen on some investor buying.

Some dealers said gold would be stuck in a $440 to $445 range until the end of the year before moving back to $450 an ounce, given a gloomy outlook for the U.S. dollar and geopolitical tension.

A guerrilla attack on a dining tent at a U.S. base in Iraq killed 19 U.S. soldiers and three other people on Tuesday in the deadliest strike on U.S. forces since last year's invasion.

Tension in Iraq and economic uncertainty have raised gold's safe-haven appeal, helping to boost its price to a 16-year high of $456.75 an ounce early in December.

In the physical market, gold trading slowed as jewellers and investors prepared for the holidays, but last-minute year-end covering supported premiums .

Platinum was trading at $841/846 an ounce, up from $840/845 late in New York.

Sister metal palladium was at $182/187 an ounce, compared with $179.50/185.50.

Silver was at $6.88/6.90, versus $6.87/6.90.

21 Dez 2004 20:42

21.12.2004 20:30:17 NY gold ends easier on firm dollar, trading thin

NEW YORK, Dec 21 (Reuters) - U.S. gold futures closed a shade lower and other precious metals were mixed Tuesday due to a sturdier dollar, and the markets were expected to keep trading lightly before Friday's Christmas holiday.

Gold moved quietly but maintained a recent trading range of $440 to $445 an ounce as traders tracked the foreign exchange and adjusted positions in front of year-end, dealers said.

Frank Aburto at F.C. Stone in New York said gold stayed on the defensive after a modest recovery in the dollar in the morning.

Gold often fades moves in the dollar as investors use it an alternative to the U.S. currency.

"But it's very quiet in the market. I think people would rather be wrapping presents this week than trading," he said.

New York trading will close early at around noon on Thursday and remain closed Friday in observance of Christmas, which falls on Saturday this year.

February delivery gold at the COMEX division of the New York Mercantile Exchange lost 70 cents to settle at $442.90 an ounce, dealing between $444.80 and $441.70.

Midafternoon in New York, the euro was trading lower at $1.3374 from around $1.3389 at gold's close on Monday.

Financial markets hardly flinched at news of a mortar and rocket attack on a U.S. military base in the northern Iraqi city of Mosul that killed 22 people wounded at least 50 others.

Gold, in its role as a safe haven for investors, has seen increased interest recently amid heightened geopolitical worries as well as economic uncertainty. February futures hit a 16-year high on Dec. 2 at $458.70.

Many markets were quiet this week, however, as a number of players stayed sidelined for the holidays, floor dealers said.

Chartists pinpointed support in COMEX February gold at $437 and $432.90 and resistance at $444.40 and $448.20.

Spot gold eased to $441.30/2.10 from its prior New York close at $441.90/2.70. Tuesday's late fix in London was at $440.95.

Holdings of gold in the U.S.-listed exchange-traded fund streetTRACKS , which is backed by bullion, were at 88.64 tonnes as of Monday for the second day in a row, after declining from 91.13 tonnes on Dec. 17.

COMEX March silver rose 6.2 cents to $6.927 an ounce, trading from $6.83 to $6.935. Spot silver fetched $6.87/90, against $6.79/83 previously. Tuesday's fix was $6.85.

NYMEX March palladium inched up 65 cents to close at $184.95 an ounce.

Monday, it hit a contract low of $170.60, the metal's cheapest price since August 2003, amid concerns about oversupply and soft demand.

Spot palladium inched up to $179.50/185.50.

January platinum shed $1.30 to $841.50 an ounce. Spot fetched $840/845.

21 Dez 2004 14:39

21.12.2004 13:28:55 Silver fixes up, Europe gold steady in thin trade

* Silver fixes higher on Tuesday at 685.00 cents an ounce from previous fix at 681.00 cents. Spot edges up to $6.83/6.86 by 1211 GMT from late New York's $6.79/6.83.

* Silver forward rates on Reuters page at 2.123, 2.082, 2.013 and 1.850 for one,three, six and 12 months respectively.

* Spot gold broadly steady in Europe at $441.80/442.60 per troy ounce by 1211 GMT, from $441.90/2.70 late in New York on Monday.

* Bullion moves in tight ranges tied to dollar/euro moves, with liquidity thin ahead of end-year holiday.

* Platinum rises slightly to $840.00/844.00 from $839.50/844.50 previously, while palladium stands at $180.00/185.00 from $180.50/186.50.

21 Dez 2004 14:37

21.12.2004 14:27:01 FOKUS 1-Wirtschaft und Opposition stützen Bundesbank zu Gold

Berlin, 21. Dez (Reuters) - Die Bundesbank hat Unterstützung aus Wirtschaft und Opposition für ihre Weigerung erhalten, noch im laufenden Jahr Gold aus ihren Beständen zu verkaufen.

Es sei gut, dass die Bundesbank ihre Tresore verschlossen halte, erklärte der scheidende Präsident des Bundesverbandes der Deutschen Industrie (BDI), Michael Rogowski, am Dienstag in Berlin. Schon mit den Privatisierungen habe die Bundesregierung viel Tafelsilber verkauft, um Haushaltslöcher zu stopfen. Vom Gold jedoch solle sie die Hände lassen. Der stellvertretende Vorsitzende der Unions-Fraktion, Michael Meister (CDU), sagte, der Verkauf des Goldes ersetze nicht die notwendigen Reformen zur Haushaltskonsolidierung. Der FDP-Finanzexperte Carl-Ludwig Thiele forderte Bundesfinanzminister Hans Eichel auf, die Unabhängigkeit der Bundesbank zu akzeptieren. Bundeswirtschaftsminister Wolfgang Clement hingegen bekräftigte die Kritik an dem Verzicht der Bundesbank.

BUNDESBANK: KÖNNEN UNSERE VERKAUFSOPTION WEITER EINLÖSEN
Eichel hatte die Bundesbank gedrängt, noch im laufenden Jahr einen Teil ihrer Goldbestände zu verkaufen, war dabei aber auf Ablehnung gestoßen. Dies wiederum hatte der Finanzminister ungewohnt scharf kritisiert. Ein Sprecher der Bundesbank wies in der "Berliner Zeitung" darauf, hin, dass die Bundesbank auch nach dem Verzicht auf den Verkauf in diesem Jahr weiterhin die Option habe, bis 2009 insgesamt 600 Tonnen ihrer Goldbestände zu verkaufen. Ihr bleibe nach Ablauf des Jahres die Möglichkeit offen, den Verkauf der 600 Tonnen auf die restlichen vier Jahre zu verteilen. Entsprechend würde sich dann die Menge reduzieren, die die anderen Notenbanken des Euro-Systems verkaufen könnten, Insgesamt besitzt die Bundesbank 3440 Tonnen des Edelmetalls. Mit dem Erlös aus dem Verkauf hätte sich der diesjährige Gewinn der Bundesbank verbessert. Dieser fließt bis zu einer Obergrenze von 3,5 Milliarden Euro in den Bundeshaushalt des Folgejahres. Eichel hat für 2005 zwei Milliarden Euro an Bundesbank-Gewinnen eingeplant. Auch in Kreisen der Koalitionsfraktion gilt es als unwahrscheinlich, diesen Betrag ohne die Goldverkäufe zu erzielen.

"Ich halte die Entscheidung, um es klar zu sagen, für falsch", sagte Clement am Rande der deutsch-russischen Konsultationen in Schleswig. Die Verantwortlichen der Bundesbank müssten überlegen, was zum Vorteil Deutschlands sei. "Das Hocken auf den Goldreserven ist es jedenfalls nicht."

MEISTER: HAUSHALT IM VERMITTLUNGSAUSSCHUSS ÜBERARBEITEN
Weil sich der eingeplante Milliarden-Gewinn der Bundesbank nicht ohne Goldverkäufe erzielen lasse, drohe ein weiteres Haushaltsloch in Eichels Etat, sagte Meister. "Der Verkauf von Tafelsilber ist keine nachhaltige Konsolidierung der Staatsfinanzen." Der Finanzminister solle nun die anstehenden Verhandlungen über den Etat 2005 nutzen, um ihn vollständig zu überarbeiten. Der Vorsitzende der CSU-Landesgruppe im Bundestag, Michael Glos, erklärte, die Goldreserven hätten eine wichtige Funktion, indem sie das Vertrauen in die noch junge europäische Gemeinschaftswährung stärkten.

Thiele warf Eichel vor, nach immer neuen Geldquellen zu suchen, um seinen Haushalt in den Griff zu bekommen. Eichels Haushalte seien seit Jahren auf Sand gebaut: "Doch dafür kann die Bundesbank nichts. Eichel muss lernen, dass er die Unabhängigkeit der Bundesbank zu respektieren hat."

gwb/kps

21 Dez 2004 12:43

21.12.2004 12:41:30 Gold holds steady in Europe, focus on dollar

LONDON, Dec 21 (Reuters) - Gold edged up in thin European trade on Tuesday, with further price rises expected on dollar weakness as business slowed ahead of the year-end, dealers said.

Spot gold stood at $442.00/442.75 an ounce by 1130 GMT, compared with $441.90/442.70 quoted late in New York on Monday.

The market was focusing on a narrowly traded U.S. currency for direction, with support also seen from Germany's decision on Monday to limit its gold sales next year.

The German central bank said it would sell just eight tonnes of gold in the first year of a five-year agreement among European central banks. The rest of its quota of 120 tonnes would be taken over by other euro zone central banks.

"The German news yesterday was quite bullish, but the dollar is steady at the moment and that is limiting gains," one dealer said.

"I don't see a great deal of movement beyond a $440-445 range," he added.

UBS Investment Bank analyst John Reade said the Bundesbank's decision was positive for the gold market.

"It is far from clear that the Bundesbank will sell meaningful quantities of gold under the ECBGA (European Central Bank Gold sales Agreement) of 2004," Reade said.

The dollar was trapped in narrow ranges as market participants continued to close out short dollar positions before the end-year holiday.

Dealers said the market was looking to Thursday's release of the U.S. Federal Reserve's favoured inflation gauge -- the core PCE (personal consumption expenditures) index -- which is expected to show a gain of just 0.1 percent in November.

That would keep year-on-year U.S. core inflation at 1.5 percent, in the middle of what is believed to be the Fed's preferred range.

Analysts said it was only a matter of time before the dollar resumed its fall, making gold more attractive to non-U.S. investors. The euro was last at $1.3395.

Silver rose slightly on gold's positive glow to $6.83/6.86 from $6.79/6.83 late in New York on Monday.

Platinum firmed to $840.00/844.00 from $839.50/844.50 previously, while palladium stood at $181.00/194.00 from $180.50/186.50.

Palladium prices remained under pressure after last week's drop to a 16-month low of $174, with dealers looking for the market to test support at $160.

21 Dez 2004 11:14

21.12.2004 09:38:19 TOCOM gold eases, spot provides some support

TOKYO, Dec 21 (Reuters) - Tokyo gold futures mostly eased on Tuesday, pressured by a firm yen, but investors were careful about selling the yellow metal too heavily due to firmness in the dollar-based spot price.

"Fund operators continued to show an interest in putting their money into gold as sentiment looked bullish, with the dollar still looking fragile," said Shuji Sugata, assistant manager at Mitsubishi Corp Futures Ltd.

"The yen's uptrend offsets gains made in the spot price, but basically yen-based gold should reflect bullishness of the spot price," he said.

The benchmark December gold contract on the Tokyo Commodity Exchange (TOCOM), which debuted on Tuesday, finished at 1,481 yen, the day's trough. The day's high was 1,484 yen.

That compared with the the previous benchmark's closing price of 1,484 yen on Monday.

Other months were either flat or fell by one to four yen.

Spot gold was fetching $442.30/3.10 an ounce at TOCOM's closing bell, compared with $441.90/2.70 last quoted in New York.

The dollar came under renewed selling pressure due to a persistent view that it will resume its slide.

The U.S. currency dipped to 103.90 yen compared with Monday's late New York level of 104.10 yen. It briefly rose above 106 yen more than a week ago.

Fund operators appeared to be slashing their positions in gold, but there was plenty of interest in buying gold.

The Commodity Futures Trading Commission's Commitments of Traders data issued after Friday's close showed the net fund long position in COMEX gold futures tumbled to 87,794 contracts as of Dec. 14, from 132,347 lots in the preceding week.

The figure was gold's lowest long exposure since late September.

"Sentiment is strong as the spot price holds around $440 despite seeing heavy selling by fund operators in recent weeks," Sugata said.

The new benchmark December platinum futures contract closed at 2,730 yen. That compared with Monday's closing price of 2,740 yen for the previous benchmark contract.

Spot platinum was at $843/848, up from New York levels of $839.50/844.50 an ounce.

TOCOM palladium rose sharply on corrective buying following plunges seen in the past two weeks.

December TOCOM palladium was at 615 yen per gram, while spot palladium was at $182/187 an ounce, compared with $180.50/186.50 in New York.

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 1,481 30,086
SILVER 227.9 2,947
PLATINUM 2,730 32,143
PALLADIUM 615 1,538

21 Dez 2004 11:13

21.12.2004 08:50:19 Asia Gold-Holiday mood affects trade, premiums steady

SINGAPORE, Dec 21 (Reuters) - Physical gold trading has begun to slow in Asia as jewellers and investors prepare for the holidays, but last-minute year-end covering is supporting premiums, dealers said on Tuesday.

Gold bars were up to 20 U.S. cents an ounce higher than London spot prices in Hong Kong and 10 U.S. cents higher in Singapore, unchanged from last week's levels .

Elsewhere, political stability in Indonesia following a peaceful presidential election earlier this year and a weak dollar were expected to boost demand from Southeast Asia's largest gold buyer. Consumption may reach 90 tonnes in 2004, versus around 83 tonnes last year, said dealers.

"Factories have been talking about a 10 percent increase in output because of better demand. I would say demand for jewellery and investment could reach 90 tonnes this year," said one dealer in Jakarta.

Investors in Indonesia were buying more gold mainly because of worries of further increases in prices and high crude oil, and not because of fears of terrorist attacks, said dealers.

Gold's main commercial use is in jewellery and trinkets. It can also be sold for cash in times of trouble.

Dollar weakness, geopolitical tension and high oil prices -- which raises fears of inflation -- pushed gold to a 16-year high around $456.75 an ounce in early December.

"I don't think security is an issue. People believe it's good to invest in gold because of a weak dollar, which can further raise bullion prices. That's why people are keen to buy gold," said the Jakarta dealer.

Islamic militants from Jemaah Islamiah, seen as the regional arm of al Qaeda, have launched bomb attacks in recent years in Indonesia, hitting nightclubs in Bali, the JW Marriott Hotel in Jakarta and the Australian embassy in the capital.

Spot gold was trading at $442.40/443.20 an ounce by 0732 GMT, versus $441.90/442.70 last quoted in New York on Monday. Dealers expected a $440 to $445 an ounce trading range until the end of the year.

In Hong Kong, a key bullion trading centre in East Asia, dealers noted some buying interest in mainland China, but local demand for jewellery had subsided.

"I don't see much demand," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

"People have already bought (gold) as Christmas approaches. You can't buy so much...wait for next year," he said.

Dealers expected China's demand for gold to rise around 15 percent in 2004 as the country liberalises its bullion market to boost demand for jewellery.

China, one of the world's top gold buyers, consumed 273 tonnes of gold for jewellery and investment in 2003, down 14 percent from 317 tonnes in the previous year, mainly due to the deadly SARS outbreak.

In Hong Kong, sales dropped by nearly two-thirds to five tonnes last year from 14 tonnes in 2002 as people avoided shopping and other public places during the severe acute respiratory syndrome outbreak.

17 Dez 2004 21:12

17.12.2004 21:00:10 NY gold ends higher, palladium hits 16-month low

NEW YORK, Dec 17 (Reuters) - U.S. gold futures closed higher on Friday but still in a broad range between $435 and $445 an ounce, as a soft dollar raised the metal's allure among global investors, dealers said.

In other precious metals, palladium trimmed earlier losses after hitting a 16-month low, helped by bargain hunting at cheaper prices and by gold's advance.

Palladium, used principally by auto makers in catalytic converters, is in ample supply while industrial demand has softened. Analysts said the price could test a low around $160 an ounce in the near-term.

"There's a lot of fund selling," said Rocky D'Esposito at RJ Futures. "There's no news out in palladium but I think the funds are starting to throw the towel in because the zing and the pop has left the market."

Prices of the thinly traded metal reached a high at $237 back in October when speculative buying in gold filtered into the rest of the precious metals complex as well.

At the New York Mercantile Exchange, March delivery palladium closed at $179.70 an ounce, up 65 cents, after hitting a contract low of $177 -- its cheapest on continuation charts since August 2003.

Spot palladium last traded to $176.50/182.50.

In gold, February futures at the COMEX division of the NYMEX rose $4.70 to $442.90 an ounce, after moving from $437.20 to $443.60. Estimated volume was 50,000 contracts.

"The market's turned around, and it's all off the dollar," said James Quinn, commodity commentator at AG Edwards & Sons. "The dollar got a bit weaker and the euro firmed up."

Quinn said gold should stick relatively close to the $440 area as long as the dollar maintained current levels.

Gold typically moves in opposition to the dollar as many investors use it as an alternative to the currency.

Dollar weakness, as well as geopolitical tensions and fears of inflation due to high oil prices, helped drive the price of gold futures to a 16-year peak on Dec. 2 at $458.70.

The dollar got hit by profit-taking Friday amid thin holiday season volume. The euro firmed to $1.3282.

U.S. consumer prices rose 0.2 percent in November, in line with forecasts. Excluding food and energy, prices rose 0.2 percent, also matching expectations.

Spot gold hit $440.90/441.65, versus New York's last close at $436.20/6.95. London's late fix was at $438.90.

COMEX March silver rose to $6.803 an ounce, up 7.6 cents, moving from $6.665 to $6.82. Spot was at $6.72/76 from $6.68/72 late Thursday. Friday's fix was $6.6850.

NYMEX January platinum lost $2.00 to $837.10 an ounce. Spot was worth $834.50/839.50.

17 Dez 2004 18:00

17.12.2004 18:00:05 Commodities News Summary

TOP NEWS
> Europe gold firm, seen steady ahead of year-end [nL17540647]

LONDON - Gold firmed quietly in Europe on Friday, trading in narrow ranges, with dealers predicting a similar pattern next week as liquidity thins ahead of year-end.

Spot gold stood at $437.40/438.15 per troy ounce by 1602 GMT, compared with $436.20/436.95 late in New York on Thursday.

- - - -

> France, Switzerland sell gold under cenbank pact [nL17454116]

LONDON - The Bank of France sold 8.1 tonnes of gold by the end of October this year under the Central Bank Gold Sales Agreement, the World Gold Council said on Friday, citing International Monetary Fund statistics.

It also identified Switzerland as a seller -- saying it had sold 23.6 tonnes of the metal by the end of October.

- - - -

METALS > COMEX copper rises after weak start on firm dollar [nN17399106]

NEW YORK - COMEX copper futures seesawed in a slim range Friday morning, climbing into positive territory after an early swing into the negative zone, as the market consolidated its week-long gains, traders said.

- - - -

> LME zinc hits five-year high, other metals pause [nL17382851]

LONDON - Zinc scored its highest level in five years in Friday's London Metal Exchange (LME) trade, buoyed by fund interest, although the rest of the complex took a pause from this week's rally.

Traders said liquidity was thin and seen waning further ahead of year-end holidays next week.

- - - -

> Dresdner sees gold at $420 in 2005, driven by dlr [nL17540416]

LONDON - Dresdner Kleinwort Wasserstein forecast the price of gold averaging $420 per ounce in 2005, citing expectations for a weaker dollar as doubts over economic recovery in the world's biggest economy persist.

- - - -

> Metals rally to peak in Q2 '05, then cool -Barcap [nL17315808]

LONDON - Base metals prices were seen rising on average another 10 percent in 2005, lower than average price gains of 40 percent this year, but still historically high, Barclays Capital said on Friday.

In its latest quarterly Commodities Refiner report, Barclays said physical market indicators remained constructive with low refined metal inventories, high freight rates and high premiums over LME cash prices.

- - - -

SOFT COMMODITIES > Ivory Coast arrivals seen down on year ago [nL1725900]

ABIDJAN - Cocoa arrivals at ports in Ivory Coast reached 351,910 tonnes between October 1 and December 12 this year, according to an estimate by major exporters on Friday.

That compared with 409,770 tonnes delivered to ports during the same period of the 2003/04 season, the industry data showed.

- - - -

> FEATURE-Mauritius turns canefields to golf resorts [nL1966617]

MEDINE, Mauritius - For centuries growing sugar has been a way of life for most people in Mauritius, but plans are afoot to strip the canefields for good and use the land to build resorts and lure foreign business.

Facing a cut of up to 37 percent in the price paid for its sugar by its main market, the European Union, the world's seventh largest exporter of the sweetener is reforming its industry in a bid to survive.

- - - -

GRAINS/OILSEEDS/LIVESTOCK > Cold spells seen threatening US winter wheat crops [nN17251080]

CHICAGO - Two cold air masses over the next seven days could threaten winter wheat crops in the U.S. Plains and Midwest, a private forecaster said on Friday.

- - - -

> CBOT wheat firm early on outlooks for cold weather [nN1724280]

CHICAGO - Chicago Board of Trade wheat futures were higher at mid-morning on Friday on talk of frigid weather next week in soft red wheat areas of the U.S. Midwest and mid-South, traders said.

"We have some cold air coming down from the Arctic, and it doesn't look like we're going to have sufficient snow cover. They're thinking it might have winterkill potential in central/southern Illinois and Missouri," said Dan Cekander, an analyst with Fimat Futures.

- - - -

17 Dez 2004 17:52

17.12.2004 17:05:39 Russischer Aktionär vermittelt zwischen Harmony und Gold Fields

London/Johannesburg, 17. Dez (Reuters) - Im Streit um die Übernahmeofferte des südafrikanischen Minenbetreibers Harmony Gold(/HARJ.J) für den Konkurrenten Gold Fields(/GFIJ.J) hat sich der russische Gold-Fields-Hauptaktionär Norilsk Nickel(/GMKN.RTS) als Vermittler eingeschaltet.

Norilsk habe Manager beider Goldminenbetreiber und andere Großaktionäre zu Gesprächen nach Moskau eingeladen, die in einer freundlichen Übernahme münden könnten, hieß es am Freitag in den Kreisen. "Es findet gegenwärtig ein Treffen in Moskau statt: Die Tagesordnung ist noch nicht ganz klar, doch wir wissen, dass beide, Harmony und Gold Fields, dort sind", hieß es in mit der Angelegenheit vertrauten Kreisen. "Es geschieht heute, aber diese Sache wird lange dauern".

Ein Gold-Fields-Sprecher bestätigte, dass sich Konzernchef Ian Cockerill in Moskau aufhalte und ein Treffen begonnen habe. Er glaube jedoch nicht, dass ein eintägiges Treffen ausreichen werde, um eine Einigung zu erzielen. Bei Harmony war zunächst niemand für eine Stellungnahme zu erreichen. Norilsk lehnte einen Kommentar ab.

Gold Fields wehrt sich erbittert gegen eine Übernahme durch Harmony. Das Unternehmen hatte ohne Erfolg versucht, die Mitte Oktober unterbreitete Offerte im Wert von rund 6,7 Milliarden Dollar vom Gericht und der südafrikanischen Börsenaufsicht SRP für gesetzeswidrig erklären zu lassen. Erschwert wird der Abwehrkampf für Gold Fields dadurch, dass der russische Großaktionär Norilsk Nickel das Angebot von 1,275 Harmony-Aktien für je eine Gold-Fields-Aktie unterstützt. Harmony will durch einen Zusammenschluss mit Gold Fields zum weltgrößten Goldproduzenten aufsteigen.

fgc/bek

17 Dez 2004 15:01

17.12.2004 13:35:23 Silver fixes lower, Europe gold holds firm

* Silver fixes lower in Europe at 668.50 cents per ounce compared with previous fix at 678.50. Spot market flat at $6.68/6.70 from $6.68/6.72 late in New York on Thursday. * Silver forward rates on Reuters page indicated at 2.123, 2.080, 2.010, 1.838. * Spot gold firm at $438.25/438.75 a troy ounce by 1227 GMT, up from New York's late quote on Thursday of $436.20/436.95 an ounce. * Bullion seen in $435-440 an ounce range, tied to euro/dollar moves. Euro strengthens, last at $1.3271/74. * Platinum broadly steady at $838.00/842.00 from New York's previous $838.50/843.50. * Palladium languishes just off a fresh 16-month low of $174.00 an ounce, trading at $176.00/180.00 versus New York's $175.50/181.50.

17 Dez 2004 14:27

17.12.2004 13:09:56 Europe gold firm, seen steady as investors return

LONDON, Dec 17 (Reuters) - Gold firmed quietly in Europe on Friday morning, with the market expected to stay in fairly tight ranges tied to currency moves as liquidity thins ahead of year end.

Spot gold stood at $438.25/439.25 per troy ounce by 1139 GMT, compared with $436.20/366.95 late in New York on Thursday.

"It looks like we should trade mainly sideways with a positive bias, investors seem to be coming back into the market slowly," one dealer said.

The dollar lost ground after a stronger-than-expected German business sentiment survey boosted the euro, but thin pre-holiday trade made moves erratic.The euro was last at $1.3288.

The U.S. currency had a volatile session on Thursday, coming within half a cent of last week's record low against the euro before rebounding on the back of a narrower-than-expected U.S. current account deficit.

Despite the slightly stronger data, most analysts believe worries about the United States' ability to finance its twin deficits are likely to keep the dollar under selling pressure -- boosting the allure of safe-haven gold.

Frederic Panizzutti, analyst at Swiss-based MKS Finance, said in a emailed note he did not expect any wide moves in gold ahead of year-end.

"As we move toward the year end...a 2004 close around 435.00 - 448.00 USD/ounce seems likely," he said.

"Nevertheless gold has been a great performer this year and the bull trend is now very well established."

Gold's three-year bull run picked up pace this year thanks mainly to the weak dollar, although heightened geopolitical tension and greater fund exposure to commodities has also played an important role.

The market on December 2 hit its highest since June 1988 at $456.75 before stepping back on fund profit-taking.

In other metals, palladium was steadier -- just off a fresh 16-month low of $174.00 as chronic oversupply led funds to liquidate positions.

Spot palladium was at $177.00/181.00 compared with $175.50/181.50 late in New York on Thursday.

"The outlook remains bleak for the industrial metal with continued pressure from funds/specs and seasonally slow industrial off-take still pointing to a test to $150-160 in the coming sessions," James Moore of TheBullionDesk.com said in daily report.

Platinum was steady at $838.00/842.00 from $838.50/843.50, while silver eased marginally to $6.67/6.70 from $6.68/6.72.