Tesoro Del Alma News...
Tuesday, July 22, 2008
Gold update
Gold Advances in London on Dollar Weakness, Falling Equities
By Rachel Graham
July 22 (Bloomberg) -- Gold advanced for a second day in London as the dollar traded near a record low against the euro and stocks fell, boosting the appeal of the metal as an alternative investment. Silver and platinum also rose.
The dollar weakened after American Express Co., the biggest U.S. credit-card company by purchases, said second-quarter profit fell 37 percent as more consumers defaulted on loans. European stocks and U.S. index futures fell.
``It's all about dollar weakness and risk aversion,'' said Sagiv Peretz, a senior dealer at trading-system operator Finotec Trading U.K. Ltd., said by phone from London. ``We see some shifting from equities back into commodities, especially gold.''
Gold for immediate delivery gained $7, or 0.7 percent, to $972.55 an ounce as of 8:52 a.m. in London. Futures for August delivery rose $8.70, or 0.9 percent, to $972.40 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.
Assets in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, rose 0.5 percent yesterday.
Gold held by the company advanced by 3.06 tons to 705.59 tons yesterday, according to figures on the company's Web site. That's within 1 ton of the July 11 record of 705.9 tons.
Among other metals for immediate delivery, silver rose 17.5 cents, or 1 percent, to 18.595 an ounce. Platinum gained $31.25, or 1.7 percent, to $1,878.25 an ounce and palladium advanced $10.25, or 2.5 percent, to $425 an ounce.
To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net
By Rachel Graham
July 22 (Bloomberg) -- Gold advanced for a second day in London as the dollar traded near a record low against the euro and stocks fell, boosting the appeal of the metal as an alternative investment. Silver and platinum also rose.
The dollar weakened after American Express Co., the biggest U.S. credit-card company by purchases, said second-quarter profit fell 37 percent as more consumers defaulted on loans. European stocks and U.S. index futures fell.
``It's all about dollar weakness and risk aversion,'' said Sagiv Peretz, a senior dealer at trading-system operator Finotec Trading U.K. Ltd., said by phone from London. ``We see some shifting from equities back into commodities, especially gold.''
Gold for immediate delivery gained $7, or 0.7 percent, to $972.55 an ounce as of 8:52 a.m. in London. Futures for August delivery rose $8.70, or 0.9 percent, to $972.40 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange.
Assets in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, rose 0.5 percent yesterday.
Gold held by the company advanced by 3.06 tons to 705.59 tons yesterday, according to figures on the company's Web site. That's within 1 ton of the July 11 record of 705.9 tons.
Among other metals for immediate delivery, silver rose 17.5 cents, or 1 percent, to 18.595 an ounce. Platinum gained $31.25, or 1.7 percent, to $1,878.25 an ounce and palladium advanced $10.25, or 2.5 percent, to $425 an ounce.
To contact the reporter on this story: Rachel Graham in London at rgraham13@bloomberg.net
Labels: nick fleming, nvf-investments.com, tda-6, tesoro del alma
posted by nfleming at
10:30 AM
