Sunday, January 10, 2010

GOLD RIPPIN

Overseas is showing a continued appetite for blondes.....that is the shiny type. Looks like investors are saying fock you to those continued weak employment numbers and interpret more and more and more stimulus coming for the U.S.. Probably reduced my core trade too much on Friday from the initial Reuter's report below...

Spot gold was quoted at $1,153.80 an ounce by 7:31 p.m. ET, up $15.90 an ounce from New York's notional close on Friday. It had risen as high as $1,157.05 an ounce, its strongest level since December 8.

* U.S. gold futures for February delivery hit an intraday high of $1,163 an ounce, its highest level since December 8.

MARKET NEWS

* China ended 2009 with record monthly imports of crude oil and soybeans and a strong appetite for iron ore and copper, while its aluminum and steel sectors saw a welcome increase in export volumes.

* The dollar suffered its biggest loss against a basket of six currencies in a month and a half on Friday after an unexpected drop in U.S. nonfarm payrolls dented expectations interest rates will rise any time soon.

* The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell to 1,119.541 metric tons by January 8, down 3.962 metric tons from the previous business day.

* Oil prices climbed above $83 a barrel on Monday, boosted by a hobbled U.S. dollar and weekend data that showed China's crude oil imports surging to more than 20 million metric tons in December.

PRICES

Precious metals prices at 7:31 p.m. ET

enjoy the pile on in the am....gl P.S. watch out for a reversal hard mon or tues.

1 comment:

  1. On pullbacks accumulate physical, don't trade physical. Food prices and along with gasoline have started their rise again, price changed as I was pumping gas on Sunday. Large global players like China are continuing to prepare for Kondratiev Winter at full speed.

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