Gold and Silver Juniors, Mid-tiers and Producers Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: pocotrader	7/12/2007 1:51:06 AM
	of 78419

By Chikafumi Hodo TOKYO (Reuters) - Gold edged up near a one-month high on Thursday as the dollar's falls and sharp volatility in U.S. stock and bond markets this week induced safe-haven buying. Funds flocked into precious metals as they were cheaper relative to other commodities such as crude oil and industrial metals, which have risen more sharply in the last several weeks. Fund buying also emerged as technical sentiment brightened, especially after the cash gold price <XAU=> briefly cracked the closely watched level of $665 an ounce the previous day. By 0345 GMT, spot gold <XAU=> was trading at $661.80/662.60, up from $660.30/660.90 late in New York on Wednesday, when it rallied to its highest in a month at $665.90 on a weak dollar. "Funds are shifting more into gold for safe-haven reasons as currencies, stocks and bonds are all volatile now," said Tatsuo Kageyama, analyst at Kanetsu Asset Management. "Gold is gathering a lot of interest on price dips as technical sentiment improved after breaking through $665 yesterday," Kageyama said. The level of around $665 is seen as an important chart point, marking the 50 percent retracement point between a one-year high of around $693 in April and a low of $638.90 hit late last month, Tokyo traders said.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next