UCOI Gold & Silver -
Hit Longtime Highs -
with the help of fund buying Thursday -
as a soft U.S. dollar and strong crude oil -
generated enough upward momentum to trigger -
technically oriented buying -
Gold and Silver futures soared to multi-month highs
February Gold rose $11.10/oz to fiatz$652.90 an ounce
on the Comex division of the
New York Mercantile Exchange -
Gold Spot (FOREX:XAUUSDO) - 
As it was closing, the February contract -
at the Chicago Board of Trade was up -
$10.70 to fiat$652.40/oz
Comex March Silver gained 35.5 cents to $14.115/oz. -
As it was closing, CBOT
March Silver was up 36.4 cents to $14.112/oz -
SILVER 5000 OZ Dec 2006 (CBOT:ZI.Z06.E) -
"We got a little help from the crude market,"
said Dave Meger, senior metals analyst --
"Firmness from the crude will continue to leak
into the other commodity markets, particularly Gold."
As of the close in Comex Gold, Nymex January crude oil
had been as high as $63.30 a barrel, its strongest level
in roughly a month.
The major commodity indices were all higher, and
precious metals tend to benefit from strength in
commodities as a whole, Meger said.
And, he continued, the slumping U.S. dollar is boosting
the metals and commodities in general -
The euro firmed as high as $1.3274 against the dollar,
its strongest level since March 2005.
The British pound hit a 14-year high against the dollar
at $1.9698.
"From a technical perspective, Gold and Silver continue
to look good," said Meger.
"There is a lot of talk about a technical breakout today."
Buy stops were triggered and fund buying was reported,
he said.
"Funds are generally momentum-based and technically
motivated," Meger added.
Gold and silver had been working lower earlier this fall -
That was mainly a continuation of consolidation after
the sharp run-up that occurred from 2005 into spring
of 2006, when both metals hit their strongest levels
in more than two decades, said Jes Black, fund manager.
"What are dictating the market's moves right now are
two things -
No. 1, we are breaking out of a very large consolidation
pattern after a very large run-up (last spring),"
said Black.
"The dollar's bad news is a catalyst pushing
it even further up out of the consolidation pattern."
Any breakout from a consolidation period tends to
capture the attention of traders, he explained.
"A trader looks at that and says, 'Wow, that's a
consolidation pattern.
That's going higher, so I'm going to buy.'"
Black said he looks for a retest of the highs -
from earlier in the year for Gold and Silver -
Gold had broken higher against all of the major currencies
earlier in the year, and this appears -
to be happening again, Black added -
"This is not just a dollar story, but is a Gold story,"
he said."
We continue to think Gold will rise substantially
in the coming years -
not just against the fiat dollar but
against all of the major fiat currencies."
Comex Feb Gold peaked at $654.50/oz -
its strongest level since early September.
Comex March Silver got as high as $14.19/oz
its strongest level since the middle of May -
The dollar hit longtime lows after disappointing
U.S. manufacturing data.
The Chicago Purchasing Managers Index slipped
to 49.9 in November from 53.5 in October,
when a 54.8 reading had been forecast.
The 50 level is generally seen as the breaking point
on whether the manufacturing sector is expanding or
contracting -
There had been limited forex reaction to economic data
earlier in the morning that included a rise of 0.4%
personal income in October (forecast 0.5% rise),
an increase of 0.2% in personal spending (0.1% rise forecast)
and an unexpected jump of 34,000 first-time weekly jobless
claims to 357,000 (forecast 3,000 rise).
Meanwhile, January platinum rose $24.30 to $1,176.70 an
ounce.
March palladium gained $6.85 to $334.35 an ounce -
"It's on the back of stronger crude oil and a weaker
U.S. dollar," said a desk trader.
Another trader commented that platinum may have drawn
some buying when technical support held.
In particular, he pointed to the 30-day moving in spot
metal near $1,150/oz
The main U.S. economic report on the calendar for Friday
is the Institute for Supply Management's manufacturing index,
expected to rise to 52.0 in November
from 51.2 the prior month.
This is due out at 10 a.m. EST along with
construction spending, forecast to be down 0.3% in October.
Several Federal Reserve officials are scheduled to make
appearances Friday, including Chairman Ben Bernanke
delivering a welcome speech to the
International Research Forum in Washington at 9 a.m. EST.
Settlements (open-outcry trading only):
London PM Gold Fix: $646.70 versus $637.50 Wednesday
U.S. spot Gold at p.m. ET: $647.55, up $11.15 from
previous day; Range:
$636.50-$648.95
February Gold (RGCG07) $652.90, up $11.10;
Range $646.50-$654.50
March Silver (RSIH07) $14.115, up 35.5 cents;
Range $13.95-$14.19
January platinum (RPLF07) $1,176.70, up $24.30;
Range $1,163-$1,182
March palladium (RPAH07) $334.35, up $6.85;
Range $331-$335
U.S $ INDEX (NYBOT:DX) -
Are the lemmings following LT Bucky? -
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