Gold rises in London as dollar hits new record low against euro
LONDON (Thomson Financial) -
Gold rose in London as the dollar fell to a new record low
against the euro in the wake of a dismal retail sales
report that showed consumer spending plunged in June amid
the ongoing housing crunch.
The Commerce Department said retail sales in June
recorded their biggest fall since August 2005.
The data disappointed analysts, who were expecting a rise
in sales as a result of falling auto purchases.
At 1.54 pm, spot gold was quoted as 667.00 usd an ounce,
compared with 655.40 before the data's release.
The metal was quoted at 666.90 usd in late New York
trades yesterday.
The dollar hit a new record low against the euro
of 1.3801 usd, from 1.3775 usd just before
the data release.
Against the pound the greenback sank to 2.034 usd, from 2.032.
Weakness in the US currency typically supports gold,
which is seen as an alternative investment
to the currency.
maytaal.angel@thomson.com ma/ejp
Gold hits 5-wk high, trade deficit hits $60 bln -
July 12 --
[fiatz$666.10/oz and Au for 888 times -
stamp-milling out 666 this year?] - when done -
Au gone fly -
Gold futures rose more than $6 an ounce Thursday,
to close at their highest level in five weeks,
as the dollar touched new lows against the euro
and the British pound and as oil prices remained high.
These factors combined to underpin investment demand
for the precious metal.
"The breakdown of the dollar is bringing investors
into the market," said Julian Phillips, an analyst.
"Both the gold price and the dollar breaking down through
long-term support is bringing professionals to adjust
their positions as well as short-term traders to
take advantage of the break through $665," he said.
Overall, the "change in the market mood after such a long
consolidation is more than noticeable.
We expect a lively market going forward," he said.
"Investors remained concerned at the vulnerability of
the U.S. dollar here," said Peter Spina, an analyst.
"From a technical perspective, the Dollar Index
is teetering at massive support," he said.
"Should there be a failure of support, the selling
is likely to accelerate and investors will flock to
precious metals."
The nation's trade deficit reached $60 billion in May,
on record trade flows across U.S. borders to meet rising
demand at home and abroad, the Commerce Department
reported.
Northgate Minerals Corp. NXG Last: 3.25
Change: +0.10(+3.17%)
Volume: 2.19 m
Last Trade: 3:59
DL 7/12/2007 10:49 PM
$6 price target for NGX -
Northgate Minerals Corp. (NGX : TSX)
Estimates upped on new gold & copper prices
Blackmont Capital maintains "buy",
12-month target price is raised to $6.00 -
Imo. Tia.
888c.com
God Bless
investorshub.com
investorshub.com
siliconinvestor.com
investorshub.com
Ps.
Its aproblem with fiatz we know -
we don't no know when all fiatz will be hit? -
but when it start -
EX.
With inflation at officially more than 3,700%
(some economists put it as high as 9,000%),
supermarkets are unwilling to comply,
so a price-control unit has been trying -
to enforce it -
news.bbc.co.uk |
