"Argentina's sale, gold miners globally will note, leaves Antarctica the
only continent not to see an official sellers recently, though there are
rumors the penguins are restless," said Andy Smith, analyst
Gold steady, silver forwards active
By Miranda Maxwell, Bridge News
By Miranda Maxwell, Bridge News
London--Dec 8--Gold held steady within a narrow range here this morning
as players quietly awaited afternoon trade to see what today's US
activity would bring. Silver was more active, particularly in the
forward market where dealers reported active borrowing to 12 months out.
* * *
Spot gold traded at around $288.50-289.00 per ounce here, up around 75
cents from overnight levels after maintaining a narrow range.
Prices were holding steady after managing small gains Friday from a low
of $286 last week.
In the physical market, good demand was reported form India and gold
imports in Taiwan were reported up. Also, a US jobs report Friday showed
a much higher- than-expected rise in payrolls in November, signalling
increased inflationary pressures could continue untamed as global
nervousness about economics in Asia continues, a report from GNI
research noted.
However, the hangover of news of Argentina's central bank sale of all of
its 4- million-ounce gold reserve continued to plague sentiment, one
analyst describing the announcement as "another crack of the whip behind
the bear stampede."
"Argentina's sale, gold miners globally will note, leaves Antarctica the
only continent not to see an official sellers recently, though there are
rumors the penguins are restless," said Andy Smith, analyst at UBS.
SILVER
Silver held firm after Friday's 18-cent rally to a high of $5.46, and
dealers cited active interest in the forward market which tightened
one-month lease rates to around 3.6%.
Sources said market talk continued to suggest a technical "squeeze" may
develop in the silver market as those with access to declining exchange
stocks gain greater control. Some analysts have predicted silver could
rise to heights of $8-9 next year.
See story .2115 for COMEX silver stock breakdowns and .2106 for silver
futures commitments.
Spot precious metals prices are in US dlrs per ounce: London 1227 GMT
Tokyo 0630 GMT late New York Gold (KRCGL) 288.50-289.00 287.85-288.25
288.00-288.50 Silver (KRCSL) 5.43-5.45 5.40-5.42 5.40-5.42 Platinum
(KRCPL) 380.00-382.00 380.50-382.50 381.00-383.00 Palladium (KRCPA)
206.00-208.00 207.00-209.00 206.00-208.00 |
