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Gold/Mining/Energy : NORTHGATE EXPLORATION NGX (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: NYBob1 who wrote (15)	7/10/2007 3:36:59 PM
From: NYBob1	Read Replies (1) \| Respond to of 44

DJ PRECIOUS METALS: NY, CBOT Gold And Silver Rise As Dlr Falls By Allen Sykora Of DOW JONES NEWSWIRES Dollar weakness enabled gold and silver futures to move higher Tuesday, with the metals also getting some lift from chart-based considerations. August gold rose $1.90 to settle at $664.40 an ounce on the Comex division of the New York Mercantile Exchange. Around the time that pit trade was closing, the August contract at the Chicago Board of Trade was up $2.10 at $664.40. Comex September silver rose 15.5 cents to $12.975. As it was closing, CBOT September silver was up 15 cents at $12.978. "It's all about the dollar," said Charles Nedoss, a senior account manager and futures analyst at Peak Trading Group. "The dollar has been just getting drubbed." Shortly after Comex gold closed, the euro was up at $1.3713, gaining from $1.3625 late Monday. The single European currency hit a record high of $1.3739 against the greenback largely due to ongoing worries about the U.S. housing sector, currency analysts said. The dollar index fell to its lowest level in roughly 2 1/2 years. "I think gold and silver are purely reacting to the lower dollar," said Michael Gross, a broker and futures analyst at Liberty Trading. "That's having a big impact on a lot of the commodities." Shortly after Comex gold closed, the Continuous Commodity Index was up 1.64 points at $418.13. Technically, August gold moved above its 10- and 20-day moving averages Friday, Nedoss said. "Yesterday, we found support on the 20-day, and that opened up tech buying," he said. The 20-day average currently passes through $653.80, and Tuesday's low was $660.30. "I think the only thing that contained it (gold) at its highs today was that it bumped up against the 50-day moving average," Nedoss said. "It has come up pretty far pretty fast off the (recent) bottom. You saw some people lighten up. But I think the charts look very constructive - both the daily and weekly charts." August gold's high for the day of $667 was right around the 50-day average, which after the close was $666.70. The metals fell in late June and the move was especially pronounced in silver. But September silver has been recovering since a June 27 low of $12.245 that was the weakest level since October. "A lot of traders may have looked at that as a value level," Gross said, adding that Stochastics suggested silver had become oversold, providing a buy signal lately. There had been some resistance around the $13 level, so it was technically encouraging that the market poked back above this, he added. The September contract peaked at $13.085, its strongest level since June 25. A much-anticipated event - an early-afternoon speech by Federal Reserve Chairman Ben Bernanke - didn't appear to have a big impact on prices. August gold settled not far from the $664.90 area where it was shortly before the Fed chairman's remarks. "Although inflation expectations seem much better anchored today than they were a few decades ago, they appear to remain imperfectly anchored," the Fed chief said. The speech was described as largely academic and didn't address the economic or monetary-policy outlook, as some had anticipated. No major U.S. economic reports are due out Wednesday, although the market is to get weekly energy-inventory data - which can influence crude oil, and thus metals - at 10:30 a.m. EDT (1430 GMT). Meanwhile, October platinum fell $4.50 to $1,313.50 an ounce, while September palladium declined 85 cents to $370.25 an ounce. A trader described these metals as largely range-bound, particularly as platinum traders continued to monitor wage talks between South African unions and platinum-mining companies. Some light profit-taking may have prevented these metals from piggy-backing higher on the gains in gold, he said. "But I would expect them to hold fairly firm," the trader said. "The dollar is looking pretty sick." September palladium has meandered in a range of roughly $365 to $372 since June 27. October platinum has been meandering higher but remains in a range of roughly $1,270 to $1,323 since mid-June. Settlements (includes open-outcry and electronic trading): London PM Gold Fix: $661.70 versus $661.25 Monday Spot gold at 1:31 p.m. ET: $662.85, up $2.50 from previous day; Range: $658.85-$665.55 August gold (GCQ07) $664.40, up $1.90; Range $660.30-$667 September silver (SIU07) $12.975, up 15.5 cents; Range $12.79-$13.085 October platinum (PLV07) $1,313.50, down $4.50; Range $1,306-$1,318 September palladium (PAU07) $370.25, down 85 cents; Range $368-$371.70 $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. God Bless investorshub.com investorshub.com siliconinvestor.com investorshub.com