Precious metals market review for 20.07.09
Dynamics
On Monday 20 July, at the tender price of gold and silver have shown significant growth. The price of gold reached a peak in the fifth against the weakening dollar, which dropped in price on news that CIT Group avoid bankruptcy due to financial support.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX), gold stood at around dollarav 948.80 per troy ounce, while silver closed at around 13.62 dollars per ounce.
Causes
On Monday, gold trade with the increase, recovered from the minima at 937.45 dollars before the session peak of 955.40 dollars per ounce - its highest level since June 12. Traders noted the large purchases by the Swiss bank above 947 dollars per troy ounce.
From the news it may be noted that the Canadian Fortuna Silver Mines Inc. made a revaluation of reserves at the mine Kayoma in southern Peru. According to the stocks of deposits increased to 20.3 million ounces of silver. Under the new calculation, the confirmed reserves of precious metals at the mine increased by 404% since the previous assessment of reserves by about three years ago. Today, the mine processed 1.2 tons of ore a day and is projected in 2009 is planned to produce 1.6 million ounces of pure silver.
Current exploration Intrepid Mines Ltd on one of the most promising areas of the Indonesian project Tudzhuh-Bukit again led to the discovery of several new areas rich in oxidized gold-silver mineralization in the ore deposits with a lower content. According to the company, the results obtained in the zone, make a greater contribution to the overall resources of the deposit, as well as on the background of large anomalies were found in richer areas of mineralization. In the area now being studied as the most promising, and is considered separately from the Zones A and C, for which the estimated total resources of 2.57 million ounces (80 tonnes) of gold equivalent.
What to expect?
this week apparently increased interest in gold. Among the obvious reasons I would like to note a new wave of weakening dollar, rising oil prices and other commodities, corporate accountability for the II quarter of the companies, as well as the technical factor - quotes anchored to a strong level of 942.00 dollars per ounce.
What is fear?
The weakening of the dollar to a minimum against the euro has had a very positive impact on the gold market. Investors invest their money in the metal, protecting their savings from the devaluation of American currency. However, such an active beginning the week could trigger a record profit on gold and turn on the dollar.
Asia: growth in the hope of restoring the world economy
Week on the world stage: Nigerian militants fighting for an expensive oil
The course increased dollar purchases - the daily review of the cash markets
Cabinet proposes to abolish the increase Yushchenko Kiev tariffs zhilkomuslugi
Worse than the market at the Russian sites look paper Polyus Gold (-1.89%) and prefy Sberbank (-0.11%)
Perhaps the fight the bulls and bears for the psychologically important milestone for investors in 1000 items
From the blue chips to yesterday's maximums were able confidently to update only the shares of oil and gas heavyweight
Gazprom will hold talks with the shipbuilding company for the delivery of the first tanker-metanovozov Russian production
European stock markets finished in the black sixth consecutive trading session
