Prices are increasing as USD goes in the toilet. Now's Banro's chance to appreciate since they got all those ounces in the ground. I know you can do it Banro common.
Dollar drop, inflation worries lift US gold
Wed May 20, 2009 11:34am EDT
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NEW YORK, May 20 (Reuters) - U.S. gold futures jumped more
than 1 percent on Wednesday, rising above $940 an ounce on a
combination of a weaker dollar, technical selling and
inflation-hedge buying following an oil rally.
For the latest detailed report, click on [GOL/].
GOLD
* Gold for June delivery GCM9 up $11.30, or 1.2 percent,
at $938.00 an ounce at 11:15 a.m. EDT (1515 GMT) on the COMEX
division of the New York Mercantile Exchange.
* Ranged from $925.30 to $941.00.
* A sharp drop in the dollar and rally in bellwether crude
oil triggered buying in the gold market as an inflation hedge -
Brian Hicks, a portfolio manager at U.S. Global Investors,
which has more than $2 billion assets under management.
* Further strength to the upside possible after June
futures rose above key technical resistance at around $930 an
ounce - Hicks.
* Gold mining stocks, measured by the Gold BUGS (basket of
unhedged gold stocks) index .HUI, rose 5 percent on gold's
strength and a Wall Street rally.
* Market sentiment turned bullish after an industry report
showed global demand for gold jumped 38 percent year-over-year
in the first quarter as sharply higher buying in gold
investment products more than offset depressed jewelry
consumption and industrial usage - traders.
* Identifiable investment, which includes the popular gold
exchange-traded funds (ETFs) and bullion coins, rose to 595.9
tonnes for the quarter, more than triple the 171.3 tonnes in
the year-ago quarter - World Gold Council's Gold Demand Trends
report. [ID:nN19540966]
* Gold/oil ratio at 15.21, lower than the 15.43 of the
previous session.
* COMEX estimated 10 a.m. volume at 71,288 lots.
* Spot gold <XAU=> traded at $937.60 an ounce, up 1.4
percent from its late Tuesday quote in New York.
* London gold fix <XAUFIX=> $939.50 an ounce.
SILVER
* COMEX July silver SIN9 up 20.50 cents, or 1.5 percent,
at $14.330 an ounce, taking direction from the gold market.
* Ranged from $14.10 to $14.390.
* COMEX estimated 10 a.m. volume at 9,858 lots.
* Spot silver <XAG=> was at $14.31 an ounce, up 1.1 percent
from its previous finish.
* London silver fix <XAGFIX=> at $14.29 an ounce.
PLATINUM
* NYMEX July platinum PLN9 up $9.80 at $1,154.90 an ounce
as U.S. President Barack Obama's long-term goal of cleaner auto
emissions boosted platinum's appeal as an autocatalyst.
* President Barack Obama proposed the first U.S. regulation
of auto emissions in a bid to reduce climate-warming greenhouse
gasses and lower dependence on foreign oil. [ID:nN19433189]
* Spot platinum <XPT=> at $1,146 an ounce, up 0.8 percent
from its late Friday quote.
PALLADIUM
* June palladium PAM9 up $1.75 at $235.85 an ounce,
tracking platinum's gains.
* Spot palladium <XPD=> was at $232.00 an ounce, up 0.2
percent from its previous finish.
(Reporting by Frank Tang; editing by Jim Marshall)
