Asia metals up

Bear

Gold.......1019.20

Silver.........17.37

Their off and running!

HonoluluDude

Will the PMs get pounded by NY in the a.m.? that is the question. The current COT report reveals a humongonoid short position by the commercials.

Bear

There has been so much manipulation and fraud,

That I no longer think anyone knows what the heck

is going to happen or even why. I just do not believe

that there is enough gold and silver available to cover

all the paper gold and silver.

HonoluluDude

<< <i>I just do not believe

that there is enough gold and silver available to cover

all the paper gold and silver. >>




I've thought all along that the metals won't go ballistic unless there
is a basic but major fundamental change: The paper holders need to take delivery.

Maybe that time is now? Who knows?

Wolf359

<< <i>

<< <i>I just do not believe

that there is enough gold and silver available to cover

all the paper gold and silver. >>




I've thought all along that the metals won't go ballistic unless there
is a basic but major fundamental change: The paper holders need to take delivery.

Maybe that time is now? Who knows? >>



Watch the action. The push up keeps getting stronger. If this keeps up you know the answer. Ka-Boom.

goingbroke

I hope the charts dont run out of room! Metal Bid Ask
Gold $1,020.70 $1,021.70 15.40
Silver $17.31 $17.36 0.35
Platinum $1,329.00 $1,339.00 17.70
Palladium $295.30 $300.30 3.00

Updated:9/16/2009 4:52:24 AM CST

goingbroke

PRECIOUS-Gold hits 18-month peak on weak dollar, eyes highs
16/09/2009 7:46:57 PM
Commodity update
Prices16 September,2009
16/09/2009 20:42 Sydney, Australia.
Commodity Value
Gold 1016.90
Silver 17.27
Platinum 1332.50
Palladium 295.00

Chart and compare
* Dollar hits 2009 low vs euro; single currency breaks $1.47 * Indian gold buyers trickling through, traders say

* Silver, platinum hit multi-month highs as confidence rises

(Updates throughout, changes dateline from TOKYO)

By Jan Harvey

LONDON, Sept 16 (Reuters) - Gold hit 18-month highs on Wednesday as the dollar's slide to 2009 lows versus the euro sparked buying of the metal as an alternative asset, helping lift silver and platinum to multi-month peaks.

The precious metal now has its sights set on a new all-time high above $1,030 an ounce, traders said.

Spot gold rose to a high of $1,017.75 an ounce and was at $1,015.55 an ounce at 0924 GMT against $1,005.90 late in New York on Tuesday.

"(We have) broken through $1,015, so we ought to test the previous highs," said Afshin Nabavi, head of trading at MKS Finance in Geneva. "It is currencies that started the game, but it looks like it is not over yet."

U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $11.40 to $1,017.70 an ounce.

The dollar tumbled to its weakest this year versus the euro, with the single currency breaking $1.47 for the first time since December. The dollar came under pressure as investors moved to notionally higher-risk currencies. [FRX/]

Better-than-expected U.S. retail sales data and a statement from Federal Reserve chairman Ben Bernanke that the U.S. recession was most likely over on Tuesday have boosted interest in assets seen as higher risk. [nLG699234]

World stocks hit 11-month highs on the news, while European shares also rose. [MKTS/GLOB] [.EU]

Currency traders will be closely watching U.S. data due later in the session for fresh clues as to the outlook for the economy, including the August consumer price index and industrial production numbers, and September housing data.

The CPI data at 1230 GMT will also be watched for signs of growing inflation, against which gold can be bought as a hedge.

Citigroup analyst David Thurtell said the current rally was "largely currency based, but the gold inflation bugs will be getting excited too".


PHYSICAL DEMAND PICKS UP

Physical demand for gold picked up in Asia, home to some of the world's largest bullion markets, despite high prices having discouraged consumers throughout the year.

"India is still buying despite the high prices. Maybe they are afraid that prices will go up again," said a dealer in Singapore. [ID:nSP372735]

Gold's rally helped lift other precious metals, with silver and platinum -- both of which are largely industrial in use -- also hitting multi-month highs as base metals rose on the more positive economic outlook. [MET/L]

Silver prices rose to a 12-month high of $17.31 an ounce, and were later at $17.28, against $16.97 late on Tuesday. Its ratio to gold -- which measures its value compared to the yellow metal -- fell to 58.8 from around 64.5 a month ago.

Platinum hit a peak of $1,338, its firmest since September last year, and was later at $1,329 against $1,323, while palladium was at $294.50 an ounce against $291.50.

ETF Securities said in a daily report its London platinum ETC holdings rose more than 10,500 ounces on Tuesday, or 3 percent. Its London palladium ETC hit a record high of 491,063 ounce on Monday, up 8.5 percent week-on-week.

Commerzbank technical analyst Karen Jones said in a note that platinum's gains last week set the metal up for a fresh rise.

"The close above $1,307 has completed a longer term bullish pattern with an upside measured target of $1,539," she said. "The pattern took five months to complete and the target is achievable by February 2010."