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Gold at 1 month high...$830....Platinum new high.....$1538
Goldbully
Posts: 16,962 ✭✭✭✭✭
Kitco
COMEX gold futures fell in Asia from their settlements in New York on Monday. The most active February contract GCG8 rose $0.30, or 0.04 percent, at $816.80 from Monday's New York settlement of $816.50.
Benchmark TOCOM gold futures <0#JAU:> closed at the session high of 3,014 yen per gram, up 28 yen or 0.9 percent from Tuesday's close. The closing level was the highest since Nov. 9.
The weakness in the yen against the dollar and firmness in energy prices bolstered TOCOM gold futures.
U.S. light, sweet crude CLc1 for February delivery was 47 cents higher at $94.60 a barrel after gaining 82 cents on Monday. [ID:nSP267593]
Firmness in platinum provided overall support to the precious metals market.
Cash platinum <XPT=> rose to $1,521/1,526 an ounce from late Asian levels of around $1,515/1,525, but down from a record high of $1,526/1,530 per ounce reached late in U.S. trade on Monday.
Supply disruptions at some mines in South Africa, the world's top producer, have resulted in a deficit this year and are likely to leave the market in a deficit again next year.
Platinum lease rates stayed at high levels above 10 percent, Tokyo traders said. The lease rates usually rise whenever there is shortage of physical supply.
Reuters
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Gold now at 1 month high, and Platinum at RECORD high!!!!
Spot platinum <XPT=> reached a new all-time high of $1,537/1,542 an ounce, against Friday's record of $1,526/1,530.
Kitco
Gold $829.90
Platinum $1541.00
Hold on ! We be goin for a ride today.
<< <i>Anyone think that Gold hits $740-$780 again?............I'm looking to buy and thinking out loud here that it comes back down.........But............I've been wrong before.......
I thought the same way when gold was $ 675.00 I am glad that I didnt wait any longer.
The banking crisis (some call subprime) has caused central banks around the world to infuse cash into the system despite inflation. This will propel gold to news highs. I don't know how high but at this point, I am holding.
don't think that gold can hold onto the spike it's seen over the past year or two. It has become inflated in its value and will eventually slip back into the $500-$600 range.
Actually, just the inverse. The FED and PPT can't keep gold down any longer to prevent spikes aimed at reaching $900-$1000.
If you think gold is overvalued now, wait until we are through 2008 as subprime and all its bedfellows take root.
Gold may become overvalued once it exceeds 1980 inflation adjusted pricing.
Isn't about that time of year for the Lloyd "gold vs. Dow" challenge?
How about a $900 gold vs 15,000 Dow challenge in 2008?
roadrunner
just completed 3d tour to Iraq and retired after 28+ years in the US Army
<< <i>Actually, just the inverse. The FED and PPT can't keep gold down any longer to prevent spikes aimed at reaching $900-$1000. >>
Boy, if this comes true then it will sure my collection of Indian Half Eagles more expensive to finish.
it may take an unfortunate situation rather than cheerful newsletters to pop the cork on metals
It is a perfect storm for gold and other metals...
Increasing demand...
Increasing demand from new consumers in China/India/etc...
Shrinking supply...
The US and other countries printing money like crazy...
And **TONS** of excess liquidity - investors - looking for a place to put their money.
I am so tempted to bet the farm on it... it seems so certain... but at least I have the sense to not do something so crazy.
The Associated PressPublished: December 27, 2007
BOGOTA, Colombia: Colombian authorities have announced a major gold find that would double the country's production of the metal by 2011 and which they claim could prove to be one of the 10 biggest deposits in the world.
A foreign mining company uncovered the deposit and informed the government, which announced the discovery last week but said details would not be released until February.
But President Alvaro Uribe appeared unable to hide his excitement last week.
"How am I going to keep a secret this big until February?" Uribe asked in a Dec. 20 speech, revealing that Mining and Energy Minister Hernan Martinez had that morning told him of the discovery, which will require an initial US$2 billion (€1.38 billion) investment and will double the nation's gold output by 2011.
Authorities didn't give the name of the foreign mining company, but Bogota's El Tiempo newspaper reported that the deposit is in the central state of Tolima, and was discovered by Johannesburg-based AngloGold Ashanti Ltd., one of the world's largest gold producers.
Charles Carter, spokesman for the company, on Thursday confirmed that the company has an active exploration program in Colombia, but declined to comment on El Tiempo's report, saying it was "premature to discuss" any of the company's specific findings.
AngloGold Ashanti has projects in 10 countries on four continents, including the U.S., Brazil, Russia and China, its Web site states.
The company has been actively exploring for gold in Colombia since 2000, and has two large drilling projects in the country's center, along with six other "early-stage" projects.
High gold prices, which have nearly tripled in the last ten years, are pushing mining companies to boost exploration efforts, the Bogota-based newspaper said.
But in Colombia, yearly gold production fell by more than half last year to 15.7 tons from 37.7 tons in 2005, El Tiempo reported, citing the nation's mining institute, as attacks and harassment by leftist rebels forced many mines to close.
Link
roadrunner
It will go back down once we have peace in the Middle East.
So, how is a large gold discovery going to negate the attacks and harassment by leftist rebels?
You can bet that gold buying in India will pick up after the Bhutto assassination.
The main factor though, is money creation - driving the dollar down. How long will it be before we are asked to bail out Pakistan?
All the while, Russia and China are sitting back and enjoying it.
I knew it would happen.
I knew it would happen.