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David Bond: Three cheers for Silver Standard
Gold seen consolidating above $372
despite Saudi remarks on sales
http://www.forbes.com/markets/newswire/2004/05/13/rtr1370108.html
LONDON, May 13 (Reuters) -- Gold dropped in Europe on
Thursday morning, with the market tracking the euro down,
but prices were expected to consolidate above $372 an
ounce as dealers tried to glean clues about the U.S.
economy.
Bearish influence also came from Muhammad Al-Jasser,
vice governor of the Saudi Arabian Monetary Agency, who
told Reuters in an interview on Thursday that central banks
worldwide would like to sell gold faster but were worried
this would make the price collapse.
Data showing a wider than expected U.S. trade gap hit the
dollar on Wednesday with economic concerns surfacing
over the impact of higher oil prices.
Expectations of higher U.S. interest rates returned to buoy
the dollar, combined with remarks by Al-Jasser that the
euro was still not fully competitive as a reserve currency.
Higher interest rates tend to make U.S. bonds more
attractive to overseas investors and increase demand for
the dollar, which dulls the attraction of dollar-denominated
gold for non-U.S. investors.
"It's mostly currency-related again on gold although there
is a bit of physical buying coming in and building quite a
solid base above the $372 level," one dealer said. ...
* * *
Bank of Portugal announces
sale of 35 tonnes of gold
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5136299
LISBON, May 13 (Reuters) -- The Bank of Portugal said
on Thursday it had sold 35 tonnes of gold from reserves
in recent months, with the settlement in May.
The sales' object is to diversify foreign reserves, the
central bank said in a statement on its Web site.
The sales were similar to those carried out in 2003, it
said.
"The proceeds will be transferred to a special reserve at
the Bank of Portugal," the statement said.
The sales were carried out under terms of a 1999
agreement among central banks.
* * *
Silver's return to $6 is forecast
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=5133214
NEW YORK, May 13 (Reuters) -- Silver is likely to
regain a foothold over $6 an ounce in the coming months,
especially if gold rises, but is unlikely to revisit
April's high near $8.50 this year, research firm GFMS
Ltd. said Thursday.
"I think we would probably see the price pop back up
above $6 in the not-too-distant future," GFMS research
director Philip Klapwijk said in a telephone interview,
adding that $5.25 would probably be the low.
Spot silver closed Wednesday at $5.54/57 an ounce.
"The year-on-year situation has improved in terms of
the underlying supply/demand balance. It's tighter.
There is less metal around than there was in the
past, which means it's a market with a bit less of
a stock overhang," Klapwijk said in the interview
before GFMS released its World Silver Survey
2004 Thursday morning.
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