You are here
Maybe Morgan Chase''s gold desk in Tokyo has an opening
Gold, Silver Glitter As Never Before
The Times, New Delhi
Tuesday, December 6, 2005
http://economictimes.indiatimes.com/articleshow/1319386.cms
MUMBAI -- Gold and silver rallied further to end at all-time highs
at the bullion market here on Monday due to frantic buying by
stockists and fabricators in view of the increasing wedding demand.
Firm overseas advices further boosted the market sentiment.
Standard gold (99.5 purity) started at an all-time intra-day high of
7640 rupees, but later softened on some profit-booking and finished
at a new record closing high of Rs 7635, showing a sharp gain of Rs
60 over the previous weekend close of Rs 7575.
Pure gold (99.9 purity) also started at a new record high of Rs 7680
and thereafter moved narrowly, before closing at the same level,
showing a steep rally of Rs 70 over the last close of Rs 7610.
In Asia, gold rose to 22-year high as fund managers bought the
precious metal to diversify their portfolios and gold for immediate
delivery shot up by $5.13 to $508.50 an ounce, the highest level
since February 1983. Gold climbed to $509.20 an ounce in February
1983. Anything above that level will bring the metal to its highest
since January 1980, when it hit a record $850 an ounce.
"The overall feel in the market at the moment is diversification
away from the US dollar and other currencies into gold and from
shares into gold," said a bullion dealer with a major foreign bank
in Singapore. Dealers said the spot bullion market has also been
supported by strong buying interest in Japan in recent weeks.
A firmer dollar usually has the effect of making dollar-based gold
less attractive to investors with other currencies. "We've seen gold
break the correlation with the dollar in recent times," said Darren
Heathcote, head of trading at N.M. Rothschild in Sydney. "We saw
gold strengthening even though the US dollar was strengthening."
"There was a significant drive in Japan in recent weeks. People are
very happy to be jumping on the bandwagon and basically riding the
thing up," he added. On the technical side, he said the overwhelming
weight of long positions has left gold susceptible to a significant
correction at some point. "If it breaks below $500, we will be
looking for the strongest support coming around $493.50," Mr
Heathcote said.
The Singapore dealer said despite some fears about a massive selloff
due to the large COMEX speculative long position, the overall
diversification in the market would help gold prices hold at current
levels.
Ready silver (.999 fineness), after an all-time high start at Rs
12,725, moved narrowly and closed at the same level, showing a smart
gain of Rs 80 over the previous close of Rs 12,645. In the global
market, the price for silver for immediate delivery rose to as high
as 8.63 an ounce, the highest since August 1987 amid growing demand
from electronics makers.
----------------------------------------------------
To subscribe to GATA's dispatches, send an e-mail to:
gata-subscribe@yahoogroups.com
To unsubscribe, send an e-mail to:
gata-unsubscribe@yahoogroups.com
----------------------------------------------------
RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
Subscription sites:
http://www.lemetropolecafe.com/
http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
Dublin 2
Ireland
+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
----------------------------------------------------
HOW TO HELP GATA
If you benefit from GATA's dispatches, please
consider making a financial contribution to
GATA. We welcome contributions as follows.
By check:
Gold Anti-Trust Action Committee Inc.
c/o Chris Powell, Secretary/Treasurer
7 Villa Louisa Road
Manchester, CT 06043-7541
USA
By credit card (MasterCard, Visa, and
Discover) over the Internet:
http://www.gata.org/creditcard.html
By GoldMoney:
http://www.GoldMoney.com
Gold Anti-Trust Action Committee Inc.
Holding number 50-08-58-L
Donors of $1,000 or more will, upon request,
be sent a print of Alain Despert's colorful
painting symbolizing our cause, titled GATA.
Donors of $200 or more will receive copies
of "The ABCs of Gold Investing" by Michael
Kosares, proprietor of Centennial Precious
Metals in Denver, Colorado, and "The Coming
Collapse of the Dollar" by James Turk and
John Rubino.
GATA is a civil rights and educational
organization under the U.S. Internal Revenue
Code and contributions to it are tax-deductible
in the United States.
