Precious Metals Rise
Jul 29th, 2008 | By Doug Casey | Category: Financial News, Gold MarketIt was a good day for the precious metals as gold, silver, and platinum were all up on the day. Gold was relatively flat in trading in the Far East, but dipped sharply to an intraday low of $922.30/oz. during NYMEX trading. Prices recovered, however, shortly thereafter and gold finished the day at 930.10/oz., up $1.70. Overnight, gold fell sharply.
Platinum was relatively unchanged in Far East trading, but slid during the NYMEX session. A huge late-morning rally salvaged the day, however, as the metal ended at $1,755/oz., up $15. Overnight, platinum dropped.
Silver tracked gold prices all day, rising slightly before dipping in New York trading. The metal moved into the black for good late in the NYMEX and closed up $0.15, at $17.49/oz. Overnight, silver declined.
(Click here for charts)
Gold’s minimal gain was spurred by rising oil prices and a slumping dollar. Gold tracked oil prices closely throughout the day.
According to Frank McGhee of International Brokerage Services, “The news in Nigeria is boosting oil, and the weaker dollar, is adding some support for gold.”
The more significant movement on the day, however, belonged to platinum, which also benefited from the dollar’s weakness. This encouraged traders to move into platinum as an alternative investment.
There is skepticism, however, that platinum can maintain its upward momentum after the metal lost 14% on the month on speculation that a global economic slowdown will cut demand for platinum’s industrial applications. Two-thirds of platinum worldwide is used in automobile emission control systems.
Jon Nadler of Kitco wrote that “news that Toyota has lowered its global sales forecast could keep platinum under cautious trading conditions.”
Source: Precious Metals Rise
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