All Posts Tagged With: "Doug Casey"

Resource Stock Roundup Thursday, October 9, 2008

The unified interest rate cuts that included a 0.5% reduction in Canada did little to bolster investor confidence early on, but a binge of late day buying propelled the big board into the black by the close of Wednesday trading on the Canadian Markets.

Base Metals Savaged Again, but Aluminum Hanging In

The base metals nearly all took a thrashing on Wednesday. Copper peaked at the New York open, but sagged with only a couple of feeble rallies through the day, finishing at $2.4025/lb., down 19½ cents. Nickel was crushed, falling below the $6 mark around mid-morning and failing to re-take the level, closing at $5.8173/lb., down 60 cents.

Sharp Drop in Gasoline Usage notes EIA, Crude Can’t Hang Onto $90

In the energy market Wednesday, crude for November delivery fell back, closing at $88.95/barrel, down $1.11. November reformulated gasoline declined 3.3 cents, to $2.0298/gallon.

Central Banks Coordinate a Rate Cut, It May Not Be Enough

In the currency market, the dollar was little changed against the euro. Late Wednesday, the euro was trading at $1.3672 vs. $1.3653 on Tuesday. The big event du jour was that, “For the first time since September 2001, central banks around the world have delivered a coordinated interest rate cut,” wrote Kathy Lien, director of currency research at GFT.

Gold Gains, Breaking $900, Platinum Falling Toward Parity

Gold was sharply higher in the far East on Wednesday, pushing past $900, but then got stuck in a range between there and $920 straight through the Globex, seesawing back and forth and finally finishing at $906.10, up $19.00. Overnight, gold is sharply lower.

Resource Stock Roundup Wednesday, October 8, 2008

The blood bath continued during Tuesday trading on the Canadian Markets, as investors ran for the exits in every sector but gold. For the tale of the tape, the TSX Exchange lost 3.92%, while the TSX Gold Index bucked the trend by gaining 1.2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, dropped 3.50% with the declining issuers swamping the advancers by a 645 to 348 margin on good volume of 167 million shares traded.

Base Metals Mixed, Copper Rises as Buck Declines

The base metals were mixed on Tuesday. Copper was up, bottoming at $2.55 in the pre-dawn hours, then moving sharply higher to mid-morning, before falling off again to finish at $2.5976/lb., up 5 cents. Nickel started the day much lower, then traded sideways through a tight range of about 10 cents, closing at $6.4168/lb., down 47¼ cents. Zinc dropped off, ending at $0.6898/lb., down better than 3 cents.

Crude Rallies, Market Seen ‘Drifting in and out of Panic Mode’

In the energy market Tuesday, crude for November delivery recovered modestly from Monday’s selloff, closing at $90.06/barrel, up $2.25. November reformulated gasoline added less than a half-cent, to $2.0628/gallon.

Dollar Slips vs. Euro as Fed Promises to Buy Commercial Paper

In the currency market, the dollar slipped against the euro. Late Tuesday, the euro was trading at $1.3653 vs. $1.3492 on Monday. In the latest government move to ‘fix’ the credit problem, the Federal Reserve announced that it would create a Commercial Paper Funding Facility, which will buy commercial paper, in a transparently desperate attempt to revive frozen credit markets and ease borrowing costs.

Gold Shoots Higher as Equities Continue Tanking

Gold shot higher in early London trading and, though it skittered around thereafter, failed to give up much of its gains, finishing just off its intraday high at $887.10, up $31.80. Overnight, gold is sharply higher. Platinum got some rub-off love, as it too burst higher in the overseas markets, then weathered a few bouts of selling, to also end just off its intraday high at $1015/oz., up $50. Overnight, platinum has fallen off.

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