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Gold market recap 02/15/06
Posted by A. B. Dada on February 15th, 2006
NY Spot Market close
Wed Feb 15, 2006 12:30 PM CST
By A.B. Dada
Warsaw, PL (Global Unanimocracy Network) -
The Gold Unanimocracy Network publishes from Warsaw, Poland today on its journey to European and Asian gold markets to study the effects of the higher hard metals prices. We will be in Zurich, Switzerland tomorrow.
The gold market slid back down against the USD with the close of the NY Spot Market today, with gold selling for US$539.60 per ounce, down US$6.40. Gold is up 26.79% for the last 1 year period, and down 3.93% for the past month. Analysts blame Ben Bernanke’s speech on the US Central Bank desiring less inflation for the price drop, as well as profit-taking by investors.
Gold futures are down, even with jewelers replacing futures positions with buys in order to recoup supply from the holiday seasons.
In mining news, Chile placed heavy restrictions on the Barrick gold mine project, as environmentalists protest the mine’s output of waste. The Boddington gold mine in Australia has a stake being bought, with analysts seeing this as the green light to the expansion. Eight of the biggest jewelry retailers are demanding clean gold from the mines as the 8 promise to move away from dirty gold. Canadian gold company Red Back announces an increase in production of the Chirano mine. Alamos Gold in Mexico announced phase I of the Mulatos Mine project is complete.
NYMEX Crude Oil price fell below US$60 to US$58.75, leaving a gold to NYMEX oil ratio of 9.1847.
Major central banking news hits the wires as US Fed Chairman Bernanke speaks his desire to decrease inflation. In bigger news, Syria dumps the US dollar for all of its foreign currency transactions, replacing it with the Euro. The Commercial Bank of Syria had its assets froze in December 2004 by the U.S. Government. Some analysts believe that the move from the US dollar to the Euro is a big predictor of future wars. The United Arab Emirates Central Bank reports 123% profits for the year 2005, totalling $486m. Germany’s Bundesbank vice-president Juergen Stark will be joining the European Central Bank executive board. Turkey’s Central Bank admits that it had intervened in the foreign exchange market to weaken the lira. Some Canadian analysts blame Central Bank printing of new currency on the inflation rate in Canada, as theorized by the Austrian School of Economics.
The silver market ended a bit lower against the USD with a close of US$9.18 per ounce, down $0.12 from yesterday’s close.
The silver to NYMEX oil ratio is 0.1563.
Discuss this article here.
The Global Unanimocracy Network reports on the NY market close daily,
and offers both news and opinion pieces at www.unanimocracy.com