Proactive investorsLogo Proactive Investors UK Website

Search field

1 year chart

digital-look imported chart image

1 day chart

digital-look imported chart image
Epic & Msn data
Epic GOLD
Time:
Mid Price: 1064.00
Change Today: 6.00 Ascending
Change % Today: 0.57 Ascending
Fifty Two Week High: 1212.50
Fifty Two Week Low: 870.25
Market Capital: 0.00
Period & price data
Period Price
Now: 1064.00
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: LME
Sector: General Mining - Gold
Epic: GOLD
News: Latest news
Web Site: GOLD
Other Articles: 09-02-201008-02-201008-02-2010

GOLD

Gold is a chemical element with the symbol Au and the currency code is XAU. It is a highly sought-after precious metal which, for many centuries, has been used as money, a store of value and in jewelry. The metal occurs as nuggets or grains in rocks, underground "veins" and in alluvial deposits. Modern industrial uses include dentistry and electronics, where gold has traditionally found use because of its good resistance to oxidative corrosion.

Tuesday, October 06, 2009

Gold Records All Time High, December Future Hits $1,038

company news image

After weeks of continued support the Gold price has finally broken through to trade at an all time high, Gold trading has continued to gain momentum throughout the session with futures making a record high of $1,038.


Today’s most recent rally breaks the previous record high of $1,033.20 which was set in March 2008. Investors now wait with baited breath to see if the gold market will find support here or whether prices will slip back as they did in 2008.


Today’s spiking Gold price has largely fed off the persistent decline of the US Dollar. In the current climate the US Dollar seems unable to avoid ‘bad press’ at the moment with the most recent debate causing a further sell off. The weak dollar has dominated commodity markets in recent months with Gold making a new all time high.

Speculation over the US Dollar’s position as the global reserve currency stepped up another gear this morning, following an exclusive report by the Independent. According to their sources, Gulf Arab states have been in discussions with Chinese and Russian finance ministers, with a view to creating an alternative pricing currency for oil trading.

This report adds to an emerging theme, with several separate instances where key economic policy makers have sparked query and speculation among commentators and investors alike. Last month World Bank President Robert Zoellick raised caution over the dollars prospects of maintaining its role as the primary reserve currency, highlighting the emergence of ‘other options’. Similarly the Chinese government has strategically discussed a sometimes conflicted view on its Reserve diversification.

Undoubtedly the US Dollar’s role in the global economic structure is under the microscope, however at such an early stage many feel as though the line between political posturing and actual intent will remain blurred for some time.

In the meantime the relative certainty of gold as a physical reserve is likely to persist. This morning the futures market continued to be buoyed by the weak dollar as investors flock to the yellow metal. Electronic trading on the New York Mercantile Exchange has been strong in Europe this morning as Comex future move within $10 of the all time highs. The December contract currently stands at $1,020 after trading within a whisker of $1,023 earlier today.

In London, Gold equities have benefitted from the overnight performance of the yellow metal, with investors getting behind many of the LSE’s gold plays. The diversified precious metals producer Petropavlovsk (LSE: POG) were the strongest performing stock in the sector, jumping nearly 10% to trade at £9.75.

International Gold producer Randgold Resources (LSE: RRS, NYSE: GOLD) rose more than 5%, gaining £2.21 to trade at £44.15 per share. While Canadian based producer Yamana Gold (LSE: YAU) gained almost 7% to reach £6.83.

Indonesia focused explorer Archipelago Resources (AIM: AR.) rose 14%. Philippines focused gold producer Medusa Mining (AIM & ASX:MML) were strong also, rising over 5%.

European Goldfields Limited (AIM & TSX: EGU) advanced over 6% after it announced the successful conclusion of the principal phase of the permitting process for its Skouries and Olympias Projects in Greece

Australian based Norseman Gold (AIM & ASX: NGL) gained 7%.


This morning Central China Goldfields (AIM: GGG) announced the appointment of their new Non-executive Chairman, Dr. Peter Antony Ruxton, its shares rose almost 2%.


Pan African Resources (AIM: PAF), Cluff Gold (AIM & TSX:CLF) and Centamin Egypt (AIM: CEY) were all positive also.

Elsewhere in Europe, Perth-based Gippsland Ltd (DB:GIX & ASX: GIP) shares were 56% higher at one stage following news it had received three new prospecting licences in the state of Eritrea, Africa.

NewsNow icon AddThis Feed Button
Register here to be notified of future GOLD articles.

Other GOLD articles

More articles ►

Other GOLD news

More news ►

Investors interested in GOLD recently viewed


No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.