Dynamics
On Thursday, August 6, at the tender quotes for precious metals have shown downward trends caused by rise in U.S. currency, a significant decrease in the propensity of investors to risk, as well as the intensification of market participants a fixed income.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX) quotes on gold fell by 3.40 to 962.90 dollars per troy ounce, the price of silver declined by 11 cents to 14.64 dollars per ounce.
Causes
On Thursday, August 6, trades in the market of precious metals were divergent. At the start of trading session witnessed an increase, but then was followed by a significant drop. Movement related, mainly from a news background came from the foreign exchange market FOREX. Namely, the decision on interest rates Bank of England and the ECB, as well as further decisions on redemption of securities and corporate bonds. Against this background, the growth index of the dollar went down and the U.S. dollar, thereby putting pressure on the quotation of precious metals. From the news, you can mark messages Mercator Gold plc that it enshrines the right to acquire an exclusive option on the porphyry copper-molybdenum-gold-silver deposit Copper-Flat in the state of New Mexico in the United States. On the field, Copper Flat, located in a mountainous region of Las Enimas, plan to open the development in order to extract and process 6 million short tons of ore and produce 13-20 thousand tons of copper a year. Mercator Gold could buy an option, paying up to 14 Aug, 2009 150 thousand dollars. Historical stock deposit account for 45.5 million tonnes of ore with a content of Cu 0,45%, Mo 0,015%, Au 0,15 g /t and Ag 2,25 g /t. The project has good infrastructure and can be run in a short time with low kapzatratami. Mercator Gold - UK company registered in the AIM London Metal Exchange, it is the owner of gold Mikatarra area in Western Australia.
What to expect?
At the forefront in the upcoming trading session on the United States goes makrostatistika and reaction in the currency market, which is expected to have a pressure on the dollar and thus help in the growth rates of precious metals. According to rumors, many market participants had a record of profits and again ready to open long positions.
What is fear?
One of the concerns of analysts is weak demand for jewelry in the traditional countries. Thus, Indian imports of gold is considerably lower in the current year. This is partly offset by the activity of buyers in China. In Turkey, noted the decline of sales by 15%.
In the oil and gas sector have been the best performing shares of Gazprom, Lukoil, Rosneft, in the banking segment - Sberbank
Shares Polyus Gold, which in the first half of the day added 0.2%, increased by 2.7%
Basic Russian blue chips continued upward movement: the action Gazprom has added 3,12%, Sberbank 3,22%, while VTB - 3.39%
The decline in the refinancing rate could be attributed to somewhat disappointed CBR data on inflation for July
Russian quotations are not exhausted the potential negative correction, but the indices of the U.S. can ignore any statistics
Risks of correcting the Russian market down at the moment are high, among the worst-affected shares will be oil and gas securities
IMF: Despite emerging signs of economic improvement in Russia, the recovery will occur only gradually in 2010
Obama spoke vigorously in defense of the measures implemented during his first 200 days in office
The course is kept buying the dollar unchanged - the evening review of cash markets