Dynamics
On Thursday 20 August, at the tender quotes for precious metals are a little lower in price in consequence of the trading band on the market FOREX, as well as the adjacent areas on a background of uncertainty, perceptions of the economy market.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX) quotes on gold fell by 3.10 to 941.70 dollars per troy ounce, the price of silver remained at the same level of 13.91 dollars per ounce.
Causes
On Thursday, August 20, quotes in the market of precious metals traded in a narrow range. Shares on stock sites, the U.S. dollar in the foreign exchange market, as well as quotes for crude oil moved to the side of their trading ranges, thereby not affecting the market for precious metals. Also, uncertainty in the market for precious metals has made confusion among participants about the further development of the economic situation in the world. From the news it may be noted that the world's leading producer of silver, the Mexican company Fresnillo plc., Summed up the first half of 2009, production of silver during this period amounted to 18.8 million ounces (585 tonnes), while it was observed falling profits to 14,1% to 121,9 million dollars, compared with 141 million dollars in the first six months of 2008, Decrease of profit is the result of lower prices for silver, which resulted in lower value of transactions. The average price of silver during the reporting period amounted to 13.92 dollars per troy ounce, which is 21.9% lower than in the corresponding period of 2008, overall production of silver in the first half of this year increased by 7.8%, while gold production fell by 4,6% to 132.894 thousand ounces (4 tons), compared to the first half of 2008, the Company in 2010, plans to begin production in the mines and Soledad Dipolos, as well as in 2011 - a new gold-silver project Sausito.
What to expect?
The main positive factor for the precious metals market is the technical picture, namely the firm level of support that can now serve as a starting point for further upward movement. In a growth stock are also areas, namely, a slight, but still growth stocks.
What is fear?
negative on the market of precious metals could be the end of trading week, carries a risk of high volatility and the likelihood of closure of many market participants of their positions in anticipation of the weekend.
From 14 to 21 August in the secondary market prices of real estate of Kiev for one-room apartments dropped to 0.4% Energy, World Stock Market, Currency Forecast ...
Analysis - Results of the day
The threat of significant reduction of the markets are still there, and it comes from the labor market
Profile units Gazprom given orders for the timely implementation of the project construction TCU Sakhalin - Khabarovsk - Vladivostok
FAS suspects' Uralkaliy and Silvinit in excessive prices for potassium chloride
FINAM was the recommendation of shares of OAO Magnet
RZhD appeal a court decision on the recognition of FAS has violated the Law on Protection of Competition
Prices pair EUR /USD entered a consolidation phase in the range, limited levels of 1.4210 - 1.4260
Metals completed yesterday, mostly on the green area