Dynamics
Tuesday October 6 results of the auctions quotes for gold and silver have shown significant upward trends in price due to the fall of the dollar in the foreign exchange market, FOREX, as well as on the background of technical factors and positive market sentiment in the stock markets and adjacent markets.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX) quotes gold futures rose by 21.90 to 1039.70 dollars per troy ounce, quotes, silver futures rose 76 cents to 17.30 dollars per ounce.
Causes
Tuesday October 6 quotes for precious metals market has shown a significant upward trend in price due to the fall of the dollar in the FOREX market, after raising interest rates by the Bank of Australia and published in the British media reported that the Gulf states are secret talks with Russia, China, Japan and France to replace the oil trade in U.S. dollar currency basket, as well as on the background of technical factors - increased purchases of gold after prices surpassed the global maximum of 1030.80 dollars per troy ounce. His major stake in positive have a positive market sentiment in the stock markets, where indices closed in green zone (Dow Jones industrial average - 9731.25 (131.50), Nasdaq Composite - 2103.57 (35.42), SP 500 - 1054.72 (14.26)) and adjacent markets, namely the rise in prices in the oil market. Quotations silver futures have risen in price after the quotes in gold.
From the news, you can mark messages Starcore International Mines Ltd. terms of stock on the Mexican mine of San Martin. Under the new assessment, as of October 1, 2009, the field's proven reserves amount to 763 thousand tons with average grade of 3.00 g. /t. silver and 29 g. /t. Of these proven reserves - 301 tons of gold content at 2.42 g. /t. silver and 15 g. /t.; probable reserves - 462 tons of gold content at 3.38 g. /ton, silver, 38 g. /t. Estimated resources are estimated at approximately 1.57 million tons of gold contents of 3.65 g. /t. silver and 15 g. /t.
What to expect?
The main positive factor in the gold market is the falling U.S. dollar on the foreign exchange market, FOREX, as well as positive market sentiment in the stock markets and adjacent markets, which could push prices to new historic peaks.
Why worry?
The main negative factor for the precious metals market is the technical picture, namely the fact that prices rewrote the global maximum, and many indicators are overbought in the deep zone, which in turn may increase the pressure on precious metals and re-throw quotes to strong support 1000 dollars per troy ounce.
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