Dynamics
On Friday 28 August at the tender quotes for gold and silver have grown substantially in price. Range Trading on the dollar in the foreign exchange market, FOREX, as well as the dynamics of the mixed stock pads could not push prices out of the range of precious metals.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes on gold rose by 11.50 to 958.80 dollars per ounce, the price of silver rose 56 cents to 14.81 dollars per ounce.
Causes
On Friday, August 28 quotes for precious metals market showed a significant upward trend in price. Last week, gold has risen in price by 0,4%. In percentage terms, silver futures have risen in price on Friday is much more than gold. Silver is more widespread industrial application, so if the economic situation improves, then the ratio of prices of gold and silver are aligned. Trading volume on the last week were relatively small, since many market professionals have traditionally at this time went on vacation.
From the news it may be noted that the JSC Buryatzoloto in the 1 st half of 2009 increased its net profit doubled to 686.319 million rubles, compared with the same period in 2008 The company's revenues in the 1-m half of the year grew by 46%, to 2,355 billion rubles. The main factor that influenced the change in the size of revenue, is the world price of gold, as well as sales, the U.S. currency against the ruble, the price of oil and geopolitical conditions. Production costs increased by 0,8%, to 1,258 billion rubles. Gross profit increased by three times and amounted to 1,096 billion rubles. Operating profit also increased threefold, to 1,015 billion rubles. Pretax profit increased almost twofold, to 860 million rubles. OAO Buryatzoloto owns two operating mines - Holbinskim and Irokinda, deposits of Valley Tsipikan and two promising exploration projects - Novofirsovskim ore field in the Altai region, and 50% forecast in a silver deposit (Yakutia). The main shareholder - High River Gold (84,95%). Russia Severstal owns 61,7% in the HRG. In 2008, at its gold mining assets of Severstal has received about 6 tons (193 millionounces) of gold.
What to expect?
positive factor for the precious metals market is a long-term technical picture, namely the need for gold futures close above $ 975 for the week, then try to grow to a mark of $ 1000 per troy ounce.
Why worry?
negative on the precious metals market has continued to produce a range of trade, namely the closure of the market participants of their positions at the approach to one of the boundaries of the range, and the absence of factors that can ensure the growth of quotations.
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