- 06 Aug 2004 16:15
- 06 Aug 2004 23:14
- 2 of 2045
Gold tops $400 for first time in two weeks
Jobs data drags U.S. dollar lower, lifting metals sector
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:14 PM ET Aug. 6, 2004
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SAN FRANCISCO (CBS.MW) -- Gold futures closed above $400 an ounce for the first time in two weeks Friday, logging gains of around 2 percent for the session as well as the week, as disappointing U.S. employment data sent the dollar sharply lower.
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"Gold has been held back on the falsehood that the U.S. economy was booming; which in turn, would make interest rates rise sharply; which in turn, would make the U.S dollar fly; which in turn, could only be bad for gold," said Peter Grandich, editor of the Grandich Letter, an investment advisory publication.
However, July's payroll growth of 32,000, "combined with several recent economic indicators, should put this fantasy to bed," he said.
That allows "the reality of horrific multiple U.S. deficits, a worsening energy crisis, a geopolitical landscape that must get worse before it can get better, and a polarizing national election ... to give the support gold needs to go to new highs and challenge $500 in the next 12 months or less," he said.
U.S. hiring slowed for a fourth straight month in July, the Labor Department reported earlier Friday. It was the slowest job growth of the year. See Economic Report.
Frederic Panizzutti, an analyst at MKS Finance in Geneva, called it a "collapse." He said that the dollar's pullback "acted as a catalyst for gold and silver, and both rocketed higher within minutes, ignoring any resistances on their way."
As traders scrambled for a safer investment, gold for December delivery climbed $7.30 to close at $402.10 an ounce on the New York Mercantile Exchange. The contract is up $8.40 for the week; it hasn't traded above $400 since July 22.
Higher gold prices ahead?
The small amount of new jobs created in July "will make it difficult for the Federal Reserve to raise interest rates," said Todd Hultman, president of Dailyfutures.com, a commodity information provider.
A slower climb in interest rates would be "bearish news for the dollar and bullish news for gold and the euro," said Ned Schmidt, editor of Value View Gold Report, an investment publication of Schmidt Management.
Hultman said prices for gold are likely to reach $450 by the end of this year.
Other metals futures, mining shares rise
Other metals futures closed mainly higher, taking their cue from the strength in gold.
"U.S. equities are in for a long, long bear market that will take out the bear-market low for the Nasdaq," said Schmidt.
Against such a backdrop, the "only place for North American investors to find future returns is gold, silver and euro-denominated bonds/deposits," he said.
Also on Nymex, September silver rose 2.5 cents to close at $6.775 an ounce. October platinum closed at $832 an ounce, up $4.70, and September palladium gained 60 cents to end at $214 an ounce.
September copper closed little changed at $1.278 a pound, down 0.2 cent. See the latest futures prices.
Silver and platinum ended higher on the week, but copper and palladium were lower than their week-ago levels.
Tracking inventories, copper supplies were down 990 short tons at 75,538 short tons as of late Thursday, according to Nymex. Silver stocks were down 610,208 troy ounces at 114.3 million, while gold inventories stood at 4.71 million troy ounces, unchanged from the previous day.
As for metals equities, key indexes also climbed for the session, but posted modest losses for the week.
Gains of nearly 7 percent in shares of Apex Silver Mines (SIL: news, chart, profile), and a climb of 5 percent in shares of Newmont Mining (NEM: news, chart, profile) and Placer Dome Gold (PDG: news, chart, profile), led the Philadelphia Gold and Silver Index ($XAU: news, chart, profile), which moved up by 2.9 percent to close at 86.67. The index was just below the week-ago close of 86.97.
The CBOE Gold Index ($GOX: news, chart, profile) also rose, adding 2.5 percent to end at 76.96. For the week, it was down 0.8 percent.
The Amex Gold Bugs Index (HUI: news, chart, profile) closed at 183.63, up 2.7 percent for the day, but down 1.3 percent for the week.
Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco
- 31 Aug 2004 10:14
- 3 of 2045
- 31 Aug 2004 15:52
- 4 of 2045
back to top
- 15 Oct 2004 16:46
- 5 of 2045
Yes,goldfinger POG has so far kepts all i`ts promises,it does exactly what it says on the tin,just like RONSEAL.
- 16 Oct 2004 02:16
- 6 of 2045
Yup looking strong.
- 26 Nov 2004 08:24
- 7 of 2045
Do you still hold? , was the retrace 595p in the price in the last day or two due to the unrest in the Ukraine.
- 26 Nov 2004 23:15
- 8 of 2045
back to top.
- 27 Nov 2004 10:05
- 9 of 2045
thought this was a Peter Hambro thread [ POG ] LOL.
- 18 Apr 2005 12:06
- 10 of 2045
Bumper profits cheer Peter Hambro
18 April 2005
LONDON (SHARECAST) - Russian gold miner Peter Hambro today reported a big increase in full year profit and turnover and announced plans to increase production capacity during 2005.
Retained profit for the 12 months to 31 December came in 48% higher at $15.3m on turnover up 58% at $85.5m. Pre-tax profit jumped 50% to $24.3m and leapt 65% at the operating level.
Chairman Peter Hambro called the results “remarkable”, adding, “It is planned that a further increase in production capacity will be implemented during 2005, with an expected similar capital cost and that this will take the annual through-put of the plant to 2.2m tonnes per year, starting in 2006.”
Hambro went on, “The Group's forecast, which has always been successfully met in the past, of attributable gold production for 2005 is 271,000 ounces.”
- 19 Apr 2005 10:11
- 11 of 2045
Gold price currently holding around $427
Good news from Hambro
should benefit other gold miners too and a fall in the green back
would be extremely useful as well!
- 19 Apr 2005 14:39
- 12 of 2045
Stockbunny, The following may be of interest. You may have already seen it I suppose. It was published within the last fortnight but I'm not sure of the exact date. (Encouraging rise today in POG anyway. Long may it continue!)
LONDON (AFX) - Peter Hambro Mining PLC expects gold prices in the world
market to soar to 500 usd per ounce this year, said founder and chairman Peter
That price level could have been achieved "sooner" had the European Central
Bank not sold off some of its gold holdings a few weeks ago, he told AFX News on
the sidelines of the Russian Economic Forum in London.
The ECB surprised the market a few days ago by selling about 47 tonnes of
gold and has not ruled out further sales next year.
Gold prices have soared against a weak US dollar and strong commodity
prices. Between May and December last year, prices surged from 375 usd per oz to
over 450 usd. They reached a 16-year high of 458.70 usd on Dec 2.
Gold prices have softened since then and are currently trading below 430 usd
"Personally, I see prices rising to 500 usd an oz in 2005," Hambro said.
Hambro is also not supporting the International Monetary Fund's plan to sell
"The recommendation that the IMF should dispose of its gold is ridiculous,"
The IMF owns a little over 2 pct of the world's bullion, worth about 44 bln
usd. It has kept the value of the gold holdings at around 40 usd per oz since
the early 70s.
However, the US -- the IMF's largest shareholder -- rejected the proposal
and is believed to be planning to veto the sale once the G7 meets this week.
In 2004, Peter Hambro's gold production rose 41 pct to 209,000 oz, 3 pct
ahead of its forecast.
Average realised sales price for the year grew 11 pct to 402 usd per oz.
- 19 Apr 2005 14:45
- 13 of 2045
JPS - thanks for posting, no I hadn't seen that, interesting stuff!
Maybe a tad ambitious but if he's proved right, I wont complain!
Although an explorer CDN results or up-date on on-going exploration in China
still going well, company still in the red but that's to be expected
really. Over 1M shares traded today but no price movement.
RRS still in the blue, but has dropped back a fraction - miles too
cheap right now IMHO.
(non of the above are recomendations, DYOR, yack,yack, etc etc!)
- 20 Apr 2006 08:42
- 14 of 2045
As a newbie, I am more than a little surprised to see no threads on this excellent mining company for about a year ...... Laregest gold producer in Russia; excellent management with more than proven track record ...... Having suffered a recent but very temporary setback, sp has rocketed in the last week but there may still be more to go for ...... Results are due within the next fortnight
- 01 Dec 2006 08:29
- 15 of 2045
Gold is still on a stroong upward trend ...... POG is still by far the cheapest producer in the world at $133 per ounce of gold ...... the great unknown and potential problem is that all their assets are based in Russia and thus very susceptible to vagaries and greed of the powers that be ..... for all the peter hambro and his family have a long history of working closely with the assorted russian governments and i would be surprised if the "upset" of the other day ultimately had long term implications.
Chart below is now of debatable value as sp has plummeted through all dma trends ..... on the other hand, it could be argued that there is at least a fast buck to be made on the rebound.
black = 200 dma
red = 50 dma
green = 25 dma
- 01 Dec 2006 11:21
- 16 of 2045
nice to call one right for a change ...... until all goes pear-shaped later in the day!!
- 01 Dec 2006 14:34
- 17 of 2045
well i hope some of you guys followed my advice ...... been in; now out and thank you very much indeed says the bank manager! ...... if sp falls back again, could well buy once more
- 01 Dec 2006 14:47
- 18 of 2045
cynic, well done old chap.
I take it you bought before the rebound?
- 01 Dec 2006 15:16
- 19 of 2045
bought at 969 (bottom was 946); sold at 1030 (top was close to 1050)
- 06 Dec 2006 10:28
- 20 of 2045
not too happy to see the chart forming a dead cross at about 1150 ..... and don't forget the overhanging issue of unknown reality of licencing objections ...... however, sp is beginning to look oversold again ...... well worth watching and perhaps a little dabble
- 07 Dec 2006 14:25
- 21 of 2045
i did (992) and still not too late tho now 1017 ..... rsi is still <40