Thursday, October 27, 2011

US Currency Trading

Gold held steady today as pressure from profit taking and weakening safe haven demand was an offset by a sharp fall in the US dollar, an alternative asset to the yellow metal.

The American currency dropped against the euro after the EU hammered out a deal to stem the debt crisis that has depressed the markets for months.

EU policymakers have agreed to increase the size of the European Financial Stability Facility (EFSF) to €1 trillion, write down half of the Greek debt owned by private bondholders and called for European banks to raise €106 billion of additional capital.

Traders were jittery ahead of the summit after media reports suggested that euro zone member were still at odds over a few key issues, including how to increase the bailout fund. Gold hit five week highs just before the summit kicked off as investors used it to protect wealth.

The long-awaited comprehensive plan to combat the debt crisis has boosted appetite for riskier assets, triggering a rally in stock markets, while safe haven assets such as the US dollar were out of favour.

Gold traded at US$1,727/oz this afternoon, up just US$2 from Wednesday’s close. Silver rallied 93 cents to US$34.30/oz and platinum advanced US$21 to US$1,614/oz.

Today’s top risers in the sector were:

Norseman Gold (LON:NGL), up 10.5 percent at 7.02 pence at midday

Arian Silver Corp (LON:AGQ), up 10 percent at 25.35 pence

Caledonia Mining (LON:CMCL), up 9.5 percent at 5.75 pence

Solomon Gold (LON:SOLG), up 9.5 percent at 15.99 pence

Aquarius Platinum (LON:AQP), up 9 percent at 194.34 pence

The top fallers were:

GMA Resources (LON:GMA), down 18 percent at 0.102 pence at midday

Bezant Resources (LON:BZT), down 9 percent at 29.15 pence

Alecto Minerals (LON:ALO), down 6 percent at 2 pence

Central Rand Gold (LON:CRND), down 5.5 percent at 0.43 pence

Hummingbird Resources (LON:HUM), down 5.5 percent at 129 pence










1 comment:

  1. Listed here you'll learn it is important, them offers the link in an helpful webpage: 100 usd to cad

    ReplyDelete

Popular Posts