NEW YORK (TheStreet) -- Daniel Wills, senior analyst at ETF Securities, reveals why gold prices are struggling to find momentum while other precious metals are
Daniel Wills: ....We've seen a bit of pressure across commodity keenly from a slightly stronger you historical. Support also that other currencies. And the pressure particularly the Euro that was on that -- potential for a downgrade in. -- Elton -- head. Sovereignty downgraded. And also that the schooled stunned that message regarding. The -- feature me is that. Regarding the did he -- European Union --
Will said that holdings for the ETF securities physically active product like gold silver platinum are relatively unchanged. Reflecting uncertainty in the global market which -- only magnify. As the European debt crisis -- in 2011. And what did the flat.
PPI reading mean in the US mean from -- for the long term -- the way I see it at the mixed bag right. Well inflation means that gold being bought at the hedges and great idea and low inflation could mean more money printing and more QE on the road which -- be different -- what was your take.
Thursday, December 16, 2010
Commodities Report: December 16th, 2010
Commodities Report: December 16th, 2010
Copper continues to back away from record highs, with the most heavily traded March contract down about $0.02 this morning to $4.11 as stockpiles grew and speculation returned that China will raise interest rates to help control inflation and keeping a lid on future demand.
The contract reached a record $4.22 on Tuesday.
Crude oil also is easing from its recent highs as cold weather in the U.S. starts to moderate, reducing demand for heating oil. At last look, the January contract had nearly given back all of yesterday's gains, falling $0.31 to $88.31. Oil rose $0.34 cents in New York yesterday after the Energy Department reported crude inventories fell 9.85 million barrels last week to 346 million. Refiners operated at 88 percent of capacity, the most since September.
Gold likewise is down slightly today, falling $1.70 from yesterday's settlement at $1,386.20 an ounce. Overall, gold has gained 26 percent this year. propelled as an alternative to weakening currencies.
In company news, Agnico-Eagle (AEM) last night forecast an 18% increase in gold production next year, rising to between 1.13 million ounces and 1.23 million ounces. Total cash costs are expected to be in the range of $420 to $470 an ounce. The miner also increased its dividend.
Penn Virginia Resource Partners L.P. (PVR) moved to acquire additonal coal reserves in Kentucky and Tennessee from Begley Properties LLC for $97.25 million.
Copper continues to back away from record highs, with the most heavily traded March contract down about $0.02 this morning to $4.11 as stockpiles grew and speculation returned that China will raise interest rates to help control inflation and keeping a lid on future demand.
The contract reached a record $4.22 on Tuesday.
Crude oil also is easing from its recent highs as cold weather in the U.S. starts to moderate, reducing demand for heating oil. At last look, the January contract had nearly given back all of yesterday's gains, falling $0.31 to $88.31. Oil rose $0.34 cents in New York yesterday after the Energy Department reported crude inventories fell 9.85 million barrels last week to 346 million. Refiners operated at 88 percent of capacity, the most since September.
Gold likewise is down slightly today, falling $1.70 from yesterday's settlement at $1,386.20 an ounce. Overall, gold has gained 26 percent this year. propelled as an alternative to weakening currencies.
In company news, Agnico-Eagle (AEM) last night forecast an 18% increase in gold production next year, rising to between 1.13 million ounces and 1.23 million ounces. Total cash costs are expected to be in the range of $420 to $470 an ounce. The miner also increased its dividend.
Penn Virginia Resource Partners L.P. (PVR) moved to acquire additonal coal reserves in Kentucky and Tennessee from Begley Properties LLC for $97.25 million.
Is the Crash JP Morgan - Buy Silver Campaign Actually Working?
What just happened with JP Morgan? http://www.FinancialSurvivalRadio.com... host Jay Carter discusses the latest developments with author and precious metals expert Larry LaBorde.
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