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Gold Investments Market Update - Hurricane Gustav - Potentially Category 5 Hurricane Like Rita and Katrina



-- Posted Wednesday, 27 August 2008 | Digg This ArticleDigg It! | Source: GoldSeek.com

 

Gold

Gold finished trading in New York yesterday at $822.40, up $3.10 and silver was up 22 cents to $13.58. Gold and silver rallied in Asian and in early European trading this morning. Gold is trading at $832.30/832.70 per ounce (1100 GMT).

Gold is showing strength again with the dollar giving up yesterday's gains (above EUR/USD 1.472 and far from yesterday's six month high to the euro of 1.4570) and oil firming again on hurricane fears in the Gulf of Mexico.

There are concerns that as Hurricane Gustav passes into the Gulf, the storm could intensify into a Category 4 or 5 hurricane. A Category 5 hurricane is defined as having sustained winds over 155 miles per hour; hurricanes Rita and Katrina were Category 5 hurricanes, and closed most of the Gulf region's crude oil and natural gas production in the late summer and early fall of 2005.

There are also a number of other tropical storms in the southern Atlantic any of which have the potential to force shutdowns on the offshore rigs that account for a quarter of U.S. crude production and much of its natural gas. Royal Dutch Shell PLC said it could begin evacuating workers as soon as Wednesday.

Equity markets in Asia were mixed but European equity markets have fallen this morning  and with the outlook for equity markets very uncertain, gold is likely to continue to receive safe haven demand.

Today's Data and Influences

Today sees the release of US durable goods data which are likely to be weak as rising commodity and raw-material costs and slowing sales internationally prompted companies to limit spending.

Gold and Silver

Gold is trading at $832.30/832.70 per ounce (1100 GMT).
Silver is trading at $13.79/13.84 per ounce (1100 GMT).

PGMs

Platinum is trading at $1438/1448 per ounce (1100 GMT).
Palladium is trading at $291/297 per ounce (1100 GMT).

 

Financial Regulation: Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is 39656. Gold Investments is registered in the Companies Registration Office under Company number 377252. Registered for VAT under number 6397252A. Codes of Conduct are imposed by the Financial Regulator and can be accessed at www.financialregulator.ie or from the Financial Regulator at PO Box 9138, College Green, Dublin 2, Ireland. Property, Commodities and Precious Metals are not regulated by the Financial Regulator

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors’ interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.


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Gold Investments
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Gold Investments
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United Kingdom
Ph +44 (0) 207 0604653
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Mission Statement
Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.


-- Posted Wednesday, 27 August 2008 | Digg This Article | Source: GoldSeek.com




 



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