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Gold vaults $1,000/oz, momentum overwhelms

Posted By admin On September 8, 2009 @ 3:26 am In Money Watch | Comments Disabled

Humeyra Pamuk and Veronica Brown
Reuters [1]
Tuesday, Sept 8th, 2009

Gold powered through the $1,000 per ounce psychological barrier on Tuesday, carried by a wave of pent-up technical momentum and dollar weakness, with some analysts eyeing last year’s record high at $1,030.80.

Some investors were also seeing gold as a caveat to stock market bullishness as they fret about the result of central banks and governments pumping billions of dollars into banking systems to boost growth.

Spot gold XAU= rose as high as $1,007.45 an ounce, its highest since March 2008, when bullion touched a record high at $1,030.80 an ounce.

t was trading at $1,003.20 an ounce by 0913 GMT versus $993.85 an ounce late in New York on Monday. U.S. gold futures for December delivery GCZ9 rose to $1,009.4 an ounce, before easing to $1,005.4 an ounce versus Friday’s $996.70 an ounce.

Full article here [1]

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[1] Reuters : http://www.reuters.com/article/goldMktRpt/idUSL821933920090908

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[3] Gold Vaults Charge More For Storing Bullion As Demand Soars -Report: http://www.prisonplanet.com/gold-vaults-charge-more-for-storing-bullion-as-demand-soars-report.html

[4] Gold hits record above $1,260 on safe haven demand: http://www.prisonplanet.com/gold-hits-record-above-1260-on-safe-haven-demand.html

[5] Gold Rises To Record Sterling High: http://www.prisonplanet.com/gold-rises-to-record-sterling-high.html

[6] 9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight: http://www.prisonplanet.com/9173-ounces-of-gold-transferred-from-hsbc-to-jp-morgan-gold-vaults-overnight.html

[7] Gold Analysts Turn Bullish as Price Regains 40% of June Slump: http://www.prisonplanet.com/gold-analysts-turn-bullish-as-price-regains-40-of-june-slump.html

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