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Title: Silver near $50-ounce; spot gold hits record
Source:
Market Watch
URL Source: http://www.marketwatch.com/story/go ... 11-04-25?link=MW_story_popular
Published: Apr 25, 2011
Author: Chris Oliver
Post Date: 2011-04-25 08:16:15 by Sebastian
Keywords: None
Views: 3140
Comments: 2
Gold and silver kicked off the week by climbing Monday, amid renewed Middle East tensions and as reports circulated that China may tap its $3 trillion foreign-exchange reserves stockpile to launch special commodity and forex funds to soak up excessive liquidity. May silver rallied as high as $49.82 a troy ounce. It later eased to $49.03, marking a rise of 6.4%, or $2.97 an ounce. The advance reportedly elevates silver to within a hair of its former 1980s high. Bullion prices for immediate delivery climbed $12.50 to $1,517.20 a troy ounce in mid-afternoon trade, after earlier trading as high as $1,519.20. The advance takes bullion prices to a fresh nominal high and marks a seventh session of gains for the metal. The U.S. dollar index, which measures the U.S. unit against a basket of six other currencies, eased 0.2% to 73.97, with traders looking to data, due out Thursday, that's expected to show the economy slowed considerably in the first quarter from its rate in the fourth quarter. Monday’s rise puts bullion on track for its seventh consecutive session of gains, though traders were said to be somewhat cautious as several markets in the region remained closed for holidays. Mainland news reports said Beijing is considering setting up an investment fund targeting sectors such as energy and precious metals, as well as a special fund geared toward foreign-exchange stabilization. The report said the People’s Bank of China has raised the idea of the forex-stabilization fund and that it was now under study by relevant authorities, according to Dow Jones Newswires, which cited a web report by Chinese media group Caixin Media The fund would be structured to intervene in the forex market and buy foreign-currency notes without the government having to print new yuan-denominated currency notes, the report said. The report said the central bank’s balance sheet would also be extended to support investment in precious metals and other commodities. It did not elaborate. Precious metals prices were also seen as reacting to heightened uncertainty in the Middle East, following reports Monday of a NATO air strike that damaged buildings in Col Muammar Gaddafi’s compound in the Libyan capital and anti-government protests in Yemen on Sunday. A pro-democracy movement is sweeping the Arab states, with millions of people in several countries demanding greater political participation and economic opportunity.
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#1. To: Sebastian (#0)
I heard on the radio that gold is $1513. Oil is up too. How long before they start burning dollars in power plants? They're getting cheaper and more plentiful, every day.
I recall a re-run of MASH I saw where this uber right winger named Colonel Flagg... Bernanke says he can soak up all that liquidity in a heartbeat. No worries.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
Godwinson posted on 2011-02-23 11:47:32 ET
http://libertysflame.com/cgi-bin/readart.cgi?ArtNum=18011&Disp=46#C46
#2. To: hondo68 (#1)
How long before they start burning dollars in power plants? They're getting cheaper and more plentiful, every day.
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