| NYMEX Sets Gold Futures Open Interest Records
NEW YORK, Sept. 28 /PRNewswire-FirstCall/ -- The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc. (NYSE: NMX) , today announced that its gold futures contract reached record open interest levels for the fourth consecutive day this week. On Thursday, the open interest in the gold futures contract peaked at 443,765 contracts, after setting records on September 24, 25, and 26, surpassing the previous record of 425,688 contracts set on May 29. Forward Looking and Cautionary Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results.
India gold futures fall, may test Rs 11,000
MUMBAI: Gold futures fell on Friday, after having seen a record high earlier this week, as overseas investors sold gold to cover margin calls in stocks and softer crude oil added bearish pressure, analysts said.
"Overall it is in a selling mode again," said an analyst at IL&FS Investsmart Commodities Ltd. "But it may bounce back again after testing its supports."
Another analyst, K N Rahaman, senior analyst at Way 2 Wealth Securities Ltd, said the benchmark February gold on the Multi Commodity Exchange of India Ltd (MCX) could test Rs 11,000 per 10 grams.
"But I am not bearish, slowly it can recover," Rahaman added.
The factors that backed gold's rally -- chances of a rate cut in the US and the growing clout of the commodities asset class -- are likely to continue supporting gold, the analysts said.
Wall Street advances sharply
Gold futures hit a record, briefly venturing above $913 an ounce as the dollar tumbled against other major currencies. The euro reached a new high above $1.49.Other commodities were higher, too. Crude oil rose $1.51 to settle at $94.20 a barrel on the New York Mercantile Exchange.Peter Dunay, investment strategist at Leeb Capital Management, believes the run in commodities prices will continue as Wall Street eyes what the Federal Reserve will do at its Jan. 29-30 meeting. Chairman Ben Bernanke has convinced investors the central bank will cut rates, and the expectation of cheaper money also bolstered sentiment Monday``We're expecting inflation to be a problem, and believe the commodity demand is going to continue,'' Dunay said. ``We think the Fed is going to throw as much money as they can to keep us out of recession, or keep the recession mild, so commodities will be higher.''Stocks sold off sharply last week after a chorus of Wall Street economists predicted the U.S.
Gold hits new high over $900
Gold hit a record high above $900 an ounce this morning as turmoil in financial markets and expectations of aggressive US rate cuts helped raise the metal's appeal. Comex gold futures touched $908.90 an ounce, surpassing Friday's record high of $900.10. The most active February contract was later quoted at $907.0, up $9.3 an ounce. Platinum hit a lifetime high, while silver touched a 27-year peak, buoyed by gold's rise. Spot gold hit an all-time high of $906.70 an ounce, higher than $895.70/896.50 in New York on Friday. Fears of further subprime mortgage-related write-downs in the US financial sector and inflation fears driven by record-high crude oil also attracted buying from investors and speculators. .
The Ex Ante Factor: Bizarro World
The week of January 21-25, 2008 will go down in the history books of financial markets and potentially society at large. We witnessed the largest financial debacle in history where SocGen lost $7b in index futures pushing stock markets to the brink of collapse (are we trying to one-up each other's debacles?), we received an historic 75bps inter-meeting ease from the Federal Reserve (to fix a bad trade in Europe?), the US government agreed to pass a stimulus package to head off a recession (borrowing $150 billion to save a multi-trillion $ credit bubble?) and to top it off 10YR treasury yields traded down to 3.30% just 30bps from the 2003 lows while the inflation sensitive gold contract traded at an all time high above $920/oz (is this bizarro world?). With all the debate regarding whether or not the US will enter a recession we took a look at the conflicting messages coming from the commodity and bond markets to see if we could come up with a conclusion and trading strategy.
Gold Reef CEO Joffe defends futures sale
GOLD Reef Resorts CEO Steven Joffe says the Securities Regulation Panel (SRP) has written to him, asking him to explain his sale of single stock futures while the company was in negotiations that might have resulted in it being sold. “We were not under cautionary at the time,” Joffe said on Friday. “I did not know that I had to get permission from the SRP.” Joffe is said to have gained R17m from the sale of the futures at R33 a share. Gold Reef’s current share price of R23 is substantially lower following the withdrawal earlier this month of an offer for the company by a private equity consortium of R34 a share. The consortium comprised Gold Reef Management, Ethos Private Equity and US bank Goldman Sachs.
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