Morning Gold Fix: September 14 - Inches From New Record Highs

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Submitted by FMX Connect

October Gold settled at $1245.60 per 100 troy ounces on Monday, a net gain of of $.60 for the day.

October
gold was up an eye-brow raising $10.40 to $1256 per 100 troy ounces as
of 8:10 AM EST, this morning. The September U.S. dollar index was up
.044 to 82.23. October platinum was up $21.70 to $1571.60 per 50 troy
ounces. December silver was up 19.4 cents to $20.07.


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FMX Morning Newswire

Bloomberg (Reported 9/14/2010)

“Gold
climbed in London as weaker German investor confidence stoked concern
the economic recovery is stalling and as yesterday’s decline in the
dollar boosted demand. Silver reached a 2 1/2-year high and palladium
gained.

The dollar was 0.3 percent higher
against the euro as a report showed German investor confidence fell
more than economists forecast to a 19-month low in September. The
greenback yesterday dropped 1.6 percent, the biggest decline in almost
two months. Gold, which typically moves inversely to the U.S. currency,
last week reached a two-month high of $1,262.45 an ounce and is trading 1
percent below a record.”
Gold Advances on Weaker German Confidence; Silver Climbs to 30-Month High


NS Futures (Reported 9/14/2010)

“While
the bull camp might suggest that some of the overnight gains are the
result of lower gold production from Russia overnight, the market might
be garnering most of its lift from a return of macro economic
uncertainty. However, seeing Russian gold production for the first 7
months of 2010 declined by more than 3% is certainly supportive, but the
gold market recently hasn’t been overly interested in supply side
developments.

While
equity market in Asia were mixed, stock markets in Europe are generally
weaker this morning. U.S. stock indices have moved moderately lower
during the early Tuesday trade.”
Daily Metals Commentary 

 

Reuters (Reported 9/14/2010)

“Gold
was set for its largest one-day rise this month on Tuesday, in line
with a pickup in other safe-haven assets as the U.S. dollar fell
broadly, while silver nudged at two-year highs.

Palladium,
used predominantly in autocatalysts, struck four-month highs as a
combination of fund buying and growing prospects for industrial demand
lifted prices.”
Gold Rises as Safe-Haven Bid Resurfaces