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Gold Follows Crudes Slide Lower

Commodities / Gold & Silver Sep 02, 2008 - 05:48 PM GMT

By: Mark_OByrne

Commodities

In light Labour Day trading gold fell yesterday as Hurricane Gustav did not impact the Gulf of Mexico as severely as had been expected.

Gold has continued to fall in trading in London as oil prices have continued their recent slide and are down nearly 5% to near $105 a barrel (Light Sweet Crude Oil Future - Combined - OCT08) and the dollar has risen to a 7 month high against the euro (below $1.45) and the US dollar index has risen to a 10 month high.


International gold demand remains very strong particularly in India with its voracious appetite for gold. Reuters reports that India's gold imports in August jumped 45 percent from a year ago as lower prices and upcoming festivals drove demand in the world's leading consumer. “India imported about 69 tonnes of gold in August 2007. In July this year, it bought just 22 tonnes against 64 tonnes in the same month a year ago.”

“The lower prices came at just the right time for Indians wanting to buy ahead of a string of religious festivals, when gold buying is considered auspicious. Reflecting the increasing demand, the premium over international rates more than doubled from a month earlier.”

With physical demand internationally very robust and gold supply remaining anaemic at best as seen in Australian gold production plummeting in the 3rd quarter (see yesterday’s Market Update - http://blog.goldassets.co.uk) gold should remain well supported in the $780 to $800/oz region.

Today's Data and Influence
Today sees the first of this week’s key US indicators, with the release of the manufacturing ISM.

Gold and Silver
Gold is trading at $802.60/802.90 per ounce (1030 GMT).
Silver is trading at $13.08/13.14 per ounce (1030 GMT).

PGMs
Platinum is trading at $1381/1391 per ounce (1030 GMT).
Palladium is trading at $289/295 per ounce (1030 GMT).

By Mark O'Byrne, Executive Director

Gold Investments
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Dublin 2
Ireland
Ph +353 1 6325010
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Email info@gold.ie
Web www.gold.ie
Gold and Silver Investments Limited
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London,
EC3V 3ND
United Kingdom
Ph +44 (0) 207 0604653
Fax +44 (0) 207 8770708
Email info@www.goldassets.co.uk
Web www.goldassets.co.uk

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

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.

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.

Mark O'Byrne Archive

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