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New High for the Euro as Gold Corrects

Commodities / Gold & Silver Sep 27, 2007 - 08:44 AM GMT

By: Gold_Investments

Commodities Gold
Gold was down by $3 yesterday and ended the trading day in New York at $727.80.

In overnight trading in Asia and Europe gold rallied somewhat and has risen to $732.00/732.50 per ounce as of 1215 GMT.



The euro hit a new all time high against the dollar overnight at 1.4166. This is the dollar's sixth straight record low against the euro and the dollar is clearly on the ropes which is supporting the gold price.
Oil rallying close to record highs and remaining at a higher plateau should also make any possible gold correction shallow and short.

Yesterday's news that gold production from two of the largest gold mining companies in the world, Newmont and Barrick, may fall in 2008 will further support the price.

Barrick, the world's largest gold producer, said that the gold market has overestimated future global gold production. Barrick Gold Corp chief executive Greg Wilkins said supply will be pinched by several global gold projects that may have more difficulty getting developed than the market thinks. Gold prices should top $800 per ounce by the end of the year, and supply and demand dynamics favour continued gains, he said. "I think before the end of the year we'll see $800," he told reporters at the Denver Gold Forum.

Newmont Mining Corp, the world's second-largest gold producer, said that mining costs applicable to 2007 sales may exceed its previous estimate of $375 to $400 per ounce. They also said that the large-scale, mature and low-grade nature of current gold deposits may limit its ability to replace proven and probable gold reserves this year. Newmont's shares dropped 7.7% before ending down $2.79, or 5.85 percent.

Another illustration that what can be very negative for gold mining companies can be positive for the gold price. Lower gold production and higher mining costs especially in the form of higher energy prices greatly affect the profitability of mining companies. Conversely, they result in higher gold prices.

Forex and Gold
Market players are keeping a close eye on whether the dollar breaks the all-time low of 78.19 struck on its trade-weighted index in 1992, a level that analysts said would provide a key test of whether the U.S. currency's sell off deepens or pauses.

Silver
Spot silver was trading at $13.51/13.53 (1200 GMT).

PGMs
Platinum was trading at $1351/1354 (1200 GMT).
Spot palladium was trading at $340/344 an ounce (1200 GMT).

Oil
Oil rallied more than 1 percent to above $81 on Thursday, as a brewing storm that could impact production in the Gulf of Mexico offset news of an unexpected rise in U.S. crude oil inventories.

Gold Investments
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Gold Investments
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