UBS Unprecedented Physical Gold Demand
Commodities / Gold & Silver Aug 28, 2008 - 09:58 AMBy: Mark_OByrne
Besides increasing geopolitical risk – the risk that mother nature and weather can pose is being felt again. Energy markets remain on edge as tropical storm Gustav is looking like it will become a hurricane. Crude oil and natural gas have risen on a forecast Gustav will be the most damaging hurricane since Hurricane Katrina as it moves toward production platforms in the Gulf of Mexico.
And all this is happening against a backdrop of already very robust physical demand.
UBS has issued a buy recommendation this morning due to substantial long liquidation on the COMEX, the belief that the dollar is overbought and will resume its bear market and due to “unprecedented physical gold demand”.
Today's Data and Influence
Economic focus in the US today is on the second estimate of Q2 GDP which incredibly is expected to see the growth estimate revised upwards. Weekly jobless numbers also feature.
Gold and Silver
Gold is trading at $832.60/833.30 per ounce (1100 GMT).
Silver is trading at $13.73/13.76 per ounce (1100 GMT).
PGMs
Platinum is trading at $1453/1463 per ounce (1100 GMT).
Palladium is trading at $292/298 per ounce (1100 GMT).
By Mark O'Byrne, Executive Director
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