Gold reaches new record high of $US1248oz
June 18th, 2010 by Neil Gynther
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10,434.17 | 24.71 | 0.2% |
| NASDAQ | 2,307.16 | 1.23 | 0.1% |
| S P 500 | 1,116.04 | 1.43 | 0.1% |
| FTSE 100 | 5,253.89 | 15.97 | 0.3% |
| Nikkei 225 | 9,999.40 | -67.75 | -0.7% |
| ASX 200 | 4,527.30 | -31.7 | -0.7% |
| COMEX Gold - Dec 09 | 1,248.70 | 18.2 | 1.5% |
| COMEX Silver - Sep 09 | 18.776 | 0.335 | 1.8% |
| COMEX Copper - Sep 09 | 292.4 | -8.95 | -3.0% |
| WTI Spot | 76.6 | -1.07 | -1.4% |
| AUD-USD | 0.8683 | 0.0046 | 0.5% |
| Aluminium | 1,967.50 | 2.5 | 0.1% |
| Copper | 6,592.50 | -32.5 | -0.5% |
| Lead | 1,701.00 | 16 | 0.9% |
| Nickel | 19,555.00 | -550 | -2.7% |
| Tin | 17,700.00 | 620 | 3.6% |
| Zinc | 1,778.00 | 5.5 | 0.3% |
Stocks rose as a late-day rally in technology shares helped the U.S. market reverse an early drop. The Euro gained as a Spanish bond sale eased concern that the region’s debt crisis will worsen. Gold rallied to a record high of US$1248oz, up 1.48%.
The Standard & Poor’s 500 Index climbed 0.1 percent to 1,116.04 reclaiming its advance for the year along with the Dow Jones Industrial Average.
The S&P 500 tumbled 14 percent from a 19-month high in April through June 7 amid concern Europe’s debt crisis and the worst oil spill in U.S. history will stifle the economic recovery. The index has risen 6.2 percent since and may extend its rebound to 12 percent.
Crude oil fell for a second day in New York, to $76.60 down -1.38%, amid doubts about the pace of the economic recovery in the U.S., the world’s largest energy consumer, after an increase in jobless claims and a manufacturing slowdown. The Labour Department said the number of Americans seeking jobless benefits last week climbed to a one-month high. U.S. fuel consumption fell 0.9 percent to the lowest level in five weeks in the seven days ended June 11, the Energy Department reported June 16. BP is set to pay more than $20 Billion in claims following the worst oil spill in US History, a White House Environmental Adviser, Carol Browner said following a meeting with President Barrack Obama and his administration. The company is still having difficulties stemming the flow of 60,000 barrels of oil daily from the well.
The Australian Dollar is trading near 4 week highs to $86.84 or +0.53%,, set for the first breakback gains since April, after concerns eased that the debt crisis in Europe will derail global growth prospects.
David Jones (DJS) CEO, Mr Mark McInnes, has resigned, effective immedicately, after 7 years with the organisation after behaving in an “unbecoming” manner to a female staff member. The share price is currently $4.42, down 2%.
Asian stocks fluctuated as higher gold prices boosted producers of the metal, while a weaker Dollar against the Yen dragged down Japanese exporters.
European Stockmarkets closed firmer, with the FTSE 100 Index closing up 0.3% to 5253.89 pts. In addition, a European Union's executive says it will propose sanctions for governments that break rules on debt and deficits as part of an overhaul of economy oversight. Investor confidence also increased in Europe following a firm bond auction result in Spain.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
Disclaimer
The material in “Market Fox” (newsletter) is of a general nature only and neither purports nor is intended to be regarded as advice. No consideration has been given or will be given to your investment objectives, financial situation or needs. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk. Not all risks can be or will be explained in the newsletter. Previous results are no indication of future results. Actual results achieved in the market can vary considerably. The Directors and Representatives of Freeman Fox Ltd and their associates may hold securities in the companies presented.
The research made available in this newsletter is for your private use only and it is protected by applicable copyright laws and other applicable intellectual property right laws. You may not reproduce, distribute, disseminate, broadcast, sell, publish, circulate or give for free, any of the materials made available to you in this newsletter without first seeking the prior written consent of Freeman Fox Ltd.
Freeman Fox Ltd is not required to update any of the content made available in this newsletter, including but not limited to any research commentary, forecasts, recommendations or other analysis in this newsletter. Therefore, for the avoidance of any doubt, material made available in this newsletter may not be accurate after the date of publication or the date on which it is displayed in the newsletter.
To the extent permitted by law, Freeman Fox Ltd and their respective directors, officers, employees, contractors and agents disclaim all responsibility to you for any loss, liability, claim, expense (including but not limited to legal costs and resultant defence or settlement costs) or damage whatsoever, whether direct, consequential, special, incidental, punitive or indirect (including but not limited to loss of profits, trading losses and damages that result from delay, loss or inconvenience) arising out of or in connection with the content of the newsletter and/or any omissions from the content whether in contract, tort (including negligence), statute or otherwise and even if Freeman Fox Ltd has been advised of the possibility of such damage or loss.
If you require assistance in relation to your personal investment situation, contact an authorised representative of Freeman Fox Ltd.