Good as gold
September 4th, 2009 by Bryden Elssmann
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 9344.61 | 63.94 | 0.7% |
| NASDAQ | 1983.2 | 16.13 | 0.8% |
| S P 500 | 1003.24 | 8.49 | 0.9% |
| FTSE 100 | 4796.75 | -20.8 | -0.4% |
| Nikkei 225 | 10214.64 | -65.82 | -0.6% |
| ASX 200 | 4,430 | -8.6 | -0.2% |
| COMEX Gold - Dec 09 | 997.7 | 19.2 | 2.0% |
| COMEX Silver - Sep 09 | 16.29 | 0.925 | 6.0% |
| COMEX Copper - Sep 09 | 286.5 | 3.9 | 1.4% |
| WTI Spot | 68.26 | 0.21 | 0.3% |
| AUD-USD | 0.8403 | 0.0058 | 0.7% |
| Aluminium | 1826 | 33.5 | 1.9% |
| Copper | 6280 | 200 | 3.3% |
| Lead | 2224 | 164 | 8.0% |
| Nickel | 18300 | 400 | 2.2% |
| Tin | 14610 | 560 | 4.0% |
| Zinc | 1882 | 87.5 | 4.9% |
Wall Street staged a late-session rally as investors piled into bank and technology shares following a three-day selloff on worries about the health of the economy. The Dow gained 64 points, or 0.7%. The S&P 500 added 8 points, or 0.9%. The Nasdaq rose 16 points, or 0.8%.
Australian stocks are likely to start on a positive note, driven by the big miners such as BHP Billiton Ltd and Rio Tinto Ltd.
The market has slid the past three sessions, on worries that the market has moved ahead of any recovery.
Gold has continued to rally on safe haven buying this week. The precious metal has catapulted out of its range and is poised to attempt a break of the psychological $US1000 an ounce barrier. Gold is often bought as a hedge against economic uncertainty, US currency weakness and inflationary concerns. Recent declines in world equity markets have supported gold prices. NCM and LGL have rallied in line with the commodity, for clients holding either stock and wishing to write calls please call your adviser. All time high on gold (NY) US$1004 an ounce.
Trading volume is likely to be light in Wall Street and Australia in light of the US three day labour day holiday.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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