Wednesday, September 8, 2010

The price of gold - at the historic peak

Tuesday, October 6, 2009, 21:10
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spot price of gold reached a record high of $ 1,036.4 an ounce. The previous record at auction of $ 1,030.8 was installed in mid-March 2008, when on the verge of collapse was the investment bank Bear Stearns. Price of the December gold futures in New York today, also reached a record $ 1,038 per ounce (the previous peak in March 2008 - $ 1,033.9).

When was rescued Bear Stearns, the gold market came semiannual correction, but then again it started to rise in price last fall, when the bankruptcy of Lehman Brothers shocked market participants around the world and sparked buying of precious metals residents of many countries. Price reached the level of $ 1000 in late February 2009, when the Western stock markets have reached the bottom of the post-crisis. Then the stock and credit markets began the restoration, the price of gold fell back down, but in mid-September again exceeded $ 1000 and has since fluctuated around this level.

Today's jump in the price of gold was triggered by a weak dollar, which fell after the news of the newspaper The Independent that the Gulf countries, China, Russia, Japan and France are secret negotiations to replace the dollar on the currency basket in the calculations for oil trade. Allparties have now disproved this message, but the dollar dropped to 0,5% up to $ 1,471 /Euro.

Any threat to the dollar as the world's main reserve currency, or criticism of this role supports the price of gold, - said James Steel, precious metals analyst at HSBC.

Resistance of the first level of EUR /USD pair is located on the psychological mark of 1.4800
The dollar weakened against the euro and the yen strengthened against the pound sterling
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Opinion: The Law of raising social standards is a risk to financial system
Additional support banking shares, along with the strengthening of the ruble, had increasing recommendations on the shares of leading U.S. banks
Futures on the RTS index rose for a day on 4,58% to the value of 126 330 points
The policy of low interest rates in most countries will remain for a long time
Europe: confidence index does not take
Bidding ended Tuesday in a positive manner, and further movement will be determined from the beginning of the reporting season in the U.S.

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