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related
metals:
Gold
Futures Trading Update
With
crude oil prices looming, and a climate of uncertainty
the Middle East, the lowering value of the dollar as a
currency and for want of an inflationary hedge; Gold trading
has
shown dramatic fluctuations over the course of the year.
Revealing its potential volatile nature.
Notation: Gold Traders Association requested a delay to the start of gold futures
on the Thailand Futures Exchange (TFEX) - August 2008.
Citing possible impact on local retail establishments.
The introduction of TFEX trading is slated September 2008.
Big picture: Gold highlights
Across the month of March, 2008 Gold futures broke the all time high of the thousand
dollar mark as traders responded to substantial rises in oil prices and a diminishing dollar.
In July 2008 Crude oil soars to a record $147.27 a barrel, thereby approaching
what some to believe is a psychological $150.00 price.
As a sidenote, as forecast - Hurricane Dolly misses the
gulf of Mexico region offshore oil rigs that are responsible
for pumping about 25% of the United
States supply (the storm making landfall at approximately
July 23, 2008).
By August 11, 2008 Gold trades at a year low at $828.30
on the NYMEX amid a stronger dollar with crude oil prices
now falling, showing consecutive weeks of decline.
Many traders responded to the drop by turning short or liquidating to take advantage
of profit. Other commodities like platinum declined.
September 3, 2008 -
Gold falls below $810 as the dollar shows signs of strengthening
combined with a slide in crude oil prices.
Last update - September 3, 2008
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