Some Goldman Sachs Group Inc (GS.N) clients who pushed trades through its clearing division during the market rout on Thursday were unable to access information about their positions the following morning.
In the wee hours of Friday, clients trying to view their custody reports on the Goldman Sachs Execution & Clearing web site were faced with a message explaining that reports were being delayed due to slow processing.
By 7 a.m. EDT (1100 GMT), 95 percent of clients' information was available and the rest was accessible by the time the market opened, Goldman spokesman David Wells said.
Wells attributed the delays to heavy volumes in stock and options trading the previous session, as major U.S. stock indexes tumbled more than 4 percent.
In Thursday's sharp stock market drop, options trading hit a record of 36.1 contracts, according to the Options Clearing Corp, while nearly 14 billion shares changed hands on the New York Stock Exchange, NYSE Amex and Nasdaq -- about 85 percent higher than the daily average of 7.5 billion.
Goldman's message spooked some nervous traders who were trying to get a handle on their trading books and place bets ahead of Friday's market open. Five Goldman trading clients contacted by Reuters said their custody reports were ready at or before 8 a.m.
SOURCES : http://www.reuters.com/article/2011/08/05/goldmansachs-clearing-idUSN1E7740RC20110805
Saturday, August 6, 2011
July payrolls rise soothes recession fears
 |
| People wait in line to meet a job recruiter at a job fair in Melville, New York, June 29, 2010. |
Gold held firm on Friday after upbeat U.S labour market data soothed immediate fears of a recession, but longer-term uncertainty about economic growth and concerns about the euro zone debt crisis supported demand for the precious metal.
Autocatalyst metals platinum and palladium both hit their lowest levels since late June at $1,674.95 and $727.43 an ounce respectively, and were on track to post their biggest weekly falls in two months. A deteriorating economic picture and expectations of lower vehicle sales prompted investors to sell their holdings.
Spot gold was bid at $1,658.79 a troy ounce by 1322 GMT, from $1,647,90 an ounce late in New York on Thursday when it hit a record high of $1,681.67.
The precious metal edged down slightly from earlier highs after data showed U.S. job growth accelerated more than expected in July.
But a weaker dollar against a basket of currencies helped support the precious metal. A weak dollar makes gold cheaper for holders of other currencies.
"Gold is waiting to see where equity markets settle. There may be some position covering in equities and potentially some position covering in gold as well," said Ole Hansen, analyst at Saxo Bank.
Investors nerves were also rattled by growing unease over the euro zone debt crisis, which is threatening to spill over to larger economies such as Spain and Italy, sending bond yields of the two countries soaring.
With few other places to go, the metal still looks attractive to investors trying to maintain the value of their capital.
"There is a perfect storm for gold prices given the uncertainty about the debt crisis in Europe and the U.S., with... the dollar easing," said Arne Lohmann Rasmussen, an analyst with Danske Bank.
"It's one of the few safe havens left in the financial world at the moment," Rasmussen said.
Gold has risen more than 17 percent this year as loose monetary policy in the United States in recent years has weighed on the dollar. Investors also use the metal as a hedge against inflation.
U.S. gold futures rose to $1,661 an ounce.
UPWARD REVISION
Citing enhanced contagion risk from the European debt crisis, Morgan Stanley lifted its 2011 gold price forecast to $1,511 an ounce from $1,401 and raised this year's silver price forecast to $36.21 an ounce from $31.39.
"Given current market anxieties regarding debt and growth, silver prices are likely to revisit their recent highs as all of the drivers for the September 2010 to April 2011 price surge remain intact," Morgan Stanley said.
Silver tracked gold prices higher, rose to $39.39, from $38.81 on Thursday.
Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust , was unchanged on Thursday from Wednesday, while holdings of COMEX Gold Trust rose 1.9 percent.
Platinum extended losses from the previous session when it fell following news that Impala Platinum had improved its wage offer to avert a strike.
It fell to $1,707.00 from $1,717.80 on Thursday.
"The PGMs (platinum group metals) continue to succumb to selling pressure ... amid concern of slowing economic activity and the threat slowing economic activity will reduce auto-catalyst and jewellery related demand," James Moore, an analyst at thebulliondesk.com wrote in a note.
Palladium edged down to $740.72 from $741.18 on Thursday.
SOURCES : http://www.reuters.com/article/2011/08/05/us-usa-economy-idUSTRE7662I420110805
RPT-PRECIOUS-Gold holds firm after U.S. data
Gold held firm on Friday after upbeat U.S labour market data soothed immediate fears of a recession, but longer-term uncertainty about economic growth and concerns about the euro zone debt crisis supported demand for the precious metal.
Autocatalyst metals platinum and palladium both hit their lowest levels since late June at $1,674.95 and $727.43 an ounce respectively, and were on track to post their biggest weekly falls in two months. A deteriorating economic picture and expectations of lower vehicle sales prompted investors to sell their holdings.
Spot gold was bid at $1,658.79 a troy ounce by 1322 GMT, from $1,647,90 an ounce late in New York on Thursday when it hit a record high of $1,681.67.
The precious metal edged down slightly from earlier highs after data showed U.S. job growth accelerated more than expected in July.
But a weaker dollar against a basket of currencies helped support the precious metal. A weak dollar makes gold cheaper for holders of other currencies.
"Gold is waiting to see where equity markets settle. There may be some position covering in equities and potentially some position covering in gold as well," said Ole Hansen, analyst at Saxo Bank.
Investors nerves were also rattled by growing unease over the euro zone debt crisis, which is threatening to spill over to larger economies such as Spain and Italy, sending bond yields of the two countries soaring.
With few other places to go, the metal still looks attractive to investors trying to maintain the value of their capital.
"There is a perfect storm for gold prices given the uncertainty about the debt crisis in Europe and the U.S., with... the dollar easing," said Arne Lohmann Rasmussen, an analyst with Danske Bank.
"It's one of the few safe havens left in the financial world at the moment," Rasmussen said.
Gold has risen more than 17 percent this year as loose monetary policy in the United States in recent years has weighed on the dollar. Investors also use the metal as a hedge against inflation.
U.S. gold futures rose to $1,661 an ounce.
UPWARD REVISION
Citing enhanced contagion risk from the European debt crisis, Morgan Stanley lifted its 2011 gold price forecast to $1,511 an ounce from $1,401 and raised this year's silver price forecast to $36.21 an ounce from $31.39.
"Given current market anxieties regarding debt and growth, silver prices are likely to revisit their recent highs as all of the drivers for the September 2010 to April 2011 price surge remain intact," Morgan Stanley said.
Silver tracked gold prices higher, rose to $39.39, from $38.81 on Thursday.
Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust , was unchanged on Thursday from Wednesday, while holdings of COMEX Gold Trust rose 1.9 percent.
Platinum extended losses from the previous session when it fell following news that Impala Platinum had improved its wage offer to avert a strike.
It fell to $1,707.00 from $1,717.80 on Thursday.
"The PGMs (platinum group metals) continue to succumb to selling pressure ... amid concern of slowing economic activity and the threat slowing economic activity will reduce auto-catalyst and jewellery related demand," James Moore, an analyst at thebulliondesk.com wrote in a note.
Palladium edged down to $740.72 from $741.18 on Thursday.
SOURCES : http://www.reuters.com/article/2011/08/05/markets-precious-idUSL3E7J501S20110805
Autocatalyst metals platinum and palladium both hit their lowest levels since late June at $1,674.95 and $727.43 an ounce respectively, and were on track to post their biggest weekly falls in two months. A deteriorating economic picture and expectations of lower vehicle sales prompted investors to sell their holdings.
Spot gold was bid at $1,658.79 a troy ounce by 1322 GMT, from $1,647,90 an ounce late in New York on Thursday when it hit a record high of $1,681.67.
The precious metal edged down slightly from earlier highs after data showed U.S. job growth accelerated more than expected in July.
But a weaker dollar against a basket of currencies helped support the precious metal. A weak dollar makes gold cheaper for holders of other currencies.
"Gold is waiting to see where equity markets settle. There may be some position covering in equities and potentially some position covering in gold as well," said Ole Hansen, analyst at Saxo Bank.
Investors nerves were also rattled by growing unease over the euro zone debt crisis, which is threatening to spill over to larger economies such as Spain and Italy, sending bond yields of the two countries soaring.
With few other places to go, the metal still looks attractive to investors trying to maintain the value of their capital.
"There is a perfect storm for gold prices given the uncertainty about the debt crisis in Europe and the U.S., with... the dollar easing," said Arne Lohmann Rasmussen, an analyst with Danske Bank.
"It's one of the few safe havens left in the financial world at the moment," Rasmussen said.
Gold has risen more than 17 percent this year as loose monetary policy in the United States in recent years has weighed on the dollar. Investors also use the metal as a hedge against inflation.
U.S. gold futures rose to $1,661 an ounce.
UPWARD REVISION
Citing enhanced contagion risk from the European debt crisis, Morgan Stanley lifted its 2011 gold price forecast to $1,511 an ounce from $1,401 and raised this year's silver price forecast to $36.21 an ounce from $31.39.
"Given current market anxieties regarding debt and growth, silver prices are likely to revisit their recent highs as all of the drivers for the September 2010 to April 2011 price surge remain intact," Morgan Stanley said.
Silver tracked gold prices higher, rose to $39.39, from $38.81 on Thursday.
Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust , was unchanged on Thursday from Wednesday, while holdings of COMEX Gold Trust rose 1.9 percent.
Platinum extended losses from the previous session when it fell following news that Impala Platinum had improved its wage offer to avert a strike.
It fell to $1,707.00 from $1,717.80 on Thursday.
"The PGMs (platinum group metals) continue to succumb to selling pressure ... amid concern of slowing economic activity and the threat slowing economic activity will reduce auto-catalyst and jewellery related demand," James Moore, an analyst at thebulliondesk.com wrote in a note.
Palladium edged down to $740.72 from $741.18 on Thursday.
SOURCES : http://www.reuters.com/article/2011/08/05/markets-precious-idUSL3E7J501S20110805
Friday, August 5, 2011
AngloGold Ashanti Plans Trial to Tap $118 Billion of 3-Mile Deep Deposits
 |
| Gold |
The world’s third-largest gold producer wants to gain access to an estimated 70 million ounces of gold more than 3.1 miles below the surface to extend the lives of its South African mines. The metal is worth $117.6 billion at current prices.
“We’ve got a pretty good shape in our heads of what this could look like, which is different to what’s been done anywhere previously,” Chief Executive Officer Mark Cutifani said in an interview in Johannesburg yesterday. The company, which is based in Johannesburg, will undertake the trials at Kopanang mine 106 miles southwest of the city, he said.
AngloGold and its rivals are trying to boost production to benefit from prices of the metal. Gold has had its longest streak of gains in 20 years, rising for each of at least the past ten consecutive quarters, to a record of about $1,684.70 an ounce in London yesterday and traded at $1,657.75 as of 8:24 a.m. The price could “easily” exceed $2,500 an ounce in three years, Cutifani said today.
Extracting gold becomes more difficult, costly, and dangerous as depth increases.
Safety Concerns
Currently gold resources below 3.1 miles are “unlikely to be developed because they’re either below the grade required to cover costs, or locked up in areas that are difficult to get to, or you may have concerns about safety,” Cutifani said. The company, which mined 4.52 million ounces last year, extracts gold from as deep as 2.4 miles at its Mponeng mine southwest of Johannesburg.
AngloGold could combine existing technologies to boost the ratio of waste rock versus gold-bearing rock extracted, Cutifani said.
AngloGold’s initial spend on the trials would be “in the low tens of millions” of dollars, Cutifani said.
The capital risk “relative to the size of the prize is small,” he said. “It really is about the future. If we don’t do something on this then you don’t have a future without it here” in South Africa.
While more than 30 percent of all the gold ever mined was extracted in South Africa, according to Rand Refinery, the country’s main processing plant, 31,000 tons of the metal, or three tenths of world reserves, still lie underground, according to Johannesburg’s Chamber of Mines.
The country’s proportion of world gold production has halved to about 8 percent from 16 percent in 2000 as the depth of the remaining deposits discourage new mines.
SOURCES : http://www.bloomberg.com/news/2011-08-04/anglogold-plans-trial-to-tap-118-billion-of-3-mile-deep-ore.html
Gold bounces as Asian stocks dive; premiums steady
 |
| Bars Gold |
Gold edged up more than half a
percent on Friday as investors used bullion to shelter from the
storm engulfing financial markets on concerns that the United
States may be facing another recession and Europe's debt crisis
is spreading to some of its largest economies.
Gold fell as much as $40 an ounce from a record high on
Thursday because investors needed to sell the precious metal to
cover losses in other asset classes, but the decline in prices
as well as tumbling equities spurred bargain hunting.
Spot gold rose 0.84 percent to $1,661.66 an ounce by
0617 GMT, having hit a low of around $1,641. Bullion struck a
record around $1,681 an ounce on Thursday before losing much of
the gains.
"I don't hear anybody saying that the bears are coming,"
said Ronald Leung, director of Lee Cheong Gold Dealers in Hong
Kong.
"The market has dropped down too much, so bargain hunters
are buying a little bit at the lower end. There doesn't seem to
be too much change in sentiment."
Japanese stocks tumbled on Friday to their lowest since the
post-quake rout in March, as investors ran for the exits after
the worsening financial crisis in Europe compounded a weak U.S.
economy that has come close to stalling.
In the physical market, premiums for gold bars were steady
at 50 cents to $1 to spot London prices in Hong Kong, while in
Singapore, the value was little changed at around 80 cents.
"Investors are more interested in playing the spread now.
They are buying gold at around $1,640s and selling it at around
$1,650s. I do see physical demand from jewellers, although the
amount is not big," said a dealer in Singapore.
"Premiums are still unchanged at 20 to 80 cents, depending
on the brand."
In Tokyo, gold bars were at a discount of 50 cents to spot
London prices as investors sold bullion to cover losses in other
markets.
Bullion prices have risen more than 15 percent this year.
The need for investors to book those profits and boost liquidity
may force prices lower in the next few days.
"Bullish sentiment in gold could be tempered as wary
short-term investors look to take profits," said Ong Yi Ling, an
investment analyst at Phillip Futures.
"Investors will be watching the all-important non-farm
payrolls data that we will be getting today and whether the
figures turn up worse than expected. It seems everyone is
bracing for the worst."
U.S. economic data suggests growth in the world's largest
economy was slowing from what was already a sluggish pace even
before politicians agreed budget cuts. Investors await data
later on Friday on U.S. jobs growth for July, which may show the
impact of the political stand-off on debt.
Europe's debt crisis is threatening to swallow two of the
continent's largest economies, Italy and Spain. European
policymakers tried to turn a more powerful fire hose on the euro
zone debt crisis on Thursday but financial markets were
unimpressed with their response.
With few other places to go the metal still looks attractive
to investors trying to maintain the value of their capital.
Citing enhanced contagion risk from the European debt
crisis, Morgan Stanley lifted its 2011 gold price forecast to
$1,511 an ounce from $1,401 and raised this year's silver price
forecast to $36.21 an ounce from $31.39.
U.S. gold futures GCcv1 also rebounded from lows and rose
$6.4 an ounce to $1,665.4 an ounce -- still off Thursday's
record around $1,684 an ounce.
Oil fell sharply on Friday, heading for its biggest weekly
drop in three months, after fears of an economic slowdown drove
investors to the exits in a commodities sell-off.
London copper futures extended losses on Friday, falling
more than 2 percent to their lowest since late June as mounting
worries over a stalling U.S. economy and a widening debt crisis
in Europe pushed investors out of riskier assets.
Precious metals prices 0617 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1661.66 13.76 +0.84 17.06
Spot Silver 39.27 0.46 +1.19 27.25
Spot Platinum 1696.00 -21.80 -1.27 -4.05
Spot Palladium 728.98 -12.20 -1.65 -8.82
TOCOM Gold 4204.00 178.00 +4.42 12.74 146620
TOCOM Platinum 4321.00 -160.00 -3.57 -7.99 32750
TOCOM Silver 99.10 1.30 +1.33 22.35 2427
TOCOM Palladium 1867.00 -203.00 -9.81 -10.97 1154
COMEX GOLD DEC1 1631.20 15.00 +0.93 14.76 136930
COMEX SILVER SEP1 40.11 0.31 +0.78 29.63 44407
Euro/Dollar 1.4092
Dollar/Yen 78.59
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
SOURCES : http://www.reuters.com/article/2011/08/05/markets-precious-idUSL3E7J501S20110805
Gold eases below lifetime high; investors cover losses
Gold ticked lower on Friday after hitting a lifetime high in the previous session as
investors sold bullion to cover losses in other markets triggered by a global stampede out of riskier assets on fears of
a spreading debt crisis and slowing growth.
FUNDAMENTALS
* Spot gold eased $3.71 an ounce to $1,644.19 by 0004 GMT after hitting a record around $1,681 an ounce on Thursday
before losing some of the gains.
* U.S. gold futures GCcv1 fell $12.7 to $1,646.3 an ounce -- off Thursday's record around $1,684 an ounce.
* The Nikkei benchmark is set to tumble on Friday, hit by sharp falls in the U.S. market as worries over the global
economy appear likely to dominate the mood, offsetting the impact of Japan's currency intervention and monetary easing the
previous day.
* European policymakers tried to turn a more powerful fire hose on the euro zone debt crisis on Thursday but financial
markets were unimpressed with their response.
* For the top stories on metals and other news, click , or
MARKET NEWS
* Japan has likely sold a record 4 trillion yen ($50.6 billion) so far in the currency market in solo intervention that
it began on Thursday and continued in overseas markets, the Nikkei newspaper said on Friday.
* Oil tumbled as much as 6 percent on Thursday, with U.S. crude crashing through technical support to its lowest since
February as mounting fears of a stalled economy set off a global race from riskier assets.
DATA/EVENTS [GMT)
0800 Italy Industrial output yy WDA Jun 2011
0800 Italy GDP prelim yy Apr 2011
1000 Germany Industrial output mm Jun 2011
1230 U.S. Non-farm payrolls Jul 2011
Precious metals prices 0004 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1644.19 -3.71 -0.23 15.83
Spot Silver 39.04 0.23 +0.59 26.51
Spot Platinum 1709.24 -8.56 -0.50 -3.30
Spot Palladium 744.22 3.04 +0.41 -6.91
TOCOM Gold 4183.00 -62.00 -1.46 12.17 71255
TOCOM Platinum 4400.00 -139.00 -3.06 -6.30 10627
TOCOM Silver 98.70 -7.00 -6.62 21.85 872
TOCOM Palladium 1903.00 -117.00 -5.79 -9.25 441
Euro/Dollar 1.4079
Dollar/Yen 79.07
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
SOURCES : http://www.reuters.com/article/2011/08/05/markets-precious-idUSL3E7J500M20110805
investors sold bullion to cover losses in other markets triggered by a global stampede out of riskier assets on fears of
a spreading debt crisis and slowing growth.
FUNDAMENTALS
* Spot gold eased $3.71 an ounce to $1,644.19 by 0004 GMT after hitting a record around $1,681 an ounce on Thursday
before losing some of the gains.
* U.S. gold futures GCcv1 fell $12.7 to $1,646.3 an ounce -- off Thursday's record around $1,684 an ounce.
* The Nikkei benchmark is set to tumble on Friday, hit by sharp falls in the U.S. market as worries over the global
economy appear likely to dominate the mood, offsetting the impact of Japan's currency intervention and monetary easing the
previous day.
* European policymakers tried to turn a more powerful fire hose on the euro zone debt crisis on Thursday but financial
markets were unimpressed with their response.
* For the top stories on metals and other news, click , or
MARKET NEWS
* Japan has likely sold a record 4 trillion yen ($50.6 billion) so far in the currency market in solo intervention that
it began on Thursday and continued in overseas markets, the Nikkei newspaper said on Friday.
* Oil tumbled as much as 6 percent on Thursday, with U.S. crude crashing through technical support to its lowest since
February as mounting fears of a stalled economy set off a global race from riskier assets.
DATA/EVENTS [GMT)
0800 Italy Industrial output yy WDA Jun 2011
0800 Italy GDP prelim yy Apr 2011
1000 Germany Industrial output mm Jun 2011
1230 U.S. Non-farm payrolls Jul 2011
Precious metals prices 0004 GMT
Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1644.19 -3.71 -0.23 15.83
Spot Silver 39.04 0.23 +0.59 26.51
Spot Platinum 1709.24 -8.56 -0.50 -3.30
Spot Palladium 744.22 3.04 +0.41 -6.91
TOCOM Gold 4183.00 -62.00 -1.46 12.17 71255
TOCOM Platinum 4400.00 -139.00 -3.06 -6.30 10627
TOCOM Silver 98.70 -7.00 -6.62 21.85 872
TOCOM Palladium 1903.00 -117.00 -5.79 -9.25 441
Euro/Dollar 1.4079
Dollar/Yen 79.07
TOCOM prices in yen per gram. Spot prices in $ per ounce.
COMEX gold and silver contracts show the most active months
SOURCES : http://www.reuters.com/article/2011/08/05/markets-precious-idUSL3E7J500M20110805
New-s Gold
NOTE:
It's only my daily prediction for GOLD and i am not recommended you make a real TRADE. You can comment or discussed in my blog here.
Gold
Today is Friday, 05- 08 – 2011 Gold open at level 1647.41
Resistance 3: 1712.73
Resistance 1: 1672.93
Pivot Point: 1657.66
Support 1: 1633.13
Support 2: 1617.86
Support 3: 1593.33
Daily forecast is valid until 02:00 pm (GMT +7)
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