SPDR Gold Trust (
), NYSE:GLD, iShares Silver Trust (
), NYSE:SLV, United States Oil Fund LP (
The Overall Fundamentals
Gold finishes flat after hitting record above 1,440
Gold finished flat Wednesday after tapping a record high above
1,440 oz on safe-haven buying boosted by political chaos in
Libya, rising Crude Oil prices, and testimony by the US Federal
Reserve Chairman that kept players expecting US monetary policy
to stay open and loose.
Gold rallied 10% since late January when tensions flared in
the Middle East and Africa. Muammar Gaddafi Wednesday began a
land, and air offensive to try to retake territory from rebels in
Libya's Eastern region, and the chance of a civil war fueled Gold
Bullion demand as a hedge against the uncertainty.
Spot Gold hit a session high 1,440.10 oz, a record for the 2nd
straight day, it finished about 0.10 higher at 1,433.81 oz.
US Gold futures for Apr delivery settled up 6.50 at 1,437.70,
with volume a bit higher than the prior session but lower than
its 30 day average. Recent lower than usual turnover during
Gold's gains caused some analysts to question whether record
Bullion prices are sustainable.
Gold is building on a 6% rise in February, its biggest 1 month
rise since August, as triggered by he chaos across the Arab World
which unseated leaders in Tunisia and Egypt before spreading to
Libya, Bahrain, Yemen, Oman and Iran.
Gold's record close Tuesday confirmed that its long-term
up-trend has resumed, and the next technical resistance level is
near its rising trendline at 1,487 oz.
Players said Gold was supported by expectations of a
continuation of the easy monetary policies of the US Fed.
Silver rose to a High of 34.96 oz, its highest mark since Y1980.
It later eased 0.3% to 34.54 oz.
Holdings in the World's largest Silver exchange-traded fund,
the iShares Silver Trust, rose to their highest mark since
January 14. The trust reported a small recovery in its holdings
last month after they posted their biggest ever 1 month decline
Platinum gained 0.4% to 1,846.74 oz and Palladium rose 0.3% to