SPDR Gold Trust (
), NYSE:GLD, iShares Silver Trust (
), NYSE:SLV, United States Oil Fund LP (
), NYSE:USO NYSE:USO, NYSE:SLV, NYSE:USO Paul Ebeling Gold Silver
and Oil Research
Gold rises for 3rd day running
Gold futures on the COMEX Division of the New York Merc closes
higher Wednesday, marking the 3rd straight rise this week.
Concerns over the European sovereign debt crisis, and increasing
demands for physical Gold continued to support the market.
The most active Gold contract for Feb delivery gained 1.5, or
0.1%, to close at 1,385.8 oz.
Market traders said that although the concerns over Portugal's
debt problem were temporarily eased after the country
successfully auctioned off its bonds Wednesday, players bought up
Gold at the day's lower prices and the price rose on the
Physical dealers said Gold could rise further as demand from
jewelers and investors picked up in India and China, leading to
tighter stocks for Gold bars in Singapore and Hong Kong.
In India, jewelers stocked up ahead of the harvest season in
the middle of January.
Analysts said that Gold imports in India are likely to jump
64% to 500-550 metric tons in Y 2011, driven by investment
purchases, and worries about inflation in China, the World's 2nd
largest Gold consumer after India, drove investors to Bullion,
while purchases from jewelers also increased before the Lunar New
Year in early February.
Silver futures for Mar delivery closed up 4.6c, or 0.16%, to
29.545 oz., and Apr Platinum also rose 30.8 to 1,801.1 oz on the
US Crude Oil futures prices rose Wednesday after the US
government reported a larger-than- expected drop in Crude Oil
The US Energy Department reported the country's commercial oil
supplies fell by 2.2M bbls to 333.1M bbls last week, more than
the previous estimate of a decline of 0.3M bbls.
Demand for Crude Oil has remained strong in emerging markets,
particularly in Asia. Shayne and I expect the price to Top 97+
bbl, and perhaps push toward 100 bbl in the coming weeks.
Light, sweet crude for February delivery rose 75 cents to
91.86 U.S. dollars a barrel on the New York Mercantile