Upwards Momentum Builds as Gold Breaches $950

Source: Mineweb, Lawrence Williams (2/17/09)

"To an extent, $950 an ounce is seen by some as an important trigger point towards the movement to $1,000 gold and it certainly seems that the momentum is with the yellow metal at the moment."

In what has been a relatively steady climb over the past few weeks, gold moved back well above the psychological $950 an ounce mark in this morning's trading (over $960 at the time of writing) - the first time in seven months it has achieved this level. Silver was approaching $14 an ounce, being pulled upwards by the gold price. Platinum and palladium were also better as platinum maintained its differential price advantage over gold.

Indeed gold looked poised to move higher still with ETF inflows continuing and a glimmer of renewed demand interest in India. Previously India has seen gold sales and imports at their lowest level for some time with traders anticipating lower prices. Today, though, the gold price in rupees hit a new record at over 15,000 rupees per 10 grams and there has been wide expectation of the price moving to 16,000 rupees in the short term with open interest in metal for April increasing a little.

In the Far East in general there appears to be a movement into gold developing strongly as the stock market continues to drift downwards. The market has seen the dollar price gold consolidating above $930 of late and there has been a strong feeling that the metal is poised to move higher, which is now turning into real purchases and becoming reality.

To an extent, $950 an ounce is seen by some as an important trigger point towards the movement to $1,000 gold and it certainly seems that the momentum is with the yellow metal at the moment. Stock markets remain weak, and in reality there seems to be little but gloomy news ahead. Gold is increasingly being seen by many as the best way of protecting wealth in the current environment.

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