Precious Metals Report
Source: Canaccord Adams (2/3/09)
"Gold hit new highs in euro, rand and real as well as Canadian and Aussie dollar terms. . ."
Our message in our marketing last week was to be wary of the combination of decent gold prices at the same time as decent equity valuations (based on January 23 pricing). So, while the week turned out to be a good one for gold prices, the equities pulled back on some investor profit-taking.
The gold price increased 3.1% last week to close at $927.85. The Commitment of Traders speculative net long position (reported based on last Tuesday's closing figures) increased 11.3% to 152,520 contracts, up from 137,015 contracts the week previous.