Gold spot price ranges
USD: 654.60 – 643.95
NZD: 884.00 – 859.00
NZDUSD: .7628 - .7465
A quiet week on the gold news front, with the main drivers being the New Zealand Reserve bank impact on the dollar on Monday, and the US Treasury Bonds becoming flavour of the week again.
The latter half of the week has seen the oil price rise again, primarily because of concerns in the US gasoline supplies. This has brought the Gold price back up over the $650 mark, and the Euro strengthening slightly against the Greenback helping. It has been noted that recently the strength of the Euro vs. the Greenback has been a good indicator of the gold price movement, as the Euro strengthens investor move out of US$ holdings and into gold. This is a fairly recent occurrence but interesting none the less.
Central bank sales: The Swiss National Bank has announced that it will be selling 250 Tonnes of Gold from its reserves by the end of September 2009, but they have chosen an approach that will avoid market unrest.
Supply and demand are still factors in the long term price: Dubai imported 15% more gold in the first quarter of this year than in 2006.
Old gold is good gold: In some instances after 2000 years of inactivity Egypt is reopening gold mines to revive their gold industry. Reuters Link
Invisible braces: Need braces for your teeth? How about Invisible Gold braces
WGC article
