THE PRICE OF GOLD and silver fell hard for Euro and Dollar investors Friday lunchtime in London , with gold unwinding this week's 1.2% gains as world stock and commodity markets jumped in response to new US
August's Non-Farm Payrolls surprised analysts with a headline drop for August of 54,000 – half the losses expected – plus stronger-than-forecast growth in private-sector hiring, up by 67,000.
"The private sector has net created a total of 622,000 jobs since last November," noted Deutsche Bank analysts ahead of Friday's announcement.
"This is still fairly low compared to the 8.459 million private jobs lost during the previous two years."
Overall, theUS
"[Gold] is what I call wealth insurance," said Peter Hambro, mining-magnate and chairman of London-listedRussia
"Everyone has health insurance, fire insurance...Gold is what is going to protect you from the ravages of government...There is no way out for these guys except to inflate away debt.
"I'm afraid that unless you have some real assets, you're going to be in trouble."
Elsewhere on Friday, new data showed Swiss consumer prices stayed flat in August, while German andUK
Retail sales across the 16-nation Eurozone rose by 0.1% from July, the official data agency said – just half the tepid rate of expansion analysts forecast.
"The truth is that we have not had much of a recovery in the first place," says New York professor and economics consultant Nouriel Roubini, writing for Forbes magazine, "which might prevent the economy from falling enough to display what many would label a double dip [in the US] – although we are now assigning a 40% probability to such an outcome."
Back in the gold bullion market, overnight trading in Asia was "cautious" according to one dealer's note, but the US jobs data promised "an exciting close to the week", especially with New York heading into the long Labor Day weekend.
Over in Mumbai, "There are no [gold] deals at these rates," said a state-owned bank dealer to Reuters this morning. "There is an initial resistance from traders to accept near-record prices."
Gold prices for Indian consumers – the world's No.1 buyers, now entering the strong post-harvest festival season – held just shy of recent records at 19,200 Rupees per grams on Friday.
Ahead of the peak gold demand typically seen during Dhanteras in November, "We are expecting festivals like Ganesh Chathurti and Navratri may bring in sales," said another dealer.
A Reuters poll of 10 analysts and dealers says Indian gold imports (it has next-to-no domestic gold mining output) will rise 5% to 504 tonnes in full-year 2010.
Elsewhere in the commodities market,New York crude-oil futures jumped through $75 per barrel on the US
"We are bullish on silver," says the latest technical note from bullion-bank Scotia Mocatta, "looking for an eventual test of the 2008 high of $21.35 an ounce.
Silver traded wholesale inLondon
Moving down to 63.75, the gold/silver ratio looks bullish for Silver Prices while it remains "below 64.90," says Scotia, "and we see April's low of 62.66 as the next major [level]."
August's Non-Farm Payrolls surprised analysts with a headline drop for August of 54,000 – half the losses expected – plus stronger-than-forecast growth in private-sector hiring, up by 67,000.
"The private sector has net created a total of 622,000 jobs since last November," noted Deutsche Bank analysts ahead of Friday's announcement.
"This is still fairly low compared to the 8.459 million private jobs lost during the previous two years."
Overall, the
"[Gold] is what I call wealth insurance," said Peter Hambro, mining-magnate and chairman of London-listed
"Everyone has health insurance, fire insurance...Gold is what is going to protect you from the ravages of government...There is no way out for these guys except to inflate away debt.
"I'm afraid that unless you have some real assets, you're going to be in trouble."
Elsewhere on Friday, new data showed Swiss consumer prices stayed flat in August, while German and
Retail sales across the 16-nation Eurozone rose by 0.1% from July, the official data agency said – just half the tepid rate of expansion analysts forecast.
"The truth is that we have not had much of a recovery in the first place," says New York professor and economics consultant Nouriel Roubini, writing for Forbes magazine, "which might prevent the economy from falling enough to display what many would label a double dip [in the US] – although we are now assigning a 40% probability to such an outcome."
Back in the gold bullion market, overnight trading in Asia was "cautious" according to one dealer's note, but the US jobs data promised "an exciting close to the week", especially with New York heading into the long Labor Day weekend.
Over in Mumbai, "There are no [gold] deals at these rates," said a state-owned bank dealer to Reuters this morning. "There is an initial resistance from traders to accept near-record prices."
Gold prices for Indian consumers – the world's No.1 buyers, now entering the strong post-harvest festival season – held just shy of recent records at 19,200 Rupees per grams on Friday.
Ahead of the peak gold demand typically seen during Dhanteras in November, "We are expecting festivals like Ganesh Chathurti and Navratri may bring in sales," said another dealer.
A Reuters poll of 10 analysts and dealers says Indian gold imports (it has next-to-no domestic gold mining output) will rise 5% to 504 tonnes in full-year 2010.
Elsewhere in the commodities market,
"We are bullish on silver," says the latest technical note from bullion-bank Scotia Mocatta, "looking for an eventual test of the 2008 high of $21.35 an ounce.
Silver traded wholesale in
Moving down to 63.75, the gold/silver ratio looks bullish for Silver Prices while it remains "below 64.90," says Scotia, "and we see April's low of 62.66 as the next major [level]."
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