Commodities Watch - Week 31 2013
Hong Kong based Equity Researcher, The Woo Group reports gold futures are rising
as the dollar declines, while oil futures are falling due to softening global demand.
Silver futures have nearly bottomed out and copper is...
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Commodities Watch - Week 31 2013
Hong Kong based Equity Researcher, The Woo Group reports gold futures are rising
as the dollar declines, while oil futures are falling due to softening global demand.
Silver futures have nearly bottomed out and copper is down as well.
Jul.
30, 2013 - HONG KONG -- Gold futures for August and December continue to rise, doubling last week’s
gains.
Gold for August delivery is up $11.
60, to $1,330.
10 an ounce and December gold is up $11.
50 to
$1,334.
40 an ounce.
The jump in futures is most likely the result of a falling US dollar.
Gold prices are
dominated by the dollar; a drop in its value makes the metal more attractive to holders of other currencies.
Speculative net long positions have reached their highest level in six weeks, and have almost tripled in the last
three weeks, in our opinion this is what has caused the $100 increase in gold in the last two reporting periods.
We expect the futures to remain stagnant until Wednesday, when the Fede
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