Skip to content
HTML5 Incompatible Browser
Gold Banner

Will 2008 further the seven straight years of appreciation for gold, silver and platinum?

*Reuters, by Atul Prakash and Veronica Brown, January 28, 2008

“Gold and platinum sailed to record highs on Monday, boosted by dollar weakness and a power crisis in major producer South Africa that derailed output.

The rise in precious metals also pulled silver to a 27-year high.

Spot gold hit a historic $929.20 per ounce before paring gains slightly to stand at $927.50/928.40 an ounce by 11:59 a.m. ET, against $913.00/914.00 late in New York on Friday.

The dollar fell versus the euro, making bullion priced in the U.S. currency cheaper for non-U.S. investors, as markets anticipated the Federal Reserve’s policy meeting this week.

Markets are betting that the Fed will cut interest rates by as much as 50 basis points after the two-day policy meeting ending on Wednesday, following last week’s hefty 75-basis-point cut in a rare move between scheduled meetings.

Those expectations were heightened after data showing weaker than expected U.S. new home sales in December.”


*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

cpm-market-outlook