LiveWire Economics Blog
LiveWire Economics Blog - December 9, 2009 17:43
After failing to cruise past the $80 level in recent weeks, crude oil has drifted lower toward the $70 mark. A report Wednesday (December 9) that indicated an unexpected drop in US crude supplies helped push the price of a barrel of crude oil back above $73 a barrel in early morning trade Wednesday. Still, […]
The price of an ounce of gold continues to remain above $1,200 after reaching a new all-time high at $1,218.25 to start the final month of 2009. In early Friday (December 4) morning trade, the spot rate for gold is $1,205.40.
The US dollar continues to find major low points to reach against major foreign currencies and other speculative investments. Gold is now over $1,200 with some top analysts calling for a quick move through the $2,000 level in the near future. Oil remains near $80.
THE PRICE OF WHOLESALE gold hit yet another record high against all major currencies bar the Aussie Dollar and Japanese Yen on Thursday, peaking above US$1226 an ounce at lunchtime in Hong Kong.
In two days, sentiments on the economy have improved dramatically thanks to a pair of economic reports. Tuesday (November 24), the gross domestic product was said to have risen by 2.8 per cent from the second to the third quarter.
As the dollar remains weak across the board thanks to renewed concerns about the strength of economy recover, the dollar-yen ratio currently sits just above major long-term support in the 87-88 yen range.
While oil and several major currencies have been major beneficiaries of the weak dollar, gold has really shined in light of the less desired greenback. One ounce of gold currently fetches $1,104.52, according to goldmoney.com.
Based largely on dollar weakness and rising oil prices, the Euro is currently worth $1.5018, after reaching a new 52-week high at $1.5051. The same dollar weakness has pushed the Pound back near $1.67, kept oil near or above the $80 per barrel level, and has sent the spot rate of gold soaring past $1,100 […]