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Gold climbed to record settlement territory Monday on uncertainty about European sovereign debt and the potential for more U.S. dollar weakness. Silver traded above $30 an ounce, its highest since 1980. Markets were clearly unnerved with all sorts of speculation doing the rounds that Portugal may be next EU country to require a bailout. The ongoing EU debt crisis added another notch earlier with signs of frustration coming from the Slovakian Finance Minister stating clearly that "taxpayers cannot pay for finance losses forever". Sentiment toward the Euro itself was not helped (EUR/USD 1.3287) down from an intraday high of 1.3414 earlier in the session when the UK OBR's Nickell says "a Euro collapse is not a high probability, but it is a possibility."
The INSCX Nanomaterials Global Index (INMX) ended the European session at $111.75 index points up from a close in NY Friday of 110.25. Across the board metals and oxide prices listed on INSCX exchange were in general offered higher. Benchmark Nanosilver 25nm was quoted offered at $4.22 per gram up almost 5% over the week. The rally in base precious metals is continuing to add upward pressure with Gold Nanoparticles quoted some 2% higher at $6.15ml. Iron Oxide fetched 21c a gram by the European close. MWCNTs (Industrial Grade) were offered higher in USD reflecting Euro weakness 14.5c per gram for a Metric ton (MT). Crude Oil held steady at $89.25 a barrel keeping Carbon Black prices in check on the upside.
"The $90 a barrel mark in Crude looks like being tested soon. If $90 is reached and held this will act to drive Furnace Black prices higher" according to dealers at the NCM/Stekram desk. N121 US delivery Grade was offered $1.62 per lb at the session close.
C60 Fullerences were in focus Monday offered 0.5% higher at USD $70.85 per gram while Ti02 Bulk continued its run from mid last week offered in Rutile at the USD $2,050 level.
INSCX exchange itself featured in an interview with PCI Magazine, a trade journal for the US Paint and Coatings industry. The full text of the feature can be accessed using the link:
Gold for February delivery traded as high as $1,421 USD up 15.00, +1.07%). The most active contract, gained $10.80, or 0.8%, to $1,417.20 an ounce on the Comex division of the New York Mercantile Exchange in earlier trade. Gold was ignoring a stronger dollar on Monday. A rising USD is regarded generally as negative for gold and other commodities as it makes them more expensive for holders of other currencies.
The market on this occasion acted to ignore the usual trend. Last week, gold gained 3.2%, after tacking on almost $17 Friday to end at $1,406.20. Uncertainty is driving precious metals higher. The money creation by the US Federal Reserve and ECB is driving currencies down and thus commodity prices pegged in general to the USD are rising. Adding fuel to the rally was news last week that China's securities regulator has given the green light to a mutual fund to invest in foreign exchange-traded funds backed by gold. The market seemed to focus late in the European session on rumors the European Central Bank was in the market for Irish and Portuguese government bonds fuelling debt concerns.
Silver, meanwhile, traded at a new 30-year high. Silver for March delivery was quoted at USD $30.001 per Troy Oz +73.90, +2.53% from Friday's close. Precious metals are the main beneficiaries of the current uncertainties in the markets. Debt problems in the [European Union] peripheral countries and the Fed's expansion of the monetary base, as well as the geopolitical risks and robust physical demand from Asia and liquidity injections into commodity markets, are all providing impetus to the prices of gold, silver and other metals.
"With Silver reaching a 30 year high and technical analysis charts in Gold pointing up a breakout where this rally ends is at this stage anyone's guess, but chasing Gold and other metals at these lofty levels runs a clear risk to the downside. Any move of significance from either the Fed on a stimulus or the EU to calm debt fears could stop this latest metals rally in its tracks" cited one trader at exchange specialist firm NCM/Stekram.
Copper traded near the high end of its intraday range on Monday as bargain-hunters entered the market but the rest of the complex dragged, posting only modest gains. Copper traded at $8,799 per Metric Ton ($400 per US lb), up $69, after pushing through the $8,800 mark on Monday afternoon. Aluminum traded at $2,315, down $5. Technical tightness remains on the LME contributing a bias on the upside.
Figures for other metals as of the 4pm close in London were:
European authorities convened to try to contain the debt crisis, and U.S. markets were buzzing with talk of more federal stimulus. U.S. Federal Reserve Chairman in a Sunday interview opened up to the possibility of committing more money beyond the $600 billion in asset purchases.
The dollar index stood at 79.78, +0.40, +0.51%), which compares the U.S. unit to a basket of six currencies, rose to 79.76 from 79.37 in late North American trading on Friday.
Japan's Nikkei slipped (-0.1%) on Monday after weak U.S. jobs data and a renewed focus on U.S. quantitative easing pushed the dollar down against the yen, spurring profit-taking in Tokyo stocks after they hit a six-month high last week. But overseas fund operators and Japanese retail investors were looking to buy on dips, limiting losses for the Nikkei, analysts said.
The German government rejected the proposition of any further increases to the size of the EU rescue fund or issuance of Eurozone bonds.
Equity markets pointed to a mild retreat on Monday after last week's strong gains. Concerns again resurfaced to focus on Eurozone debt troubles offsetting optimistics indications from the Federal reserve concening a second round of economic stimulus.
WTI last @ $86.25
About INSCX Exchange
Integrated Nano-Science & Commodity Exchange (INSCX exchange) is a formal commodity exchange trading platform devoted to the structured physical trade of a wide range of Thematic Class Materials (TCMs) including nanomaterials, advanced materials, nano-enabled commodities/composites and more traditional commodities such as metals, grains, products and oils. All physical-delivery material contracts listed on the exchange are sourced (SHE) accredited, compliant and supplied validated and insured. Commodities listed for trade by us range from basic raw nanomaterials (NMs) such as carbons, metal oxides, specialty chemical solids, traditional commodities and high-end, processed goods such as photonics and programmable matter. The exchange is based in the UK operating live trading access within Europe and North America with full global rollout to be made available by 2011. INSCX aims to be the global focal point of emerging trade in nanomaterials, a trade which will be crucial to continuing world prosperity in the 21st century. The deliverable of INSCX is an electronic/voice-brokered commodity trading platform enabling price discovery, trade integrity and conformity to agreed material standards, while providing supports for suppliers and purchasers to enhance the commercial usefulness of nanomaterials. Building on centuries of exchange heritage, INSCX serves the risk management and commercial trading needs of global customers particular to the manufacture, use, application and exchange of engineered nanomaterials, advanced materials and nano-enabled commodities. We are the worlds only source of benchmark cash and forward contracts in alternative commodities covering all eleven Thematic Classes available on any exchange.
Our vision provides the market infrastructure to enable these commodities realise their potential as the alternative, precision engineered materials of the future.
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