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September 29, 2005

Gold at 17+ year record, Thurs., Sept. 29, 2005, 6:35 PM

Gold bullion and goldminer shares moved higher today, outpacing the gain in the Dow 30 and the TSX indexes. It's been an impressive two and a half days.

Gold closed today at the highest price in well over 17 years, and there doesn't seem to be anything on the horizon to knock prices down. Even the major North American gold producer, Newmont (NYSE: NEM) opined that gold would hit $525 within six months, and they reported that demand for gold to be made into jewellery was up +42 pct in 2Q05 and has never been stronger.

I noted that copper futures were strongly up early in the session, and then sold down later. I'll check that in the morning to see if copper stays weak.

Posted by Posted by Bill Cara on September 29, 2005 06:36:52 PM | Category: Bullion , Gold , Goldminer Producers

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