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GOLD: Gold Bulls Resume in Asian Trading. 

GOLD
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  • Given gold’s sensitivity to interest rates, last night’s stronger than expected inflation data had the potential to derail golds recent record rally.
  • The data confirmed that US inflation is on the rise again, thereby challenging market expectations for rate cuts.
  • Opening the trading day at US$2,904.18 gold gradually lost ground throughout the day only to fall rapidly on the data release to $2,864.21.
  • However the current environment for gold remains strong and buyers emerged immediately taking gold up to intra-day highs of $2,909.11, before closing at $2,904.18 and then resuming its rally in Asian trading to reach a new all time  high of $2,917.67.   
  • Reporting for key listed miners started with Barrick Gold corp where despite record prices, the company’s output continues to decline driven by a dispute with the Government over it’s operations in Mali.
  • In Australia, the second largest gold producer Evolution Mining’s CEO said in an interview on BBG TV Wednesday that safe haven demand, Central Banks resuming purchasing and news that changes in China’s regulatory regime means their insurance companies can buy gold, all point to a bullish demand outlook for bullion. 
  • Australian miner Northern Star Resources reported a 155% rise in Q2 earnings which is supportive of their bid to purchase De Grey Mining announced in December.   
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  • Given gold’s sensitivity to interest rates, last night’s stronger than expected inflation data had the potential to derail golds recent record rally.
  • The data confirmed that US inflation is on the rise again, thereby challenging market expectations for rate cuts.
  • Opening the trading day at US$2,904.18 gold gradually lost ground throughout the day only to fall rapidly on the data release to $2,864.21.
  • However the current environment for gold remains strong and buyers emerged immediately taking gold up to intra-day highs of $2,909.11, before closing at $2,904.18 and then resuming its rally in Asian trading to reach a new all time  high of $2,917.67.   
  • Reporting for key listed miners started with Barrick Gold corp where despite record prices, the company’s output continues to decline driven by a dispute with the Government over it’s operations in Mali.
  • In Australia, the second largest gold producer Evolution Mining’s CEO said in an interview on BBG TV Wednesday that safe haven demand, Central Banks resuming purchasing and news that changes in China’s regulatory regime means their insurance companies can buy gold, all point to a bullish demand outlook for bullion. 
  • Australian miner Northern Star Resources reported a 155% rise in Q2 earnings which is supportive of their bid to purchase De Grey Mining announced in December.