Gold Miners a Buy, Gold Price Falls
Gold miners may see a short term sell off today as Gold traded at a 9 week low over night.
Gold futures for April delivery fell 0.5 per cent to $US1,642.50 an ounce at 1:44 p.m. on the Comex in New York, after touching $US1,627.50, the lowest since Jan. 13. Still, prices are up 4.8 per cent this year.
Jewelers in north and east India, the world’s biggest bullion importer, will continue a shutdown to protest higher taxes, leaving about half the nation’s stores closed, according to a trade group. Jewelers held the first nationwide strike in seven years after the government raised taxes on imports and on non-branded jewelry last week.
“With physical demand not at full strength and waning investor enthusiasm, the potential for further downside in gold remains exposed,” Leon Westgate, an analyst at Standard Bank Plc, said in a report.
Silver futures for May delivery tumbled 2.7 per cent to $US31.345 an ounce on the Comex. Earlier prices touched $US31.09, the lowest since Jan. 20.
On the New York Mercantile Exchange, palladium futures for June delivery declined 5.5 per cent to $US651.05 an ounce, the biggest fall for a most-active contract since Dec. 14. Earlier, prices fell to $US650.40, the lowest since Jan. 18. Platinum futures for April delivery retreated 1.7 per cent to $US1,612.10 an ounce.
Shayne Heffernan
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services. :- Live Trading News
