Media Quotes

Quoted In Reuters & Discussing Gold

Gold rose 2 percent to a 1.5 month high on Monday on technical buying as political uncertainty in Italy threatened to accelerate the euro zone’s sovereign debt crisis.
Bullion was on track for its biggest one-day gain in two weeks as buying sentiment improved after Germany’s Chancellor Angela Merkel has ruled out using gold and currency reserves to boost the euro zone bailout fund.
The metal — a traditional safe haven which has recently taken to tracking riskier assets — has gained 4 percent in the last 5 sessions. U.S. equities on Monday were down nearly 1 percent on euro zone debt  worries.
“Gold does seem to be temporarily the safe haven. It’s not being driven by U.S. investors but rather by other sources of business, such as the Europeans,” said George Nickas, commodities broker with FC Stone.

Spot gold [XAU=  1784.10    -10.69  (-0.6%)   ] last rose 2.1 percent to trade at $1,791.01.
U.S. gold futures for December delivery [GCCV1  1793.70    2.60  (+0.15%)   ] gained 2.0 percent to $1,792.40.
Monday’s trading volume was on track to fall below its 30-day norm, consistent with the recent slower pace. U.S. gold futures posted its third lowest volume in the previous session.
“There’s no enthusiasm that I can see from the U.S. investing public. People are waiting for European situation to clear up and U.S. economic data to return to normal,” Nickas said.
Last week, gold posted its second consecutive week of gain, largely helped by market jitters in the euro zone.
Adam Sarhan, CEO of Sarhan Capital, said gold last week posted a “breakout to the upside” on weekly charts, as it closed above $1,700, which was also the neckline of the bearish double-top pattern from earlier this year.
“Gold managed to rally last week even though a slew of other risk assets ended in the red. Investors prefer the comfort of gold during times of global duress — Greece is on the brink of leaving the euro zone,” Sarhan said.
Also supporting was uncertainty ahead of Italy’s key parliamentary vote on budget reforms, which could test the leadership of Prime Minister Silvio Berlusconi in euro zone’s third biggest economy.
Holdings of the SPDR Gold Trust [GLD  173.19    -1.79  (-1.02%)   ], the world’s biggest gold-backed exchange-traded fund, gained 1.513 tons on the day to 1,245.064 tons by Nov. 4, the highest in more than a month.
Silver [XAG=  34.78    -0.08  (-0.23%)   ] was up 1.9 percent at $34.74, platinum [XPT=  1659.75    4.25  (+0.26%)   ] was rose 1.3 percent to $1,651.99, whilepalladium [XPD=  671.47    12.98  (+1.97%)   ] gained 1.3 percent to $659.72.

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