Silver Futures Options Trading
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
|
|
Silver Futures Options TradingCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Silver Futures, Gold Rise In New York On Demand For Inflation Hedge May 8th, 2008Silver Futures rose to a one-week high as record energy costs and a weakening dollar boost demand for a hedge against inflation. Gold also rose. The dollar fell against the euro and the U.K. pound after the European Central Bank and the Bank of England kept borrowing costs steady to fight inflation. Crude oil touched a record $123.93 a barrel yesterday. Gold has trailed advances in oil since setting a record at $1,033.90 an ounce on March 17. The metal has gained 5.3 percent as oil rallied 28 percent this year. ``Gold is undervalued,'' said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. ``There's still some inflationary concern in the market. Overall, gold is cheaper to buy than crude right now.'' Gold futures for June delivery rose $10.90, or 1.3 percent, to $882.10 an ounce on the Comex division of the New York Mercantile Exchange. The price earlier reached $887, the highest since April 29. Silver futures for July delivery rose 17.5 cents, or 1 percent, to $16.87 an ounce. The metal has climbed 13 percent this year. The dollar fell as the U.K.'s London-based central bank kept its base interest rate steady at 5 percent after three 25 basis-point cuts from 5.75 percent in early December. The ECB, based in Frankfurt, has kept its benchmark refinancing rate steady at 4 percent since June 2007. The Federal Reserve in Washington has lowered the target U.S. bank-lending rate seven times to 2 percent from 5.25 percent in September. Investment in the StreetTracks Gold Trust, the biggest exchange-traded fund backed by bullion, gained for the first time in the past two days, rising 1 percent to 590.6 metric tons. Before today, the fund slid 9.6 percent in April to 580.4 tons. The fund reached a record 663.8 tons on March 17. Buying on Declines``We've seen strong buying each time gold has pulled back,'' Ruggiero said. Still, gold's failure to keep up with gains in crude oil may signal lower prices, said Dennis Gartman, an economist in Suffolk, Virginia, and the editor of the Gartman Letter. It now takes about seven barrels of oil to buy an ounce of gold when the ``normal'' ratio is 15 to 1, Gartman said in a report to clients today. ``If gold cannot rally as crude oil spirals higher, what shall happen to it when crude oil does eventually top out and head lower,'' Gartman said. ``The trend for gold remains down.'' - Pham-Duy Nguyen in Seattle at Bloomberg. Click here for your Free Silver Futures Trading eGuide |
|
Gold Futures
Copper Futures Silver Futures Platinum Futures Crude Oil Futures Natural Gas Futures Heating Oil Futures Unleaded Gas Futures Ethanol Futures Gasoline Blendstock Futures Corn Futures Soybean Futures Wheat Futures Coffee Futures Cocoa Futures Cotton Futures Orange Juice Futures Sugar Futures Feeder Cattle Futures Live Cattle Futures Lean Hog Futures Pork Belly Futures British Pound Futures Canadian Dollar Futures Japanese Yen Futures Swiss Franc Futures Euro FX Futures Eurodollar Futures Treasury Bond Futures |
