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Market Nuggets: Comex Gold Higher After Chinese Buying, Israel-Syria Tensions

Monday May 6, 2013 9:42 AM

Comex gold is higher after continued demand from China and perhaps some safe-haven buying after Syria said Israeli missiles hit three facilities Sunday, heightening tensions in the region, traders say. As of 9:30 a.m. EDT, Comex June gold was $7.10 higher to $1,471.30 an ounce. One trader says gold ticked higher overnight as the Chinese were once again good buyers on the Shanghai Gold Exchange, with the metal since retaining a bid although coming down from the overnight highs. Another trader says the Syria-Israel situation seems to have led to some buying on geo-political tensions. “We’re not making a lot of headway, though,” he adds. “We’re still in the same $1,450-$1,485 area (as late last week). It’s very quiet with London closed (for a holiday).”

By Allen Sykora of Kitco News; asykora@kitco.com


Market Nuggets: Barclays: Gold ETP Outflows, Strong Coin Sales Continues So Far In May

Monday May 6, 2013 7:54 AM

Outflows from gold exchange-traded products are continuing in May after hitting a record in April, while coin sales by various mints also remain strong, says Barclays. Outflows are 17 metric tons so far in May, taking the total for the year to date to 353 tons after a 176-ton outflow in April, Barclays says. Outflows now represent 13% of the peak of 2,767 tons in holdings are the start of the year, the bank adds. “Continued ETP outflows remain a key downside risk to prices in the near term; however in our view, the vulnerability of further ETP outflows subsides should prices recover to above $1,500/oz,” Barclays says. Meanwhile, the bank says, May gold coin sales by the U.S. Mint have already hit 10,000 ounces after April volume of 209,500 that was the strongest for any month since December 2009. Year-to-date sales are already 512,000 ounces, compared to 753 for all of 2012, Barclays says.

By Allen Sykora of Kitco News; asykora@kitco.com


Market Nuggets: Citi Research: U.S. Copper Premiums Rises To 7 Cents Per Pound

Monday May 6, 2013 7:53 AM

U.S. jobs data for April overall offered a "pleasant surprise" after a string of softer-than-expected economic news lately, although one disappointing part of the report was a shorter work week, says Brown Brothers Harriman. Non-farm payrolls rose 165,000, more than forecast, plus the February and March figures were revised upward by 114,000 jobs. The jobless rate fell to 7.5%, the lowest since December 2008. "The one aspect of the report that was disappointing and really undermines the impact of the headline strength is that the work week fell by 0.2 hours," BBH says. The reduction of the average work week appears to be a function of an increased number of part-time jobs, BBH says. "The number of people 'involuntarily' taking part time work rose 278k to 7.64 mln," the firm adds.

By Allen Sykora of Kitco News; asykora@kitco.com


Market Nuggets: BNP Paribas: Euro Resilient After ECB Meeting, U.S. Jobs Report

Monday May 6, 2013 7:52 AM

The U.S. free-market copper premium has risen 40% to seven cents a pound, reports Citi Research. The firm says this likely reflects the outage at Kennecott Utah Copper's Bingham Canyon Mine after a massive landslide last month. According to Kennecott Utah Copper’s Web site, Kennecott is the second-largest copper producer in the U.S. and supplies about a quarter of the nation’s copper at a rate of around 300,000 tons a year.

By Allen Sykora of Kitco News; asykora@kitco.com


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