Gold Investments Market Update – Hurricane Gustav – Potentially Category 5 Hurricane Like Rita and Katrina

Gold

Gold finished trading in New York yesterday at $822.40, up $3.10 and silver was up 22 cents to $13.58. Gold and silver rallied in Asian and in early European trading this morning. Gold is trading at $832.30/832.70 per ounce (1100 GMT).

Gold is showing strength again with the dollar giving up yesterday’s gains (above EUR/USD 1.472 and far from yesterday’s six month high to the euro of 1.4570) and oil firming again on hurricane fears in the Gulf of Mexico.

There are concerns that as Hurricane Gustav passes into the Gulf, the storm could intensify into a Category 4 or 5 hurricane. A Category 5 hurricane is defined as having sustained winds over 155 miles per hour; hurricanes Rita and Katrina were Category 5 hurricanes, and closed most of the Gulf region’s crude oil and natural gas production in the late summer and early fall of 2005.

There are also a number of other tropical storms in the southern Atlantic any of which have the potential to force shutdowns on the offshore rigs that account for a quarter of U.S. crude production and much of its natural gas. Royal Dutch Shell PLC said it could begin evacuating workers as soon as Wednesday.

Equity markets in Asia were mixed but European equity markets have fallen this morning and with the outlook for equity markets very uncertain, gold is likely to continue to receive safe haven demand.

Today’s Data and Influences

Today sees the release of US durable goods data which are likely to be weak as rising commodity and raw-material costs and slowing sales internationally prompted companies to limit spending.

Gold and Silver

Gold is trading at $832.30/832.70 per ounce (1100 GMT).
Silver is trading at $13.79/13.84 per ounce (1100 GMT).

PGMs

Platinum is trading at $1438/1448 per ounce (1100 GMT).
Palladium is trading at $291/297 per ounce (1100 GMT).

Mark O'Byrne

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