Metals – Market Recap – July 1,2009

Bloomberg (Reported 7.1.09):

“July 1 (Bloomberg) -- Gold gained in Asia, extending its third quarterly increase, as jewelers and other physical buyers were attracted by the precious metal’s drop below $940 an ounce.

The National Spot Exchange Ltd. in India, the world’s largest consumer, yesterday launched small-denomination contracts to lure households to trade physical gold. Turkey, the world’s third-largest manufacturer of gold jewelry in 2007, imported $125 million worth of the metal in the past three weeks as the wedding season boosts demand, according to a report in Turkish newspaper Referans yesterday.” Gold Extends Quarterly Rise as Physical Buyers Boost Purchases

Reuters (Reported 7.1.09):

“TOKYO (Reuters) - Gold edged higher on Wednesday, taking a breather after falling more than 1 percent the previous day when a stronger dollar prompted broad-based selling across the commodities sector.”Gold firms a day after sell-off, dollar in focus

NS Futures (Reported 7.1.09):"

“Those holding long positions should seek long put protection…”
”While the gold market seems to have come into the US action on a slightly positive footing, the gold market could have been undermined by news of increased 4th quarter gold production from Harmony Mines…” Full Report