Mining World

Gold, little changed below US$1,000 an ounce in London Friday, may fall as lower oil prices curb demand for the metal as a hedge against accelerating consumer prices.

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Industrial metals tumbled on Thursday, with copper losing as much as 3 percent of its value, as doubts about the pace of recovery and persistent increases in inventories reignited concerns about near-term demand prospects.

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Oil and gold fell on Tuesday as a rising dollar encouraged traders to take profits from a recent rally, while copper rose for a third day as the tentative return of risk appetite played out selectively in commodities.

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Higher commodity prices and talk of further interest rate cuts in Europe inspired demand for the high-yielding asset.

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Gold tumbled on Monday, briefly breaking below the $850-an-ounce level as investors took profits on the back of a dollar rally and signs of slowing physical demand in India, the world’s top bullion consumer.

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South African stocks rose during the year’s first trading session on Friday, boosted by strong industrial metals, while firmer global markets also helped lift the rand.

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South Africa’s rand weakened against the dollar as lower commodity prices and speculation a global economic recession may worsen further investor demand for the nation’s assets.
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The euro has achieved a 50% retracement of its move from $1.60 to $1.23. I never got into my euro short call I made some time back. I will be watching it closely for an entry point, which I suspect I will be sometime in the new year as opportunities arise to sell stocks.
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