Anglo American shrinks trading unit as part of major restructuring
The miner also announced internally that it will no longer enter into long-term deals to buy commodities that it doesn’t already produce.
Image from archives.
The price of gold hit its lowest level in more than five years Friday in early U.S. trading, pressured once again by the belief that the Federal Reserve will hike interest rates next month and bearish outside markets.
The probability of the Federal Reserve increasing interest rates for the first time since 2006 rose to 74% on Friday from 72% yesterday, Bloomberg reports.
Additionally, the U.S. dollar index higher — which measures the dollar against a basket of other currencies— was higher again this morning and trading near this week’s seven-month high.
Gold traded at its lowest levels since February 2010, down to as low as $1,051.20 an ounce right after 9:00 am ET. It was the sixth straight week of a decline, and the longest such streak since August.
February Comex gold was last $14.80 at $1,054.80 an ounce while other precious metals were mixed. Spot silver was down 0.69% at $14.06 an ounce, spot platinum was up 0.52% at $848.30 an ounce, while spot palladium was up 0.71% at $555.90 an ounce.
Courtesy of Kitco Live Charts.
4 Comments
BIS
Manipulation, GATA.
rayban
USA ‘recovery’ weakest ever recorded . Rate hike beggining of the end of ‘recovery’ . I shall buy Gold from now on down and thus catch some or much of the rise . Firmly believe 750.00 shall never ever be seen again .
I hate far fetched conspiracy theories … LOL … I am scwuued on this one , it looks like manipulation from several different angles , it truely does .
Bobb Lawrence
the likely secret on all of this is have the eggs in a basket or in the sack to ride this leap frog out as they go along>>then strike it when it is rich. cycles are forever. (yes, there are hidden meanings in these small words but it is what I have learned-so far?) some of our elders are keeping their secrets… can you folks (the wise ones) share a bit? Our Prez. laid claim to 7 years of “good performance’. > relative to the environment. Maybe yes, maybe no. TIME will tell fact is there are only a handful of us on this thread so big deal.
hugh jorgen
USD$1.9 bn notional sold in the futures markets last Friday at the open. If you don’t understand what this means, you should stay away.