Precious metals popping up all over

Gold has raced up in price more than 50% in the last year. Other precious metals have gone along for the ride including platinum and palladium. So, is this the end of fiat currency as we know it, as gold bugs have claimed? has the commodities bubble finally burst and will gold prices head back south? What are the forces jostling the global metals markets?

Boris Schmitz-Thiersen's family has been selling jewelry in the same location in Cologne, Germany, for more than 100 years. He has begun offering bracelets made of a peculiar white metal mined in South Africa. "It's pure palladium," he explains. "Pretty, isn't it?" Yes - and relatively cheap, trading around $450 per troy ounce, compared to just under $2,000 for the same amount of platinum, and about $1,000 for gold. Silver, by contrast, is trading at between $17 and $18 per ounce.

The decision to sell palladium instead of platinum is one of those innocent ideas that if adopted by all the jewelry stores in the universe, could have major ramifications for the price of these two most precious of metals. Jewelry currently accounts for about 20% of total platinum demand, but that, unlike gold, platinum and palladium are primarily industrial metals and not stores of value.

"If prices of platinum get too high, you could see a substitution on the industrial side to palladium," she says. "This is why I'm more bullish on palladium than I am on platinum."

Yet it is platinum's secondary function as a precious metal that is driving prices to the stratosphere.

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Gold falls as greenback strengthens

As the dollar strengthened against the euro the price of gold showed a decline in New York. Silver prices were shown to be slipping as well. The decline in gold prices seemd to indicate a loss of confidence in gold as a hedge against inflation.For the first time in five sessions the euro fell and is headed for its first quarterly decline since September 2006. As the plummeting dollar sent raw materials skyrocketing, gold climbed to a record $US1033.90 an ounce in March.''The dollar has firmed up and that's brought a little blush off the gold rally,'' said Frank McGhee, the head metals trader at Integrated Brokerage Services. ''The dollar should be free-falling and it's not.''August gold futures fell $US3, or 0.3%, to $US928.30 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, gold rose as much as 0.7% as record oil prices boosted demand for the precious metal as a hedge against inflation.Gold will average $US925 in the third quarter, down from a previous forecast of $US1000, Deutsche Bank said in a report on June 27. The metal rose 0.7% in the second quarter.Silver futures for September delivery fell 20 cents, or 1.1%, to $US17.51 an ounce. The metal has advanced 17% this year, while gold climbed 11%. The euro dropped as much as 0.4% to $US1.5731 after earlier trading as high as $US1.5836. The dollar touched an all- time low of $US1.6019 against the euro on April 22.
Gold also fell after crude oil pared gains. The metal has rallied 43% in the past year as oil prices doubled. Crude futures traded as low as $US139.17 a barrel after gaining as much as 2.5% to a record $US143.67.''With crude rallying and then selling off, we're seeing some selling in gold,'' said Nick Ruggiero, a trader at Eagle Futures.
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Gold above $900, platinum hits 2-mth high ahead of JM

Gold has hit it's highest point in almost a month. Speculative buying as oil neard record highs caused a frenzy of gold buying against the rising inflation fears sending gold prices to over $900 an ounce on Monday. Platinum followed gold's lead and flew to it's highest price in many months partially driven by speculation that a bullish supply and demand report would be released for 2008 also drove the prices up and strengthened buying.

Spot gold has hit it's highest level since April 23 and is now prices at $911.60 an ounce still remaining below the lifetime high of $1,130.80 hit on March 17.

Past attempts to reclaim gold's record high have seen heavy profit taking, which saw gold fall to a four-month low at $845 an ounce in early May.

"Whether gold will hold above $900 is a difficult question. Around about $920 should be the psychological resistance for the metal," said Walter De Wet, analyst at Standard Bank. "If the dollar can appreciate again to around $1.54 (against the euro), we should see gold becoming down again. Platinum of course remains very well supported from the physical side."

Oil extended last week's climb that saw prices jump to a record high near $128 a barrel, as concerns over tight fuel supplies overshadowed gains in the U.S. dollar.

In theory, rising crude oil lifts gold's appeal as a hedge against inflation.

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Gold prices harden

Gold prices hardened in India on Friday. This steadying of gold prices is attributed to healthy gains made by overseas markets who were capitalizing on the weaker dollar. With India's busy season of weddings and festivals coming to an end the demand for gold just isn't there. Gold prices are at a discount in the local markets. The rupee's reported weakening spiked gold prices a bit but the few inquiries generated by this have not converted over into orders. India is still the largest market in the world for buying gold so small gold buying will continue to take place. There are still wedding gold purchase being made in North India for wedding coming up next season. People are buying ahead to avoid paying higher gold prices next season.

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