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Commodities Daily
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Gold continued to surge yesterday rising close to USD1,098 – a new all−time high
Thu, Nov 5 2009, 14:00 GMT
by Danske Research Team
Commodity news
- Most front contracts in the commodities segment are down this morning. Oil is little changed on the weekly EIA stocks report but gold continues to trade above USD1,090. EUR/USD is slightly weaker after having risen somewhat following a relatively dovish tone in the FOMC statement.
- The weekly EIA inventory report saw draws in crude, gasoline and distillate stocks alike in the week to 30 October. Notably, the elevated distillate stocks fell less than expected; implied demand for all categories was broadly unchanged. Separately, the ADP employment report revealed a larger-than-expected decline in employment in October highlighting concerns that energy demand has yet to show clear signs of a sustainable recovery.
- Gold continued to surge yesterday, rising close to USD1,098 – a new all-time high. With the current levels of volatility and with the Fed pledging to “keep borrowing costs low for an extended period”, thereby weakening the dollar, it is highly plausible that we could see bullion going above USD1,100 soon. We still see gold averaging USD1,050 this quarter but recent movements do pose upside risks to our short-term forecast.
- In the longer run, we do not see gold soaring without bounds however as the likelihood of neither a depression nor a high-inflation regime both seem negligible. The main risk to our call for gold to fall back below USD1,000 towards the end of 2010 as the global economy gains footing, would be if central banks start to diversify reserves into gold on a large scale.
- Both the ECB and the Bank of England will announce rate decisions later today. The Bank is widely expected to increase its asset-purchase target. Moreover, US jobless claims data will be out.
Published on Thu, Nov 5 2009, 14:04 GMT
Archive
- Still expect WTTI to hit USD90 within a three-month period
Published On Fri, Nov 20 2009, 13:08 GMT - Mixed movements in commodities this morning
Published On Thu, Nov 19 2009, 13:09 GMT - Commodities are up across the board this morning on the back of a slightly stronger dollar
Published On Wed, Nov 18 2009, 13:07 GMT - Copper soared to a 14-month high of USD6,855 yesterday
Published On Tue, Nov 17 2009, 13:10 GMT - Commodities are up a little this morning
Published On Fri, Nov 13 2009, 13:04 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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