Bullishness is running rampant on Wall Street, with the stock market charging ahead ever since hitting its lows in March 2009. Today the Dow Jones Industrial Average hit its 48th record close this year.
Will this bull continue its rampage, goring bears along the way? Or is it time for caution?
Industrial firms, Wall Street hedge funds, and any big money investing in platinum anxiously await Johnson Matthey’s semi-annual review of the platinum industry – and they got incredibly interesting reading in the group’s most recent report, released Tuesday.
In its Platinum 2013 Interim Review, Johnson Matthey said the platinum market this year is moving toward a supply and demand deficit of 605,000 ounces – the largest deficit since 1999. That’s up from a 340,000-ounce shortfall in 2012.
Gold prices seem to have stabilized today, trading once again above the $1,300 an ounce mark.
This follows a tumble yesterday of more than $40 an ounce to as low as $1,284 an ounce. That price was nearly a two-month low and put the precious metal down 23% in 2013.
It was a rather quiet week in the silver market. Silver prices dropped about 50 cents an ounce to trade in the $22 an ounce range.
The only real news – major news, that is – in the marketplace was the decision by the Commodity Futures Trading Commission (CFTC) to announce that its probe into silver price manipulation by the large Wall Street banks is closed without any action taken. This is after a five-year probe into the workings of the silver market.
In a week in which the gold price is trading in the $1,335-per-ounce range, all eyes in the gold industry are focused on Denver.
That is the site of the annual Denver Gold Forum, the most prestigious event centered around the world’s largest gold mining companies. The event was held from Sept. 22-25 this year.
What sets this event apart from other events is the participation of nearly all the CEOs of the large gold mining firms along with major gold analysts and institutional investors.
Despite the drop in gold prices so far this year, attendance at the Forum usually falls when gold prices are down, but organizers expected the number of attendees to match or exceed last year’s. This indicates that interest in the sector is still quite high.
Back in the times of the California gold rush, people didn’t need to work out how to invest in the bonanza. They simply grabbed some basic mining gear and headed up into the hills.
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