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PRECIOUS-Gold slips but holds near record; ETF unchanged

Wed May 12, 2010 8:36am IST

 * Gold falls, jewellers sell scrap

 * For a technical outlook on gold, click on [ID:nSGE64B00R]

 * Coming Up: Weekly U.S. Mortgage Market Index; 1100 GMT
 (Updates prices, adds quotes)

 By Lewa Pardomuan

 SINGAPORE, May 12 (Reuters) - Gold ticked lower on
Wednesday but held near a lifetime high struck the previous day
as investors bet the euro zone debt crisis could spread beyond
Greece.

 Jewellers in Asia cashed in on Tuesday's rally to a record
$1,233.65 an ounce and dealers said the metal was likely to
consolidate at current levels. But any correction could be
limited as a $1-trillion European rescue package had done
little to ease fears of euro zone debt contagion.

 "I think sentiment is slightly bullish from here. We don't
really know where the top is," said Ronald Leung, director of
Lee Cheong Gold Dealers in Hong Kong. "We may be talking about
$1,250."

 Spot gold XAU= was at $1,227.50 an ounce by 0248 GMT,
down $4.55 an ounce from New York's notional close on Tuesday,
when safe haven buying helped it surpass December's record.

 Some dealers said gains in silver XAG= were partly
responsible for gold's rally. The white metal jumped to a
five-month high on Tuesday on buying by funds attracted by the
metal's cheap prices compared to gold, platinum and palladium,

 Gold priced in euro XAUEUR=R hit another record high on
Wednesday.

 For a graphic of the gold technical outlook, click:
 here

 "We've seen the worst and the market now needs a few days
to consolidate. We'll probably wait again for leads from the
stock markets today," said Darren Heathcote, head of trading at
Investec Australia in Sydney.

 The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust (GLD: Quote, Profile, Research), said its holdings were unchanged at record
high of 1,192.150 tonnes as of May 11.

 U.S. gold futures for June delivery GCM0 added $10.3 an
ounce to $1,230.6 an ounce.

 Japan's Nikkei average edged up 0.5 percent on Wednesday,
defying declines in New York but there were lingering fears the
bailout package for Europe won't solve the region's deep-seated
problems. [.T] [.N]

 The euro dropped on persistent worries about the euro
zone's ability to to deliver the drastic spending cuts and tax
increases needed to tackle its debt crisis, while sterling held
gains after a new UK coalition government was formed.
 Precious metals prices at 0247 GMT
 Metal             Last    Change  Pct chg  YTD pct chg
Turnover
 Spot Gold        1227.50   -4.55   -0.37     12.03
 Spot Silver        19.24   -0.04   -0.21     14.32
 Spot Platinum    1692.75   -9.25   -0.54     15.39
 Spot Palladium    530.00   -2.00   -0.38     30.70
 TOCOM Gold       3666.00   75.00   +2.09     12.49       
53038
 TOCOM Platinum   5062.00   62.00   +1.24     15.54       
13870
 TOCOM Silver       58.00    2.70   +4.88     12.19         
951
 TOCOM Palladium  1576.00   39.00   +2.54     35.28         
393
 Euro/Dollar       1.2643
 Dollar/Yen         92.66
 TOCOM prices in yen per gram. Spot prices in $ per ounce.

Good Post Bad Post

12-May-2010 09:34

GLD USD / Gold going up this year?

Go to Message

x 0

i keep saying..

makes me sound like a soothsayer..

like what des khor would call a MFT..

Good Post Bad Post

12-May-2010 09:30

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

it's called pyschology..

master it..and u'll tame the markets..

Good Post Bad Post

12-May-2010 09:22

GLD USD / Gold going up this year?

Go to Message

x 0

i said it way back if u followed my post on gold

i will keep saying until the day when gold reaches its mania phase..

then i'll keep mum.. that's when i'm outta the gold market..

iPunter ( Date: 12-May-2010 09:16) Posted:

It depends on when you say that...

Because saying that a few months ago and saying the same thing now is very different...

The wisdom can be either obsolete, or still valid,

depending on the dictates of the market forces... Smiley

ozone2002 ( Date: 11-May-2010 22:37) Posted:

u want $1 T .. take it ..

the value of money has fallen...

there's no confidence in paper currency...

Gold or precious metals will preserve ur true wealth

Good Post Bad Post

12-May-2010 09:18

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

y hard?

u know why it's hard..

cos when the market dips.. majority of the pple get scared..

they only feel like buyin only when the market chiong..get them all excited..

kellychang ( Date: 12-May-2010 09:06) Posted:

easy say but hard to implement.

ozone2002 ( Date: 12-May-2010 09:05) Posted:

chiong = sell

dip = buy

sure make $ strategy

Good Post Bad Post

12-May-2010 09:09

GLD USD / Gold going up this year?

Go to Message

x 0

People who hold on to fiat money are fools..

as ur paper value will be eroded by inflation..

which will rear its ugly head after all that money printing..

Good luck to those who hold anything paper... just like toilet paper.. worthless

Good Post Bad Post

12-May-2010 09:05

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

chiong = sell

dip = buy

sure make $ strategy

Good Post Bad Post

11-May-2010 22:38

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

Aski mat yoyo?

Good Post Bad Post

11-May-2010 22:37

GLD USD / Gold going up this year?

Go to Message

x 0

x 1

u want $1 T .. take it ..

the value of money has fallen...

there's no confidence in paper currency...

Gold or precious metals will preserve ur true wealth

Good Post Bad Post

11-May-2010 21:25

GLD USD / Gold going up this year?

Go to Message

x 0

gold hit previous high of US$1220..

anyone interested in this baby now?

get rid of ur stocks..transfer ur fiat money into physical gold..

Good Post Bad Post

11-May-2010 15:37

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

one day u're Thor.. next day ya whore

that's the trading whole for u..

des_khor ( Date: 11-May-2010 15:13) Posted:

You are god ! now STI recover liao..

rickyw ( Date: 11-May-2010 14:35) Posted:

but i believe will going up soon..not to green but at least not that dee

Good Post Bad Post

11-May-2010 15:33

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

that's animal porn for u..

des_khor ( Date: 11-May-2010 15:22) Posted:

Dog.... before the male dog making with female dog.. they always lick and smell from the back !!

ozone2002 ( Date: 11-May-2010 15:17) Posted:

have u heard of butt licker?

Good Post Bad Post

11-May-2010 15:17

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

have u heard of butt licker?

Good Post Bad Post

11-May-2010 15:12

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

DIP = BUY BUY BUY...

my trading style is so mechanical..haha

Hulumas ( Date: 11-May-2010 10:27) Posted:

"CHIONG" still means BUY, but too "CHIONG" then means SELL!!!

ozone2002 ( Date: 11-May-2010 09:05) Posted:

CHIONG = SELL..

Good Post Bad Post

11-May-2010 15:04

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

Go to Message

x 0

must be crazy horse..

too many nekkid ladies..

CheongCK ( Date: 11-May-2010 14:37) Posted:

BLACK KNIGHT WHITE KNIGHT

ALL RIDING ON WILD HORSES

OUT OF CONTROL

rickyw ( Date: 11-May-2010 14:20) Posted:

may day...may day....plane crash...

Good Post Bad Post

11-May-2010 11:54

Straits Times Index / STI to cross 3000 boosted by long-term investors

Go to Message

x 0

Where to invest ah?

who's the FUN manager?

iPunter ( Date: 11-May-2010 11:06) Posted:

Men invest, women undress...

hehehe... Smiley

Good Post Bad Post

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