Gold futures top $420 to close at a five-month hig

Gold futures top $420 to close at a five-month high
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Copper soars; Iamgold, Gold Fields sign asset pact
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 2:09 PM ET Sep 30, 2004

SAN FRANCISCO (CBS.MW) -- Gold futures climbed for a fourth-straight session Thursday to close above $420 an ounce for the first time in more than five months, fueled by overall uncertainty in the market and weak U.S. economic data.

At the same time, copper prices rose to their loftiest level since at least early March and silver futures ended at a one-month high with traders betting on an overall rise in industrial demand worldwide.

"Weakening economic numbers [in the U.S.] sparked a rally in foreign currencies as the dollar plummeted to ... nearly new six month lows," said John Person, head analyst at Infinity Brokerage Services.

Ein Reihe von schlechten Wirtschaftsnachrichten aus der US-Wirtschaft entfachte einen  Sprung bei dem Goldpreis in US-$

Ein Rückblick auf die schlechten Daten aus der US-Wirtschaft

Consumer spending slips in August

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Ausschnitt:

WASHINGTON - Consumers were tightfisted with their money amid soaring gasoline costs in August and hurricane-related disruptions sent applications for jobless benefits to their highest level in seven months.
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“The consumer spending spree is over,” Sohn said.

Consumer spending on durable goods, such as cars, fell by 1.6 percent in August after soaring by 6.2 percent the previous month. Spending on nondurables, such as food, rose by 0.2 percent following a 0.3 percent rise in July. Spending on services grew 0.2 percent after a 0.5 percent rise in July.

INFLATION SOARING NEWS

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Oil

High-flying oil climbed back over $50 a barrel on Thursday, with worries over the security of Nigerian supply supporting prices despite a surprise build in U.S. crude inventories.
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Natural Gas

Natural gas prices, already high over the summer, soared to $6.16 a thousand cubic feet Wednesday on the New York Mercantile Exchange. The futures market indicated prices were likely to remain high, as gas for delivery in November jumped to $6.91 per thousand cubic feet.
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Gasoline

With prices up about 32 cents a gallon nationally and 22 cents a gallon in Delaware from last year, the hurricanes appear to be wreaking havoc at Downstate fuel pumps, the U.S. Energy Information Agency reported Wednesday.
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Analysts say the per-gallon price could increase as much as 25 cents in the coming weeks.

Der Ölschock gerät endlich auf den Radar von der Öffentlichkeit, indem der Ölpreis über die magischen US-$ 50 sprang und jetzt ansetzt um sehr viel höher ($69+++) nach oben zu steigen.

Der damit einhergehende Schaden für die globale Volkswirtschaft ist sehr viel höher als die meisten erwarten, weil er zu einem kritischen Zeitpunkt kommt, in der die Jobs knapp sind und die Verschuldung sich auf ein Spitzenniveau befindet.

Die Wahrscheinlichkeit von einer weiteren Verlangsamung bei der Erholung von der US-Wirtschaft ist sehr hoch und die Chancen von einer Rezession werden größer.

Asset Deflation ist die größte Angst.