Recent News: Gold rallies above $950

New York — Reuters
Monday, Jul. 20, 2009 03:22PM EDT

Gold (GC-FT948.6011.101.18%) futures rallied above $950 (U.S.) an ounce Monday, reaching the highest level in more than a month, as a sharp dollar decline and better U.S. corporate earnings boosted bullion's inflation-hedge appeal.

Commodities in general benefited from a sharper appetite for risk, dealers said, with world stocks rallying as investors were tempted back into higher-yielding assets.

A brighter outlook for the financial sector amid economic optimism has underpinned the gold market this week. The metal, viewed as an inflation hedge, has been weighed down by the prospect of deflation, or a downward spiral in prices.

“You are starting to see the precious metals taking the lead on the positive rebound of the better-than-expected earnings coming out of the U.S. stock market, and the anticipation of reflation,” Frank McGhee, head precious metals trader at Integrated brokerage Services LLC in Chicago.

U.S. August futures settled up $11.30, or 1.2 per cent, at $948.80 an ounce on the Comex division of the New York Mercantile Exchange. The August contract hit a session peak of $955.40, which marked the loftiest level since June 12.

Spot gold traded at $949.50 an ounce at 2:33 p.m. ET, against $936.50 in its previous session finish.

Prominent independent investor Dennis Gartman said on Monday he is now a buyer in the gold market because of bullion's technical strength and its status as a hedge against the U.S. dollar.

The dollar slid to a six-week low against the euro as rising stock markets boosted appetite for higher-yielding currencies seen as riskier.

Other commodities also benefited from stronger risk appetite, with oil climbing toward $65 a barrel and copper rising to its highest level since October.

“It's a combination of several factors – dollar weakness, the strength of the oil price,” said Eugen Weinberg, analyst at Commerzbank.

Gold priced in euros rose to a three-week high of €671.24 ($955.13) an ounce, while sterling-priced gold reached a peak of £578.78 ($957.68), its highest since June 11.

“Appetite for commodities [is] coming back with the hope of an economic recovery,” said Alexander Zumpfe, a trader at precious metals house Heraeus.

Analysts say the euro's break up through $1.42 may fuel further gains in the gold price.

Bullion, like all dollar-priced commodities, becomes cheaper for holders of other currencies as the U.S. unit weakens.

Demand for physical gold, however, remained lacklustre, with the main bullion-backed exchange-traded fund, the SPDR Gold Trust, reporting a 0.31-tonne outflow on Friday. The fund said its gold holdings dropped more than 15 tonnes last week.

Among other precious metals, silver (SI-FT13.620.221.62%) tracked gold higher, rising nearly 2 per cent to $13.62 an ounce from $13.39. Platinum (PL-FT1,187.00-1.90-0.16%) was at $1,182 an ounce against $1,171, while palladium (PA-FT255.60-0.40-0.16%) was at $252 against $246.

Halach Gold Inc. is proud to support The Paterson Turkish Women's Club in the 4th Annual Paterson-Clifton Turkish American Parade & Festival!

You are welcomed to join us this Saturday, May 16, 2009. There will be a chance to win free 24k refinery certified GOLDGRAM bars through our fun raffle event.

Hope to see you there!

- GOLDGRAM team

Money Markets May 4th –8th 09

The US dollar got weaker this past week, as stocks and commodities continued to strengthen as incoming data persists to suggest the worst of recession is over.

US April jobs data were also not as bad as forecasted, though the unemployment rate continues to rise. According to the Department of Labor statistics; “Nonfarm payroll employment continued to decline in April (-539,000), and the unemployment rate rose from 8.5 to 8.9 percent. Since the recession began in December 2007, 5.7 million jobs have been lost. In April, job losses were large and widespread across most private-sector industries. Overall, private-sector employment fell by 611,000. The Unemployment rates rose in April for adult men (9.4 percent) and blacks (15.0 percent). The jobless rates for adult women (7.1 percent), teenagers (21.5 percent), whites (8.0 percent), and Hispanics (11.3 percent) were little changed over the month. The unemployment rate for Asians was 6.6 percent in April”.

The data above shows that the recession is deepening but investors saw an optimistic side. The job losses (539,000) were less than lost in February (681,000) and March (699,000). Since March 9th, the Standard & Poor (S&P)’s 500-stock index has grow 37.4%, and it is up to 2.9% for the year.
In the week of May 4th (last week)
The YIELD on the 10-year Treasury note rose to 3.29%, from 3.15%.
The DOW JONES industrial average increased 362.24 points (4.4%), to close at 8,574.65.
The S&P 500 climbed 51.71 points (5.9%), to close at 929.23.
The NASDAQ composite index gained 19.8 points (1.2%), to close at 1,739.

Here are the major economic reports, key data and events to look at in the week ahead;
Monday: The Federal Chairman Bernanke will be delivering a speech on stress-test on Banks.
Tuesday: the trade balance for the period of March, expected -$29 billion the change from previous -3billion.
Wednesday: Retail sales, import prices and business inventories period of March; expected -1.1% the change from previous +0.2%.
Thursday: producer price index and the jobless claims data. The producer price index of April is expected +0.1% a change from previous is +1.3%.
Friday is full of activity with industrial production (period of April expected -0.6% change from previous +0.9%) consumer prices, NY Empire manufacturing, international capital flows and the University of Michigan consumer sentiment index.

Disclaimer: The information and opinions in this article are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this article are subject to change without notice. This article has been prepared without regard to the specific investment objectives, needs of any particular recipient and financial situation. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

What is GOLD?

Gold (Au) is a chemical element. The Latin word for the symbol is aurum. It is dense, soft, shiny and the most malleable and ductile pure metal known. Pure gold has a bright yellow color. It is one of the coinage metals and formed the basis for the GOLD STANDARD used before the collapse of the Bretton Woods system in 1971.

Gold comes in a variety of colors, most common yellow and white. Natural gold is 24 karats, however because gold is relatively soft it is alloyed with other metals to increase its strength and make it suitable for jewelry. When other metals are blended with gold it will change to a variety of colors.

For example, adding copper and silver creates yellow gold. Depending on the percentage of yellow gold gold jewelry will be designated 18k, 14k or 10k.

White gold contains platinum or palladium, zinc and copper. Green gold contains silver, copper and zinc. Using copper only creates pink gold. 18K Gold: 18K Gold is 18/24ths, or three-quarters pure gold. Jewelry of this fineness is marked "18k" or "750," meaning 75 percent gold. 14K Gold: 14/24ths, or slightly more than one-half pure gold.

Jewelry of this fineness is marked "14k" or "585," the European designation meaning 58.5 percent gold. 10K Gold: 10/24ths, marked as "10k" or "417," the European designation meaning 41.7 percent gold. Less than 10-karat gold can not be legally marked or sold as gold jewelry in the United States.

JOB OPPORTUNITY at WWW.BESTPAY4GOLD.COM & WWW.MYGOLDGRAM.COM

Position: GOLDGRAM™ Account Executive / Dealer – Nationwide
Become a GOLDGRAM™ Specialist and you will be able to make your own hours and there is no limit to how much money you could make as an Account Executive!
As a GOLDGRAM™ Specialist you will be working in one of the most booming industries in the country right now- the gold industry, and you will be equipped with all the tools to become your own boss.

Halach Gold Inc is looking to train and certify energetic, self-motivated individuals for this exciting employment opportunity. There is no cost for training only a small fee for a background check and you can get started right away. Please e-mail us at info@mygoldgram.com for details on becoming a GOLDGRAM™ Specialist.
· All sales reps are commission based
· Bachelor Degree is a must
· Trading, Financial and/or Sales Industry experience is a plus
· Work Permit is a must

HOST A GOLD PARTY!

Hosting a gold party is a great way to earn some extra cash for yourself or for an organization/charity you support. During the event our trade marked I.A.R. certified GOLDGRAM bars will be availbe for purchase. Call us for more details at 212 575 2388 or e-mail at info@mygoldgram.com! The event will be sponsored by www.bestpay4gold.com & www.mygoldgram.com

mygoldgram.com - NEW YORK EVENT ANNOUNCEMENT

Following our event on February 7th at Doubletree Hotel in Times Square; we are proud to announce our upcoming event below:
Halach Gold Inc., founder of www.bestpay4gold.com & www.mygoldgram.com, has teamed up with ‘Genesis Monthly’ to host a “Golden Tea Party” in celebration of Mothers’ Day.

During the event sell your broken jewelry, trade your used gold for 24k GOLDGRAM™ bar or buy a GOLDGRAM™ bar for the women in your life!
Purchase I.A.R. certified GOLDGRAM™ refiner certified gold, boxed and bowed and ready to be the perfect gift for this upcoming mothers day.

Date: MAY 2, 2009 Time: 3:30 -7pm Venue: East Manor Restaurant - 46-45 Kissena Blvd. Flushing N.Y. 11355
Space is limited.
RSVP Guests: Fully Booked
RSVP Media: Open (for media RSVP please contact 212 575 2388)