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DJ PRECIOUS METALS: NY Gold Seen Up $21, Silver Up 42 Cents
 
DOW JONES NEWSWIRES


December gold futures are expected to open floor trading in New York around
$21 an ounce higher Wednesday, based on electronic activity ahead of the pit
session at the Comex division of the New York Mercantile Exchange. December
silver is expected to be up 42 cents an ounce.

Spot gold was benefitting from ongoing financial-market turmoil overnight
when it got an added boost from a coordinated rate cut that included the
Federal Reserve, analysts said. This heightened worries about the financial
sector, prompting more safe-haven buying, said one trader.

The coordinated action could lead to gold surging further in the coming
months, said Mark O'Byrne, executive director of Gold Investments.

"Competitive currency devaluations look increasingly likely in order to
combat massive asset deflation and wealth destruction," he said.
"Nationalization and quasi-nationalization of banking systems and digital money
printing on a scale not experienced in industrialized countries since Weimar
Germany will make gold an absolutely essential asset to have in all portfolios
in the coming months."

At 7:57 a.m. EDT, spot gold was trading up $13 to $901.60.

In other markets that have the potential to impact metals in the short term,
the euro was up to $1.3697 from $1.3589 late Tuesday afternoon. In screen
trading ahead of the pit open, the December S&P 500 futures was up 20.60 points
to 1,026.40. November crude oil was down 31 cents to $89.75 a barrel in
overnight activity.

The main U.S. economic report Wednesday is the August pending-home sales due
out at 10 a.m. EDT (1400 GMT). Weekly U.S. energy inventory data - which can
affect crude oil, which in turn often leads metals - is scheduled for release
at 10:35 a.m. EDT (1435 GMT).

In New York Tuesday, gold shined for the second straight day as market
participants continued turning to the metal as a safe haven due to ongoing
worries about the global financial system, analysts said. December gold gained
$15.80 to $882 an ounce. December silver lagged but added 9.5 cents to $11.38.

Comex gold warehouse stocks were down 98 ounces at 8,594,819 ounces Tuesday,
while silver stocks were steady at 135,718,957 ounces.


-By Allen Sykora, Dow Jones Newswires; 541-318-8765;
allen.sykora@dowjones.com


Click here to go to Dow Jones NewsPlus, a web front page of today's most
important business and market news, analysis and commentary:
http://www.djnewsplus.com/al?rnd=77znUA3kjavnLZNSIfQT9w%3D%3D. You can use this
link on the day this article is published and the following day.


(END) Dow Jones Newswires
Source