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Bullboard - Stock Discussion Forum LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

TSX:LSG.DB - Post Discussion

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Post by HARJAY on May 30, 2013 6:38am

POG above $1400

Gold Climbs Above $1,400 as Dollar Drops With Stocks, SPDR Gains

By Glenys Sim - May 30, 2013 3:34 AM ET

Gold rose to a one-week high, paring a second monthly decline, as the dollar and stocks retreated while holdings in the largest bullion-backed exchange-traded product expanded. Silver, platinum and palladium advanced.

Spot gold gained as much as 1.3 percent to $1,411.27 an ounce, the most expensive since May 22, and was at $1,406.25 at 3:23 p.m. in Singapore, heading for the first back-to-back daily climb in more than three weeks. Prices are still down 4.8 percent this month on speculation that the U.S. Federal Reserve may reduce stimulus as the world’s largest economy recovers.

Gold has lost 16 percent this year, tumbling into a bear market last month, as the U.S. Dollar Index strengthened 4.6 percent while the MSCI All-Country World Index rallied 9 percent. The dollar fell for a second day against a six-currency basket today and stocks dropped. Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, expanded yesterday for the first time since May 9, according to data on the company’s website.

“We see a bit of safe-haven trade coming in,” said Yang Shandan, a senior trader at Cinda Futures Co., a unit of one of four funds in China created to buy bad debt from banks. “Physical buyers have helped to limit declines but they have also become more price-sensitive and tend to stay on the sidelines near $1,400.”

The 30-week correlation coefficient between the U.S. Dollar Index and bullion is now at -0.55, a level last reached in December. A figure of -1 means the two move opposite to each other. The correlation was 0.26 in April.

Comment by FoxTek1 on May 30, 2013 7:04am
Yup, looks like gold plays have put in their bottoms for now.
Comment by specboy2011 on May 30, 2013 9:16am
I am not a fan of LSG but at 30 cents with gold looking to rebound this might be very timely for a move back to 40-50.Seems every day large offers 32-34 trying to suppress the price.Accumalation by the powers to be........
Comment by specboy2011 on May 30, 2013 9:33am
Bought the open.Wont ignore this gold tick and US data today
Comment by Detonator66 on May 30, 2013 1:40pm
if specboy by LSG me sell short cuz him no mek munny never mek munny not no how mek munny him jes tok out of bik herry a zz wile him need frontel labodomy  
Comment by specboy2011 on May 30, 2013 3:04pm
60k times a nickle..Up 3000 grand on the day so far Detoweiner...lol
Comment by prioris on May 30, 2013 5:38pm
i hope they can get it back under 1400. i'm hoping the fed drops another billion dollars in naked short comex gold contracts gee, i can't believe i just wrote that ... bernanske won't believe what i wrote either but i am greedy and want to buy cheap shares. i deserve a subsidy also.  
Comment by tarnoir on May 30, 2013 7:32pm
So, ALL TIME low is not cheap enough? LSG is a v. leveraged play to Au prices - if Au goes down, then you might buy cheap, but you also might be stuck with a high cost producer that goes no where. What's a few pennies here and there when has lost 60% in 1 year, not withstanding the 95% loss from its highs.
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