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Tuesday, May 29, 2007

Charts and More for Tuesday

First, let's look at oil ...
Next, here is a chart of gold versus the US dollar. The dollar remains in its downtrend.

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Gold Advances in London After Dollar's Decline Against Euro; Silver Climbs Gold advanced in London as a drop in the dollar against the euro revived demand for the metal as an alternative investment. Silver climbed.

S.African Q1 gold output falls 7.6 pct yr/yr South African gold output fell 7.6 percent to 2.02 million ounces (62,807 kg) in the first three months of 2007 compared to the same period last year as ore grades declined, the Chamber of Mines said.

It used to be that silver outperformed gold. No longer ...
Finally, uranium...

Denison sees $150 uranium, pricey takeovers The price of uranium could reach $150 this year or next, but should ease over the longer term, the chief executive of Denison Mines Corp. Speaking at the Reuters Global Mining and Steel summit, Peter Farmer also said his company has had talks with potential takeover targets, although high stock valuations are a deterrent to making moves, he said.

Russia and China Battle over African Uranium
Does interest by China National Nuclear in UraMin signal an era of more acquisitions and consolidations in Africa? Russia has developed ties in Namibia. Which would be the logical next acquisitions in Africa if UraMin is bought out? [XX Sean’s note – guess who has UraMin in its portfolio?]

Other News You Can Use ...

Short Sales Break Record on NYSE, Making Market Bulls Even More Bullish Short sellers are betting against U.S. stocks like never before as the Standard & Poor's 500 Index approaches an all-time high. That's making some of the biggest bulls even more optimistic.

India Poised to Grow Faster Than China Among World's Top Carmaking Nations A cacophony of horns, revving engines and squealing brakes fills Jagdish Khattar's 11th-floor office in Connaught Place, New Delhi's central business district.

China's Stocks Rise to Record for Third Day; Datong Coal, Gemdale Advance China's CSI 300 Index rose to a record for a third straight day as households poured more money into equities, drawn by a rally that's made the benchmark the world's best performer this year.

Consumers in U.S. Gained Confidence in May on Jobs, Stocks, Survey Shows Consumer confidence in the U.S. rose in May from its lowest level in eight months, as wage and stock market gains put Americans in a mood to spend, economists said before a report due today.

Copper Gains, Lead Climbs to Record in London After Stockpiles Decline Copper gained for a second day and lead traded at a record in London on speculation that falling stockpiles may signal stronger-than-expected demand for industrial metals.

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