Board-Ansicht
Mix-Ansicht- Der Truthahn-Verzehr hat heute an der Wall-Street seinen Anfang gehabt: - Emerald, 24.11.2003, 22:12
Der Truthahn-Verzehr hat heute an der Wall-Street seinen Anfang gehabt:
-->und hier noch die Metall-Optionen und die nicht zu verachtenden Hintergründe:
COMEX gold weakens early on euro and options
11/24/2003 10:23:56 AM
NEW YORK, Nov 24 (Reuters) - COMEX gold slipped Monday morning on a weaker euro and final hedge adjustments as options expired some distance from the key $400 strike price, traders said.
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In London, the clock ran out on over-the-counter options at 9:30 a.m. EST (1430 GMT) but New York's focus was on end-of-session December options expirations on COMEX, where speculators had bet big on the bull market with $400 calls.
"There's some small stuff this morning, then of course the bigger thing is the COMEX this afternoon," said a bullion trader."It's going to be a big disappointment if we're not trading $400 by the end of the day here."
December gold <0#GC:> at 9:33 a.m. EST was down $2.80 at $393.20 an ounce, trading from $396.50 to $392.10.
Spot gold <XAU=> fetched $392.55/3.30, down from the close at $395.80/6.60 and London's morning fix at $394.25.
Options desks were big buyers of futures in case the calls expired in the money, requiring them to sell gold at $400. But after briefly topping $400 last week, futures receded as time ran out, so traders reduced these"delta" hedges.
A weaker euro lessened the incentive for European investors to buy dollar-priced gold. The euro pulled back from last week's lifetime high against the dollar at $1.1977, trading Monday morning at $1.1818/23.
The approach of a four-day U.S. Thanksgiving weekend for New York traders also promoted long liquidation.
There was heavy switching of December positions into February before December first notice day on Wednesday.
As of Thursday, there were 59,918 contracts of open interest in December to be rolled or closed out.
"We'll see what the options (take) off open interest, to see what we have left in the actual roll," said a floor broker, adding that the floor was a little"crazy" with switching."After today there should be a vacuum of a bunch of contracts, because I guess they are all hedged against the options."
The market is also focusing on a stack of U.S. data to come out on Wednesday before the holiday, including a revision to third-quarter gross domestic product, November consumer confidence and the Chicago Purchasing Managers Index.
On Friday, the CFTC said in its Commitments of Traders report that the net speculative long position on the COMEX rose to 93,160 contracts as of Tuesday from 82,578 a week earlier.
Overbought funds have much more room to liquidate. But the market remains optimistic given the dollar's weakness, worries about Iraq and bomb attacks against U.S. allies like Turkey and Saudi Arabia.
Friday's news that Barrick Gold Corp. was no longer committed to hedging was also seen as positive.
December silver <0#SI:> was off 7.5 cents at $5.22 an ounce, trading from $5.305 to $5.195. Spot silver <XAG=> was at $5.20/22, down from $5.27/29 at the prior close. It fixed at $5.24.
At the NYMEX, January platinum <0#PL:> was $6.80 lower at $753.50 an ounce. Spot platinum <XPT=> fetched $753.00/758.00.
December palladium <0#PA:> slipped $3.25 to $192.50 an ounce. Spot <XPD=> was at $188.00/193.00.
© Reuters 2003. All rights reserved.
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