Oil shrugged off weakening global growth and surging supply to hold near the $75 mark and commodities started the week with a little spring in their step.
Positive market sentiment prevailed in the early part of the week as increased US manufacturing output in July and strong company earnings results were reported.
Markets participants are cautious ahead of Ben Bernanke?s speech which is expected to focus on the uncertain outlook for the US economy. Asian stock markets were mixed overnight and European indices are under pressure today.
Impala Platinum Holdings Ltd. , the second-largest producer of the metal, reported fiscal full-year profit that fell less than analyst forecasts as a strike and its worst underground accident were countered by rising prices.
Keynesian economic dogma continues down a path marked by complete failure . Fundamental belief of this ideology is that government can replace the private economy. Second rule is that government should replace the private sector. Flowing from that change should be a land of economic milk and honey.
Also read our weekly reports on platinum, palladium and rhodium. The documents are supplied in PDF format. To view these you may need to download the free Adobe Acrobat Reader .
New York gold prices opened with a $1.10 per ounce gain this morning, supported by uncertainty over the release of the weekly initial jobless claims figures.
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