Gold and silver daily review (August 21, 2010)

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MARKET ROUNDUP


US Gold rose on Thursday to its highest price since July 1, rallying for a sixth day as disappointing U.S. jobless claims data rekindled economic fears, sent stock markets lower and prompted investors to buy gold as a safe haven.


IN FOCUS


- The world's largest gold-backed exchangetraded fund, SPDR Gold Trust, said its holdings rose to 1,299.468 tonnes by Aug. 19 from 1,295.516 tonnes on August 18.


- The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings stood at 9151.03 tonnes as of August 19, unchanged from the previous business day.


- The world's top pure silver mine, San Bartolome, has resumed production in Bolivia, owner Coeur d'Alene said on Tuesday, a day after demonstrators ended protests that brought mines in the Andean country to a halt.


- Newcrest Mining, Australia's top gold producer reported a record full-year underlying profit on Monday, topping forecasts, and flagged a near doubling in capital spending to develop Australia's largest underground mine.


FUNDAMENTAL OUTLOOK


Precious metals prices edged down on COMEX today. We may witness some profit booking in the counter today. But overall outlook for precious metals remains bullish on the back of sparking worries of deepening slowdown in the global recovery is likely to support buying in gold as a safe-haven.