John Read
John Read
higher rand remains risk
The risk remains that the rand will be at the higher end of people's forecasts.
board decision intention management moment responsibility stand stress ultimate
The thing to stress is that the ultimate decision will be the responsibility of the management board and no decision has yet been made. As things stand at the moment it is our intention to go.
believe gold investment market physical point rising strength though trend vitally
We believe the strength of the physical market is vitally important for 2006; even though gold is rising on speculative and investment buying, at some point there will be a reversal of this trend and gold will correct.
believe break bring bullish correction extremes gold needed recent suspect
We do not believe that this correction is over and suspect that gold will now consolidate between recent extremes of $545 and $568, with a break of $575 needed to bring back bullish sentiment.
demand gold investment level money physical support underlying until
We need to find the level at which underlying physical demand will support gold. Until then, I wouldn't be comfortable with gold up here, because it's all investment and speculative money at the moment.
buying gold positive silver suspect technical
We suspect that technical buying of gold and silver on COMEX (New York) will be triggered by a positive announcement of the silver ETF.
extra next played win
We were going down and Duncan killed the first extra end and we played the next one and managed to win it.
although appears approval driven gain possible proposed rally recent seen soon
Silver's recent rally appears to have been driven by intensifying speculation that the proposed ETF will soon gain approval from the SEC, although we have seen no indications on the possible timing.
ahead expected fund launch silver
Silver is benefiting from pre-positioning ahead of the expected launch of an exchange-traded fund in silver.
clear committed gold higher investment money motivation seems
Of course, gold can go higher on investment and speculative demand, but there seems no clear motivation for new money to be committed to gold at this time.
above base based beyond capable consider demand events factors fair flows investment lifting metals past precious prices supply value
Base and precious metals are considerably above what we consider to be fair value - based on fundamental supply and demand factors - but events of the past two years have demonstrated that investment and speculative flows are very capable of lifting prices well beyond fundamental fair value.
above believe buying fair justified metals precious stop trading weight
We believe that all precious metals are trading above fundamentally justified fair value, but the weight of investor, speculator and commodity-index buying has demonstrated that this does not stop metals trading ever-higher.
either extremely gold market ounce seems spot time today trade unlikely
It seems extremely unlikely that gold doesn't trade $600 an ounce in the spot market at some time either today or this week.
believe china gold increase interpret investors likely market positive raise
We believe that investors are likely to interpret this ... as being positive for the gold market as it will raise speculation that China will increase its gold holdings.