TUESDAY, 8.30AM
GOLD climbed out of its three week trough in overnight trade, thanks to the weaker dollar, the gains by silver, platiunum and palladium — and the discovery that a rich new Indonesian gold seam was a hoax.
The JSE all gold index was up 2,5% or 30 points to 1 268; and gold closed at $345,50 in London and $347,55 in New York. The dollar’s decline follows an announcement by the Japanese that they may sell dollars to defend the yen. Silver, platiunum and palladium are up due to a shortage in supplies from Russia.