Today gold closed up $7.50 at $502.30, silver closed up .24 at $8.51, platinum closed up $18.00 at $987.00 and palladium closed up $3.00 at $260.00

Dec 2, 2005 — By Lewa Pardomuan

SINGAPORE (Reuters) - Gold rose to as high as $505 an ounce in Asia on Friday, its highest level since February 1983, and looked likely to rise further as fund buying resurfaced despite fears of year-end liquidation.

Gold, used as jewelry and investment, has been on the rise as investors diversify their portfolios on worries about geopolitical tensions, such as the threat of terrorist attacks, and inflation.

Spot gold was quoted at $503.60/504.20 an ounce in late trade, up slightly from $503.00/503.75 last quoted in New York on Thursday. Some dealers expected gold to trade in a wide range of between $490 and $510 for the rest of the day.

Gold climbed to $509.20 an ounce in February 1983. Anything above that level will bring the metal to its highest since January 1980, when it hit a record high of $850 an ounce.

Gold closed up $7.20 for the week at $502.90 and silver closed up .36 at $7.55. The ratio between gold and silver is now 58.8.

Closing prices for gold and silver, past 5 weeks:

11-4-05---Gold $456.20, silver $7.52
11-11-05--Gold $468.40, silver $7.74
11-18-05--Gold $485.20, silver $8.03
11-25-05--Gold $495.70, silver $8.19
12-02-05--Gold $502.90, silver $8.55

Johannesburg - The spot price of gold earlier on Monday surged to a fresh 22½-year high of US$508.63 an ounce on continued strong fund buying on the Tokyo Commodity Exchange (Tocom), traders said.
At 09:15, gold was quoted at $506.35/oz, up $1.40/oz from the metal's Friday close. The level of $508.63/oz is the highest level for gold since February 1983, when gold fixed in London at a high of $511.50/oz.

Gold's highest London's fixing was $850/oz in 1980.

Today gold closed up $5.50 at $508.40 and silver closed up .08 at $8.63. The gold to silver ratio is now 58.9. I look for a pullback in the precious metals tomorrow which is usually what happens on tuesdays.

Gold and silver were up in Japan last night but the London market brought the metals to a slight loss and when the US market opened it was an immidiate shart drop. Gold was down as much as $4.70 and silver down as much as .14. Presently gold is currently trading at $505.20 and silver at $8.57

"Spot gold climbed to a 24-year high of $510.30 in Asia but then fell to $504.40/5.10 an ounce, compared with $508.40/9.20 at Monday's New York close. Tuesday's afternoon fix in London by bullion dealers was at $504.25.

In the other metals, silver fell from an 18-year high, platinum from a near-26-year peak above $1,000 an ounce, and palladium eased from another 19-month high".

This gives an idea of how many years have passed since the PM's were this high.

Gold closed up $1.80 at $510.20 and silver closed up .05 at $8.68.

In London gold is up $2.80 at $513.00 and silver is up .13 at $8.81 as the rally continues. Platinum is up $18.00 at $998.00.

Southern Rio drills 346 g/t Ag over two metres - Stockwatch, Dec 06, 2005 21:41

With only 52,635,118 outstanding shares this is a very attractive speculation at .07.

oops. SNZ name change and share consolidation has been approved.  This type of mining stock is a tough game.

In Japan gold is currently up $19.10 for the week at $522.00 and silver is up .42.  It looks like this will be the 5th week in a row that gold and  silver has gained.  Just four weeks ago on 11-11-05 gold closed at $468.40 and silver closed at $7.74.

This week gold gained $23.40 to close at $526.30 and silver gained .44 to close at $8.99. The euro gained .0108 against the US dollar to close at 1.1824. The Canadian dollar gained .0039 to close at .8645.

Precious metals continue to rise with gold currently up $11.90 at $538.20 and silver up .22 at $9.21. Platinum is up $11.00 at $1,006.