By: Adam Hamilton, Zeal Research - 6 December, 2013
This first chart looks at GLD’s holdings during this past year superimposed on the flagship American S&P 500 stock index (SPX). The US stock markets have been levitating and melting-up all year long thanks to the notion that the Fed’s massive QE3 campaign is backstopping them. This seduced investors away from alternative investments including gold, leading to the capital rotation out of GLD into general stocks. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 6 December, 2013
Meanwhile gold prices at such low levels continue to undermine profitability and move the mine’s attention from lower grade ores to higher grade ores. While this restores short-term profitability, if carried on for too long, it will result in longer-term profitability being harmed. They need to see the gold price rising and costs either hold at current levels of drop. Full Story
"Short covering is now in the air," one Asian trading desk said earlier, after Wednesday had seen bearish speculators being forced to close their bets by a $25 spike on the private-sector ADP jobs report. Full Story
The PRICE of gold fell hard Thursday lunchtime in London, giving back all of yesterday's sudden 3.1% jump to trade back at $1223 per ounce after stronger-than-expected US economic and jobs data. European and US stockmarkets fell marginally after the Bureau for Economic Analysis revised its GDP estimate for the third quarter of this year up to 3.6% annual growth, well beating analysts' 3.0% forecast. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 December, 2013
The gold price in New York rose to $1,248 before closing at $1,243.40 up $22.70 with Asia taking it down to $1,235 ahead of London’s opening. London took it to $1,233.50 ahead of the Fix, which was set at $1,234 up $15.00. In the euro it Fixed at €907.687 up €9.183. Ahead of New York’s opening the euro stood at $1.3595: €1 with gold at $1,234.40 and in the euro at €907.98. Full Story
Gold bounced sharply higher yesterday as traders went long, leading to a bout of short covering. Gold looks very oversold according to the relative strength index and other indicators. Gold was also supported by the emergence of Indian demand as jewellery, coin and bar providers stocked up at these lower prices for the ongoing marriage season. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 December, 2013
Gold fell $10.87 to $1211.83 at about 6AM EST, but it then jumped to as high as $1251.46 by early afternoon in New York and ended with a gain of 1.69%. Silver slipped to as low as $18.896 in Asia, but it then climbed to as high $19.885 in New York and ended with a gain of 3.24%. Full Story
JUMPING to $1229 per ounce in London trade Wednesday, gold defied analyst expectations and reversed earlier 1% losses after stronger-than-expected US jobs data. Today's private-sector ADP Payrolls Report said 215,000 jobs were added in the US last month, against consensus forecasts of 173,000. Full Story
Gold fell to the lowest in almost five months in London this morning as very tentative signs of improving U.S. economic growth added to continuing speculation that the Federal Reserve may reduce its massive $85 billion per month bond buying programme. U.S. manufacturing accelerated at the fastest pace in more than two years in November, data showed on December 2. Less positive data showing consumer sales on Black Friday were worse than expected was ignored. Full Story
Higher crude oil prices should keep gold and silver prices from a big fall. Momentum is still bearish for gold and silver while technically oversold conditions exist. There can be a sharp rally anytime if and when US economic data releases are below street expectations. We prefer to use caution going short at current prices for the next three days till Friday despite the bearish momentum. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 December, 2013
Gold gained $6.18 to $1225.18 in Asia before it fell back to $1215.86 by a little after 10AM EST and then climbed back to $1225.23 in the next hour of trade, but it then drifted back lower into the close and ended with a gain of just 0.3%. Silver edged up to $19.314 in Asia before it fell back to $18.997 and then also bounced back higher, but it still ended with a loss of 0.16%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 December, 2013
The gold price in New York fell $32.20 to $1,219.00 on Monday. Asia tried to lift it to $1,222 but it slipped back in London to Fix at $1,219 down $18.50. In the euro it Fixed at €898.504. Ahead of New York’s opening the euro stood at $1.3570: €1 with gold at $1,222.40 and in the euro at €900.81. Full Story
WHOLESALE gold trimmed Monday's 2.6% loss in Asian and London trade Tuesday morning, with a brief rally to $1226 per ounce as world stock markets fell after Wall Street retreated from record highs. Full Story
A major conference on the future of banking yesterday heard contributions on a European banking union which is being negotiated by Eurozone finance ministers. One of the aspects of that union will be a 'bail-in' of deposits when banks fail in the future. Michael Noonan, Ireland’s Minister for Finance confirmed yesterday that bail-ins or deposit confiscation will be used. Full Story
By: Chris Mullen, Gold-Seeker.com - 2 December, 2013
Gold fell to as low as $1217.87 at about 3PM EST before it bounced back higher in the last hour of trade, but it still ended with a loss of 2.57%. Silver slipped to as low as $19.135 and ended with a loss of 4.2%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 2 December, 2013
The gold price in New York rose $13.70 to $1,251.20 on Friday but slipped back below $1,240 ahead of London’s opening and held around $1,238 in London ahead of the Fix where it was set at $1,237.50 down 45.25 up $7.75. In the euro it Fixed at €913.082 down €2.146. Ahead of New York’s opening the euro stood at $1.3527: €1 with gold at $1,238.40 and in the euro at €915.50. Full Story
FRIDAY'S late 1.1% rally in gold was reversed in Asian and London trade Monday morning, with the metal trading back below $1240 per ounce as world stock markets also slipped with commodities. Silver tracked gold lower, falling from $20 per ounce at the start of Asian dealing to hit near 1-week lows $19.63. Full Story
Gold is lower today for the first time in three days as continuing speculation regarding possible ‘tapering’ by the Fed contributes to poor sentiment. The Bank of England and ECB meet this week and market participants await central bank policy decisions and will look for guidance regarding the continuation of ultra loose monetary policies. Full Story
The opening of the month moves in the Asian session suggests caution among gold and silver investors. Trading volumes will rise as the week progresses. Intraday volatility will reduce and gold and silver will soon form a short term direction as the week progresses. US November nonfarm payrolls will be the key apart from GDP numbers and new home sales numbers. Full Story
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