Gold jumped to a new session high of $944.30 following the release of this morning’s jobs report before it dropped down to see a gain of just $3.50 at $930.30 by about 10AM EST, but it then rallied back higher for most of the rest of trade and ended near its earlier high with a gain of 1.62%. Silver rose to a new session high of $13.517 following the jobs report and then dropped back down to see a gain of just $0.15 at $13.26 before it climbed back above $13.40 in later morning trade, but it then drifted back lower into the close and ended over 1% below its earlier high with a gain of 1.75%. Full Story
Weakness in the dollar and continued deterioration in the stock market provided a nice boost for gold today. Clearly, stock traders are very concerned that the government does not have a reasonable plan in place to encourage economic growth. There is more and more talk of waiting to see capitulation occur in the markets, when the masses tell their brokers to just get out at any cost. Some are not waiting for the other shoe to drop and are buying gold as a hedge. Full Story
THE PRICE OF GOLD in US Dollars moved in lock-step with the European single currency early Friday, breaking the pattern of the last seven weeks as the United States reported its worst jobless data since 1983. US payrolls shrank by 651,000 in Feb., the Bureau for Labor Studies reported, pushing the unemployment rate to 8.1%. Full Story
As expected gold bounced yesterday after its recent sharp falls. Gold's lack of correlation with equities (gold has occasional very short term correlation with equities) was seen again as gold and silver were up some 2% while major US indices were down by some 4%. Full Story
Gold and silver added $11.50 and $0.352 to as high as $918.35 and $13.202 in London before they fell back near unchanged in late morning New York trade to as low as $907.65 and $12.864 to see gains of just $0.80 and $0.014, but they then soared back up to new session highs of $928.80 and $13.217 in the last few hours of trade and gold ended with a gain 2.2% while silver added 2.02%. Both metals have also risen to new highs in after hours access trade. Full Story
Gold prices held off another probe of the $906 price level for the third day in a row and rallied impressively as the stock markets soured. The turn in gold came around 7:00AM PST when stocks began to weaken in what would turn out to be a 200 point loss in the Dow, erasing yesterday’s gains. Full Story
Gold adopted a corrective tone over the past week, initially knocked off the highs by options related selling in the futures market. The decline then built on itself as weak stops were triggered and large amounts of scrap reportedly hit the market. Full Story
THE SPOT PRICE of physical gold held steady in Asia and London on Thursday morning, moving in a tight $2 range either side of $912 per ounce as traders waited for key interest-rate decisions from the Bank of England and European Central Bank (ECB). Full Story
Gold fell for the eight straight session yesterday to have the longest losing streak since June 2006 (silver broke its losing streak). Gold is clearly oversold in the short term and due a bounce. The question is whether the bounce will lead to another challenge of resistance at $1,000/oz sooner than most expect or whether the bounce is a prelude to further weakness which could see gold fall to as low as support between $850/oz and $880/oz. Full Story
Gold fell $8.25 to $905.80 in early London trade before it rose as much as $8.70 to $922.75 in early New York trade, but it then fell back off into the close and ended near its new session low of $904.80 with a loss of 0.79%. Silver dropped $0.05 to $12.66 in Asia before it rose to see a gain of 2.7% or $0.34 at $13.15 at about 9AM EST in New York, but it also fell back off into the close and ended with a gain of just 1.1%. Full Story
Today, the only major currency the US dollar index advanced against was the Japanese yen. Despite the move lower by the dollar, gold still faced unrelenting selling pressure and closed lower for the eighth straight session. Prices briefly trading at the $900 level late in today’s session before bargain hunting came in to stop the bleeding and gold closed about $6 off the lows of the day. Full Story
THE SPOT PRICE of physical gold rose Wednesday lunchtime in London, cutting yesterday's 2.6% loss in half as world stock markets also bounced hard. Commodities rose across the board too, leading analysts to cite rumors of a fresh China stimulus package due from the Beijing regime on Thursday. Full Story
Gold had become overbought in the short term and had risen over 24% in just over a month ($806/oz on January 14th to over $1,000/oz on February 20th ). Thus, this correction was necessary and healthy and even after this correction gold remains up 4% in USD (and much more in GBP +7.6% and EUR +15.6%) in 2009. Full Story
Gold fell as much as $33.65 to $904.95 and silver dropped as much as $0.63 to $12.42 by about noon EST before both metals rallied back higher in the last hour and a half of trade, but gold still ended with a loss of 2.62% and silver closed with a loss of 2.61%. Full Story
THE PRICE OF GOLD slipped to fresh 3-week lows at the New York opening on Tuesday, dropping 2.2% to $907 per ounce as world stock markets bounced everywhere but London. Crude oil rallied above $41 per barrel. Long-dated Treasury bonds fell, pushing interest rates higher. Full Story
There is an increasing likelihood that the Bank of England is soon to embark on quantitative easing involving printing money to buy assets. Such measures by the Bank of England, the Federal Reserve and other central banks may lead to serious weakness in major currencies and create significant inflationary pressures in the UK, US and internationally. This is what Warren Buffett fears as per his warnings regarding the “onslaught of inflation” yesterday. Full Story
Gold and silver rose $16.40 and $0.27 to as high as $958.00 and $13.38 by late trade in Asia before they fell back off in London to see losses of $11.05 and $0.403 at as low as $930.55 and $12.707 by about 10-11AM EST in New York, but they then rallied back higher in the last few hours of trade and gold ended with a loss of just 0.32% while silver ended with a loss of 0.46%. Full Story
Flight to quality apparently did not provide any support today. One might think that a general collapse in the equities would provide a boost for gold, often thought as a safe haven for capital. However, the market is already quite long of gold by many indicators and reports are surfacing that physical buyers in India and the Middle East are backing away from purchases. Full Story
THE SPOT PRICE OF PHYSICAL GOLD back half of an early Asian bounce Monday morning, recording its first London Gold Fix of March at $949.50 per ounce. Almost 6% above its average level of 2009 to date, the Gold Price also rose for UK and European investors, while European shares sank, dumping 3.5% by lunchtime in Frankfurt. Full Story
Gold rose sharply in Asia and was up by more than $10 per ounce before trading even commenced on the TOCOM – it rose from $941.60/oz to nearly $960/oz but has given up some of those gains in early trading in London and is now trading back at $950/oz. Full Story
Gold was down $59.70 (continuous contract) to close at $942.50 for a 5.96% loss. On my website I have been asked if it’s possible a double top is being put in. Of course it’s possible; anything is possible. Let’s look at what’s probable. Full Story
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