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Weekly Archives
By: Chris Mullen, Gold-Seeker.com - 15 June, 2007
Gold traded slightly higher in Asia before it fell back to about $650 in London, but it then steadily rallied higher throughout most of trade in New York and ended with a gain of 0.45%. Silver followed a similar pattern and gained 0.69%. Full Story |
By: GoldSeek.com - 15 June, 2007
COT Gold Report - June 15, 2007 Full Story |
By: SilverSeek.com - 15 June, 2007
COT Silver Report - June 15, 2007 Full Story |
By: Neal R. Ryan - 15 June, 2007
Now that most US economists have expanded their acceptable inflation numbers, the CPI report this morning was greeted as a positive, despite the fact that the overall number came in higher than expectations because the core rate was low. The inflation rates, as interpreted from PPI and CPI numbers, are still running in the upper end of the acceptable range the Fed has put on inflation growth between 2-3%, but a willingness to allow slightly higher inflationary figures while the country is experiencing slowing growth is making the money managers on Wall Street happy. Precious metals markets will interpret this as a real positive because now there is clear evidence the Fed will stay on hold for the foreseeable future regarding rate hikes. Full Story |
By: Adrian Ash - 15 June, 2007
SPOT GOLD PRICES held steady during the first half of London trade Friday, rising to $653 per ounce – the overnight high – on mixed economic news for the Dollar. The Morning Fix had earlier come in at $650.60 per ounce, the lowest weekly close for the fix since Feb 2nd. But physical gold bullion rose as Wall Street opened, just after the US Dept. of Labor reported consumer price inflation in the US rose 2.7% in the year to May. Full Story |
By: Chintan Karnani, Insignia Consultants - 15 June, 2007
It’s just June and crude oil is already nearing $70. There are no reports of hurricanes or storms in any major oil producing region. It’s more of a demand pressure that is driving crude oil. Full Story |
By: Chris Mullen, Gold-Seeker.com - 14 June, 2007
Gold traded modestly higher around $650 in Asia and London before it fell to $645.50 shortly after the open in New York, but it next rose to new highs above $652 by 10AM EST, fell back off a few dollars in later morning trade, and then bounced back near its highs in afternoon trade and ended with a gain of 0.43%. Silver dropped to $12.90 in early New York trade, but it soon rose about 20 cents, remained near its highs into the close, and ended with a gain of 0.61%. Full Story |
By: Neal R. Ryan - 14 June, 2007
This morning we have inflation data out that is considerably higher than had been expected by economists with PPI numbers showing a 0.9% increase for May versus expectations of a 0.6% increase. This was led by gasoline prices that were over 10% higher during the month. Keep in mind that the higher PPI number today means a higher CPI number in future reporting periods as the cost increases work their way through the supply chain. Full Story |
By: Adrian Ash - 14 June, 2007
SPOT GOLD PRICES moved sideways in Asian and early London trade Thursday, holding above the $650 level reached at last night's US close. In Tokyo gold futures for April '08 closed the day ¥31 higher per gram, a rise of 1.2% from Wednesday. But a sharp fall in the Yen, down to a fresh four-and-a-half low versus the Dollar, capped the US-equivalent price at $657 per ounce. Full Story |
By: Chintan Karnani, Insignia Consultants - 14 June, 2007
Carry traders turned the tables in their favor as global equity markets roared back with vengeance. Yesterday I wrote about liquidity providers versus liquidity squeezers. Another factor which the investors will be watching is the relative growth differential between US, UK, Eurozone, Japan, Australia and New Zealand. Full Story |
By: Chris Mullen, Gold-Seeker.com - 13 June, 2007
Gold fell a couple of dollars in Asia and traded as much as five dollars lower in London before it rallied in early New York trade to above $650 by late morning, but it then fell back off into the close and ended with a gain of just 0.05%. Silver dropped to about $12.80 in London before it rose to over $13.10 in late morning New York trade, but it also fell back off into the close and ended with a gain of just 0.08%. Full Story |
By: Neal R. Ryan - 13 June, 2007
The price whipsaw has started this morning as US economic reports began hitting the wires. Gold and other precious metals have recovered convincingly off their bottoms in the London market, rebounding nearly $5 per ounce before the economic reports began hitting the tape. This should be an indication that unless we see some wildly unexpected PPI and CPI figures out at the end of the week, the tech trading community sees a bottom in at the $647-650 range. Full Story |
By: Rick Ackerman, Rick's Picks - 13 June, 2007
I reaffirmed my long-term bullish outlook for Gold here yesterday, but without preparing you for the worst over the next 2-3 weeks. With August Gold currently trading around $651, I am now projecting a decline to at least $638, a Hidden Pivot target that will remain valid as long as the futures don’t rally above $679 first. Full Story |
By: Adrian Ash - 13 June, 2007
SPOT GOLD PRICES slipped to a fresh 3-month low early in London on Weds, with the AM Fix coming in at $644.10 per ounce – the lowest price since 6 March. "A close below $635 would be the first close below a significant low in six months," says Christopher B. Langguth in the latest technical note from Mitsui." Full Story |
By: Chintan Karnani, Insignia Consultants - 13 June, 2007
The big question for the remaining of 2007 is which of the major global central banks will be the liquidity providers and which will be the squeezers. Full Story |
By: Chris Mullen, Gold-Seeker.com - 12 June, 2007
Gold traded about $1-$3 lower in Asia, dropped a couple dollars more in London, and fell even further in early New York trade to as low as $645.20 at one point, but it then bounced back higher in the last 3 hours of trade and ended about 0.5% off its low with a loss of 0.96%. Silver dropped to as low as $12.95 a little after 10AM EST before it rebounded over 1% off its low in late morning trade to over $13.10 by midday, but it then fell back off in afternoon trade and ended with a loss of 1.66%. Full Story |
By: Neal R. Ryan - 12 June, 2007
With 3.7 tonnes of sales reported by ECB banks this past week, it looks like the ECB umbrella organization sales of 37 tonnes still have yet to show up in the weekly reports, but that the general sales trend from ECB member banks is finally scaling back with two consecutive weeks of sales less than 4 tonnes. Full Story |
By: Steven Saville, Speculative Investor - 12 June, 2007
As noted many times in previous TSI commentaries, a downward trend in the bond market will eventually take its toll on the stock market. It's a question of when, not if, a downward trend in the bond market will drag equities lower. The 'when' is typically 5-7 months, but is sometimes as long as 12 months from the start of the bond market's decline. Full Story |
By: Rick Ackerman, Rick's Picks - 12 June, 2007
The chart below shows why, although our near-term outlook for Gold is negative, we view longer-term prospects more optimistically. Our analysis hinges on an elemental rule that anyone can easily learn to apply. The rule states, simply, that new uptrends or downtrends begin with “impulse legs” that surpass at least two prior highs or lows. Full Story |
By: Chintan Karnani, Insignia Consultants - 12 June, 2007
Once again base metals and energies came to the rescue of precious metals. Copper rose three percent on strike by mine workers at Codelco and Collahausi. Global inventories of copper are not very high. For most part of 2006 copper prices were supported by hanging sword of mine worker strikes which is continuing in 2007. Full Story |
By: Chris Mullen, Gold-Seeker.com - 11 June, 2007
Gold quickly rose over $5 in Asia and held over $650 in London and early New York trade before it added to its gains in late morning and early afternoon trade and ended near its high of the session with a gain of 1.43%. Silver followed a similar pattern and gained 1.85%. Full Story |
By: Captain Hook - 11 June, 2007
Based strictly on technical evidence displayed in the above then, if channel related support for gold was to fail here, with $650 ‘key’ in this regard, the implication is a fall to $550 would be in order. This is undoubtedly what the banking community would like to see because this would mean they continue to hide inflation effectively. Again however, and with the benefit of other technical information, along with fundamental knowledge that does not show up in the charts, gold would be trading much higher if allowed to fully reflect the monetary largesse imposed upon us, so on this basis a break must be viewed as unlikely at this point. Full Story |
By: Neal R. Ryan - 11 June, 2007
While the chasm between technical trading factors and actual market fundamentals is continuing to grow, we feel very comfortable that the fundamental factors will eventually win the day and force prices higher. We're also ardent believers that the current commodity bull market will be a decade, or possibly longer, in duration and bailing out before there is a clear indication the run is finished is simply a guess at when to market time investments. Full Story |
By: Peter Grandich - 11 June, 2007
Since returning to the bullish side of gold in the spring of 2003, I have managed to stay on the right side of any significant correction and rally. I bring this to your attention not to stroke my ego but to note that what has worked for four years has been solid fundamental evaluation with some technical analysis thrown in. With bearishness towards gold now solidly in the limelight, I would be the first to join the crowd if my work suggested it, but it hasn’t. Full Story |
By: Douglas V. Gnazzo - 11 June, 2007
The U.S. is the world’s largest debtor-nation; it needs to attract huge sums of money; it may be starting to feel the pinch. It is not attracting the global money flows it needs to fund its trade and current account deficits. Full Story |
By: Chintan Karnani, Insignia Consultants - 11 June, 2007
This is a very crucial week for metals as well as equity markets as we near the June end Fed meeting. The first week of June, bulls lost their grip on metals. Failure of the metals and energy to edge higher could result in testing of key medium term support. Full Story |
By: Merv Burak - 10 June, 2007
Last week I went back into the bullish camp (from neutral the previous week) and I will remain BULLISH for at least another week. To turn bearish would require a shift in the moving average information and/or a serious drop in momentum. Full Story |
By: Clive Maund - 10 June, 2007
This Gold Market update makes grim reading - if you believe it that is. Gold had been weakening and rounding over since its late February high, and on Thursday and Friday it dropped sharply, breaking below its uptrend in force for nearly 2 years, from July 2005, for the 1st time, after deceptively rising away from it. Full Story |
By: Clive Maund - 10 June, 2007
The outlook for silver at this time is remarkably similar to that for gold and for the same reason - they are both threatened by a looming substantial rise in the dollar, which if it occurs, as now looks likely, will result in both gold and silver going into retreat and leaving behind large Double Tops on their charts. Full Story |
By: Clive Roffey - 10 June, 2007
Once again the US knocked the gold price in excess of $10 overnight several times last week. High interest rates were the supposed catalyst. But I always thought the argument was that high interest rates were a contributing factor to inflation and that gold was supposed to be a hedge against inflation. One thing I have learned from over 35 years in this market is that US traders can play the market any direction for any reason they like. Full Story |
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