Gold rose about 1% in Asia and London before it accelerated its gains in New York and ended near its high of $904.80 with a gain of 2.33%. Silver rose to as high as $17.042 by late morning in New York before it fell back off slightly in the last couple of hours of trade, but it still ended with a gain of 1.8%. Full Story
Gold has surged to pressure the $900 level on a combination of high flying oil prices and a softer dollar. Goldman Sachs revised their H2-08 average oil price forecast from $107 brl to $141 brl. This forecast adjustment is consistent with projections from Goldman earlier in the month that suggestion upside potential in crude was as high as $200 brl over the next two years. Full Story
PHYSICAL GOLD BULLION prices rose sharply in London on Friday, gaining 1.1% to reach a three-week high of $894 per ounce as European stock markets pushed higher and US Treasury bonds slipped. Full Story
Further consolidation at these levels (the $850 to $890 range) may be necessary. Should gold close convincingly above $890 to $900 we could see the momentum players who deserted gold in recent weeks come flocking back into the market driving prices higher again and contributing to the next stage of the gold bull market. Full Story
By: Chintan Karnani, Insignia Consultants - 16 May, 2008
Eurozone and Japan as first quarter growth beat market expectations. The US dollar has so far ignored the weak US manufacturing sector. Markets will take note of the difference in manufacturing growth sooner than later and there could be short term weakness in the US dollar Full Story
Gold fell to $862.10 in Asia and traded near unchanged in London before it exploded higher in early New York trade to as high as $887.65 by late morning, but it then fell back off slightly in the last couple of hours of trade and ended about 1% off that high with a gain of 1.47%. Silver fell to $16.48 and rose to $16.965 before it closed with a gain of 0.18%. Full Story
Gold surged higher within the range following a series of mostly weak economic data, which caused stocks and the dollar to slump. The yellow metal seems to be taking its cues from the dollar lately. Despite recent activity, both remain well contained within their respective ranges, although the greenback is looking increasingly vulnerable. Full Story
SPOT GOLD PRICES turned higher alongside the Euro early Thursday, gaining 0.5% after strong economic data dashed short-term hopes of Eurozone rate cuts. Full Story
While the dollar is down today, the dollar's short term bounce may continue and this could put further pressure on gold and result in further consolidation at these levels (the $850 to $890 range). But oil is up more than 0.5% again this morning to over $125 a barrel again and this should result in gold being well supported at these levels. Full Story
By: Chintan Karnani, Insignia Consultants - 15 May, 2008
Metals are tracking the US dollar and nothing else. They sold off yesterday after the inability to rise resulted in profit taking and short sellers coming to picture. If global equities rise further and the US dollar gains over the coming weeks then gold and silver will be affected more in a negative way than other commodities. Full Story
Gold fell to $859.00 by late trade in Asia before it rose to find a slight gain at $870.85 by early trade in New York, but it then fell back off a bit in the last few hours of trade and ended with a loss of 0.4%. Silver fell to $16.54 and rose to $16.89 before it also fell back off and ended with a loss of 0.9%. Full Story
Gold continues to trade in a heavy manner, confined to the lower third of the recent range. The yellow metal got an intraday boost from a new record in oil on Tuesday, but these gains could not be sustained. Full Story
Momentum traders and short term speculative players continue to exert pressure on the gold market but continuing demand for physical bullion from those with a more medium to long term investment horizon, namely individual investors, pension funds, sovereign wealth funds and indeed central banks in Asia, Russia and elsewhere will ultimately lead to higher gold prices in the medium and long term. Full Story
Yesterday’s headline implied that it might be time for bears to take a vacation, but perhaps the mental health of bulls too might benefit if they “go away in May.” Seasonality will favor longer lapses of tedium on the nation’s bourses in the months ahead, but on Wall Street that is surely no remedy for hypertension. Quite the opposite, in fact, since prolonged stretches of sideways price action are almost as stressful as the number one killer of money managers, bear markets. Full Story
By: Chintan Karnani, Insignia Consultants - 14 May, 2008
For the rest of may, Euro zone and UK economic numbers will affect the US dollar more than US economic numbers as the worst on US economy has already been discounted. Full Story
SPOT GOLD PRICES fell to a three-session low early Tuesday, finally bouncing higher from $876 per ounce as European equities slipped alongside crude oil prices and government bonds. Full Story
Gold was down 80 cents to $883.90 yesterday but silver was up 36 cents to $17.16. The London AM Gold Fix at 1030 GMT this morning was at $877.00, £450.18 and €566.61 (from $887.25, £453.91 and €573.60 yesterday). Full Story
By: Chintan Karnani, Insignia Consultants - 13 May, 2008
The earthquake in China should result in greater demand for base metals as the counties which are affected will need to restore power and other essential supplies. At the beginning of the year China experienced the worst snowfall in over fifty years and now the earthquake. Full Story
THE SPOT PRICE OF GOLD slipped $10 early in London on Monday, trading below $890 per ounce as world stock markets ticked higher and government bonds sold off. The Euro picked up 1.5¢ against the Dollar from last week's two-month beneath $1.5300. Full Story
After last week’s more than 3% gain in gold, gold surged to nearly $890.00 in early trading in Asia prior to succumbing to subsequent profit taking. The London AM Gold Fix at 1030 GMT this morning was at $887.25, £453.91 and €573.60 (from $863.50, £434.64 and €556.74 on Friday). Full Story
By: Chintan Karnani, Insignia Consultants - 12 May, 2008
The US dollar has weakened against the yen but gained against the sterling last week. The US dollar was mixed against the euro as it gained but later recouped some of the losses. US retail sales and consumer prices index numbers will be the key for the weekly trend of the US dollar. Full Story
Unless your were trading oil futures on Friday, the markets might have seemed pretty dull. A barrel priced for June delivery hit a new record high of 126.27, and we shudder to think what that might mean at the pump. So, what has been driving crude’s spectacular rise? Until a few weeks ago, there was a simple answer to that question: the dollar’s decline. Oil producers and traders were simply repricing fuel to compensate for the dollar’s shrinking purchasing power. However, since mid-March, both oil and the dollar have been moving higher, with the dollar gaining about 5% during that time, oil about 25%. Full Story
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