By: Chris Mullen, Gold-Seeker.com - 17 October, 2008
Gold rose 1.6% to $815 in Asia before it fell back off in London and dropped to as low as $772 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended almost $14 off its low with a loss of 2.02%. Silver rose 3.7% to $9.92 in Asia before it fell to as low as $9.075 in New York, but it ended nearly 3% off that low with a loss of just 2.3%. Full Story
THE PRICE OF WHOLESALE Spot Gold bullion slid further on Friday, dipping to a new one-month low beneath $785 an ounce as inter-bank lending rates eased on an historic flood of government cash into commercial bank coffers. Full Story
Gold fell some 4% yesterday with forced selling being seen as hedge funds continue to deleverage and pension funds and other passive investors sell the various commodity indices. In addition, reports from Barclays that some European central banks had sold some 7.6 tons of gold during the week, acted to depress the market. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 October, 2008
Gold rose nearly 1% to $843.63 in Asia and traded slightly higher in London before it plummeted in later morning New York trade and dropped to as low as $784.80 by about noon EST. It then rebounded about 2% from that low in the last hour and a half of trade, but it still ended with a loss of 4.09%. Silver rose 19 cents to $10.30 at the open in New York before it also plummeted in later morning New York trade and dropped to as low as $9.20 by about noon EST. It also rebounded into the close, but it still ended with a loss of 5.39%. Full Story
SPOT GOLD BULLION PRICES twice bounced off this week's support at $830 an ounce early Thursday, before crashing down to $795 – a 4% drop – as New York opened to better-than-expected US economic data. Full Story
Gold has remained resilient despite stock markets collapsing again internationally. Asian stock markets have fallen sharply with the Nikkei collapsing by more than 11%. European markets are down between 2% and 5.5% in early trading after recovering from steeper losses at the open. Full Story
Global equity markets slipped once again. The fall in equities resulted in base metals and energies also falling. Expectations that the world will move towards a prolonged recession has resulted in yesterdays fall. Full Story
By: Chris Mullen, Gold-Seeker.com - 15 October, 2008
Gold traded about 1% higher in Asia and London and then fell to see a $7.05 loss at $831.05 at the New York open before it quickly rebounded to see a $17.70 gain at $855.80 by about 10AM EST, but it then fell back off for most of the rest of trade and ended with a loss of 0.2%. Silver climbed 14 cents to $11.09 in Asia and fell to $10.15 at the open in New York before it rebounded back to about $10.50 for most of the rest of the day, but it then fell back in the last minutes of trade and ended near a new session low with a loss of 7.67%. Full Story
SPOT GOLD PRICES slipped 1.7% into the US opening on Wednesday, dropping back to $833 an ounce for the fourth time in a month as the Dollar bounced on the forex market and world equity prices sank for the sixth time in 11 sessions. Full Story
Gold continues to consolidate after its 3% rise last week. Given the scale of money creation and digital money printing taking place in the US and internationally, gold looks set to surge in the coming weeks as physical demand is unprecedented and supply remains lacklustre at best. Full Story
Gold and silver were tracking the US dollar and crude oil for once yesterday. The bank rescue package, bank deposit guarantees and buying stakes in banks by central banks are now over. What next is the big thing for the investor? Years of financial mess cannot be flushed out of the system in a few days. Results of the current measures will take time. Full Story
By: Chris Mullen, Gold-Seeker.com - 14 October, 2008
Gold rose $14.50 to $854 in London before it saw about 1% losses at as low as $830.80 by late morning in New York and then rallied back higher in the last couple hours of trade, but it still ended with a loss of 0.17%. Silver rose 38 cents to as high as $11.15 at the New York open and then fell slightly to as low as $10.65 by about noon EST, but it then rallied back higher into the close and ended with a gain of 1.67%. Full Story
SPOT GOLD PRICES slid from an overnight rally as the US opening drew near on Tuesday, trading 3% lower against most major currencies from this time last week while world stock markets continued to leap thanks to the promise of almost $2 trillion in tax-payers' money. Full Story
By: Rick Ackerman, Rick's Picks - 14 October, 2008
Let’s move on to the more important concerns about Gold raised in yesterday’s commentary. We said that a possible risk to bullion hoarders is that its price could soar, then collapse, too quickly to act upon. Imagine gold going to $5000 an ounce, then back down to $100, in a matter of days – or even hours. We said the odds of such an occurrence were not remote, but let’s be blunt about it: It really could happen. Full Story
This was, bar none, the most exciting week of my career to date. I expect the excitement to mount as the world governments try and coordinate some form of action. Gold traded from $924 to $835 on Friday alone. This type of volatility is impossible to predict, leverage will kill you in the gold market. Same goes for silver. Full Story
By: Rick Ackerman, Rick's Picks - 13 October, 2008
Here’s a question for readers who have been hoarding physical gold: How would you react if the price of bullion were to spike to $5000 an ounce by November? Would you sell some, or all, of your ingots and coins? And if you did not, would you fall into despair a few days later if bullion were to come plummeting back down to $100? As farfetched as this scenario might sound, we are warning subscribers to take urgent steps to prepare for it, and other potentially extraordinary events as well, since the unprecedented financial turmoil that we have witnessed in recent weeks suggests that no scenario, no matter how extreme, can be ruled out. Full Story
Asian and European shares have rallied in early trade this morning, bouncing from last week’s crash, after eurozone and international governments announced guarantee measures for banks, and central banks moved to boost liquidity by injecting "unlimited" amounts of dollars into the global financial system. Full Story
By: Douglas V. Gnazzo, Honest Money Gold & Silver Report - 13 October, 2008
It was another wild week in the markets. Volatility was at levels seldom seen. Friday the market had an intraday spread of over 1000 points and was down 1900 points for the week. And this occurred after a $700 billion U.S. bailout plan followed by a coordinated reduction in interest rates by the U.S., U.K., Europe, Sweden, Canada and Switzerland – unprecedented action. All of which suggests that Mr. Market doesn’t care too much for the “rescue” plan the wizards of finance have come up with. Full Story
By: David Chapman, Union Securities Ltd. - 13 October, 2008
The stock market has crashed. Pretending it is anything else is futile. What has for years been predicted by the perma bears has come to pass. But now that it has happened we can begin to focus on the recovery. The end is nigh. While it will be a severe recession or even a mild depression, either of which will grip us for more than a few years and maybe a decade or more as it is with Japan, we can with the mind boggling collapse of the past two weeks begin to focus on how to get out of this mess. Full Story
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