By: Chris Mullen, Gold-Seeker.com - 17 December, 2010
Gold reversed modest overnight gains and fell to see a $6.50 loss at $1364.70 by late morning in New York, but it then jumped back higher in the last couple of hours of trade and ended near its last minute high of $1378.70 with a gain of 0.56%. Silver fell to as low as $28.636 by about 8AM EST before it also rallied back higher in New York and ended near its last minute high of $29.178 with a gain of 1.22%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 December, 2010
The “Agreement” on the permanent bailout facility in the EU has not convinced the markets. No agreement has actually been reached. The expectation that more would happen led to a €15 fall in the gold price and slightly more of a fall in the U.S. dollar. It is clear that the pivot point of the gold price is Europe and at the gold Fixings, not in the U.S. Full Story
THE PRICE OF GOLD slipped but held above yesterday's two-week low in London dealing on Friday morning, giving back half of Asia's 1% rally against the Dollar as the US currency rose for the fourth day running on the forex market. Full Story
Gold's recent correction continued yesterday but it has risen today as the dollar has fallen. Gold is up in most currencies this morning except in euro terms as the euro has seen a relief rally on the outcome of the EU agreement to create a post-1913 crisis tool. Fundamental disagreements remain though and the agreement may not be enough to stop the debt crisis from deepening with many analysts pinpointing the first quarter of 2011 as a high risk period. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 December, 2010
Gold remained near unchanged in Asia and London before it fell almost 2% in early New York trade to as low as $1361.07 by about 10AM EST, but it then rallied back higher in the last few hours of trade and ended with a loss of just 1.08%. Silver fell to as low as $28.322 before it also rallied back higher, but it still ended with a loss of 1.47%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 December, 2010
The Spanish bond auction did not do as well as expected. The amount to be sold was reduced from €3 billion to €2.4 billion and a higher rate had to be paid than Spain wanted. The nation sold 1.78 billion Euros of 10-year bonds at an average yield of 5.446%, compared with 4.615% last time the securities were issued on Nov. 18. It also sold 618.7 million Euros of 15- year debt at 5.953%, compared with 4.541% when the paper was last sold on Oct. 21. Full Story
THE PRICE OF GOLD in wholesale London dealing slipped back to an overnight low beneath $1380 per ounce Thursday lunchtime, trading 0.5% down for the week as world equities held flat and the US Dollar eased back on the forex market. Full Story
Gold and silver are higher this morning ahead of a crucial EU summit on the deepening euro zone debt crisis today. The euro firmed slightly in overnight trade but has since given up those gains and is trading at USD 1.322, and €1,047/oz. Given that the crisis shows no signs of abating any time soon, with concerns shifting from Ireland and Greece to Belgium, Portugal and Spain, gold will likely continue to receive safe haven demand for the foreseeable future. Full Story
By: Chris Mullen, Gold-Seeker.com - 15 December, 2010
Gold chopped its way lower throughout most of world trade and ended near its early morning New York low of $1383.99 with a loss of 1.32%. Silver fell to as low as $28.881 in London before it climbed back higher in New York, but it still ended with a loss of 1.72%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 December, 2010
Berlusconi survived by the skin of his teeth [2 votes], but is not out of the woods by a long way. Today added two new pressures in the Eurozone debt crisis. Today, Spain’s Aa1 credit rating has been put on review by Moody’s Investors Service and, subject to tomorrow’s auction of Spanish government bonds, may lower it. Full Story
THE PRICE OF GOLD slipped to a two-day low in London on Wednesday morning, dropping 1.5% from yesterday’s Dollar high at $1408 per ounce as Asian stock markets closed up to 2% lower and European stocks lost 0.7% on average. Full Story
By: Chris Mullen, Gold-Seeker.com - 14 December, 2010
Gold climbed as much as $11.05 to as high as $1408.05 in London before it fell in early New York trade and saw a loss of $5.35 at as low as $1391.65 by a little before 10AM EST, but it then rallied back higher in the last few hours of trade and ended near its earlier high with a gain of 0.48%. Silver rose to as high as $29.948 and dropped to as low as $29.17 before it also rallied back higher and ended with a gain of 0.44%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 14 December, 2010
Today, all await the no-confidence vote in Italy. Berlusconi himself tells us all that if he is ousted Italy will join the list of nations of EU nations needing a bailout. The story of Italian governments of the last 55 years reads like a novel. It seems that many don’t think it will throw Italy into that unfortunate barrel, but added to the fears the EU faces right now, we do feel that if he is ousted, the EU will revert to immediate crisis mode. Full Story
THE PRICE OF GOLD rose to 1-week highs above $1400 per ounce overnight in Asia on Tuesday, rising as the Dollar fell on the forex market, before slipping back after new data showed much stronger-than-expected US retail sales and factory-gate inflation for November. Full Story
Gold has risen in major currencies again today on continuing concerns about the dollar and paper currencies, and growing concerns about the emergence of inflation internationally. Commodity prices remain strong with bellwether copper rising to new record nominal highs and oil continuing to hover near $90 a barrel. Full Story
By: Chris Mullen, Gold-Seeker.com - 13 December, 2010
Gold steadily rose throughout most of trade in Asia, London, and New York and ended near its 10AM EST high of $1399.20 with a gain of 0.95%. Silver followed a similar pattern and closed near its midmorning high of $29.692 with a gain of 3.39%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 December, 2010
Not a great deal happened over the weekend in the Eurozone that affected the markets. Gold is recovering in the euro and the dollar today. We are expecting a plan to be put forward to resolve the Eurozone debt crisis, but national sovereignty will get in the way. Gold is now hovering just below the $1,400 level as gold builds its new ‘floor’ at $1,400, still. What was remarkable was the short distance gold fell again. The fall was from $1,426 to $1,374 a drop of 3.64%. This is hardly a correction. Should it hold at current levels for much longer it is describing just how robust the market is. With the Indian marriage season in full swing and China buying steadily, physical demand is a driving force behind the price. It is unlikely to abate. Full Story
WHOLESALE PHYSICAL GOLD hit a 3-session Dollar high in London on Monday morning, rising together with equity and commodity prices on what one trader called “relief” that Beijing did not hike Chinese interest rates as expected at the weekend. Full Story
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