By: Chris Mullen, Gold-Seeker.com - 18 January, 2008
Gold saw a nearly 1% loss at as low as $871.60 in early London trade before it rallied strongly into the New York open and rose to as high as $885.15 by about 9AM EST, but it then fell back off for most of the rest of trade and ended with a gain of just 0.07%. Silver fell to $15.676 and rose to $16.26 before it also fell back off a bit, but it still ended with a respectable gain of 1.19%. Full Story
Gold’s pullback is a necessary and healthy correction from overbought conditions. Gold remains up by over 9% for the month and thus further consolidation might be needed prior to rechallenging the recent highs above $900. The strong fundamentals should result in gold being well supported at previous resistance at $850. Full Story
SPOT GOLD PRICES bounced but held inside the week's downtrend early in London on Friday, recording an AM Fix of $872.50 per ounce – the lowest fix in nine sessions. Full Story
Gold will be caught between being a safe haven hedge and a corollary to crude oil prices which will only increase volatility. The spectacular rise of gold in January will result in greater investment demand and greater physical demand at lower levels. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 January, 2008
Gold fell slightly to $877 in Asia before it rose to find nearly a 1% gain at $889.45 by about 10AM EST in New York, but it then fell back off for most of the rest of trade and ended with a minor loss of 0.11%. Silver fell to $15.73 and rose to $16.07 before it also fell back off for most of the rest of trade, but it still ended with a nice gain of 0.76%. Full Story
Normally sell offs are quite sharp and last some 2 to 4 days and therefore some follow through selling may be witnessed. However, the strong fundamentals should result in gold being well supported at previous resistance at $850. Full Story
SPOT GOLD PRICES for physical bullion ticked higher from their new one-week lows in early European trade on Thursday, moving 0.9% higher to $884 by midday in London. Full Story
US dollar gains, gold falls. Yesterday volatility was higher as traders now expect the Fed to cut interest rates by 0.50% instead of 0.75%. This resulted in higher volatility. Once again gold edged higher before the London pm fixing only to fall thereafter. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 January, 2008
Gold fell over $20 to $878.08 by early trade in London and then rallied back near unchanged to as high as $897.20 by about 10AM EST in New York before it fell to a new low of $876.70 by late morning, but it then rallied back higher into the close and ended over $4 off that low with a loss of 2.19%. Silver fell to $15.67 and rose to $16.14 before it fell back to $15.727, but it also bounced higher into the close and ended off its low with a loss of 2.59%. Full Story
SPOT GOLD PRICES continued to plunge early in London on Wednesday, dropping 3.8% from Tuesday's high to bounce off $880 per ounce and recover $886 as the US open drew near. Full Story
Gold continued to sell off in Asian and European trading. The London AM Fix was at $881 (down from $904.75 the previous day). Gold also sold off in other major currencies. At the London AM Fix gold was trading at £450.20 (down from £460.76 yesterday) and €595.47 (down from €609.05 yesterday). Full Story
The fall in gold and silver is just profit taking and nothing else. Liquidity factors due to the continuous fall in stock markets and prices of base metals and energies also contributed to the fall. Full Story
By: Chris Mullen, Gold-Seeker.com - 15 January, 2008
Gold traded decently higher in Asia and London and then fell to find a slight loss back near $900 in early New York trade before it spiked higher around 10AM EST to as high as $914.10 to get within 20 cents of yesterday’s all time high, but it then plummeted in later morning trade to as low as $893.50 by early afternoon. The last hour and a half of trade saw the yellow metal rally back higher and trade on either side of $900, but it still ended with a slight loss of 0.14%. Full Story
Gold has traded in a range between $900 and $910 per ounce in Asia and early European trading. The London AM Fix yesterday was at a new record high of $911.50 (up from $887.85 the previous day). The London AM Fix was at $904.75. Gold's resilience and close above the psychological $900 price level is bullish. Full Story
SPOT GOLD PRICES fell $6 from an overnight rally to $911 per ounce just before the London open on Tuesday, while Asian stocks fell and the US Dollar held at 7-week lows vs. the Euro and Japanese Yen. Full Story
It's a momentum market and momentum is bullish for gold and silver and bearish for the US dollar which will continue for the rest of the month. Unless the US economy shows signs of recovery gold and silver will not fall. Full Story
By: Chris Mullen, Gold-Seeker.com - 14 January, 2008
Gold fell slightly in early Asian trade, but it then took off higher in later Asian trade and rose to as high as $914.30 by early trade in London. The yellow metal then fell back off for most of trade in New York as it consolidated its overnight gains, but it still ended with a gain of 0.78% at a new record high. Silver rose to as high as $16.597 before it also fell back off a bit in New York, but it still ended with a gain of 0.37% at a new 27 year high. Full Story
$1,000 per oz. certainly may not seem like such a silly idea now, when expectations are for the FOMC to slash rates deeper in the year ahead, with a 50 basis point cut in the works for the Jan. 29th meeting. Such an outlook is decidedly bearish the dollar, and so conversely, bullish of gold. Full Story
THE SPOT GOLD MARKET surged into the London opening once again on Monday, starting the week at a new record high of $914 per ounce and hitting record highs against all other major currencies, too. Full Story
Gold has again risen in Asia and early European trading and the London AM Fix was at a new record high of $911.50 (up from $887.85). The psychological level of $900 has now been attained and a correction and consolidation is likely. However, given the deteriorating economic situation in the U.S. and many economies internationally the safe haven flight to gold we have witnessed in recent weeks could continue and accelerate. Full Story
Some sections of the market are betting on a fifty basis point cut by the Fed on 30th January which will result in further gains in gold and silver this week. The rise in gold has resulted in short term money flowing into gold and commodities in general. Full Story
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