Gold traded slightly higher in Asia and rose over $660 in early London trade before it fell back off and saw minimal losses at $655.40 in early New York trade, but it then rallied back higher for most of the rest of the day and ended with a gain of 0.69%. Silver dropped to $12.74 before it also rallied for most of the rest of the day and ended with a gain of 1.02%. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 18 May, 2007
This week the International Monetary Fund, which has long commanded the world’s third largest official holding of gold bullion, once again made some noise about selling 400 tonnes of its gold. Such a sale would represent about an eighth of the IMF’s total holdings, and as usual such tidings spooked the markets. Full Story
The DOW and S&P500 are in ending diagonal patterns, indicating that the rally is near completion in a terminal pattern. We should see further choppy upside to complete the pattern, but when ending diagonals complete they are followed by a sharp decline to the starting point of the pattern. Full Story
The metals have been on a tear. The base metals have been rising sharply with several hitting new highs. Whether it’s nickel, lead, copper, zinc or aluminum, they’ve all risen sharply while platinum soared to record highs. And it’s not just the metals, the entire gold universe has been hot. Uranium continues to defy gravity as it jumped well above $100, while crude oil sits above the $60 level. Full Story
By: Chintan Karnani, Insignia Consultants - 18 May, 2007
A great week for the precious metals bears as well as base metals bears and they have been falling throughout the week. Over the past two years bears upper hand over the bulls have been rare and few. But whenever they gain the edge, they gave shivers to the traders as well investors as they have been supported by the force of gravity. Full Story
Gold rose nearly $4 in after hours and Asian trade, fell back off in London to about $660 by the New York open, and then fell even further in morning New York trade to as low as $653.30 by a little after 11AM EST before it rebounded into the close, but it still ended with a loss of 0.61%. Silver rose over $12.90 in Asia before it fell to $12.65 by about 10AM EST in New York, but it then rebounded nearly 1% off it low in the next three and a half hours of trade and ended with a loss of 0.55%. Full Story
If this interpretation is correct, then we have an extremely bullish outlook immediately ahead as the most powerful move, wave iii of wave 3 of wave THREE, should soon get underway. In a wave iii of 3 of THREE situation such as this, one can anticipate a sling-shot upward movement in excess of $100 per ounce for gold, without any significant corrections. Full Story
The gold sector continues to bleed from our April sell signal but is deeply oversold and can bounce sharply at anytime. As always, we will only enter the markets when we have signals, set ups, and stops. Otherwise we remain in cash and out of harm’s way. Full Story
By: Chintan Karnani, Insignia Consultants - 17 May, 2007
Speculation that bank of Japan may raise interest rates sooner than later resulted in unwinding positions by the carry traders. This resulted in sharp fall in precious metals prices and base metals with a technical break down adding to the woes of the bulls. Full Story
Gold traded slightly lower in Asia, fell a couple more dollars in London, dropped another $5 in morning New York trade, and then fell even further in afternoon trade to as low as $658.90 before it rebounded just slightly in the last minutes of trade, but it still ended with a notable loss of 1.87%. Silver followed a similar pattern but was able to hold the $13.00 level until a dramatic drop in afternoon trade brought it to as low as $12.79 before a small rebound at the close, but it still ended with a loss of 2.73% Full Story
By: Chintan Karnani, Insignia Consultants - 16 May, 2007
Studies say that Global lead and zinc markets could be in deficit this year. Lead demand all over the world will rise by 4.10% to 8.26 million tonnes while production is set to rise by 3.8 pct to 8.21 million tonnes, Full Story
Gold remained near unchanged on either side of $669 in Asia before it fell in London and dropped to $664.40 by the open in New York, but it then jumped above $670 after the CPI released was released, checked its gains a bit from 9-10AM EST, rallied to new highs near $672 in late morning trade, and closed with a gain of 0.63%. Silver dropped to about $12.95 in late London trade before it also rallied higher throughout much of trade in New York and ended near its high of the session with a gain of 0.46%. Full Story
This week saw a major change in position from some serious market students. Chief amongst them was Richard Russell the Dow theorist from dowtheoryletters.com. I admire Richard’s work immensely so when he stands up with a big change like this, I listen! Richard had been extremely bearish on the stock market for over 5 years now. Then WHAM, last week he decided to reverse his stance. I believe he now expects a serious correction and then a resumption of the Bull market. Full Story
The amount of money in U.S. banks, M3, is about $12 trillion. Net silver demand was 60 million ounces at about $11/oz., or $660 million dollars. So, the money that is going into silver to protect itself from inflation is equivalent to 0.00005% ($660 million out of $12,000,000 million!) of what could be spent on silver, in the U.S. alone. So, I think a ridiculously tiny amount of paper dollars has shifted into silver, so far. Full Story
By: Chintan Karnani, Insignia Consultants - 15 May, 2007
The fall in copper and base metals prices resulted in fall in gold and silver. Is it just a correction or beginning of a short term bear phase will be known today. Full Story
Gold rose a couple of dollars in Asia and saw about $4 gains near $674 in London before it fell in early New York trade and dropped to as low as $665.70 by about 10:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.24%. Silver fell to $13.00 before it also rebounded in late morning New York trade and ended with a loss of a 0.53%. Full Story
In the last update, published on or after 16th April, we expected gold to drop back from the $690 area due to the bearish COT structure, and that is what has happened. The latest COTs are not good news for bulls, with the Commercial shorts still at a high level - high enough to preclude a significant advance in the near future, and to maintain the risk of a substantial decline. Full Story
The silver chart should strike fear into the hearts of silver investors. There is no Ascending Triangle on the chart (from last May’s highs), as some claim, instead the pattern is looking more and more like a large Double Top, with the second peak taking the form of a Head-and-Shoulders top. Before anyone graciously goes to the trouble of enlightening the writer about the wonderful fundamentals for silver, let me say this - don’t bother, I know about them - and so does the market, that’s the trouble, they may already be fully discounted by the market. Full Story
Despite the Thursday plunge the intermediate term P&F chart has not given us any new idea of reversal in progress. At the present time the price would have to drop to $655 before we get a reversal signal with both a trend line cross and two previous lows exceeded. That is not expected to be an immediate potential. Full Story
By: Chintan Karnani, Insignia Consultants - 14 May, 2007
A weaker US dollar has resulted in subsidiaries remitting more dollars to the parent company in US. This results in higher net profits of companies based in US and higher US equity markets despite slowing US economy. Full Story
Gold was down -17.40 to $672.30 (-2.52%). Its intraday low for the week was $655.90, and its intraday high was $693.30. The intraday low of 655.90 tested support at 655, which so far has held. I have received a number of emails asking me why gold and the gold stocks haven’t taken off making new highs. I have no definitive answer – no one can. There is a confluence of contributing factors that always go into the price of any asset. Full Story
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
