Gold rose over $10 to $1294.47 in Asia before it fell back to $1285.85 in London, but it then climbed to as high as $1297.51 in New York and ended with a gain of 0.83%. Silver slipped to as low as $19.311 at about 4AM EST, but it then rallied back higher for most of the rest of the day and ended with a gain of 0.57%. Full Story
GOLD crept higher in quiet summer trade in London on Friday, adding 0.4% for the week as world stock markets also rose but commodity prices fell back. Silver held 2.5% below last Friday's finish in Dollars. Government bond prices were unchanged. "Gold going down is not necessarily a bad thing," said US Fed chairman Ben Bernanke to lawmakers in semi-annual testimony on Thursday. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 July, 2013
New York closed on Wednesday at $1,283.70 up $8. This morning, in Asia, gold rose to $1,2990 before London pushed it back over the $1,286 level ahead of the Fix. It was then Fixed at $1,286.00 up $6.25 and in the euro at €981.53 up almost €6.00. Ahead of New York’s opening gold was going firmer at $1,291.65 and in the euro at €983.89. Full Story
Market Week - Precious metals have been mixed this week with gold marginally higher up 0.65%, silver 2.4% lower and the PGM metals higher with platinum 1% higher andpalladium 3.3% higher. Bernanke on Gold - In testimony before the Senate Banking Committee, Federal Reserve Chairman Bernanke remarked: “People hold gold as disaster insurance.” Reuters Precious Metals Poll - We expect gold prices to end this year above $1,550/oz, 20% above current levels at just under $1,300/oz. Full Story
Gold climbed $12.60 to $1288.30 by midmorning in New York before it chopped back lower at times, but it still ended with a gain of 0.63%. Silver rose to as high as $19.549 and ended with a gain of 0.31%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 July, 2013
New York closed on Wednesday at $1,275.70, nearly $17 down. This morning, in Asia, rose to $1,278 before London pushed it back over the $1,280 level again. It was then Fixed at $1,279.75 down $4.50 and in the euro at €975.79 down €0.50. Ahead of New York’s opening gold was trying to go firmer trading at $1,281.15 and in the euro at €977.38. Full Story
WHOLESALE GOLD traded in a tight range around $1280 per ounce Thursday morning after recovering over a third of yesterday's $30 drop from 4-week highs. Gold miner equities, in contrast, extended their fall as broader stock markets rose. By lunchtime in London, African Barrick, spun out of the world's largest gold producer in 2010, stood 2.2% lower but held above last month's record low. Full Story
Gold rose in Asian trading after Fed Chairman Ben Bernanke said yesterday that the central bank may start scaling back bond purchases later this year, but he left plenty of doubt in the minds of market participants. Today, Bernanke testifies to the U.S. Senate Banking committee. Full Story
Gold and silver fell after failure to break past $1303 and $2034. The markets interpreted Federal Reserve chairman’s testimony as an early exit from the $80 billion a month bond buying program. There is an opinion that a floor has been formed on US economic growth and even a mild slowdown in the US economy will not alter the long term growth prospects. Full Story
Gold fell $9.05 to $1283.35 at about 8:30AM EST before it shot up to $1299.60 in the next couple of hours of trade, but it then plummeted back to as low as $1270.41 in the next hour and a half of trade and the yellow metal ended with a loss of 1.29%. Silver slumped to as low as $19.27 and ended with a loss of 3.5%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 July, 2013
New York closed on Tuesday at $1,292.40 up $7.40. This morning, in Asia, it slipped back to $1,286. In London it held steady before being Fixed at $1,284.25 and in the euro at €977.29. Ahead of New York’s opening gold was trying to go firmer trading at $1,287.30 and in the euro at €979.643. Full Story
The PRICE of GOLD held steady around $1285 per ounce Wednesday morning in London, trading unchanged for the week so far ahead of a key speech from US Federal Reserve chairman Ben Bernanke. Full Story
Physical demand, particularly from China, remains very robust and premiums high at over $30 per ounce overnight. Physical gold delivered to buyers by China’s largest bullion bourse in the first half of this year almost matched the entire amount taken from its vaults in 2012 (see Shanghai Gold Exchange charts below), and was more than double the country’s annual production. Full Story
Traders prefer to go long than short in commodities before Ben Bernanke’s testimony. This is the reason why commodities are firm. There is hope of a further confirmation that tapering will not happen in September and will begin from December. Gold and silver will fall if and only if there is direct comment by Bernanke that tapering will start from September and that delays in tapering will result in more gains. Full Story
Gold fell $6.75 to $1278.25 in Asia before it climbed to as high as $1295.40 in New York and then fell back off a bit midday, but it still ended with a gain of 0.58%. Silver surged to as high as $20.056 and ended with a gain of 0.3%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 July, 2013
New York closed on Tuesday at $1,285.00 up $0.50. This morning, in Asia, it held the same level, then, in London it took on a slightly firmer tone as the dollar weakened to be Fixed at $1,286.00, up $4.75 on Friday’s Fix and in the euro at €983.03 almost the same as yesterday. Ahead of New York’s opening gold was trying to go firmer trading at $1,286.90 and in the euro at €981.13. Full Story
PRECIOUS METAL prices rose Tuesday morning in London, after the finance minister of Cyprus said selling some of the debt-laden Mediterranean island's gold reserves was "only an option" for raising cash. Full Story
The cost of borrowing gold remains near its highest level since January 2009, reflecting a lack of supply from bullion banks and resilient demand for physical gold products, especially in Asia. Trading volumes for gold and silver on the Shanghai Futures Exchange (ShFE) rose to record volumes on Friday, with premiums in Asian gold products remaining at sharply higher levels than in North America and Europe. Full Story
Markets have factored in the Federal reserve reducing its bond buying. The big question is by how much and the time period. The shorter the time period of withdrawal from total QE3 then longer will be the continuance of an overall gold and vice-versa. In my view withdrawal from QE3 below $40 billion a month will be difficult for the Federal Reserve in the next nine months. Thereafter US economic fundamentals will decide the future course. Full Story
Gold bumped up to $1294.74 in early Asian trade before it fell back to $1274.08 at about 8:30AM EST, but it then bounced back higher after this morning’s economic data and ended with a gain of 0.04%. Silver slipped to as low as $19.564 before it also bounced back higher and ended with a gain of 0.35%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 July, 2013
New York closed on Tuesday at $1,284.50 up $0.90. This morning, in Asia, it rose to $1,290, then, as London opened it pulled back to $1,282. It was Fixed at $1,281.25, up $6.25 on Friday’s Fix and in the euro at €983.08, up €6.50 showing gold moving independently of currencies. Ahead of New York’s opening gold was trading at $1,283.50 and in the euro at €985.11. Full Story
LONDON prices for physical gold held little changed Monday morning, edging lower from the best weekly finish in three as new data showed China's economic growth slowing but retail sales rising sharply. Asian and European stock markets ticked higher, but commodity prices fell back, with crude oil dropping 0.7%. Full Story
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