Gold traded on either side of $600 in Asia, fell a few dollars in London, dropped another few dollars in New York, and closed near its lows with a 1% loss. Silver traded near $12.00 in Asia and London before it fell about 10 cents in New York and ended near its lows with a loss of 1.33%. Full Story
By: Adam Hamilton, Zeal Intelligence LLC - 20 October, 2006
With gold stocks looking up again lately following their rather typical consolidation since their May tops, traders are getting excited about the tantalizing prospects of this bull’s next major upleg launching. But although the gold-stock technicals are certainly looking increasingly bullish, a vexing fundamental issue remains. Full Story
The cross over and close above the 40-day moving average is an indication the longer-term trend has turned positive. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close above the 9-day moving average is a positive short-term indicator for trend. The outside day up is somewhat positive. The market's close above the 2nd swing resistance number is a bullish indication. The near-term upside objective is at 614.3. The next area of resistance is around 609.8 and 614.3, while 1st support hits today at 595.1 and below there at 584.8. Full Story
Gold traded mostly slightly higher in Asia and London and dipped a couple dollars down to $586.00 in early New York trade, but it then spiked higher over the next 90 minutes of trade and briefly topped $600 before it dropped backed to about $595 and then rallied into the close and ended back near $600. Silver traded as low as $11.57 in early New York trade before it spiked higher to above $12 and fell back off a few cents, but it also rallied again and made new highs above $12 by the close. Gold ended with a gain of 1.72% while silver ended 2.73% higher. Full Story
Today’s OPEC decision to cut production by 1 million barrels provided a fundamental floor for gold prices to rally from. Failing to breach the resistance at $600 in the prior three days the market was prepared to turn in either direction based on this morning’s announcement. As it was, support at $589 held solid and price action remained strong throughout the trading session. Full Story
By: Doug Casey, Doug Hornig, & James Turk - 19 October, 2006
It’s no secret I believe gold and silver – and the stocks of companies involved in those metals -- are poised for a break-out on the upside that will surprise even me. And that’s saying something.
The reason for my view is not based on complex technical analysis or a black box system that now glows green in the direction of gold, but rather the simple reality that gold is sound money and the world’s reigning reserve currency, the U.S. dollar, is not. Full Story
Don’t look now, but a puss-filled sore festers. It grows on the USEconomic foundation. If you thought the overall economy of the United States was sick, which itself conceals a deep defective dependence upon the retail sector built upon consumption, you perceive a double dose. So let’s get this right! The economy stands atop a consumer society, not an investment society. We spend on things, and expect to indulge our way to prosperity. The economy derives its funds (sustenance) from the housing sector, ready to dish out cash for equity, whatever your little hearts desire. We keep pulling money out, because houses never go down in value, right? But now a giant wrench has been tossed into the machinery, as home values have gone down in value for the first time since 1995. The dreaded day has come. Full Story
Longtime readers of Tedbits will recall the Tedbits on “Global synchronized swoon” outlining Quarterly downside reversals on the Charts of all the major Stock indexes around the world, The Dow 30, S&P 500, Russell 2000The Dax 30, Nikkei 225, FTSE 100, Cac in France, Hang Seng index, etc. I illustrated at the end of the second quarter of 2006. Well evidently the central banks of the world were horrified by the violence of the deflation across the board and returned to their old habits of “Runaway money and credit creation”. Full Story
Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the pivot swing number is a mildly negative setup. The next upside target is 599.8. The next area of resistance is around 595.5 and 599.8, while 1st support hits today at 589.6 and below there at 587.8. Full Story
Everybody is talking about commodity slide. Year on year returns in gold, silver is still positive and not negative. It’s was around this time in 2005 that gold and silver started its mystical rise. Full Story
Gold remained near unchanged in Asia and rose in London to trade in a range of about $590 to $595 for most of the rest of trade, but a spike lower in the last minutes of trade in New York erased the day’s gains and caused gold to close with a slight loss on the day. Silver followed a similar pattern in a range of roughly $11.70 to $11.90 before it also fell off into the close, but it was still able to end slightly higher on the day. Full Story
The gold market failed to advance past $600 yesterday and again today the market consolidated below this resistance. Price action remains at the mercy of outside influences, whether it is crude oil or the dollar. The North Korea situation is not warranting much worry as it lacks follow through potential. There’s no threat to crude supplies and little reason for military action. North Korea has never truly been a threat to its southern neighbor or any Western nation. Kim Jong-il is content to stew in his own his mess as long as he remains in power. Image is what lays at stake here, not military conflict. Full Story
The last update on the USD illustrated a brief move lower before a trend change to the upside. We saw that low occur as wave (C) down and the USD has moved to the upside since. The current pattern to the upside has now given us more information on how the larger advance will take place. We should still see a rise to the 94-96 area for the long term, but in the short we should see a rise to the 88 area, with a pullback in a larger correction to the 84 area before further upside. Full Story
As regular readers know we have detailed the central bank fiat money phenomenon that has accelerated during the term of Alan Greenspan. His prescription for every financial and/or economic problem was the US treasuries printing press. He has destroyed the dollars purchasing power enormously since his first episode of irresponsibility, which was the 1987 stock market crash. As central bankers and politicians worldwide observed his actions they too began to emulate his irresponsibility. Full Story
Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. A negative signal was given by the outside day down. The close below the 2nd swing support number puts the market on the defensive. The next upside target is 604.7. The next area of resistance is around 598.9 and 604.7, while 1st support hits today at 588.1 and below there at 583.2. Full Story
Failure of gold to edge past the 200 day MA at $600.00 resulted in technical selling, silver copper and other base metals also fell after short covering demand was over. Full Story
Gold rose a few dollars in Asia, fell back near unchanged on London, and then plummeted in midmorning New York trade to as low as $585.00 before it rebounded nearly $5 into the close and ended with a loss of 0.87%. Silver remained near unchanged in Asia and London and traded nearly 10 cents higher in early New York trade, but it also dropped severely in midmorning New York trade to as low as $11.54 before it rebounded into the close and ended with a loss of 1.19%. Full Story
By: Steven Saville, Speculative Investor - 17 October, 2006
Oil and oil stocks proved to be great investments from around mid-2003 through to July of this year, but cycles change and over the past three months the oil sector has not been a good place to be invested. In fact, oil and oil stocks began to lose relative strength last year in the immediate aftermath of Hurricane Katrina. That was when oil peaked relative to gold and when oil stocks peaked relative to gold stocks and airline stocks (we sometimes refer to the airline sector as the anti-oil sector due to the tendency of airline stocks to trend inversely to the oil price). Full Story
One of the soundest money principles is relative value. The true value investor is always on the hunt for that which offers the best intrinsic value when measured against comparable choices. This is a common sense exercise for all of us when buying anything, from groceries, to gasoline, to clothing on a daily basis, or big-ticket items like cars or computers or houses. We instinctively seek out the best relative value, the best buy. It’s all about getting the most bang for your buck. Full Story
Last time we wrote about the importance of the major gold trend and our strategy for dealing with it, as well as market volatility.
When gold fell steeply this month we know it was nerve wracking, but it’s important to remember that gold’s major trend remains up and it’s still bullish. Full Story
Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market's short-term trend is positive on the close above the 9-day moving average. Follow through buying looks likely if the market can hold yesterday's gap on the day session chart. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next upside target is 601.6. The next area of resistance is around 600.4 and 601.6, while 1st support hits today at 596.6 and below there at 593.9. Full Story
Copper, zinc and other base metals zoomed which contributed to the rise in gold and silver.Gold was also spurred by safe haven demand after the North Korean nuclear sanctions. Full Story
Gold rose a few dollars in Asia, added a couple dollars more in London, remained higher in morning New York trade, and closed near its highs with a 1.00% gain. Silver remained near unchanged in Asia and added a few cents in London before it gained another 20 cents in morning New York trade and closed near its highs with a gain of 2.07%. Full Story
For the second day in a row, gold prices gapped open higher. Technical buying supported prices throughout the day, leaving two gaps in two days, although today’s gap was relatively minor. All the meanwhile, with another $3.5 dollar move higher, the market will close a gap left on the chart on October 3rd. Full Story
The daily stochastics have crossed over up which is a bullish indication. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The cross over and close above the 18-day moving average indicates the intermediate-term trend has turned up. Follow through buying looks likely if the market can hold yesterday's gap on the day session chart. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The near-term upside target is at 598.4. The next area of resistance is around 596.0 and 598.4, while 1st support hits today at 589.4 and below there at 585.2. Full Story
Diwali is on the weekend and Indian manufacturers, retailers as well as investors are having on the best Diwali’s in recent years. Gold jewellery demand from India has beaten all expectations courtesy ever rising Indian stock markets and higher disposable income. Full Story
Gold is hovering on the brink of a serious upside breakout. It has been churning around the $580 level for the past two weeks with occasional dips under $570. But the key level is $580. A break above this and I expect to see a serious upside attack on the $625 main breakout point. Once through $625 and the old high will be history. I reiterate that this is a LONG TERM bull market in gold and other precious metals that is still only in its long term infancy. Full Story
A reader recently sent me an interesting chart that compared the housing industry to the S&P 500 stock index. It clearly showed an incredible correlation between real estate and stocks, and it was so amazing that I got the raw data and plotted the chart myself just to make sure it was real. Full Story
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