By: Chris Mullen, Gold-Seeker.com - 20 March, 2009
Gold climbed $8.10 to $966.85 and silver rose over 1% to above $13.70 by late trade in Asia before both metals fell back off in London to as low as $946.25 and $13.41 by about 9AM EST in New York, but they then rallied back higher into the close and gold ended with a loss of just 0.43% while silver jumped to a new session high of $13.855 and ended with a gain of 1.77%. Full Story
A big weekly reversal is left on the charts and the bulls enter next week with a modicum of control over the market. The Federal Reserve is going to try to inflate its way out of this deep recession, there is no doubt left about their intentions. Gold will likely to outperform other commodity markets in the near future as it maintains its value as a safe haven for capital. Full Story
THE SPOT PRICE OF GOLD fell hard in early London trade Friday, losing almost 2% from new one-month highs hit overnight at $966 an ounce. The Spot Gold Price held near its best weekly finish vs. the US Dollar since Feb. 20, however. Full Story
Concerns about the dollar are justified and real. This is likely no short term weakness in the dollar indeed the dollar’s status as the reserve currency of the world is increasingly coming into question in an increasingly multi polar world. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 March, 2009
Gold surged to as high as $948.50 in after hours access trade yesterday in reaction to the fed’s policy change before it fell back to $926.60 in Asia overnight, but it then rose to a new high of $960.92 in New York today and ended near that high with a gain of 7.79%. Silver jumped to $13.02 yesterday before it fell back to $12.637 in London today, but it then rose to a new high of $13.68 in New York and ended with a gain of 12.51%. Full Story
The net effect felt on the commodity sector was inflationary. Gold was up 7.5%, silver up nearly 13%, copper up 5%, crude oil up 6.0%, natural gas up 14%, and foodstuffs up 2 to 5%. Some of these moves may be exaggerated due to the nature of short covering but many traders are saying that this brings back inflationary fears to the forefront. Full Story
THE WHOLESALE SPOT PRICE of gold continued to rise for US-Dollar investors early Thursday, hitting $951 an ounce in London as the greenback fell versus all asset classes. Western stock markets also rose together with bonds, non-US currencies and all traded commodities after the Federal Reserve announced $1.25 trillion of "Quantitative Easing" late Wednesday. Full Story
The FX market in particular seemed to be caught completely off guard and the dollar plunged in reaction to the FOMC announcement. A colleague that I used to trade currencies with back in Chicago said it was "near-panic" selling of dollars, particularly against euro although greenback losses were broad-based. Full Story
Gold fell in US trading hours yesterday for no apparent reason but on the Fed announcement gold surged by nearly 7% in afterhours access trade. Gold leapt from its session low of $884.10/oz to a high of $946.20/oz, a jump of nearly 7 per cent and silver also surged some 7%. Gold subsequently gave up some of those gains but remains firm over $934/oz. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 March, 2009
Gold and silver traded just slightly lower in Asia and London, but they then fell throughout most of trade in New York and ended near their lows of $883.50 and $11.90 with losses of 2.98% and 5.01%. Following the fed’s announcement however, both metals instantly shot higher and at the time of writing they are seeing gains of over 6% in after hours access trade. Full Story
Today’s reversal is stunningly large as the high-low range encompasses the entire range of the market in the past two weeks. The move back above $944 now puts bulls back in control of this market for the time being. The next upside objective becomes $1070 to $1094. As of this morning, the market was begining to look more and more bearish in the short term, but when the facts change, one must change, as well. Full Story
THE SPOT PRICE of physical gold continued moving in lock-step with the US Dollar early Wednesday, sliding to a one-week low of $901.50 an ounce as New York opened for business. Crude oil slipped to $49 per barrel from a 3-month high, while government bonds rose, pushing the yield offered by 10-year US Treasuries back below 3.0%. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 March, 2009
Gold rose a couple of dollars in early London trade before it fell to as low as $911.90 after the open of trade in New York, but it then bounced back higher for the rest of the day and ended with a loss of just 0.64%. Silver climbed ten cents to $12.99 by late trade in Asia, but it then fell back off for most of the rest of the day and ended near its low of $12.63 with a loss of 1.71%. Full Story
There are perhaps a few explanations as to why, despite one of the worse economic times in the past century, gold prices have yet to breach prices from a year ago. Questions are abound as to why, despite the cratering of the stock markets, gold is not performing uber-bullishly. Full Story
THE SPOT PRICE of physical gold dropped out of a tight range early Tuesday, slipping 1% as world stock markets also fell, reversing one-fifth of their surge last week. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 March, 2009
Gold and silver initially fell in Asia before they rebounded to about unchanged in early London trade and then fell to new lows of $915.40 and $12.782 by about 10AM EST in New York, but they then bounced back higher into the close and ended with losses of just 0.83% and 2.27%. Full Story
THE PRICE OF GOLD slipped 1% early Monday in London, falling alongside the US Dollar as world stock markets jumped. By lunchtime in London, the FTSE100 index stood back at this month's opening level – and more than 9% above the six-year low hit on March 5th – after the weekend's G20 meeting of leading policy-makers agreed a rough plan for buying up "impaired assets" from international finance houses. Full Story
Hyperinflation destroys paper money. The history of all paper money is one of eventual self-destruction. What a few short years ago seemed impossible is now a daily occurrence. To deny such is happening is foolhardy and dangerous. It is better to take the bull by the horns and deal with it. Full Story
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