Gold traded on either side of unchanged in Asia, rose about $5 in London, furthered its gains in New York, and remained near its highs into the close to end with a gain of 1.07%. Silver also steadily rose in London and remained near its highs in New York to regain nearly all of yesterday’s losses and close with a gain of 1.83%. Full Story
Will the U.S. dollar experience a catastrophic collapse? Books and articles galore have been showered upon the public in which the writers purvey a coming dollar crash, a scenario which they say will destroy the U.S. economy as well as render the dollar a has-been among the major world currencies. Could such an event actually transpire in 2007? Full Story
Several weeks ago I wrote about how the US dollar was on the verge of a breakdown and that gold was on a verge of a break out. Sure enough, the dollar has hit multi-year lows against a wide array of currencies and gold, while overbought in the short-term, seems to be well on its way to multi-year highs. Full Story
I don't know about you, but my total precious metals stock portfolio saw a loss of 4.3% from the high on 4/16 thru yesterday, 4/19. I rode it thru. I hope most of you did likewise. Even a ten percent decline, although they can pull at your gut, are really not enough to trade for a profit. Think about it. A 5% loss is but 5 cents on a dollar. Think about it - could you liquidate your portfolio and buy them all back within that spread? Full Story
Gold in recent days has flirted with resistance above $690, currently having retraced from the initial attempts at a breakout higher. From time to time, so as not to get suckered into a wrong analysis or wave count of a market based on relying too much on ongoing 'updated' analysis. I like to take a fresh chart of a market, in this case of Gold, and see what actually stands out clearly at this point in time, a Fresh view so to speak. What is the 'Fresh' current chart of Gold telling us, especially in terms elliott wave analysis ? Full Story
By: Chintan Karnani, Insignia Consultants - 20 April, 2007
History repeated one day earlier as last year last year gold and silver fell the next day after Akshay Tritiya. Demand from India was subdued as Indian consumer considers the price high. Full Story
Gold initially rose over $690 in Asia before it fell under $684 by the open in London and next rebounded a bit to around $686, but it then fell in early New York trade to as low as $680.20 ahead of a rebound into the close that recouped about half of its fall and left it with a loss of 0.61%. After topping $14.00 in early Asian trade, silver fell to as low as $13.60 before it also rebounded slightly, but it still ended with a notable loss of 2.15%. Full Story
The beauty of this silver expansion is that it's advancing in baby steps. Yes, on balance the volume is up, which indicates sellers have gone away which is accounted for by the shaded green bars at bottom of price chart. What's nice is we have this baby step pullback this current week with a red-shaded bar without rocketing volume which appears at cyclical peaks. We've yet to see weekly volumes up to nearly 3 million shares where past corrections have occurred. Full Story
By: Chintan Karnani, Insignia Consultants - 19 April, 2007
There is hardly anything to comment on metals as they remain firm on the back of continued weakness in US dollar and firm crude oil prices. The dollar hit fresh 26 year lows against the British pound, 24 year lows against the New Zealand dollar and 2.5 year lows against the Euro. Full Story
Gold rose over $690 by late trade in Asia and early trade in London before it fell to about $686 in early New York trade, but it then roamed around on either side of unchanged for the rest of the day and ended slightly higher. Silver rose over $14.00 before it fell back under $13.90, but it also rebounded by the close and ended with a minimal loss. Full Story
The gradual uptrend of the past 6 weeks has brought gold once again to a critical juncture. This rise has brought it up to the late February high and within $40 of last year’s highs at about $730, raising hopes that it may soon break out to a new high. Full Story
The silver chart looks considerably less inspiring than the gold chart at this juncture, which is perhaps not so surprising as after outperforming gold last year, it has been underperforming it so far this year. On the 10-year chart the trading range that has followed the ramp from September 2005 through April last year does not look to be of sufficient duration to support another strong advance, and the uptrend channel drawn on this chart looks unsustainably steep and for these reasons the chances of a breakdown are considered to be quite high. Full Story
Precious metals are trading pretty choppy this morning as the markets are vacillating on currency moves and searching for additional market data with which to take out some psychologically important levels ($700 for gold, $13000 for platinum and $14.50 for silver). Full Story
Much talk about this index or that index making a new high, or near a new high. The level for an index is interesting, but the return being earned is more important. A stock market index could conceivably make a new high each and every day without providing a desirable return. Today's graph compares the return over the past five years of an investment in $Gold and U.S. stocks, as measured by the total return on the S&P 500. Full Story
The Fed ain’t messing around. Enough is enough! In an all out effort to pre-empt a rout in the housing market, the Fed has opened the money spigots WIDE open! Full Story
Inflation as measured by the CPI jumped above 3% to 3.1%, which now virtually guarantees a hike in UK interest rates to 5.5% at Mays Bank of England MPC Meeting. The British Pound surged through the $2.00 barrier, having flirted with it for nearly 2 years now, each attempt at a break having held, but no more ! Full Story
Gold fell a couple of dollars in Asia and London before it rebounded back near unchanged in early New York trade, but it then fell back off a bit into the close and ended slightly lower. Silver followed a similar pattern and ended with a loss of 0.64%. Full Story
ECB gold sales were updated this past week and we've finally seen levels dropping back to the 2-3 tonnes per week of sales. One captive ECB bank sold 1.9 tonnes of gold into the market last week. We believe this is the resumption of the reduced sales trend and will remove the additional supply back off the market that had been increased over the past month. This drastically decreased supply is a strong reason for gold's $20 rise since last week. Full Story
By: Chintan Karnani, Insignia Consultants - 17 April, 2007
Copper Zinc and other base metals are consolidating at the moment before the next move. Markets expect the Chinese economy to grow at over 10% in the first quarter of 2007 which is supporting base metals prices. Full Story
Gold rose a few dollars to the highs 680s in Asia and London before it fell in morning New York trade and saw slight losses at $682.90, but it then rallied back in afternoon trade and made new highs by the close. Silver fell over 1% to as low as $13.81 in morning trade before it also rallied higher in afternoon trade and ended slightly higher. Full Story
The New York Mercantile Exchange, Inc., a subsidiary of NYMEX Holdings, Inc. (NYSE:NMX), the world’s largest physical commodity exchange, today signed a 10-year agreement with the Ux Consulting Company, LLC (UxC), the global uranium pricing index and information leader, to introduce on and off-exchange traded uranium futures products on the CME Globex® and NYMEX ClearPort® electronic platforms on May 6 for trade date May 7. Full Story
Sprott Molybdenum Participation Corp. has closed its initial public offering. An total of 37.8 million units (including units issuable on the exercise of the overallotment option) were sold at $5 per unit, for total gross proceeds of $189-million. Each unit consists of one common share in the capital of the corporation and one-half of one common share purchase warrant. Full Story
After a weekend of World Bank and IMF meetings, the calls to sell off IMF gold reserves have begun anew. It's funny how big government never looks at how to cut spending or reel in bureaucracy, but rather wants to sell off assets. These gold assets should be the ultimate insurance policy in the event of a fiat currency default, not the bridge loan for filling in deficits in the operating budget of the IMF. The calls this weekend have come again from Gordon Browne, UK Chancellor of the Exchequer and Japanese finance minister Omi. Full Story
Stagflation best describes the prevalent condition in mature industrialized economies at present. At the same time however, Asian Tigers led by China are still industrializing and are now aggressively expanding domestic economies as their populations strive to acquire western lifestyles. For this reason, and unlike developed economies whose populations are over-indebted, growth (both economic and debt) is still brisk in this region. Full Story
The gold stocks have broken above horizontal resistance. We are not yet calling it a break out, which it very well may be. We are waiting for at least a two day close above the break and preferably a weekly close. An even stronger indicator will be when previous resistance holds as support. Full Story
By: Chintan Karnani, Insignia Consultants - 16 April, 2007
The G 7 meeting failed to criticize the Japan over weakness of the yen, suggesting that the yen will weaken further this week and for the rest of April. A stronger currency has its positive as well as its negatives for any country in an interest rate sensitive market. Full Story
The gold market has broken out of the confines of its 15 month correction. This is a huge step forward as it not only signals the penetration of a frustrating churning period that has driven all gold share holders to distraction but also signals the start of wave 3 in big wave III. The long term implications are enormous. Certainly there will be some huge moves in the gold shares as they more than make up for lost time. But also the gold price is ready for some real action not only in both Dollar and Rand terms but also against all the leading global currencies. This again has huge potential repercussions. Full Story
Maybe the title should be 'Go or No Go?' or 'Proceed With Caution?' but what today's market status should not be called is 'All Signs Point to [fill in the blank]' because if the current environment is characterized by anything, it is mixed signals. I will try to illustrate that point by highlighting various markets as follows. Full Story
A trading alert in Rick’s Picks on Thursday morning caught the start of a $15 rally in Comex Gold to the exact tick, but it’s what happens next that will tell us whether this is the thrust that finally vaporizes the $700 barrier. By my runes, the real barrier lies at 693.20, a Hidden Pivot that we’ve been using as a minimum rally target since early April. Gold has been moving rather precisely to our intraday numbers lately, and that is why we should look to this one to tell us what’s likely to occur next. Full Story
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