By: Chris Mullen, Gold-Seeker.com - 21 November, 2008
Gold traded mostly slightly higher in Asia and London before it soared higher throughout most of trade in New York and ended near its high of $801.10 with a gain of 5.74%. Silver traded about 1% on either side of unchanged in Asia and about 1% higher in London before it exploded higher in New York and ended near its high of $9.658 with a gain of 4.22%. Full Story
THE SPOT PRICE OF GOLD jumped to a one-month high at the US opening on Friday, heading for their third weekly gain on the trot as a rally in Asian stock markets failed to stick in Europe. US equity futures bounced hard after sinking to an 11-year Low on the S&P Index at Thursday's close. Crude oil dipped below $50 per barrel. Full Story
In an increasingly risk averse environment and in the wake of tumbling commodity markets, gold is maintaining a bid, albeit in a tight trading range with strong resistance at $777 , confirming its status as a safe haven asset. Gold is currently trading at $755 (12:15GMT). Full Story
By: Chris Mullen, Gold-Seeker.com - 20 November, 2008
Gold climbed nearly 2% in London to almost $750 by about 8:15AM EST before it erased all of its gains in midmorning New York trade and saw a 60 cent loss at $735.70 at about 10:15AM, but it then rallied back higher into the close and ended near its new session high of $752.80 with a gain of 1.66%. Silver rose 12 cents to $9.45 by a little before 8AM EST before it dropped all the way to see a 5.57% loss at $8.81 at about 10AM, but it then rallied back higher in the last three and a half hours of trade and ended with a loss of just 2.25%. Full Story
Everyone loves a bargain and the currently suppressed paper price of gold is providing one of the greatest deals in recent memory. Our own Mike Kosares likened the present opportunity to buying gold around $300 per ounce early in the decade. The World Gold Council reported yesterday that gold demand in Q3-08 reached an all-time quarterly record of $32 bln. This is a 45% increase over the previous record, which was set in Q2-08. Full Story
THE PRICE OF GOLD held steady for US and Japanese investors early Thursday – and leapt for everyone else – as a fresh spike in both the Dollar and Yen, borrowed to fund leveraged speculation during the investment boom of 2002-2007, matched new losses in world equity markets. Full Story
The Bank of England monetary policy committee considered cutting rates by 2% in November before settling for 1.5% prompting speculation that another 0.5% cut might happen when the committee meets in December. The Swiss National Bank also announced a 1% interest rate cut today, continuing the trend of lower global interest rates. Full Story
It’s the US dollar story for gold and silver and nothing else. Euro/Usd rose to 1.2813 while comex gold December rose to $764.80 and thereafter the euro fell and gold, silver and crude oil also fell. Still gold and silver have performed exceedingly well. Gold, silver and other commodities have been falling only after (A) US dollar gains or (B) Stock markets fall. When conditions A &B occur simultaneously then they fall else they are volatile. This will continue today also. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 November, 2008
Gold and silver traded mostly slightly higher in Asia and London before they soared upward in early New York trade to as high as $758.70 and $9.84 by about 10AM EST to see gains of 2.69% and 3.04%, but they then fell back off for most of the rest of trade and ended near their new session lows of $731.45 and $9.235 with a gain of 0.37% and a loss of 2.3%. Full Story
The October estimate of consumer price index declined -1.0% (-0.961%) m/m and was up 3.7% y/y. The core ex-food and energy estimate fell -0.1%(-0.071%) m/m and is up 2.2%. The ex-food estimate saw a sharp drop of -1.2% m/m and the ex-energy component was flat for the month. Energy prices dropped -8.6% and prices in the services sector were also flat for the month. Full Story
WHOLESALE GOLD BULLION PRICES inside a tight range vs. the world's major currencies early Wednesday, as world stock markets fell for the eighth session in 13 so far this month. Full Story
As auto manufacturers across the globe go to their respective governments, carrying empty fuel tanks hoping for a bail out, the shine has definitely dulled on platinum and palladium. Tumbling car sales in North America and Europe have contributed to a dramatic shift in investor sentiment towards these metals, which play a vital role in diesel and petrol catalysts in reducing emissions. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 November, 2008
Gold traded slightly lower in Asia and London and dropped to as low as $730.95 by about 9AM EST in New York before it rose to see a $4.30 gain at $746.10 by about noon, but it then fell back off into the close and ended with a loss of 1.11%. Silver fell over 2% to $9.137 and rallied as much as 4.2% to $9.752 before it also fell back off in the last hour and a half of trade, but it still ended with a gain of 2.03%. Full Story
Gold continues to trade within the recent range in the wake of this past weekend's G20 meeting. While the yellow metal remains in 'wait and see' mode, the stock market has reacted negatively to perceived G20 inaction. Full Story
THE PRICE OF GOLD continued to drift lower in early London trade on Tuesday, holding $10 per ounce below last week's close while European stock markets lost another 2% and crude oil fell towards fresh 21-month lows. Full Story
In the near term, gold seems to have settled into a contracting range between $700 and $770. The next step is likely to be higher but might be met with further resistance at $780. In the medium term, a further downturn may be likely although this may be tempered by the fact that the G20 failed to agree any substantive measures and risk aversion remains high, a time when the prudent investor retreats into the safe haven qualities of the yellow metal. Full Story
The focus of the markets at the moment is when the current economic crisis will start to ease. Companies are still slashing jobs and recession still looms at large. Base metals are trading with a softer bias while gold and silver are steady. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 November, 2008
Gold fell slightly in Asia and rose marginally in London before it plummeted to see a $12.05 loss at $730.60 by about 8:45AM EST and then rallied back higher to find a $6.85 gain at $749.50 by early afternoon in New York, but it then fell back off in the last hour of trade and ended with a tiny loss of 0.11%. Silver climbed over 1% to $9.68 and fell over 3% to $9.24 before it also rallied back higher for most of trade in New York, but it still ended with a loss of 2%. Full Story
THE PRICE OF PHYSICAL GOLD traded on the wholesale market reversed an early 0.7% rally vs. the US Dollar on Monday morning, while world stock markets fell for the 7th time in eleven Nov. sessions to date. Full Story
The G20 leaders showed a united front as they pledged to shore up global growth, introduce regulatory reform in a relatively short timeframe and avoid protectionism. However, the timeframe for resolution of these reforms is as soon as March 31st. Full Story
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