As several market technicians have pointed out recently, price oscillators and sentiment indicators for the U.S. stock market point to an excessively “overbought” condition, both technically and psychologically. To take just one instance of how overstretched the market has become, take a look at the following chart which shows the SPX in relation to its 200-day moving average. The 200-day MA is widely followed by small investors and big money managers alike. Full Story
There is just over one week to go before the Swiss gold initiative referendum on Sunday 30 November. The release of the latest opinion poll earlier this week shows a strengthening of opposition to the initiative at the expense of the yes camp, with the level of undecided voters still a significant component of the equation. Taking the ‘maybes’ into account, there are still, according to the latest poll, 37% of voters who are not definitely yes or definitely no at this stage. Full Story
All this being said, it is important to keep an open mind to various possibilities. Silver and the mining stocks are totally bombed out and we should pay close attention if they retest their lows. The weeks and months ahead figure to be enticing and exciting for precious metals traders and investors. Expect quite a bit of day to day volatility as we see forced liquidation and occasional short covering. Be patient but be disciplined. As winter beckons we could be looking at a lifetime buying opportunity. Full Story
It has been unusual that there has been three parabolic moves to the upside over the past twenty years. Two of them ended badly. Odds are that this one may not end so well either. The bottom of that channel is currently down around 600. That is a long way from today’s level. Full Story
We started getting into trouble in 2011, but the Fed stepped in with Operation Twist and we were off to the races again. As long as we remain above this line, we’re going to buy picking stocks and making major returns. Full Story
Futures trading volume on the Comex was more than double the 100-day average for this time of day, data compiled by Bloomberg show. Holdings in gold ETFs fell 1.9 metric tons to 1,616.7 tons yesterday, the lowest since May 2009 as traders and weak hands sell and gold flows to stronger hands in allocated storage and in Asia. Full Story
There seems to be a lot of confusion out there as to whether the stock markets are bullish or bearish. Is the Dow Jones in a topping pattern as so many analysis are suggesting? I’ve seen some charts that are calling the big trading range , on the Dow Jones going all the way back to the 2000 bull market top, THE JAWS OF DEATH. Man it doesn’t get anymore dire than that. As usual I have a different take on the JAWS OF DEATH, which I would like to share with you tonight. Full Story
Silver is down 70% from its high of $48.70 an ounce back in April of 2011. And the calls from the mainstream are for silver prices to fall farther, as the Federal Reserve has stopped printing paper money and inflation is nowhere in sight. I beg to differ. Full Story
Speculation that the Swiss gold purchase referendum will fall short resulted in the selloff. The fall of gold and silver is a replica of the medium term market sentiment. We might see new multi-year lows if case gold and silver fall today and tomorrow. Buyers will for now stay away and will return if and only if there are indications of a bottom. FOMC minutes said that they should be on the lookout for signs of a decline in the public’s expectations for inflation, minutes of their meeting show. There is no change in the stance. The early snowfall effects on US economy needs to be assessed from a three month period. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 November, 2014
Gold gained $5.35 to $1202.15 in London before it dropped back to $1175.26 at about 10:50 AM EST and then bounced back towards unchanged in early afternoon New York trade, but it then fell back off again into the close and ended with a loss of 1.15%. Silver slipped to as low as $15.897 and ended with a loss of 0.49%. Full Story
Russia’s central bank bought about 150 metric tons of the metal this year, announced Governor Elvira Nabiullina yesterday. The pronouncement immediately created buying in the market, prompting gold to rise to a two week high at $1,200 an ounce. Full Story
Unconfirmed reports suggest that there has been massive central bank buying of gold. India can impose curbs on gold imports anytime. Geopolitically nothing has changed. The US dollar is weaker against the euro and stronger against the Japanese Yen. Japanese demand for gold will fall as prices rise. Japanese hedge funds investment in gold (if any) will reduce further if the Japanese economy itself provides investment opportunities. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 November, 2014
Gold climbed $18.13 to $1204.53 by a little after 5AM EST before it chopped back lower at times, but it still ended with a gain of 0.88%. Silver surged to as high as $16.417 and ended with a gain of 0.37%. Full Story
Concerns about deflation, recession and a return to the Eurozone debt crisis, may see the ECB follow Japan and print money to buy assets including shares, exchange traded funds and physical gold. Counter intuitively, gold prices fell on the quite bullish news. In marked contrast to the sharp falls gold saw on the mere rumour of small Cyprus selling their miniscule gold reserves. Such odd trading leads to continuing concerns that the precious metals markets are still being manipulated. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 November, 2014
Gold dropped $8.61 to $1182.09 at the open of trade last night before it quickly rebounded to $1194.08 and then dropped back to $1181.81 in late morning New York trade, but it then bounced back higher in afternoon trade and ended with a loss of just 0.36%. Silver slipped to as low as $16.049 and ended with a loss of 0.86%. Full Story
Gold hovered at two week highs on Monday, after a short covering rally and gold buying Friday. Spot gold was at $1,187.20 an ounce by 0724 GMT, after earlier rising to a two-week high of $1,193.95. Friday’s jump over 2% allowed the metal to break out of a key technical level of $1,180. Bearish bets on gold futures and options by hedge funds are near a record, according to CFTC data. Trading today on the Shanghai Gold Exchange’s benchmark bullion spot contract was the highest since April 2013. Full Story
Gold and silver need to rise till Wednesday to attract short sellers and also attract short term investors. Potential physical gold investors who had postponed their purchases (in the hope of a further price fall) could also start buying at higher prices. No one wants to invest in a falling market. The same applies to gold and silver. Russian president Putin’s early exit from the G20 meeting is also another reason for me to remain invested in gold and silver. Full Story
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