By: Chris Mullen, Gold-Seeker.com - 21 December, 2012
Gold fell $13.10 to $1635.60 in early Asian trade, but it then rose to as high as $1659.50 in New York and ended with a gain of 0.38%. Silver climbed to as high as $30.255 and ended with a gain of 0.03%. Full Story
WHOLESALE gold bullion prices hovered around $1650 an ounce Friday morning in London, having earlier hit fresh four-month lows, while stocks edged lower and US Treasuries gained despite little evident progress in Washington to avoid the so-called fiscal cliff. Full Story
Gold is marginally lower in dollars today and on course for its largest weekly drop since June (-2.6%), as COMEX speculators continue to have the upper hand over store of wealth buyers including central banks. Prices fell below $1,650 an ounce on Thursday for the first time since August despite strong fundamentals which have not changed. Full Story
By: Chris Mullen, Gold-Seeker.com - 20 December, 2012
Gold fell to as low as $1635.70 by late morning in New York before it bounced back higher in afternoon trade, but it still ended with a loss of 1.23%. Silver slumped to as low as $29.592 and ended with a loss of 3.66%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 December, 2012
New York closed at $1,669.3 down nearly $30 in two days. This morning there was no rush to support the price or turn it around. It slipped slightly as the euro continued to strengthen to $1,667.00 where it Fixed this morning, In the euro it was Fixed at €1,259.254 down €30 on two days ago, while the euro was slightly stronger at €1: $1.3238. Ahead of New York’s opening, gold was $1,670.40 and in the euro at €1,259.97. Full Story
U.S. DOLLAR gold prices climbed back above $1670 an ounce Thursday lunchtime in London, following two days of losses that saw gold in Dollars fall to its lowest level since August, while stocks and commodities were little changed on the day and US Treasuries gained. Full Story
Prices again crept gradually higher in Asian trading prior to some retrenchment in early European trading but dollar weakness was supporting gold and silver. Further weakness could be seen and it is worth noting that gold and silver saw considerable weakness last December (see chart above) and both bottomed near year end on December 29th prior to strong gains in January 2012. Full Story
Gold and silver can only rise if there is short covering as traders start to leave for their Christmas and New Year Vacations. If there is no short covering either today or tomorrow then one can expect more losses today as well as tomorrow. Copper is bearish but will prefer to use any $10-$15 dips to invest for the short term. Full Story
GoldSeek.com TV presents an exclusive interview with South Africa's top gold analyst, Julian Phillips (www.GoldForecaster.com). He discusses several topics with interviewer Jonathan Roth (www.GoldSeek.com), including:
- Will the Chinese Yuan replace the US Dollar as the world's reserve currency?
- Will gold continue to climb while paper currencies depreciate?
- Could gold be confiscated by national governments?
Taped on-location in Johannesburg, South Africa. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 December, 2012
Gold edged up to $1676.66 in Asia before it fell back to $1664.34 in early afternoon New York trade, but it then bounced back higher in the last two and a half hours of trade and ended with a loss of just 0.21%. Silver climbed to $31.74 in Asia, but it then dropped back to as low as $31.022 in New York and ended with a loss of 1.71%. Full Story
PRICES to buy gold with Dollars rallied from their lowest levels since late August on Wednesday morning in London, recovering 0.7% from yesterday's drop to $1662 per ounce. The drop came as Greece was upgraded Tuesday by the S&P ratings agency from "selective default" to "junk" status, following payment of the latest €34.3 billion in new loans from Greece's Eurozone partners. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 December, 2012
Gold fell $36.70 to $1661.30 by early afternoon in New York before it rallied back higher in the last couple of hours of trade, but it still ended with a loss of 1.48%. Silver slumped to as low as $31.35 and ended with a loss of 1.77%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 December, 2012
New York closed at $1,698.00 up nearly $4. Asian and London dealers moved gold up again, in line with the euro. Gold Fixed at $1,699.50 up $9 on yesterday’s fixing. In the euro it was Fixed at €1,289.258 up €4 while the euro was slightly stronger at €1: $1.3182. Ahead of New York’s opening, gold was $1,699.00 and in the euro at €1,288.02. Full Story
U.S. DOLLAR gold prices fell back below $1700 an ounce Tuesday morning, having briefly risen above that level following news of possible progress in the ongoing fiscal cliff negotiations in Washington. "Investors [are] seemingly wary of taking positions in a time of thin liquidity and still waiting to see whether legislators will avert the automatic spending cuts and tax hikes in the US," says a note from Swiss precious metals group MKS. Full Story
Many traders are on the sideline as trading slows down prior to Christmas. The focus remains on U.S. lawmakers attempts to cobble together a deal to avert the 'fiscal cliff'. There is optimism that a deal can be done to avert fiscal disaster. While this may be the case in the short term - another short term political panacea which fails to address the very poor deep rooted structural fiscal challenges may lead to an even greater fiscal disaster in the course of President Obama's second term. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 December, 2012
Gold dropped $8.02 to $1686.18 in Asia, but it then rose to as high as $1699.10 in New York and ended with a gain of 0.22%. Silver climbed to as high as $32.374 and ended with a gain of 0.12%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 December, 2012
New York closed at $1,694.20. While Asian and London dealers moved gold down in line with the euro at the start of the week. Gold Fixed at $1,690.00 down $6.50 on Friday’s a.m. fixing. In the euro it was Fixed at €1,285.269 down €15 while the euro was slightly stronger at €1: $1.3149. Ahead of New York’s opening, gold was $1,691.30 and in the euro at €1,285.43. Full Story
THE WHOLESALE gold bullion price rose to $1693 per ounce during Monday morning's London trading, but remained slightly below where it ended last week following falls in Asia, where the Yen opened sharply lower against the Dollar before recovering some ground following the result of Japan's general election. Full Story
The US fiscal cliff issue will be the key for markets. I am not looking too seriously into the US fiscal cliff issue and am rather focusing on incoming economic numbers from the USA, Europe and China. If incoming US economic numbers are bad then gold and silver demand will rise further. Gold and silver are in a consolidation phase and not in a bear zone. Full Story
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