THE PRICE OF GOLD sank as European markets opened for business on Thursday, giving back a 2% rally in Asia to plummet towards a new one-month low, just shy of $906 per ounce. Full Story
It is difficult to know what precipitated the severity of the sell off as there is no change in the long term fundamentals driving the gold market. However, with the dollar strengthening and oil and other commodities declining sharply yesterday, gold was bound to come under pressure. Full Story
Yesterday I had mentioned that investors should buy US dollar calls and precious metals puts. I was right. The US dollar gains and the fall in energy prices and metal prices is nothing but a technical correction which is a part and parcel of a long term bull run rally. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 March, 2008
Gold dropped to $976.27 and silver fell to $19.515 in after hours access trade yesterday before both metals rebounded in Asia and climbed back near unchanged at as high as $997.15 and $20.09 by early trade in London, but they then plummeted for the rest of the session and closed near their lows of $941.07 and $18.177 with losses of 5.8% and 7.5%. Full Story
Gold has corrected in the wake of Tuesday's 75bp rate cut by the Fed. The recent downside extension is attributed to funds locking in profits on commodity positions ahead of quarter-end. Market chatter suggests they'll be looking to get right back in, implying this is a buying opportunity. The dollar remains under modest selling pressure, retracing yesterday's corrective rebound and has moved little in comparison to the intraday retreat in gold. This lends credence to the aforementioned scenario explaining the retreat in gold. Full Story
SPOT GOLD and gold futures prices sank as the US open drew near on Wednesday, falling almost 3% to bounce off a seven-session low as oil prices and soft commodities continued to tick lower and European stocks climbed back from an earlier 1.2% drop. Full Story
Gold remains well supported with oil remaining close to $110 a barrel and the dollar falling again overnight in Asia and early trading in Europe (see FX Commentary below). Gold is the only asset that is not someone else’s liability or promise to pay. In a world where there can be a $400 billion default by a company with $1.5 billion of capital, gold’s hard, tangible and extreme rarity make its safe haven and finite currency qualities more important than ever. Full Story
Gold, silver and copper fell after the Fed cut interest rates by 0.75% as the US dollar gained. In March, the US dollar has fallen too swiftly which contributed to gold and silver’s rise, so the fall was imminent. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 March, 2008
Gold fell to $997.50 by late trade in Asia before it rose about 1% to as high as $1012.40 in early New York trade and then fell back off into the close, but it still ended with a small gain of 0.16% at a new record closing high. Gold has since sold off in after hours access trade in response to the fed’s policy statement and at the time of writing (4PM EST) is trading with a loss of over 2%. Full Story
Gold made several overseas corrective probes below $1,000, but these dips have been viewed as buying opportunities thus far. Mounting worries about systemic risks in the US and global banking systems, counter-party risk concerns and an anticipated jumbo rate cut by the Fed should keep the yellow metal generally well bid. Full Story
SPOT GOLD PRICES ticked higher vs. both the Dollar and Euros in London on Tuesday, gaining more than 1.3% from an overnight dip against each currency as global stock markets bounced after Monday's shock losses. Full Story
The London AM Gold Fix at 1030 GMT this morning was at $1005.75, £499.13 and €635.786 (from $1023.50, £508.45 and €649.51 yesterday). Gold is surging in all major currencies as seen in the GBP/GOLD and EUR/GOLD charts below. Showing that gold’s strength is not simply due to dollar weakness. Dollar weakness is just one of the many, many factors leading to higher gold prices in all (fiat) currencies. Full Story
The focus of the markets suddenly shifts from demand factors to supply factors and a subsequent correction in base metals and energies. Gold and silver fell on profit taking ahead of the Fed meeting. Full Story
By: Chris Mullen, Gold-Seeker.com - 17 March, 2008
Gold soared over 3% to as high as $1031.85 in early Asian trade before it dropped back near unchanged to as low as $999.22 by early trade in New York and then rallied back higher to about $1015 by late morning, but it then fell back off into the close and ended with a gain of just 0.35%. Full Story
With other financial institutions likely in the same straights as Bear, mounting concerns about systemic risks is driving safe-haven buying of gold, the yen and Swiss franc. Global equities, particularly the financial sector, and the dollar are baring the brunt of this flight to quality. Full Story
PHYSICAL GOLD PRICES leapt more than 3% at the start of world trade on Monday – and the US Dollar and Asian stock markets sank – on news that the Federal Reserve will today start lending directly to New York investment banks to "bolster market liquidity and promote orderly market functioning." Full Story
By: Chris Mullen, Gold-Seeker.com - 17 March, 2008
Just a quick update for now on what has happened this Sunday night well before markets are slated for opening in the US. News that JPMorgan will buy Bear Stearns for $2 a share and that this values Bear Stearns at $240 Million, a Tenth of its Value Last Week has sent world financial markets reeling. Full Story
Gold and silver zoomed as the Fed cut discount rates by 0.25% to 3.25% on direct loans and announced a new program to lend directly to other big financial firms. Goldman agreeing to buy Bear Stearns for $2 a share against the price of $30 a share at the close on 14th March also factored in. Full Story
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