By: Chris Mullen, Gold-Seeker.com - 22 October, 2010
Gold fell over $10 in late Asian trade to as low as $1314.53 before it rallied back higher in London and saw a $3.55 gain at $1328.35 by about 9AM EST, but it then fell back off a bit in New York and ended with a loss of 0.02%. Silver fell to as low as $22.80 in late Asian trade before it also climbed back higher, but it still ended with a loss of 0.52%. Full Story
THE PRICE OF WHOLESALE gold bullion fell to 3-week lows against the Dollar on Friday morning in London, sliding 5.1% from last week's all-time high – and dipping below $1316 an ounce – before steadying as the US currency eased back on the forex market. Full Story
Gold is lower today as the dollar has continued to eke out gains ahead of the G20 summit where competitive currency devaluations and currency wars are set to be discussed. Gold is down 0.3% in dollars and has fallen in most currencies except for the Swiss franc which is under pressure today. Full Story
By: Chris Mullen, Gold-Seeker.com - 21 October, 2010
Gold climbed $4 to $1348.00 in London before it fell to $1336.40 in early New York trade and then rebounded back to $1346.56 at around 10AM EST, but it then dropped off rather markedly for most of the rest of trade and ended near its late session low of $1320.00 with a loss of 1.43%. Silver climbed to $24.001 in London before it also fell back off in New York and ended near its late session low of $23.087 with a loss of 2.48%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 21 October, 2010
We are watching almost in slow motion as the currency disruptions unfold on the world economy. After what appeared to be intervention in the exchange rate of the euro giving the impression that the dollar strengthened, we saw the euro climb back to over $1.40 again. We have no doubt that intervention will not be effective as it failed in the case of the Yen. This leaves precious metals moving with currencies and not on the usual demand / supply factors affecting precious metals. Full Story
THE PRICE OF BOTH gold and silver was little changed against the US Dollar by Thursday lunchtime in London, evening out amid "a very choppy and volatile market" according to one dealer. Full Story
Gold is little changed in London trading this morning with slight losses in dollar and euro terms and slight gains in Swiss franc and British pound terms. Expectations of QE2 are leading to further dollar weakness and continuing strength in commodities and precious metals. Full Story
By: Chris Mullen, Gold-Seeker.com - 20 October, 2010
Gold climbed about 0.5% to $1342.87 in Asia before it fell to see a $3.20 loss at $1332.80 by about 9:30AM EST, but it then rallied back higher for most of trade in New York and ended near its late session high of $1346.75 with a gain of 0.6%. Silver rose to $23.865 in Asia and fell to $23.43 in early New York trade before it also rallied back higher and ended near its late morning high of $23.892 with a gain of 0.46%. Full Story
THE PRICE OF WHOLESALE gold and silver bullion failed to hold a rally in London trade on Wednesday, easing back from a bounce on "decent" Asian demand after a rise in China's benchmark interest rates yesterday sparked what one analyst calls "a knee-jerk sell-off across the commodities." Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 October, 2010
Mervyn King, Governor of the Bank of England echoed the thoughts we expressed earlier this week, when we expressed fears that nations were seeking their own interests to the exclusion of the global good. He major economies’ policies are in “direct conflict” with each other and that “collective” action is required to rebalance the world economy. Full Story
The knee jerk reaction to the Chinese interest rate rise was an increase in risk aversion which saw falls in equity and commodity markets and this contributed to gold falling more than 2%. Poor earnings results also contributed to the weakness in equities. Gold's weakness was also likely due to the dollar rising and to profit taking after gold's recent gains. Support is at $1,325/oz and $1,300/oz and resistance is at $1,374/oz and the record nominal high of $1,385/oz. Full Story
The 0.25% interest rate hike by China seems more of a political gimmick before the US state elections early next month and nothing else. Interest rates in China should have been raised long ago but refrained from doing so. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 October, 2010
Gold traded just slightly lower in Asia, saw about 1% losses in London, and fell as much as $39.10 to $1332.30 by about 9:30AM EST in New York before it rallied back higher for a bit, but it then fell back off again in afternoon trade and ended with a loss of 2.58%. Silver fell as much as $0.98 to as low as $23.42 before it also rallied back higher in late morning trade, but it still ended with a loss of 2.79%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 October, 2010
Treasury Secretary Mr. Timothy Geithner stated yesterday that the U.S. would not devalue the dollar to increase its trade competitiveness. This, mistakenly, has led commentators to believe this is part of his “strong dollar” rhetoric. Full Story
GOLD PRICES fell Tuesday lunchtime in London, unwinding an earlier rise made against all currencies bar the US Dollar and Japanese Yen, which then knocked gold bullion back to two-week lows at $1345 per ounce and ¥3530 per gram respectively. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 October, 2010
Gold fell as much as $17.95 to $1352.50 in Asia, but it then rallied back higher for most of trade in New York and ended near its late morning high of $1372.75 with a gain of 0.07%. Silver fell to as low as $23.73 in Asia, but it then rallied back higher for most of the rest of trade and ended near its noontime high of $24.458 with a gain of 0.54%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 October, 2010
We are of the opinion that there have been some support operations for the U.S. dollar as it has recovered in London to $1.3892 from over $1.41. The question one has to ask is, “will support operations for the dollar be successful?” To date the support operation for the Japanese Yen has not as it now stands at Y81.28 to the dollar. Full Story
THE PRICE OF PHYSICAL gold fell in Asian and early London trade on Monday, dropping to a 3-session low of $1354 an ounce as the US Dollar rallied and Asian stock markets ended the day lower. Full Story
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