So it is not fundamentals that have been plaguing gold stocks, but psychology. Traders are scared because gold stocks have corrected sharply. This always happens after major selloffs. But this very fear paves the way for massive uplegs as sentiment slowly swings to the opposite greed extreme. As that shift accelerates, gold miners’ high profits will attract in more and more investors as gold-stock prices surge. Full Story
The extension to Operation Twist could reduce liquidity in the short-term funding market, traders have told the Financial Times, since the Fed's System Open Market Account will have sold most of its short-dated Treasury debt by the end of this year. The Fed, they argue, will be less able to lend out short-dated securities at times of high demand, which have often coincided with periods of heightened market stress. Full Story
By: Julian D. W. Phillips, GoldForecaster.com - 22 June, 2012
We placed gold and silver together today because what is happening in the market is happening to both, as well as nearly all other markets. We are seeing shades of 2007/8 again as we watch broad market retreats as asset values deplete in the face of falling confidence in developed world financial markets. A broad based loss of confidence in these markets is being well expressed and was summarized by Christine Legarde, head of the I.M.F. when she said that Europe needs ‘greater monetary integration in terms of banking and Sovereign debt markets’ if the euro is to be saved. Full Story
Gold closed in New York at $1,606.40 down $13. The Fixing in London today was set at $1,600.00, stronger than expected. In the euro it was set at €1,261.$432. Ahead of New York’s opening gold stood at $1,600and in the euro, €1,269.96 while the euro was at €1: $1.2681, only slightly weaker. Full Story
The WHOLESALE MARKET gold price fell further Thursday in London, falling hard to 8-session lows at $1587 per ounce following last night's "no change" decision from the Federal Reserve on new US quantitative easing. Full Story
Russia's gold and foreign exchange reserves declined to $512.2 billion in the week ending June 15 from $512.4 billion a week earlier. Russia’s reserves remain very sizeable and have increased in 2012 as they were at $498.6 billion at year end 2011. Full Story
Gold fell $28.82 to as low as $1590.78 just after the fed’s announcement before it climbed back above $1620 over the next couple of hours of trade, but it then fell back off into the close and ended with a loss of 0.82%. Silver slipped to $27.73 just after the fed’s announcement before it also bounced back higher, but it then dropped again in late trade and ended with a loss of 1.23%. Full Story
Gold closed in New York at $1,619.6 ahead of the Fed’s FOMC meeting today. The Fixing in London today was set at $1,618.75. In the euro it was set at €1,274.807 €17 down. Ahead of New York’s opening gold stood at $1,611.32 and in the euro, €1,269.96 while the euro was at €1: $1.2688. Full Story
SPOT MARKET gold prices dropped back towards $1600 an ounce ahead of Wednesday's US trading – 1.5% down on last week's close – while stocks and commodities were broadly flat and US Treasuries fell ahead of the Federal Reserve policy decision due later today. Full Story
Gold dipped today despite Wall Street hopes that the US Fed will embark on more QE. As we have said for some time QE3, or a new term for electronic and paper money creation, is a certainty and this will lead to inflation hedging and safe haven demand for gold. US economic data has been very poor recently which is leading to hopes by Wall Street that "Operation Twist" may continue beyond its June deadline. Full Story
The yen has been trading below 90 against the US dollar for more than a year. Japanese May month trade numbers reflect that all is not well in Japan. The deficit in the trade balance in May widened to 907.3 billion yen ($11.48 billion). Japan's economy grew an annualised 4.7 percent in the first quarter. Japan's debt burden, at twice the size of its $5 trillion economy. Full Story
Gold rose $5.90 to $1633.30 in Asia before it fell back to $1617.40 in early afternoon New York trade, but it then bounced back higher into the close and ended with a loss of just 0.48%. Silver climbed to $28.938 before it slipped back to $28.33, but it then also rallied back higher late trade and ended with a loss of just 1.08%. Full Story
Gold closed in New York at $1,627.40. The Fixing in London today was set at $1,628.50. In the euro it was set at €1,291.743. Ahead of New York’s opening gold stood at $1,631.00 and in the euro, €1,293.73 while the euro was at €1: $1.2607. Full Story
THE U.S. DOLLAR gold price hovered around $1630 an ounce during Tuesday morning's trading in London – in line with where it ended last week – while stocks and commodities were also broadly flat ahead of the latest Federal Reserve policy meeting. Full Story
Gold rose for an eighth consecutive session today, its longest winning streak in almost a year. The gains may be due to concerns that the U.S. Federal Reserve may launch further non conventional monetary measures, such as QE, in increasingly desperate attempts to prevent the world's largest economy falling into recession or Depression. Full Story
Gold dropped $11.70 to $1614.50 at about 10AM EST, but it then rallied back higher into the close and ended near its early afternoon high of $1630.24 with a gain of 0.07%. Silver slipped to $28.269 in early New York trade, but it then rallied back to $28.83 by midday and ended with a gain of 0.28%. Full Story
Gold closed in New York at $1,626.20. The Fixing in London today was set at $1,623.5. In the euro it was set at €1,284.516. The changes since Friday have been slight, meaning the Greek election results have had little impact. Ahead of New York’s opening gold stood at $1,624.12 and in the euro, €1,283.30 while the euro was at €1: $1.2651. Full Story
THE SPOT MARKET gold price hovered around $1620 an ounce during Monday morning trading in London – slightly below last week's close – while stock and commodity markets were also broadly flat, after initial rallies that followed yesterday's Greek election result soon ran out of steam. Full Story
Gold rose $1.90 or 0.12% on Friday in New York and closed at $1,626.20/oz resulting in a 2% gain for the week. Gold initially rose and then fell in Asia. However, gold has made a quick recovery (low $1,616/oz) and is holding its ground above $1,620/oz. Full Story
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