By: Chris Mullen, Gold-Seeker.com - 22 August, 2008
Gold rose about 0.5% to $837.90 in Asia before it dropped all the way to $820.85 by early trade in New York, but it then rallied back higher into the close and ended almost 1% off that low with a loss of just 0.76%. Silver rose 21 cents to $13.95 in Asia before it dropped to see a 44 cent loss at $13.30 in early New York trade, but it also rallied back higher into the close and ended with a loss of just 1.6%. Full Story
THE SPOT PRICE OF GOLD in the international wholesale market slipped below $825 early on Friday in London, but stayed on track for its sharpest one-week gains since 2001 after losing $150 per ounce from the end of July. Full Story
Gold and particularly silver are tiny markets in terms of global stock, currency and bond markets, and if even a fraction of the big money internationally picks up on this story and decides to take positions in the precious metal markets (which seems very likely) we will see a surge in prices that will make the 1970s look very tame. Full Story
Once again it’s the US dollar story for all metals and energies. The difference this time around is that the rise is followed by huge demand in all metals. In my view if the rise in commodities is backed by increase in physical demand then higher prices are sustainable. With every rise the premium on gold and silver bars will fall in Asia. Full Story
By: Chris Mullen, Gold-Seeker.com - 21 August, 2008
Gold and silver climbed higher throughout most of world trade and ended near their highs of $838.95 and $13.865 with gains of 2.86% and 5.49%. A jump in oil and a drop in the dollar driven by increased financial and geopolitical worries had many buying the ultimate safe haven assets. Full Story
Gold is showing some upside follow-through in the wake of the move back above $800 earlier in the week. Renewed weakness in the dollar, firmer oil prices and heightened geopolitical tensions between the US and Russia are all helping to underpin the yellow metal. Full Story
THE SPOT PRICE of gold bullion rose sharply in Asia and London on Thursday, touching a one-week high of $830 per ounce to recover one third of this month's near-20% drop. Full Story
Gold is finding favour again with the dollar having weakened again (as low as 1.4829 to the euro) and oil prices rising (London Brent Spot has surged 3.45% to over $113). Also risk aversion is rising again due to increasing financial (Fannie, Freddie and Lehman), macroeconomic (stagflation) and geopolitical risk (Russia-NATO) which has resulted in weakness in international equity markets. Full Story
Greater physical demand in all metals is preventing them from a fall. The US dollar pace of gains has also reduced. This is also further supporting metal prices from a fall. Base metals are getting buoyed on expectations that Chinese demand will increase once the Olympics are over. Full Story
The crumbling state of the financial sector comes as little surprise to readers of GoldSeek.com. The rate at which the process is unfolding is causing high levels of anxiety among those who respect the gravity of the situation but confusion within the gold and silver investment community. Despite some short-term disparity I find tremendous opportunities exist in the precious metals markets in the months and years ahead. The ingredients to take gold and silver significantly higher are in place and soon the manipulative forces within the sector will again be overcome thus resulting in an explosive move. Full Story
By: Chris Mullen, Gold-Seeker.com - 20 August, 2008
Gold rose almost 1% to $818.05 and silver climbed over 2% to $13.40 in Asia before both metals fell to see over 1% and 2% losses at $799.80 and $12.79 by late morning in New York, but they then rallied back higher into the close and ended with losses of just 0.1% and 0.72%. Full Story
The last time I was in China, in 2006, the economy was positively booming in the run up to the Olympics. There was a sense of prosperity and potential that was palpable. However, one never can quite get a grasp on this country. Just when you think you have a reasonably true sense of China, you turn a corner and are forced to re-jigger everything in your head once again. Full Story
SPOT GOLD PRICES recovered one-half of an early 1.5% dip in London on Wednesday, trading $5 below Asia's four-session high of $818 per ounce as crude oil rose together with US stock futures. Full Story
Gold, rebounding from oversold levels, rose for the second time yesterday and there was an outside day reversal to the upside which is technically bullish (the market made a new low during the trading session, but closed higher than the previous day's high). This is a short term bullish indicator and often happens near market bottoms and could mean a trend reversal is developing. Full Story
At the moment, the rise in gold and silver is just a technical rise which if it continues can restart the short term bull phase in gold and silver. Long term bullishness in gold and silver remains intact. US weekly crude oil inventory will be the key. Full Story
By: Chris Mullen, Gold-Seeker.com - 19 August, 2008
Gold and silver fell over 2% in Asia and rebounded back near unchanged in London before they rose to find over 1% gains at $814.90 and $13.337 by about noon EST in New York. Both metals then fell back off a bit in afternoon trade, but gold still ended with a gain of 1.36% while silver ended unchanged on the day. Full Story
Despite the global economic slowdown and the threat of a global recession, China is all hustle and bustle. The shops are busy as the rapidly growing middle class spends the wealth generated by three decades of robust and sustained economic growth. Retail sales surged to an astonishing 23.3% year-on-year in July. Full Story
SPOT GOLD PRICES slipped once again after recovering half of a 2.3% overnight drop early in London on Tuesday, stalling as both the US and Germany reported a sharp jump in producer-price inflation. Full Story
Gold rebounded from very oversold levels yesterday but market weakness has resumed overnight in Asia and early in London as the dollar has continued to rally (reaching a 6 month high at 1.4631 to the euro). Speculative interest in the precious metals has fallen dramatically as seen in the recent CFTC data and this usually presages a rally in the precious metals. Full Story
The US dollar and crude oil will be the key factory for all metals and energies. Crude oil has risen due to a storm in Cuba prompting evacuation in oil rigs in the Gulf of Mexico. The US dollar has weakened as traders booked profit before key US economic numbers this week. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 August, 2008
Gold rose nearly $20 to $804 and silver rose over $0.50 to $13.33 by late trade in Asia before both metals fell back off in London to see just slight gains at as low as $789.67 and $12.89, but they then rallied back higher in New York and ended back near their Asian highs with gains of 1.81% and 2.34%. Full Story
I’m writing this morning -- actually my evening -- from the ancient walled city of Xi’an in the People’s Republic of China. Xi’an is one of the most historically significant cities in China, having served as the capital for thirteen dynasties. It is the eastern terminus of the Silk Road and is the home of the famous Terracotta Warriors. Xi’an has more than 3,100 years of recorded history. Full Story
SPOT GOLD PRICES gave back a sharp 2% rally early in London on Monday, falling towards $790 per ounce as the US Dollar held flat on the currency markets. Full Story
Gold (and silver) remains extremely oversold and a significant bounce is likely from these levels. Especially if the macroeconomic and geopolitical picture continues to deteriorate. Markets continue to be oblivious of the real and present danger posed by the increasing tensions between Russia and the US and western countries. Full Story
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