Gold fell slightly to $915.40 in Asia, but it then rallied back higher in London and New York and ended near its high of $928.75 with a gain of 0.82%. Silver dropped to $17.84 before it rose to over $18.20 by early trade in New York and then fell back near $18.00 by late morning, but it then rallied back higher in the last hour and a half of trade and ended near its high of $18.25 with a gain of 1.67%. Full Story
Gold is back on the rise after support marked by the 916.45/913.55 zone successfully prevented a retreat to the 900 level. With crude well bid above $130 and the dollar on the defensive, gold continues to show scope for a true test of the 938.85 retracement level. Full Story
SPOT GOLD PRICES recovered an overnight dip of 0.7% early in London on Friday, nearing the US open above $926 per ounce as crude oil bounced from yesterday's sharp sell-off. Full Story
Gold was down 1% ($9.50 to $918.10) but silver remained firm and closed marginally lower (down $0.06 to $17.92) and profit taking on oil's weakness was seen by many as the primary cause of yesterday's sell off. Gold traded sideways in Asia but has rallied in early trade in Europe. Full Story
By: Chintan Karnani, Insignia Consultants - 23 May, 2008
Global trading volumes will fall as the day progresses due to US and UK holidays on Monday. Retail investors and traders will be going on their extended weekend. But the markets will not sleep. Full Story
Gold rose almost 1% to as high as $935.20 by late trade in Asia, but it then fell back off in choppy action for the rest of trade in London and New York and ended near its low of $917.25 with a loss of 1.03%. Silver rose over 1% in Asia to as high as $18.19 before it dropped to as low as $17.71 by midday in London, but it then rallied back higher in New York and ended with a loss of just 0.28%. Full Story
Gold is under modest pressure after gains faltered just shy of the 938.85 retracement level. This level marks the halfway back point of the decline off the 1032.20 peak from 17-Mar. With the yellow metal convincingly back above the 50 and 100-day moving averages, considerable credence has been returned to the long-term uptrend. Full Story
Gold and silver continued to surge yesterday with gold up nearly 1% (up $8.25 to $927.80) and silver up 2% (up $0.35 to $17.97). Gold continued to rally in Asia but has succumbed to some profit taking in early trade in Europe. Full Story
THE PRICE OF GOLD BULLION slipped $10 from a new five-week high in London early Thursday, pulling back to $925 per ounce as crude oil broke new record highs and the US Dollar fell yet again on the forex market. Full Story
By: Chintan Karnani, Insignia Consultants - 22 May, 2008
It’s just a crude oil story for precious metals. Nickel got the bashing among the base metals on lack of buyers and lower stop losses getting triggered. Zinc and lead are also trading with a softer bias on expectation that the Chinese earthquake will not prevent a decrease in global surplus. Full Story
Gold rose to over $927 by midday in London before it fell back to $916.30 by about 9:30AM EST in New York, but it then rallied back higher for most of the rest of trade and ended near its high of $930.70 with a gain of 0.9%. Silver rose to over $17.80 and fell to $17.56 before it also rallied back higher and ended near its high of $18.01 with a gain of 2%. Full Story
Both oil and gold were boosted on Tuesday when the Jerusalem Post ran a story citing an Army Radio report that the US intended to attack Iran before the end of the Bush administration. The Jerusalem Post headline was picked up globally and I initially saw it on Drudge Report. Full Story
Gold, silver and oil are highly correlated over the medium to long term. But oil can often outperform them in the short term prior to the precious metals catching up when higher oil prices lead to inflation hedging buying of silver and gold. Not to mention safe haven buying when higher oil prices lead to slowing economic growth. Full Story
GOLD BULLION for physical delivery rose to a fresh one-month high early in London on Wednesday, breaking above $927 per ounce as crude oil topped $130 per barrel and the US Dollar fell yet again on the currency markets. Full Story
By: Chintan Karnani, Insignia Consultants - 21 May, 2008
The long term trend in crude oil is very bullish. I am scared by the pace of the rise of crude oil. Short positions have been converted into long positions in crude. One billionaire fund manager says that crude oil will cross $140 and investors try to take crude oil near it in nearly a day. Full Story
Gold remained near unchanged in Asia and London before it exploded higher in late morning New York trade and ended near its high of $923.40 with a gain of 1.62%. Silver also surged higher in the last four hours of trade and ended near its high of $17.67 with a gain of 3.83%. Full Story
THE SPOT PRICE of physical Gold bullion moved sideways around $907 per ounce in London on Tuesday after what Mitsui Bussan in Hong Kong called "a sluggish morning session with early selling. Full Story
Gold and silver continued their recent move up yesterday prior to a slight sell off. They have traded sideways to slightly up in Asia and early trade in Europe. Since last Thursday gold had soared by more than 5% and thus profit taking was to be expected. Full Story
By: Chintan Karnani, Insignia Consultants - 20 May, 2008
US senators are now trying to bail out the US consumer drenched in housing woes. Leaders of the U.S. Senate Banking Committee had reached a deal on legislation to create a multibillion-dollar mortgage rescue fund and a new regulator for housing finance companies Fannie Mae and Freddie Mac. Full Story
Gold rose to $913.60 by midday in London before it fell back to $900.50 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 0.62%. Silver rose to $17.235 and fell to $16.81 before it also rallied back higher and closed with gain of 0.24%. Full Story
Central planers and Wall Street prestidigitators are getting better at having people concentrate on the wrong things at the wrong times in my opinion. In terms of present circumstances are concerned, we are referring to their ability to have the street focused on a manufactured rally in the dollar ($), while the effects of their previous inflation efforts run rampant throughout commodity markets, all the while having no material impact on improving the credit crisis, which is of course justification for printing the copious amounts of fiat currency they enjoy so much. Full Story
Gold continues to set new 3-week highs, bringing the 916.82 objective within striking distance. The yellow metal continues to garner support from firm oil, but a weaker dollar tone emerged on Friday as well. Full Story
As far as the short term is concerned that Friday action sure looks like a break away, although not the kind of break away that has a “gap” attached to it. Still, the Index is above both its short and very short term moving average lines with both lines sloping upwards. The very short term has even moved above the short term indicating some strength behind the move. The short term momentum indicator is confirming a move in progress by crossing its neutral line to the up side with its trigger following behind. The more aggressive Stochastic Oscillator (SO) is also in its positive zone and moving higher. From all this the short term rating could only be BULLISH and the immediate direction of action is to the up side. Full Story
Inflation hedging and safe haven buying is reemerging on both the surging oil price, inflationary pressures and with much of the economic data being very negative last week, especially the appalling consumer sentiment numbers which showed consumer confidence falling to their lowest levels since 1980, 28 years ago. Full Story
Speculative gold traders, in contrast, grew their short positions by more than one-fifth last week. That cut the net bullishness of what's often called the "dumb money" to its smallest level since the second week of Sept. Full Story
This is the pre-holiday week as US pit trading is closed for Memorial Day holiday next Monday. There will be positional squaring and rebuilding before traders leave for the long weekend. Full Story
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