By: Chris Mullen, Gold-Seeker.com - 24 October, 2008
Gold fell $32.90 or 4.6% to a new 13 month low at $681.15 by midday in London, but it then fiercely rallied back higher in New York and rose to as high as $749 before closing with a gain of 2.2%. Silver dropped 86 cents or 9.1% to $8.63 and rose to see an over 1% gain at $9.587 by early afternoon in New York before it fell back off a bit in the last hour of trade and ended with a loss of 2.3%. Full Story
THE SPOT PRICE OF GOLD sank yet again Friday morning, sinking to a fresh 13-month low for US buyers at $683 per ounce. Global stock markets and commodity prices also crumbled once more in the face of huge gains in the Dollar and Yen – the two currencies most owed by leveraged investors worldwide. Full Story
It was déjà vu in the Comex gold market yesterday as the recent sharp selloff continued. Bearish sentiment remains at extreme levels and all notions of fundamental value are being thrown out the window as the financial crisis morphs into a global economic crisis. Stock, commodity and many currency markets internationally are in meltdown on panic selling. Full Story
Base metals rose in the US session while gold, silver and crude oil found buyers on dips. There is lack of major market moving news and the trading has been based on technical factors. The US dollar has been steady against the majors except for the yen. This week commodities have fallen sharply and today’s close could set the direction for next week. Full Story
By: Chris Mullen, Gold-Seeker.com - 23 October, 2008
Gold rose to $735.22 in Asia before it fell all the way to a new 1 year low at $697.90 by midmorning in New York, but it then rallied back higher into the close and ended over 2% off that low with a loss of 2.82%. Silver rose over 2% to $9.702 in Asia before it saw a 31 cent loss at $9.19 by midmorning in New York and then rose to a new session high of $9.892 by a little before noon EST, but it then fell back off into the close and ended barely lower with a loss of 0.11%. Full Story
Gold has probed below the $700 level for the first time in more than a year, weighed by ongoing commodity deleveraging and flight to the dollar. A weak rupee has also made gold more expensive in India, tempering jewelry demand. Full Story
THE PRICE OF SPOT GOLD slumped yet again early Thursday as world stock markets sank and the Dollar continued to rise – alongside the Japanese Yen – on the forex market. Gold's fresh $25 plunge took this week's loss for US investors above 10% at $705.40 an ounce – Spot Gold's lowest price since mid-Sept. last year. Full Story
COMEX gold's recent sharp selloff has continued and even the most ardent gold bulls are getting nervous. Bearish sentiment is very prominent and the level of fear in the precious metal markets suggests that a low is likely in the coming days. Leveraged players in the futures market are dumping paper positions wholesale while astute contrarians are using this as an opportunity to buy physical bullion at firesale prices. Full Story
By: Chris Mullen, Gold-Seeker.com - 22 October, 2008
Gold and silver saw minor gains in early Asian trade, but they then steadily fell back off for the rest of the day and ended near their lows of $732.20 and $9.37 with losses of 4.12% and 5.66%. Both metals have continued to fall in after hours access trade as well. Full Story
THE PRICE OF GOLD BULLION continued to slide early Wednesday, dropping more than 3.5% to a fresh 5-week low of $749 per ounce as world stock prices sank and the US Dollar leapt yet again on the currency markets. Full Story
COMEX gold continues to stink up the room after sharp falls in recent days as the dollar has strengthened considerably and oil prices fallen sharply. The technical damage sustained to COMEX gold has been severe and chart watchers are now tentatively looking to support at $750/oz. Full Story
Most of the base metals have fallen over thirty percent over the year. Aluminum has fallen least while nickel has fallen the most among the base metals. Even the invincible copper has crashed in the past two months. Base metals and industrials are dependent on global economic growth, particularly China. Full Story
By: Chris Mullen, Gold-Seeker.com - 21 October, 2008
Gold rose nearly 2% to over $800 in Asia, but it then fell back off for most of the rest of trade and ended near its low of $765.30 with a loss of 2.7%. Silver briefly spiked lower at the New York open to see a 23 cents loss at $9.53, but it then rallied back higher into the close and ended near its high of $10.188 with a gain of 3.2%. Full Story
Gold is edging lower once again, weighed by a firmer dollar. The greenback has been bolstered by heightened talk of another economic stimulus package, which has served to calm the stock market somewhat. Full Story
WHOLESALE SPOT GOLD PRICES slid again in London on Tuesday morning, dropping 2.9% towards a fresh one-month low at $776.60 per ounce while the US Dollar rose to its best level since March 2007 and the stock market rally faltered in Europe. Full Story
COMEX gold continues to surprise to the downside despite the incredibly strong fundamentals of gold bullion itself with increasing shortages, delayed deliveries and premiums soaring for physical bullion in Asia, Europe, the US and internationally. Premiums have soared on smaller bullion products (from 1 ozt to 5 kilo gold bars) and look set to soon rise on the larger 100 and 400 ozt London Good Delivery gold bars. Full Story
Crude oil has risen on expectations that Opec will reduce production in order to prevent a further fall in prices. Silver rose towards the close on technical buying and the rise in equities. The Federal Reserve chief Bernanke has indicated an additional stimulus package for the US economy. This implies that the current $800 billion rescue package is insufficient to kick start the US economy. Full Story
By: Chris Mullen, Gold-Seeker.com - 20 October, 2008
Gold rose as much as $24.15 to $810.10 in Asia before it fell back off for most of trade in London and New York and briefly saw slight losses at as low as $784.65 by about noon EST, but it then rallied back higher in afternoon trade and ended with a gain of 0.21%. Silver rose over 6% to $9.94 before it fell to see just a $0.112 gain at $9.457 by late morning in New York, but it also rallied back higher into the close and ended with a healthy gain of 4.44%. Full Story
Gold continues to straddle the $800 level, weighed by persistent deleveraging of commodity positions as concerns grow about a protracted recession. At the same time, we continue to see strong safe-haven demand for physical gold amid an increasingly tight supply situation. Full Story
THE SPOT PRICE OF GOLD gave back two-thirds of a 3.4% rally early Monday, trading below $795 an ounce as Asian stock markets closed sharply higher and US Treasury bonds fell. Full Story
Gold has rallied 2.5% this morning after falling some 8% last week as the "dash for cash" and the deleveraging of the international financial system gathered pace. In the process, gold gave up most of the gains of the last 5 weeks in just one week. Gold was trading at some $740/oz on September 11th and subsequently surged to over $924/oz as Lehman Brothers collapsed and the global financial crisis deepened. Full Story
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