By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 January, 2011
The week ends with the U.S. dollar strong against the world’s major currencies as well as against gold. The euro stands at $1.2972 and the Swiss Franc at 0.9638 on a day when we are notified that the U.S. needs to raise the limit on the amount it can borrow from $14.3 trillion upwards before March 31st, or face debt defaults, according to Mr. T. Geithner, Treasury Secretary of the U.S. With the Eurozone facing debt crises with a debt situation better than that of the U.S. you may find it strange that U.S. debt is not suffering the way the government bonds of the Eurozone are. Full Story
DOLLAR PRICES for gold bullion bounced from a near 6-week low as New York trading began on Friday, rallying above $1360 an ounce as US employment data came in below analyst forecasts for Dec. Full Story
Gold’s New Year correction continues and it has fallen another 0.7% today and 4% since the start of the year. This most recent correction is due to profit taking initially, increased risk appetite due to some positive economic data and the dollar’s recent strength. Full Story
Gains in the US dollar have resulted in commodities falling. However silver and copper are still over the mid December 2010 prices so the fall is not that much. The US dollar has gained on expectations that US December payrolls and its future outlook will be positive. Any bad news on US jobs prospects today can result in another round of weakness for the greenback. We need to be a bit careful on short US dollar trades today. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 January, 2011
Gold saw a $5.65 gain at $1379.75 in Asia before it fell to see a $9.55 loss at $1364.55 by late morning in New York, but it then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.19%. Silver rose to $29.42 and fell to $28.78 before it also rallied back higher in late trade, but it still with a loss of 0.14%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 January, 2011
With the year showing some evidence in both Europe and the States that the recovery is gaining real traction, the weaker holders of gold sold gold down to €1,039 at the afternoon Fix, down €22 from its peak and $1,368 down from $1,420 from this year’s peak. This we do not see as a change in trend yet as it is contained within the consolidation trading range of the last few weeks. There are a number of gold investors that believe that a recovering U.S. economy warrants selling gold. Memories seem to be short for gold rose from $275 to $1,200 while the U.S. economy was strong up to 2007. Full Story
INVESTORS LOOKING to buy gold saw the Dollar price slip back from an overnight bounce but rise in Euro terms Thursday morning in London, as world stock markets rose and the US currency extended its rally. Full Story
Copper has been supporting all commodities. Copper rose despite gains in the US dollar. The rise in copper is supporting silver. Had copper fallen then silver would have fallen like a pack of cards. Higher base metal prices will prevent commodities from falling and they will be de linked from movements in the currency markets. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 January, 2011
Gold climbed as much as $6.45 to $1384.55 in Asia before it fell all the way back to $1364.09 in midmorning New York trade, but it then rallied back higher in the next few hours of trade and ended with a loss of just 0.28%. Silver fell almost a dollar to as low as $28.584 before it also rallied back higher, but it still ended with a loss of 1.29%. Full Story
BOTH SILVER and spot gold prices unwound what remained of last week's gains in London trade on Wednesday, retreating to $29.36 and $1380 per ounce respectively amid what several analysts called continued "profit taking" following 2010's strong rise. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 January, 2011
Gold fell throughout most of world trade and ended near its late session low of $1374.80 with a loss of 3.09%. Silver accelerated overnight losses in New York and ended near its early afternoon low of $29.33 with a loss of 4.89%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 January, 2011
The New Year has opened on a positive note with gold opening [in the absence of London in a thin market with prices touching $1,420. Today with London opening prices have slipped back to $1,410 in London’s morning which were followed by even more falls in New York to take the gold price down to $1,388. We are amazed that some gold commentators are pointing to the recovery in the developed world, which has now seen its bottom as negative to gold prices. On the contrary, gold will do better in the recovery we believe. However, traders will always try to shake out weak holders with such moves. Full Story
THE PRICE OF GOLD and silver bullion both fell as London – center of the world's precious metals markets – got back to work from the New Year shutdown on Tuesday, dropping 1.3% and 2.2% respectively from yesterday's Dollar highs as world stock markets caught up with Wall Street's strong gains. Full Story
Economic numbers from the US are very positive which suggests more gains in store for commodities. If the global economy continues to grow at a sustained pace then (A) Expectations of higher interest rates will rise (B) Treasury yields will all also rise. This combination will reduce the pace of the rise of gold and other commodities. Higher interest rates will imply lower speculative flows into commodities which has been the key driver in 2010. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 January, 2011
Gold rose to see a $3.34 gain at $1423.94 at the open of trade in New York before it chopped its way back lower to see a $4.80 loss at $1415.80 by a little before 11AM EST, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.1% at a new all-time closing high. Silver climbed over 1% to $31.228 before it fell to see a slight loss at $30.824, but it also rallied back higher in late trade and ended with a gain of 0.68% at a new 30-year closing high. Full Story
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