By: Adam Hamilton, Zeal Research - 7 October, 2011
Market history is crystal-clear in showing that oversold conditions are the best buying opportunities ever seen. And the more oversold the markets, the greater the fear and anxiety, the better the resulting bargains. It isn’t easy being brave when everyone else is afraid, buying low during intense uncertainty. But taking this prudent contrarian approach is the easiest and surest way to earn big money in stocks. Full Story
Sooner rather than later a joint announcement by the EU, IMF and ECB concerning Greece is going too released and will impact the market. I don’t think the impact will be bullish, but you just never know. I would be wrong if a “shock and awe” campaign similar to what the US did a while back was unleashed in Europe. That type of strategy might knock gold down, but I don’t see that happening. Rather, I see more of a drawn out melody that is bullish for gold. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 7 October, 2011
What was most disturbing about Mervyn King (of the Bank of England’s action to increase quantitative easing) is the implication that he feels a banking crisis is on us. We don’t believe this directly impacted the gold price as such factors have a longer-term effect on gold prices. Gold is still in consolidation mode, between $1,600 and $1,660. Full Story
SPOT MARKET gold prices spiked 0.5% to $1661 an ounce – within 1% of this week's high – immediately following news of better-than-expected US jobs data on Friday. The gold price did however hand back all its gains within half an hour.
Stock markets and industrial commodities also rallied on the release of US nonfarm payrolls, which showed 103,000 nonagricultural jobs were created last month. Last month's report showed no jobs were added in August – though this has now been revised up to 57,000. Full Story
By: Julian D. W. Phillips, GoldForecaster.com - 6 October, 2011
The state of the Eurozone debt crisis is worsening as politicians keep taking too much time to halt the crisis. The fact that there are separate nations, which should combine to form a fiscal union –if they are to make the zone’s finances sound—is the problem. The different nations with their different cultures cannot combine to carry each other’s financial burdens and the different electorates just won’t buy into that amalgamation. Hence the problems churn on from day to day and will continue to do so, giving support to the gold price in Europe. The gold price thrives on uncertainty and loss of confidence, which sums up the scene in Europe. Full Story
SPOT MARKET gold bullion prices bounced around $1650 per ounce Thursday morning in London – 1.6% off the week's high – while stocks and commodities continued to rally following rumors of European bank stress tests and possible recapitalization.
Silver bullion prices climbed to $31.80 per ounce – its highest level so far this week. Full Story
By: Julian D. W. Phillips, GoldForecaster.com - 5 October, 2011
The big news of the day is that Greece will miss its deficit targets for the next two years because its recession is deeper that expected. We thought it would be 5% but what is it? It’s more than likely that the recession in Europe is worse than expected, too. The release of the news has caused a gold price upward move. It has also made debt fear contagion jump dramatically. With doubts about Eurozone’s management of the debt crisis, this news couldn’t have come at a worse time. Brace yourself for the ‘ripple’ effect. With noted academics telling us that the Eurozone banking system is bankrupt, the news makes their life even harder. Full Story
SPOT MARKET gold prices fell below $1600 per ounce for the second time in less than 24 hours Tuesday morning in London – testing a level first breached on the way up back in July – before rebounding, while stocks and commodities rallied and government bond prices dipped following news that EU ministers are contemplating a European bank recapitalization. Full Story
By: Julian D. W. Phillips, GoldForecaster.com - 4 October, 2011
As Shakespeare so eloquently put it, “A rose by any other name, smells just as sweet.” The delay in advancing the next tranche of bailout money until November does mean that either Europe is wrangling another formula for Greece as it cannot repay its debt and a catastrophic banking crisis is on our doorsteps or we are being prepared for the worst –in a manner that might be able to contain the tsunami-like waves of repercussions through the global banking industry. The recession that the Eurozone now finds itself in to varying degrees is slowing cash flows to all members but dangerously so to the debt distressed ones. The fall in the euro is reflecting those fears. Full Story
Several European banks have now "marked to market" the Greek government bonds they own, making writedowns of 50% or more. But others – including French banks BNP Paribas and Societe Generale and the Franco-Belgian Dexia Group – have so far only recorded the 21% loss agreed at a Eurozone summit in July. Full Story
Gold did everything we’d asked of it yesterday, but Silver still has some work to do if precious-metal bulls are going to go back on the offensive. Comex December Gold need only have achieved 1659.10 yesterday to generate some positive signs on the hourly chart. In fact, it was trading well about that threshold early Monday evening, hovering round 1668 after having gotten as high as 1674. This suggests that the next upthrust could go as high as 1729.20, a “Hidden Pivot” target that comes from our proprietary Hidden Pivot Method. Full Story
By: Julian D. W. Phillips, GoldForecaster.com - 3 October, 2011
The big news of the day is that Greece will miss its deficit targets for the next two years because its recession is deeper that expected. We thought it would be 5% but what is it? It’s more than likely that the recession in Europe is worse than expected, too. The release of the news has caused a gold price upward move. It has also made debt fear contagion jump dramatically. With doubts about Eurozone’s management of the debt crisis, this news couldn’t have come at a worse time. Brace yourself for the ‘ripple’ effect. Full Story
U.S. DOLLAR gold bullion prices began the week strongly, climbing to $1663 per ounce Monday morning London time – a 2.4% gain on Friday's close – while stocks and commodities fell and government bonds rose following news that Greece's second bailout agreed less than three months ago is unlikely to be enough. Full Story
By: Adam Brochert, Gold vs Paper - 3 October, 2011
The speculative fever in Gold has been broken for the short to intermediate term, a healthy thing. Trust me when I tell you that this fever will come back into the Gold market soon and eventually rage out of control. Are you buying Gold now while prices are low or will you wait until prices are higher again and then kick yourself for not buying while there was a sale? Full Story
In classic fashion gold's brutal plunge ended in a zone of strong support just above its 200-day moving average. Normally, a drop of this severity would lead to more downside action, but there is now strong evidence that gold hit bottom last Monday, and that it is now basing prior to turning higher again. Full Story
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