By: Chris Mullen, Gold-Seeker.com - 7 October, 2016
Gold jumped up to $1264.23 after the release of this morning’s jobs data before it fell back to $1242.42 in early afternoon New York trade, but it then rallied back higher into the close and ended with a gain of 0.06%. Silver rose to as high as $17.612 and ended with a gain of 0.81%. Full Story
Sterling gold surged 5% in less than a minute overnight in Asia with prices rising from £994/oz to £1,043.40/oz as sterling had a massive “flash crash.” Sterling plummeted in the second biggest fall in its history – only slightly less than the collapse after the Brexit vote. Full Story
All the good news on the US economy has been factored in by the markets. Only a number over 250,000 (without previous month downward revision) will result in gold and silver testing this year’s low. I still expect some pull back rallies today; thereafter it will depend on the ability to trade over key technical resistances. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 October, 2016
Gold edged up to $1268.06 in London, but it then dropped down to as low as $1250.04 in afternoon New York trade and ended with a loss of 0.97%. Silver slipped to as low as $17.111 and ended with a loss of 2.48%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 October, 2016
The evidence is out. 3.2 million ounces of gold futures, not gold, were traded in the first few minutes after New York opened the day before yesterday. This is what caused the fall triggering stop losses. What all physical gold investors find hard to swallow is the gold prices were affected by no physical dealing. Virtually none of these contracts ever reach maturity but are closed before they do so, so no physical gold changes hands. Full Story
Gold forecasting is a mugs game at the best of times but given the uncertain geo-political situation, the fragile banking system and the very strong fundamentals for gold, it is hard to argue with Barnabas Gan of OCBC or BMI. Gold should be meaningfully higher in the coming months and into 2017 as investors diversify into gold. Or rather we are likely to see dollars, euros, pounds and other fiat currencies continue to be devalued versus gold. Full Story
Momentum is bearish for gold and silver. A below 160,000 US private ADP numbers failed to change the falling trend. The only hope for gold and silver will be that of Chinese mopping up surplus physical gold and silver next week (china is closed this week). Indian gold and silver demand should rise from next week. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 October, 2016
Gold gained $8.27 to $1276.97 at about 8:30AM EST before it fell back to $1262.25 in the next 4 hours of trade, but it then bounced back higher in late trade and ended with a loss of just 0.17%. Silver climbed above $18 in Asia before it fell back to $17.555 in New York, but it ended with a loss of just 0.5%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 October, 2016
We hear on one side that the reason for the fall in the gold price came from hawkish comments by a non-voting member of the FOMC, but that seems unlikely to us. We also heard that ‘rumors’ of a gradual termination of the E.C.B.’s quantitative easing program, but that needs more solid evidence for that to be believable. Full Story
The sudden sell off was peculiar and it surprised analysts. It began at exactly 1200 British Standard Time (BST) just as U.S. markets opened and concerted and continuous ‘paper or electronic’ futures gold selling continued throughout U.S. trading hours, despite no data of importance, nor corresponding sharp moves in fx markets, energy and the oil market, nor indeed in stock markets. Indeed Asian and European indices were higher overnight. U.S. indices were higher at the start of the day too and then saw very gradual declines in the course of the day. Full Story
Every day there will not be crashes in gold and silver. There will be pullback rallies. I will still prefer to use sharp dips today to invest in gold and silver for the short term. I am hoping that prices will recover after the US September private ADP numbers. Migrant problem in Europe and the UK exit from the EU backlash has resulted in the American dollar getting the safe haven status and knock down in gold and silver. Technical breakdown below key moving averages, buy stop losses getting triggered and option market covering all added to yesterday’s fall. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 October, 2016
Gold held near unchanged in Asia and London, but it then fell throughout most of trade in New York and ended near its late session low of $1267.04 with a loss of 3.4%. Silver slipped to as low as $17.726 and ended with a loss of 5.15%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 October, 2016
The Technical picture shows a break down through support and is now looking for the bottom or are we there now? We do know that at these levels there are many buyers just waiting to get in once a bottom is found. With China in its ‘Golden Week’ of holidays there is little drive to take gold prices higher at the moment. Even U.S. based gold ETFs are now seeing no demand [just small sales]. Full Story
This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless. Full Story
Gold and silver once again seem to be manipulated by the NATO central banks. The second era of global cold war has begun. USA and Russia have severed ties. Russia is making friends with more and more nations which were earlier the domicile of Americans. The best example is Russia trying to forge closer ties with Pakistan. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 October, 2016
Gold edged up to $1319.45 in Asia before it fell to as low as $1309.46 in early afternoon New York trade, but it then bounced back higher into the close and ended with a loss of just 0.31%. Silver slipped to as low as $18.703 and ended with a loss of 1.77%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 October, 2016
Once again we see lower prices dominating while Shanghai is on holiday. New York prices dominate when China is closed. The Yuan is now part of the SDR of the IMF, for the Chinese an important step on the way to international acceptability as a global currency. We expect to see its use accelerate from now on. Today’s Yuan exchange rate is merely academics because of the holiday there. Full Story
Theresa May’s bombshell deadline by which the UK will exit the EU given at her Conservative party conference, saw gold in sterling terms rise from £1,010/oz to £1,023/oz today and the pound hit a three-year low against the euro. Sterling fell around 1 percent against the dollar to a seven-week low of $1.285 and a three-year low against the euro of 87.47 pence per euro. Full Story
The UK has said that it will complete the formalities to exit from the European Union by the end of March 2017. The UK economy is growing despite the EU exit fears. The UK will benefit much more after the EU exit as it can follow independent trade policies. The Cable has been knocked down against the major currencies. I believe that the cable will be the star performer this quarter and next year. Full Story
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