By: Chris Mullen, Gold-Seeker.com - 7 November, 2008
Gold rose $12.10 to $744.60 in London before it fell to see a $1.25 loss by early afternoon in New York, but it then rallied back higher into the close and ended with a gain of 0.24%. Silver rose to see a 21 cent gain at $10.31 by late trade in Asia and then fell to see a 20 cent loss at $9.90 in New York before it rallied back higher in the last minutes of trade, but it still ended with a loss of 0.12%. Full Story
Gold remains confined to the recent range in the wake of another dismal jobs number. This morning it was reported that nonfarm payrolls for Oct plunged 240k. Sep payrolls were revised significantly lower as well, from -159k to -284k. The economy has now lost jobs in ten consecutive months and the unemployment rate stands at 6.5%, a 14-year high. Full Story
SPOT GOLD PRICES held steady again early Friday, recording an AM Gold Fix in London of $745 an ounce and standing 1.5%, 3.6% and 0.7% higher from the end of last week against the Dollar, Sterling and Euros respectively. Full Story
Gold continues to consolidate between $700/oz and $760/oz and looks set to rechallenge $800/oz in the coming days as safe haven buying reemerges on continuing concerns regarding the global financial system and economy. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 November, 2008
Gold and silver traded slightly lower in Asia and London before the rose sharply at the New York open and climbed to as high as $759.55 and $10.78 by about 9AM EST, but they then fell back off in late morning trade and ended not far from their lows of $728.35 and $9.88 with losses of 1.25% and 3.44%. Full Story
Gold rebounded intraday after the BoE, ECB and SNB all cut interest rates. However, prices subsequently moderated and the yellow metal remains confined to the recent range. Full Story
THE SPOT MARKET PRICE of Gold held steady in London on Thursday morning, trading just shy of $745 per ounce as world stock markets sank to a one-week low and UK interest rates were slashed to their cheapest level in more than five decades. Full Story
With open interest levels in the gold and silver futures market at very low levels - levels that usually presage lows in the price - it appears that shorts are aggressively closing their positions at these levels in anticipation of a rising price in the coming weeks. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 November, 2008
Gold rose $6.10 to $763.35 by midday in London and then plummeted in late morning New York trade to as low as $735.90 by about noon EST before it rallied back higher into the close, but it still ended with a loss of 2.05%. Silver fell 6 cents to $10.08 in Asia and rose to about $10.50 by late morning in New York before it dropped back to about $10.20 as gold sold off, but it then fiercely rallied back higher in the last hour and a half of trade and ended near its new session high of $10.58 with a gain of 3.16%. Full Story
THE PRICE OF GOLD slipped back from an overnight high of $769 per ounce in London on Wednesday, while European stock markets reversed one-third of Tuesday's "Obama Bounce" after the president-elect's US landslide was confirmed. Full Story
Gold and silver both surged some 4% yesterday from oversold levels as the dollar weakened and oil surged. We said some weeks ago that the recent sell off in precious metals was likely to end around election day and believe that this has indeed happened and that gold will resume its secular bull market in the coming weeks. Important elections often see markets reverse course and witness trend reversals and this is one of the most momentous election victories in US history. Full Story
By: Rick Ackerman, Rick’s Picks - 5 November, 2008
We never put much store in the Guvvermint’s lend-or-else mandate, but we’d expected the resistance to credit growth to come mainly from the borrowers’ side. But what’s a banker to do if he can’t find any creditworthy borrowers? In fact, the bankers have done what we might have expected – i.e., taken a big chunk of the bailout money to pay themselves bonuses. Goldman Sachs even added a little Keynesian stimulus, taking $12 billion in rescue money for its London operations while paying out $14 billion to the partners. There are 443 of them, and each will pocket a Christmas bonus averaging a little less than $5 million. Maybe that’s why stocks rallied yesterday? Full Story
By: Chris Mullen, Gold-Seeker.com - 4 November, 2008
Gold fell roughly 1% in Asia and then rallied back higher in London and New York to as high as $764.07 by about 11AM EST before it fell back off slightly in the last couple of hours of trade, but it still ended with an impressive gain of 4.15%. Silver rose to as high as $10.52 before it also fell back off a bit, but it still ended with a gain of 3.26%. Full Story
THE PRICE OF GOLD jumped into the Wall Street opening on Tuesday, adding to an overnight rally and touching a 5-session high of $745 an ounce as European stock markets rose for the seventh-day running. Full Story
Gold was up marginally yesterday despite further strength in the dollar and a further sharp fall in the oil price. Deflationary pressures continue to be prevalent and central banks internationally continue to aggressively cut interest rates in an effort to stimulate credit growth and inflate their way out of a possible Depression. Full Story
It’s super Tuesday because of the voting for US elections. The US dollar has been trading with a bullish bias with cable getting ripped apart from all angles while the yen has been stable. Recession continues to be the buzz word among investors. Commodities were choppy, less volatile (than average for October) but directionless. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 November, 2008
Gold rose nearly $20 to $739.10 in London before it fell to see only a $4 gain in early New York trade, but it then bounced back higher into the close and ended with a gain of 1.1%. Silver rose over 5% in Asia before it fell to see a 5 cent loss at as low as $9.68 in early New York trade, but it also rallied back higher in the last several hours of trade and ended with a gain of 0.92%. Full Story
THE PRICE OF GOLD rose 2% early Monday, briefly touching $739 an ounce before slipping back as world stock markets continued to struggle after suffering their worst month in 21 years. Crude oil slipped again, while the US Dollar and Japanese Yen held steady on the currency markets after October's record surge, when "all the trades that worked well for the past five years went badly very quickly," as one Citigroup strategist put it to Reuters this morning. Full Story
Gold and silver have risen in Asian and early trading in Europe today. Last week saw gold fall some 1.4% while silver rose 4.9%. The performance of the precious metal mining shares may be an indication that we are at or near a low in this sell off as the HUI and XAU mining indices were up sharply last week - up 14.4% and 14.95% respectively. They tend to be a leading indicator of a trend reversal in the precious metals. Full Story
Thank god October is over. This is what most of the equity and commodity traders must be telling themselves. October has been the worst month for equities and commodities in more than twenty years. The reason was a collapse of banks as well as countries. Pakistan, Hungary and Ukraine were all provided with IMF support. Full Story
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