By: Chris Mullen, Gold-Seeker.com - 7 December, 2012
Gold dropped $13.80 to $1684.20 just after this morning’s jobs data was released, but it then climbed back to as high as $1705.28 in the next hour of trade and ended with a gain of 0.36%. Silver slipped to as low as $32.61, but it the rebounded to as high as $33.244 and ended with a gain of 0.24%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 December, 2012
New York closed at $1,698.00 down $3.6 yesterday as a result of short covering. This morning, Asian & London dealers lifted prices higher to reclaim the $1,702 level. It was Fixed at $1,697.00 up $4 on yesterday’s Fix. In the euro it was Fixed at €1,312.553 up €17.5 while the euro was slightly weaker at €1: $1.2962 and weakening. Ahead of New York’s opening, gold was $1,697.05 and in the euro at €1,309.25. Full Story
FRIDAY morning saw the gold price drop below $1700 an ounce again, while stock markets, commodities and the Euro all fell ahead of the final US nonfarm payrolls release of 2012. According to several sources the consensus forecast among analysts ahead of the report was for 93,000 jobs added in November, with the official unemployment rate expected to hold steady at 7.9%. Full Story
Gold crept higher in Asia overnight prior to selling, then saw initial gains lost. Gold and silver are headed for their second week of declines. For the week gold is down 1% and silver is down 1.4% in dollar and sterling terms but the losses in euros and Swiss francs are more muted (euro gold and silver is down 0.5% and 0.9% respectively) due to weakness in the euro and Swiss franc. Full Story
Technically gold and silver seems to have formed a short term bottom after the European central bank chief indicated of more interest rate cuts next year. All the good news on US nonfarm payrolls has been factored in by the markets and if the numbers come in below street expectations then gold and silver could see another wave of rise. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 December, 2012
Gold dropped $7.56 to $1686.04 at about 8:45AM EST, but it then jumped to as high as $1703.00 in late morning trade and ended with a gain of 0.26%. Silver surged to as high as $33.259 and ended with a gain of 0.4%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 December, 2012
New York closed at $1,693.6 down $10 yesterday. This morning, Asian & London dealers pushed prices further down to $1,688 before it recovered to $1,692. It was Fixed at $1,693.00 down $10.00 on yesterday’s Fix. In the euro it was Fixed at €1,295.135 down €8.5 while the euro was slightly stronger at €1: $1.3072 and stabilizing. Three of the five gold bullion members of the Fix were buyers and two sellers. Ahead of New York’s opening, gold was $1,692.15 and in the euro at €1,295.08. Full Story
The GOLD PRICE traded in a narrow range around $1691 per ounce Thursday morning in London, rising slightly from yesterday's 1-month low. Asian and European stock markets also ticked higher, as did US Treasury bonds. Silver rallied to $32.78 per ounce after losing nearly 3% this week so far, but commodities more broadly slipped again. Full Story
Gold inched down on Thursday, near the monthly low reached in the prior session under pressure from a stronger greenback as players await the European Central Bank rate decision at 1245 GMT and US Initial Jobless Claims at 1330 GMT. Full Story
The US economy in November has beaten street expectations with services and factory orders beating street expectations. The rise in the US economy has resulted in reduction in net long positions in gold or profit taking whichever way one might assume. Silver is still firm on expectations that higher global growth next year will increase its demand in factories and elsewhere. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 December, 2012
Gold climbed $9.88 to $1706.58 in Asia before it fell all the way back to $1684.75 at about 11AM EST, but it then bounced back higher in the next hour of trade and ended with a loss of just 0.18%. Silver rose to $33.24 before it slipped back to $32.51, but it then rallied back higher midday and ended with a loss of just 0.33%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 December, 2012
New York closed at $1,715.20 yesterday. This morning, Asian dealers pushed prices down, unusually, to $1,705 before London opened. It was Fixed at $1,703.00 down $3.75 on yesterday’s Fix. In the euro it was Fixed at €1,300.794 down €5.354 while the euro was stronger at €1: $1.3092 and stabilizing. Ahead of New York’s opening, gold was $1,702.5 and in the euro at €1,301.01. Full Story
THE WHOLESALE MARKET gold price traded just above $1700 an ounce during Wednesday morning in London, having risen back above that level in the earlier Asian session, though they remained near one-month lows. Silver hovered just above $33 an ounce this morning, down 1.3% on the week, while stocks and commodities edged higher. Full Story
Important on the horizon is the Fed meeting next week December 11 and 12th, the latter including a summary of economic projections and a press conference by the Chairman. In the minutes released after the last meeting, the US Fed layout a threshold strategy where the Fed would maintain near zero interest rates based on an economic variable such as employment rates at 7.5%. Full Story
The US fiscal cliff issue will be resolved later than sooner. American politicians are nationalists and do everything in US interests. Do not get confused by every now and then on news of handling US cliff issues. The US politicians will not let traders take an extra leave before Christmas but we need not lose sleep on this issue. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 December, 2012
Gold fell to as low as $1691.20 in early New York trade before it bounced back higher at times, but it still ended with a loss of 1.08%. Silver slipped to as low as $32.66 and ended with a loss of 1.88%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 December, 2012
New York closed at $1,715.20 yesterday. This morning, Asian dealers pushed prices down, unusually, to $1,705 before London opened. It was Fixed at $1,706.75 down $11.50 on yesterday’s Fix. In the euro it was Fixed at €1,305.354 down €11.5, while the euro was stronger at €1: $1.3075 and strengthening. Ahead of New York’s opening, gold was almost the same as Friday morning’s level at $1,706.75 the same as the Fixing and in the euro at €1,304.61 down €23 as the euro continued to strengthen. Full Story
SPOT MARKET prices to buy gold rose back above $1705 an ounce during Tuesday morning's London session, though it remained below where it started the week following falls overnight, while stock markets also edged higher along with the Euro after European leaders welcomed progress on Greece's debt buyback program. Full Story
Gold fell to its lowest point in a month on Tuesday, briefly touching $1,700/oz after a drop below $1,710/oz triggered some technical selling. Investors with a longer time horizon continue to accumulate on the dip and the uncertainty of shaky sovereign economies will fuel continuing diversification into gold. Yesterday, Australia’s central bank cut interest rates ¼ point to match a record low. Central banks around the world continue to flood the market with cheap, printed fiat money which will continue to boost gold bullion. Full Story
The decline in US manufacturing is mainly due to damage caused by hurricane sandy and it should recover in December. Only if US manufacturing growth falls in the first quarter of 2013 will I be concerned about growth and employment prospects. Greece is living up to the expectations which is the reason for gains for the euro/usd. Thursday and Friday could be a roller coaster ride for the traders due to central bank meetings of the bank of England and the European central bank and US November non-farm payrolls. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 December, 2012
Gold dropped back to $1712.80 by a little after 9AM EST before it jumped to as high as $1721.60 in the next hour of trade and then chopped back lower midday, but it still ended with a gain of 0.12%. Silver slipped to $33.38 before it rose to as high as $33.821 and then also fell back off, but it still ended with a gain of 0.66%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 December, 2012
New York closed at $1,713.20 on Friday. This morning, Asian and London dealers lifted the gold price to $1.719.50. It was Fixed at $1,718.00 down on Friday’s p.m. Fix but up from New York’s lows then. In the euro it was Fixed at €1,317.586 down €12, while the euro was slightly stronger at €1: $1.3026. Ahead of New York’s opening, gold was almost the same as Friday morning’s level at $1,729.55 and in the euro at €1,327.67. Full Story
SPOT MARKET gold prices fell back below $1715 an ounce Monday morning in London, more-or-less in line with where they were two weeks ago after failing to hold gains made during Asian trading. "Gold is still following its long term uptrend from 2008 lows," say technical analysts at Scotiabank, "with support from the uptrend at $1632." Full Story
Gold is marginally higher today, after finishing its 2nd monthly decline in a row, despite safe haven demand due to US ‘fiscal cliff’ and currency debasement concerns. Gold ETF’s ramped up their third week of record high’s highlighting the fact that interest in the yellow metal as diversification remains robust. Yesterday, holdings in exchange-traded products backed by gold climbed to a record for the 10th straight session, reaching 2,619.4 metric tons, the latest data compiled by Bloomberg show. Full Story
The fall in gold and silver last week was due to profit taking and a technical break down after repeated failed attempts to break past $1756 for gold and $3580 for silver. It’s not all over for gold and silver. Over the past two years gold has recovered very quickly after $20-$30 falls and the bear trend has not lasted for more than a week. Full Story
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