By: Adam Hamilton, Zeal Intelligence LLC - 25 July, 2008
But if you expect these PM summer doldrums, and trade accordingly, you can be really well-positioned for the big autumn rallies spawned by a surge in gold buying out of Asia. Managing one’s PM summer expectations down to low levels is crucial for PM traders’ psychological well-being during these slow months. Thankfully this slowest time of the year seasonally is followed by the best seasonal time. Full Story
Reuters reports that the Swiss National Bank placed 68 tonnes of gold in the market in the first half of the year as part of a programme to sell a total of 250 tonnes by the end of September 2009. The central bank said this meant roughly another 37 tonnes of gold were yet to be sold as part of the programme. In June 2007, the SNB said it would sell 250 tonnes of gold by September 2009, in line with the agreement among European central banks to limit gold sales to 500 tonnes a year. Full Story
"Despite a decent range, Gold Trading in Asia was pretty lethargic," reports Mitsui in Hong Kong. "Customer interest was low and traders were laying low."
"There is a little bit of a bounce and the market looks bullish for now," believes Commtrendz in Mumbai.
"I think the market looks a little oversold, short-term. There could have been bargain buying ahead of the weekend, but it's not too strong," says Mark Pervan at ANZ in Melbourne, Australia. Full Story
Gold has retreated into the lower half of the range this week, weighed by weaker oil and a rebound in the dollar. However, the downside is thought to be limited by ongoing worries about the housing and credit crises and the implications of the GSE bailout. Full Story
National Australia Bank Ltd, Australia biggest bank, set aside A$830 million ($795 million) for possible losses on credit investments after the U.S. mortgage market collapse eroded their value. This is positive for precious metals and negative for equities. Full Story
Gold rose to $931.20 in early London trade before it fell to $916.00 by late morning in New York, but it then rallied back higher into the close and ended with a loss of just 0.13%. Silver climbed to $17.61 and dropped to $17.075 before it also rallied back higher into the close and ended with a loss of 1.38%. At the time of writing, both metals have risen further in after hours access trade to roughly erase those losses. Full Story
Gold is maintaining a defensive tone after falling back below the midpoint of the broad 1032.20/845.50 range on Wednesday. Weak oil and a firmer dollar continue to weigh on the yellow metal. Full Story
Gold has rallied in Asia and in early European trading with bargain hunting buying. Traders and investors with more medium to long term horizons realise that the speed and depth of the sell off is overdone. Especially as none of the fundamental macroeconomic or geopolitical issues have disappeared or even abated. Full Story
THE SPOT PRICE OF GOLD slipped back from an early 1% bounce in London on Thursday, holding near a two-week low at $924 per ounce as Asian and European stock markets capped their recent rally, falling for the ninth time in July so far. Full Story
Gold and silver fell over 1% by midday in London before they rebounded some in early New York trade, but they then dropped to new lows of $921.85 and $17.25 by late morning and ended near those levels with losses of 2.66% and 2.9%. Full Story
THE PRICE OF PHYSICAL Gold dumped another $12 per ounce Wednesday morning in London, falling more than 4% from yesterday's four-session high. World stock markets continued their sharp rally, meantime, with Europe's 300 largest shares just climbing out of the 20% bear-market loss that hit between Nov. and June. Full Story
Gold was due a correction after its recent surge in price and remains up some 6% in the last month (from $882 to $935) unlike oil and the majority of stock markets (which are down by similar amounts). Gold’s recent outperformance may have led to a bout of profit taking and further consolidation is likely prior to challenging the March highs of $1030 per ounce in the coming weeks. Full Story
The inverse correlation between the US Dollar and crude oil versus gold and other precious metals continues. The US dollar gained on expectations that the Federal Reserve will raise interest rates sooner than expected which will result in a narrowing of the interest rate differential. Full Story
Gold climbed as much as $12.90 to $976.20 by midday in London, but it then collapsed in New York and ended near its low of $943.65 with a loss of 1.58%. Silver rose 33 cents to $18.68 before it dropped to as low as $17.837 and closed with a loss of 2.13%. Full Story
Gold has retreated from earlier gains, weighed by weaker oil and hawkish comments from the Fed's Plosser. However, safe-haven interest along with a generally weak dollar are seen as supportive to the yellow metal. Full Story
THE SPOT PRICE OF GOLD rose sharply in London on Tuesday, touching a four-session high of $975 per ounce as European stock markets fell hard. Crude oil held just above $130 per barrel as Tropical Storm Dolly passed by the oil-rich Gulf of Mexico. The US Dollar bounced from a one-week low vs. the Euro and traded at $2.00 to the British Pound. Full Story
With oil and the dollar essentially flat, gold seems to be reacting to the renewed weakness in international stock markets – Asian stock markets were mixed overnight and most European stock markets have again fallen sharply this morning. Full Story
Gold rose over 1% to $968.50 by late trade in Asia before it dropped back near unchanged at $957.92 by a little before 10AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.69%. Silver held nicely higher throughout most of world trade and ended near its high of $18.47 with a gain of 1.3%. Full Story
Gold firmed in overseas trading, retracing nearly half of the downtick seen late last week. While gold has dipped slightly early in the New York session, firmer oil, ongoing concerns about the credit crisis and a stagnant dollar are all seen as supportive to the yellow metal. Full Story
THE SPOT PRICE OF GOLD rose in London on Monday morning, undoing most of last week's 1% loss to trade above $963 per ounce as the New York opening approached. Full Story
Despite the very sharp fall in oil prices and other commodities last week, gold only fell by 0.2%. Silver was down by 3%. August Crude fell by more than 11% - it fell $16.34 from over $145 to $128.74. Full Story
I was in Chennai at the “1st India Gold Conclave” last Saturday. Some of the jewellers who attended the conference said that the commodity exchanges have only added to their woes and that the recent price volatility in gold is due to the commodity exchange. In my view this view of theirs is baseless. Full Story
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