By: Chris Mullen, Gold-Seeker.com - 26 September, 2008
Gold fell $10.20 to $865.80 and silver dropped $0.18 to $13.01 by late trade in Asia before both metals climbed higher in London and rose to as high as $911.70 and $13.632 by about 10AM EST in New York, but they then fell back off into the close and ended with gains of just 0.84% and 1.67%. Full Story
THE PRICE OF PHYSICAL GOLD reversed an early 1.1% dip on Friday, touching $890 per ounce as world stock markets fell almost one-tenth from the start of Sept. and investment funds fled back into government bonds after the US banking bail-out plan hit the buffers in Washington. Full Story
Gold remains in a range between $860 and $910 but after last week’s higher close and this week's consolidation and likely higher close this week, the short and medium term trend for gold is now again clearly up and $950 should be reached by early October. Full Story
Commodities will be volatile and if they are unable to break key technical resistances by next week they will fall sharply. Unless the US bail out package is confirmed gold, silver, copper and crude oil will not fall by much. Only volatility will rise. Once the US bail out package is announced, commodities will fall first and then rise. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 September, 2008
Gold rose $6.95 to $896.55 in Asia before it fell to $863.10 by late morning in New York and then rallied $13.10 from that low in the last couple of hours of trade, but it still ended with a loss of 1.57%. Silver held near unchanged in Asia and London before it briefly spiked over 3% higher to $13.775 a little after 10AM EST and then dropped to $13.03 in early afternoon trade, but it also rallied back higher into the close and ended with a loss of just 1.2%. Full Story
THE PRICE OF PHYSICAL GOLD BULLION bounced from its third drop to $880 in three days early Thursday, recording a London Fix of $889 per ounce as Asian stock markets closed lower for the 11th time in 17 sessions. Full Story
There is a confluence of extremely bullish factors driving the gold marketplace. The primary one is safe haven demand due to unprecedented macroeconomic and systemic risk. Credit markets are again showing signs of considerable distress and the uncertainty over the bailout plans is causing a further flight to safety. Even assets considered secure previously, such as ETFs and money market funds, have seen redemptions. Full Story
Commodities and the US dollar will break from the current consolidation phase once the Federal Reserve plan is passed. There is speculation that the Fed may cut interest rates in October. If that happens then the US dollar will sink in the short term and commodities will zoom. Full Story
By: Chris Mullen, Gold-Seeker.com - 24 September, 2008
Gold fell $6.40 to $879.60 in Asia and rose nearly 2% to $901.75 in New York before it fell back off for most of the rest of trade, but it still ended with a gain of 0.45%. Silver fell just slightly to $13.045 and rose over 4% to $13.63 before it also fell back off into the close, but it still ended with a gain of 2.22%. Full Story
If the bailout, in one form or another is approved, the long-term implications for the dollar are extremely negative. Banks are likely going to have to take substantial additional writedowns, unless of course Treasury is prepared to pay above market prices for their bad assets. A bailout does not mean the crisis is over by any stretch of the imagination. Full Story
GLOBAL GOLD PRICES slipped early Wednesday, bouncing from an overnight low of $878 to record an AM Gold Fix in London some 0.4% below Tuesday morning. Full Story
Further gains seem very likely in the coming days as Paulson's bailout plan seems to be in increasing jeopardy and markets are very uncomfortable with the increasing degree of uncertainty regarding the bailout plan. Uncertainty is the last thing that the US financial system needs right now and political wrangling should see gold well supported. Full Story
Yesterday gold was trading from $890-$909 for most of the day and once it failed to break $910 sellers emerged. The US financials bail out package by the US congress is still in lingo. The US dollar will gain if the bail out package is passed in totality. Full Story
By: Chris Mullen, Gold-Seeker.com - 23 September, 2008
Gold and silver chopped around at modestly lower levels in Asia and London before they briefly rose to see slight gains at $903.60 and $13.53 in early New York trade, but they then fell back off into the close and made new session lows of $879.60 and $12.947 ahead of a late rally back higher that left them nearly 1% from those lows with losses of 1.78% and 2.32%. At the time of writing both metals have nearly erased those losses in after hours access trade. Full Story
PHYSICAL GOLD BULLION PRICES slipped 2.1% early Tuesday from an overnight high of $910 per ounce, but the London Fix recorded its best level in seven weeks as Western stock markets tumbled yet again. Full Story
Given the size of gold's move up in recent days (up 15% in less than a week) profit taking would normally be expected however these are unprecedented financial times and thus investors waiting to buy on a dip may be disappointed. The psychological level of $1,000/oz looks likely to be regained in the next few weeks and it may get there sooner than even the gold bugs expect. Full Story
It’s the US dollar story for commodities. As long as the US dollar weakens commodities will remain firm. There are concerns that the Federal reserve funding virtually bankrupt companies in US will result in US deficits ballooning. Full Story
By: Chris Mullen, Gold-Seeker.com - 22 September, 2008
Gold and silver steadily rose throughout most of world trade and ended at about their highs of the session with impressive gains of 4.89% and 8.22%. Both metals have also continued to gain in after hours access trade as the supposedly necessary bailout plan highlights the advantages of having sound investments. Full Story
GOLD PRICES extended last week's 13% gain early Monday, nearing Wednesday's six-week high of $892 per ounce as the US Dollar tumbled on the foreign exchanges and world stock markets retreated from Friday's "big bail out" surge. Full Story
Gold and silver surged last week (up 13% and 15% respectively) as the financial crisis deepened considerably and there was a realisation that the "ponzi" casino capitalism of recent years has critically wounded the US financial system and done serious damage to the global financial system. Gold surged from below $780/oz to close at $861.40 on Friday and has risen again in European trading today to over $882/oz. Full Story
The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets. Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. Full Story
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