Gold initially eased overnight losses and edged up to $1223.34 in late Asian trade, but it then chopped back lower in London and New York and ended with a loss of 0.77%. Silver slipped to as low as $16.131 and ended with a loss of 0.74%. Full Story
The precious metals sector has begun a sizeable correction and it figures to continue into June. Gold needs to regain strength soon in real terms or it could undergo a deeper and longer retracement of its recent rebound than initially anticipated. We will continue to take first cues from the miners which should continue to lead the sector in the weeks and months ahead. Those who have been waiting for a buying opportunity could have their first chance in the weeks ahead. Full Story
Unfortunately I suspect too many traders listened to the pie in the sky nonsense that passes as analysis and bought at the top and are now suffering a 10% draw down that they didn’t need to weather, and it’s going to get worse before the Intermediate Cycle Low is finished. Full Story
The Japanese Prime Minister presented data yesterday at the G7 summit he is hosting, showing that commodities prices have fallen 55 percent since 2014, the same margin they fell during the global financial crisis, interpreting this as “warning of the re-emergence of a Lehman-scale crisis”. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 27 May, 2016
China saw more volatility yesterday as the Yuan weakened again. London then took it down to be set lower by the LBMA. We have no doubt that a great deal of weight will be added to Janet Yellen’s comments today as the market are now pricing in a rate rise, next month. Should this happen, we have no doubt that the Yuan will be allowed to weaken much further than we see at present. This will lead to higher Yuan prices for gold, but we doubt whether we will see much lower dollar or euro gold prices. Full Story
Gold popped up to $1233.80 in early Asian trade and held higher in London before it fell back to $1218.34 in early afternoon New York trade, but it then bounced back higher into the close and ended with a loss of just 0.37%. Silver rose to as high as $16.557 before it dropped back to $16.268, but it then edged back higher in late trade and ended with a gain of 0.12%. Full Story
Gold prices are likely to rise above $1,900/oz in the next phase of the bull market and investors should “get in now,” Chief Market Analyst of the Lindsey Group, Peter Boockvar told CNBC’s “Futures Now” yesterday. Full Story
Gold fell $10.15 to $1217.85 at about 9:45 AM EST before it bounced back higher into the close, but it still ended with a loss of 0.31%. Silver slipped to $16.20 in London, but it then rose to as high as $16.355 in New York and ended with a gain of 0.43%. Full Story
Considering the amount of gold that has been added since that time (66 tons), a 4 ton reduction is minor. What we will not want to see however is a PATTERN of falling reported gold holdings. That has been the one bright spot for gold that has held steady even in the face of weakness on the gold chart at the Comex. If this changes, then we have an issue. Full Story
As the US dollar is the key driver going forward lets take a look some charts which are showing it has likely bottomed and is reversing back up. Below is a daily chart which shows the one plus year trading range. We’ve discussed in the past that a false breakout, of an important trendline, can lead to a big move in the opposite direction. Remember the false breakout the HUI and other precious metals stocks had back in January of this year that led to this massive rally we’ve enjoyed up until today? Full Story
“Gold and silver bottom is in”, renowned silver analyst David Morgan tells Max Keiser on the Keiser Report and warns about paper and digital proxies for money and gold. Morgan, also known as the ‘Silver Guru’ of the TheMorganReport.com, talks to Max about the gold, silver and global bond markets and the ponzi scheme that are these markets. Full Story
Gold fell throughout most of world trade and ended near its late session low of $1227.55 with a loss of 1.73%. Silver slipped to as low as $16.199 and ended with a loss of 1.04%. Full Story
When looking at the nearer term picture, a bullish trend change was accomplished when breaking and holding above the (green-dotted) support at $1,200. As the price already pulled back to confirm this trendline as new support, a buy-signal is active (sell-signal when breaching this $1,200 support). The next horizontal resistances are at $1,300 and $1,380. If the horizontal resistance at $1,440 can be broken, a strong upward move to the $1,580 level of the 2011-2012 (red-green) triangle is anticipated. Full Story
By: Stewart Thomson, Graceland Updates - 24 May, 2016
In the big picture, more governments are trying to turn their central banks into ATM machines. There are forecasts for bumper crops in India, due to a great monsoon season. Relentless institutional buying of gold stocks and bullion is in play. This price correction should be viewed as a spectacular buying opportunity! Full Story
By: Julian D. W. Phillips, Gold Forecaster - 24 May, 2016
Japan has issued a warning that if the yen moves 5 yean either way, the Bank of Japan will move in to intervene. To us this signifies the discarding of the commitment not to use devaluations to improve international competitiveness. The currency ‘war’ is on again, as each nation looks after its own interests. Full Story
Blackrock Inc., the world’s largest asset manager, has written a note about gold in which it suggests that this is the “perfect time and place” for gold due to “low and even negative yields, slow growth and potential signs of rising inflation.” Full Story
By: Chintan Karnani, Insignia Consultants - 24 May, 2016
Citi bank says that gold prices can fall below $1000 this year. Some reports say that Soros and other non traditional large investors have invested in gold. Investors are now confused. Gold will fall or continue to fall for the rest of the year, if the Federal Reserve raises interest rates or gives indication that interest rates will be raised every alternate month for the rest of the year. Gold is dependent of Federal Reserve manipulation. Gold will rise only on days when American interest rate factor takes a back seat. Full Story
Gold fell $8.92 to $1243.58 at about 9:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.23%. Silver slipped to as low as $16.311 in Asia before it also rallied back higher, but it still ended with a loss of 0.67%. Full Story
Peter Grandich of Peter Grandich and Company rejoins the show with positive comments on the PMs and crude oil, markets. Our guest expects gold to reach $1,400-$1,500 in 2016. Leading Wall Street technician, Ralph Acampora of Altaira Wealth Management returns to the show with an overview of key support levels in the markets. Ralph Acampora agrees with several recent guests that gold and silver have seen their lows - selloffs present buying opportunities. Full Story
The gold price in South African Rand (ZAR) is often a leading indicator for a USD gold price rally, as well as major trouble in the financial markets. A good example of this was around August/September 2001, just before the September 2001 crash (which turned out to be a major turning point in the markets – not just for the events of September 11). Full Story
In BCA’s weekly report, the research group writes “Investors are making a huge mistake in thinking that central banks are out of bullets…helicopter money is coming.” They go on to explain that once deployed, this policy will be more successful than people imagine. Full Story
Gold needs to break the daily cycle uptrend line to confirm the daily cycle decline has begun. It should do that this week as the Euro starts to accelerate down into its own daily cycle low.
I don’t expect a top in the dollar / bottom in the Euro until after the Brexit vote. So look for gold to finish its intermediate decline around that time. Full Story
Own gold as it is an “extremely low-risk asset” is the advice of Professor Kenneth Rogoff to emerging market, creditor nation central banks including the People’s Bank of China (PBOC). Rogoff believes that there is a good case to be made that emerging market central banks, such as the People’s Bank of China who have over $3.3 trillion in foreign exchange reserves, accumulate gold as this would “help the international financial system function more smoothly and benefit everyone”. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 23 May, 2016
The G-7 meeting failed to produce a statement on currency intervention, leading to the conclusion that the previous statement from the G-7 on this subject has been silently discarded. The warning from the U.S. against a Japanese intervention in the Yen exchange rate emphasizes that there is friction on this subject between the U.S. and Japan. The U.S. Treasury and Fed do not want to see an appreciating dollar, a policy that was reinforced by such a statement. Full Story
There is the possibility that gold continues to outperform silver in the short term. This is quite likely if we get another bout of severe deflation and the next stage of the global financial crisis. There is also the real chance of the currency reset where gold prices are revalued by the global monetary authorities to $5,000 to $10,000 per ounce. This could see silver underperform in the short term. Full Story
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