By: Chris Mullen, Gold-Seeker.com - 28 March, 2008
Gold traded just slightly lower around $945 in Asia and London, but it then dropped in early New York trade and fell to as low as $923.72 before it rebounded nearly 1% in afternoon trade and ended with a loss of 1.86%. Silver fell to as low as $17.647 before it rebounded over 1% in the last hour and a half of trade and ended with a loss of 3.25%. Full Story
Gold is retreating into the range after registering only limited follow-through above the halfway back point of the recent correction. Generally firm platinum, base metals and oil, along with a soft dollar are all supportive of the yellow metal despite recent corrective activity. Full Story
SPOT GOLD PRICES dropped to a three-session low as the New York opening drew near on Friday after the Commerce Dept. said a key measure of US price inflation dipped last month. The "Core PCE" inflation – which strips out both food and fuel prices, and which is closely watched by the Federal Reserve – rose by 2.0% in the year-to-February, just shy of Wall Street forecasts. Full Story
Gold is in a range between $905 and $955 and may look to consolidate at these levels. The fact that it continues to probe the higher end of this range suggests that the path of least resistance is to the upside. This is especially the case due to the litany of bad economic news from both sides of the Atlantic. Full Story
Yesterday was a base metals day as they rose sharply. Copper, Zinc, Nickel, lead and tin all rose sharply. Fund managers are taking fresh long positions in all base metals on expectations of very high demand in the second quarter. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 March, 2008
Gold rose to $953.30 in Asia before it fell nearly 1% to $940.20 in New York shortly after decent economic data gave the dollar a bounce, but the yellow metal then rallied back higher into the close and ended unchanged on the day. Silver fell to as low as $17.927 in early New York trade, but it then rallied higher for the rest of the day and ended at its high of the session with a gain of 0.93%. Full Story
Gold is slightly easier this morning after recovering more than half of last week's corrective losses. Considerable confidence has been returned to the underlying bull trend. The rebound in oil prices and the generally soft dollar are having a supportive impact on the yellow metal. Full Story
THE PRICE OF GOLD slipped 1.1% early in London on Thursday, giving back yesterday's bounce to fall below $943 per ounce as world equity markets ticked higher and crude oil reached a one-week high after a militia attack on Iraq's main oil terminal. Full Story
The global credit crisis will likely lead to many western central banks curtailing gold sales and indeed likely becoming buyers again under to create faith in paper fiat currencies. Meanwhile there is increasing demand from the Chinese central bank and also what are termed "tier 2" central banks: Russia, Argentina, South Africa and others. Full Story
Precious metals and energies continue to follow the US dollar story and nothing else. The European central bank chief has explicitly stated they will not lower interest rates which acted as fodder to the euro’s gains against the US dollar. Full Story
By: Chris Mullen, Gold-Seeker.com - 26 March, 2008
Gold fell to $934.37 by late trade in Asia before it rose to as high as $951.80 by noon EST and then fell back off slightly in afternoon trade, but it still ended near that session high with a respectable gain of 1.5%. Silver fell to $17.64 by late trade in Asia, but it then rose to as high as $18.33 by late trade in New York and closed near that high with a gain of 3%. Full Story
Gold is retracing last week's corrective losses, returning credence to the underlying bull trend with each uptick. Renewed weakness in the dollar and modestly firmer oil prices are seen as supportive to the yellow metal. Full Story
THE PRICE OF PHYSICAL GOLD bounced 1.3% into the start of London trade on Wednesday, reaching a one-week high above $948 per ounce as the US open drew near. Global stock markets ticked lower, meantime, and crude oil prices rose 1.6% to $102.85 per barrel. Full Story
The toxic mix of stagflation and a growing solvency and systemic crisis means that risk aversion should remain paramount for investors. Gold and silver should be a cornerstone of all portfolios in the current unprecedented macroeconomic climate. Cash is not a safe haven in an economic environment threatened by systemic risk and significant inflationary risk. Full Story
It’s back to the US dollar story for metals and energies. Metals and energies pared some of their last week’s losses on renewed US dollar woes. As long as the US dollar continues to weaken, metals and energies will remain firm. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 March, 2008
Gold rose to over $935 in London before it dropped near $925 by late morning in New York, but it then rallied back higher into the close and ended near its high of $936.00 with a gain of 1.8%. Silver rose to $17.75 in London before it dropped near $17.30 by late morning in New York, but it then rallied back higher into the close and ended near its high of $17.81 with a gain of 4.2%. Both metals have also exceeded their prior COMEX highs in after hours access trade at the time of writing (4PM EST). Full Story
Gold continues to build a base ahead of the $900 level. A firmer tone emerged overseas as the dollar showed renewed signs of weakness amid persistent worries about the US economy. Continued robust jewelry demand is also a favorable signal. Full Story
Gold has rallied on bargain hunting as gold’s short term overbought status has been corrected and some investors and speculators feel that the sell off is overdone and the metals may have become oversold in the short term. While there may be further consolidation at these levels, gold will likely resume its upward march sooner than expected and we will likely see gold back near (nominal) record highs above $1,030 before the end of April. Full Story
THE SPOT PRICE OF GOLD regained a three-session high early Tuesday, rising 1.1% as London re-opened after the long Easter weekend to touch $936 per ounce – a level first broken at the end of January. Full Story
By: Chris Mullen, Gold-Seeker.com - 24 March, 2008
Gold fell to as low as $906.30 by late trade in Asia before it rose to as high as $926.70 by early afternoon in New York, but it then fell back off slightly in the last half hour of trade and ended with a loss of 0.13%. Silver fell to $16.764 and rose to $17.22 before it also fell off slightly in the closing minutes of trade, but it still ended with a gain of 0.71%. Full Story
Gold has stabilized in the wake of last week's corrective retreat, after downticks stalled ahead of the $900 level. Investors may still be a little tentative about getting back into the market given the recent volatility, but in truth, little fundamentally has changed in the past week. We may end up looking back at last week's retreat as 'the' buying opportunity of 2008. Full Story
Last week’s fall in commodities prices is the next best thing to have happened for the long term sustainability of the commodity bull run. The rise was excessive. The fall is good reminder to the retail investors who kept buying at every decline that prices can fall sharply. Full Story
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