By: Chris Mullen, Gold-Seeker.com - 29 February, 2008
Gold rose to a new all-time high of $975.90 by late trade in Asia before it dropped in London to as low as $964.60 by about 10:45AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.72% at a new record closing high. Full Story
Gold has surged to yet another all-time high at 976.00 as the dollar continues its slide. Silver set a new 27-year high near $20 and platinum appears poised for a push above $2,200. The metals have gained additional support from strong investor interest and rising oil prices. While gold has retreated on profit taking in more recent trading, focus remains squarely on buying strategies. Full Story
SPOT GOLD PRICES slipped back from an overnight record high above $975 per ounce in London on Friday, setting a new all-time high at the AM Fix as the global bid for physical assets contrasted with another down day for listed stocks. Full Story
Gold was up $7.10 to $965.80 per ounce in trading in New York yesterday and silver surged another 44 cents to $19.64 per ounce (more on silver below). In Asian and early European trading, gold and silver rose to new respective record and 27 year high levels but have fallen from record highs of $975.75 and $19.92. Full Story
Just when equities markets start to stabilize investors get a few bodyline balls from various central bankers which hits them hard in the body. The Fed Chairman said the dollar's depreciation is ``a positive factor'' for reducing the U.S. trade deficit. Full Story
By: Chris Mullen, Gold-Seeker.com - 28 February, 2008
Gold fell over $5 to as low as $952.97 by late trade in Asia, but it then rallied higher for most of the rest of trade in London and New York and set a new record intraday high of $967.10 before it came back off just slightly in the last couple hours of trade and ended with a gain of 0.70%. Silver dropped to $19.03 before it rose to a new 27 year intraday high of $19.833 by early afternoon in New York and closed with a gain of 2.3%. Full Story
THE PRICE OF physical gold bullion spiked to $962.50 per ounce just ahead of the US open on Thursday, standing 1.5% higher for the week so far as European stock markets dropped another 1%. Crude oil rose above $102 per barrel, while Wall Street futures slumped on the weakest GDP data since 2001. Initial US jobless claims for the week-ending last Friday came in 6.5% ahead of forecast. Full Story
Gold is edging higher within the confines of yesterday's range after experiencing light profit taking overseas. A deeper corrective dip in platinum weighing on the yellow metal earlier, but the white metal is on its way back as well. Full Story
To those not familiar with the precious metals markets, gold and silver look overvalued due to the recent increase in prices and many believe this is a prelude to a 1980 style gold price collapse. This is extremely unlikely for a variety of reasons. Indeed quite the opposite is true, a gold panic and mass exodus into the safe haven of gold is more likely than any ending of this secular bull market. Full Story
It’s just a consolidation phase for metals in a spectacular week. All the metals have performed exceedingly well this week. The US dollar continues to be ripped apart. The US dollar’s fall has resulted in commodities getting more expensive as they are all priced in US dollars. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 February, 2008
Gold rose to as high as $963.10 by late trade in Asia before it fell to see only about a 0.5% gain at $951.95 by late morning in New York, but it the rallied back higher for most of the rest of trade and ended with a gain of 1.3% at a new record high. Silver rose to a new 27 year intraday high of $19.465 in London before it dropped to $18.90 by late morning in New York, but it also rallied back higher in the last couple of hours of trade and ended with a gain of 2.6% at a new 27 year closing high. Full Story
Gold rallied to a new record high in overseas trading at 964.70, spurred by a sliding dollar. While gold has turned mildly corrective on an intraday basis, the outlook remains quite favorable. Surging oil and broad-based commodity gains continue to lend additional support to the gold market. Full Story
Strong support in gold is now seen at $890 to $900. Short term support is now at $925 and below that at $915. The $1000 price level remains a short term price target and $1,200 is now a realistic possibility in the coming weeks. Full Story
THE PRICE OF PHSYICAL gold bullion leapt to new record highs above $964.50 per ounce early in London on Wednesday, gaining more than 3.9% from Tuesday’s low as European stock markets slipped back and the US Dollar slid towards new all-time lows on the currency markets. Full Story
Silver shines brighter than other metals. It’s all about the dollar decline story and expectations that Fed interest rate cuts may prevent an immediate US recession for metals and energies. Silver is getting its due. Full Story
By: Chris Mullen, Gold-Seeker.com - 26 February, 2008
Gold fell to $926.30 by late trade in Asia, but it then rallied back higher throughout trade in London and New York and rose to as high as $948.00 before it closed with a gain of 0.85% at a new record closing high. Silver fell to $17.91 before it rose to a new 27 year intraday high at $18.73 and closed with a remarkable gain of 3.8%. Full Story
SPOT GOLD PRICES bounced from a four-session low at the London opening on Tuesday, recovering two-thirds of the week's 2.8% losses to date on news that producer-price inflation for US industry rose last month at a 26-year record clip. Full Story
Gold extended corrective losses in overseas trading, weighed by proposed IMF gold sales. However, the yellow metal has been recovering those additional losses over the past several hours as dips continue to attract buying interest. Soaring commodity prices, firm oil and a weaker dollar conspire to limit the downside. Full Story
Another mooted IMF gold proposal (more below) may have led some weak longs to liquidate positions yesterday. But after recent week’s surge in gold and last week’s sharp (4.5%) increase in the price of gold, the market was overbought in the short term and ripe for a correction. It was interesting that silver has remained strong despite gold’s less than 1% sell off. Full Story
The real effect of IMF gold sales will be when they announce the time of sale or the period within which IMF gold will be sold. However the dip in gold will not last long and will used by long term investors to reenter. Unless gold is in short term to medium term bear phase gold will not fall. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 February, 2008
Gold rose to $952.10 by late trade in Asia and early trade in London before it plunged to $932.80 in midmorning New York trade on more IMF gold sale rumors, but it then rallied back higher into the close and ended with a loss of just 0.68%. Silver rose to $18.15 before it fell to $17.868, but it also rallied back higher in the last few hours of trade and ended with a gain of 0.44% at a new 27 year closing high. Full Story
Gold is maintaining a firm tone with new record highs anticipated in the short term. The yellow metal has been underpinned by solid investment and safe haven buying, as well as firm oil and a generally weak dollar. Full Story
The technical picture in gold, silver and copper is still bullish. Metals have fallen as and when they neared key technical supports. Geopolitical risk has resurfaced once again with the Turkish invasion on northern Iraq and Iran unable to answer united nations questions on the nuclear issue. Full Story
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