A big range up extension in the gold contract on Friday caught the attention of the media and at times even seemed to be a drag on equity prices. However, with energy and precious metals pricing rising in sync and a massive Dollar slide also thrown into the equation, the bull camp in gold seemed to have a number of angles to justify the strength in prices. Full Story
Last autumn’s stock panic fueled a particularly hard selloff in the commodities sector. And many folks were quick to proclaim the end of the 21st-century commodities bull. Indeed nearly all commodities prices were hammered, with some experiencing precipitous declines that were unseen since the Great Depression. Full Story
"[Gold's] break of 966 should move focus to the previous major high 1006," says Scotia Mocatta's daily update.
"Physical selling has declined, providing very little resistance to the move higher," reports Walter de Wet at Standard Bank. "We expected gold scrap selling to intensify above $950." Full Story
Gold and silver fell roughly 1% in Asia, climbed back near unchanged in London, and rose to find nice gains in New York at as high as $964.55 and $15.25 by late morning before they fell back off a bit in the last couple of hours of trade, but they still ended with gains of 0.79% and 1.99%. Full Story
The hot news of the day came from the durable good reports, which showed the largest increase in six years, increasing 1.9% in April. This news, coupled with a drop in initial jobless claims, helped spur a rally in stocks and commodities today. While economic growth is still rather suspect, and will be so until consumer spending shows consistent upward movement, there are enough signs that the worst is behind us that warrants exposure to the gold market. Full Story
THE PRICE OF GOLD rose $6 early Thursday to record the best AM Gold Fix in London so far this week, hitting $949.75 an ounce as world stock markets fell and US government bonds bounced from their worst sell-off since January. Full Story
Gold fell as much as $6.45 to $946.20 in Asia and remained at about that level in London before it climbed back higher in New York and saw a $6.07 gain at $958.72 by early afternoon, but it then fell back off a bit in the last hour of trade and ended with a gain of just 0.06%. Silver dropped as much as $0.17 to $14.43 in London before it rose to as high as $14.962 in New York and then also fell back off a bit in the last hour of trade, but it still ended with a gain of 1.54%. Full Story
THE PRICE OF GOLD ticked lower in Asia on Wednesday, holding below $950 an ounce in early London trade as world stock markets added to Wall Street's strong overnight close. Full Story
Gold traded mostly slightly lower over the Memorial Day holiday on Monday and dropped in late Asian trade early this morning to as low as $940.75 by midmorning in London, but it then steadily climbed back higher for the rest of the day and ended with a loss of just 0.54%. Silver followed a similar pattern and rebounded from its low of $14.28 to end near its late session high of $14.665 with a loss of only 0.34%. Full Story
Fears of a possible downgrade in the US bond rating is still a concern, after all, Japan, the largest economy in Asia was downgraded and the venerable, old guard England also got chopped. Some believe it is only a matter of time, and really just a matter of courage, before the US looses its Aaa rating. The reasons for gold moving higher may vary from day to day, and from analyst to analyst, but the real reason remains the same, that more people are willing to buy gold at higher prices than previously. Full Story
THE PRICE OF PHYSICAL GOLD fell hard early in London on Tuesday, returning from the long holiday weekend to drop 1.7% as the US Dollar and Japanese Yen rose sharply on the currency markets. Full Story
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