By: Chris Mullen, Gold-Seeker.com - 29 August, 2008
Gold and silver rose to $838.60 and $13.91 in Asia and London before they fell back off in choppy New York trade and ended near their late session lows of $828.95 and $13.56 with losses of 0.29% each. Full Story
THE PRICE OF GOLD reversed an earlier 1% drop as the Wall Street opening approached on Friday, touching $838 an ounce as Asian stock markets ended the month 3% lower and government bond prices rose. Full Story
Gold has been gradually edging higher for the last two weeks and appears to be ready to rally in the seasonally strong autumn months due to the strong fundamentals. Especially given deepening concerns regarding the global economy, heightened geopolitical risk on increasing tensions in Russia and the continuing supply/demand issues in the physical bullion market. Full Story
By: Chris Mullen, Gold-Seeker.com - 28 August, 2008
Gold and silver traded roughly 0.5% to 1.0% higher in Asia and London and rose to see nearly 2% and 4% gains at as high as $844 and $14.012 by midmorning in New York before they fell back off to see slight losses at $825.05 and $13.47 by about noon EST, but they then rallied back higher in the last hour and a half of trade and ended with gains of 0.44% and 0.89%. Full Story
THE SPOT PRICE OF GOLD BULLION rose yet again in London on Thursday, touching $840 an ounce just ahead of the Wall Street open and recovering almost one-third of the 21% plunge witnessed since mid-July. Full Story
Dollar weakness, firm oil and continuing tension in the Caucasus are leading to gold remaining well bid this morning. Warnings from NATO to Russia to stay out of Ukraine and calls for the European Union to be ready for "hard headed engagement" with Moscow are not doing much to help confidence in already nervous markets. Full Story
It will be known only until 31st August whether hurricane Gustav will damage to the crude oil rigs in the Gulf of Mexico. Till then crude oil prices will remain firm. Base metals will remain firm on Chinese demand and technical buying. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 August, 2008
Gold rose over 1.5% to $834.90 by midday in London before it fell to a tiny loss at $822.45 in New York, but it then rallied back higher by the close and ended with a gain of 0.65%. Silver rose over 2% to $13.86 and fell $13.39 before it also rallied back higher, but it still ended with a loss of 0.52%. Full Story
The US may ultimately seek to weaken the dollar further to protect gains in exports. However, one can expect China to doggedly defend its exporters as well by continuing to suppress the yuan. To quote another recent excellent article by Mr. Evans-Pritchard: “What we are about to see is a race to the bottom by the world’s major currencies as each tries to devalue against others in a beggar-thy-neighbour policy to shore up exports.” Full Story
THE SPOT PRICE OF GOLD added to its overnight rally early in London on Wednesday, hitting a three-session high above $834 per ounce as the US Dollar slipped on the currency and commodity markets. Full Story
Gold is showing strength again with the dollar giving up yesterday's gains (above EUR/USD 1.472 and far from yesterday's six month high to the euro of 1.4570) and oil firming again on hurricane fears in the Gulf of Mexico. Full Story
By: Chris Mullen, Gold-Seeker.com - 26 August, 2008
Gold and silver remained near unchanged around $820 and $13.40 in Asia before they dropped to $806.60 and $12.96 by midday in London, but they then soared higher in early New York trade and rose to as high as $830.52 and $13.715 by a little after 10AM EST. Both metals then fell back off a bit into the close, but they still ended with gains of 0.22% and 1.46%. Full Story
Gold is the classic hedge against the inevitable inflation that will result from persistent growth in China. In addition, any moves by China to scale back on US treasury purchases, or worse yet, selling of their current holdings, would give gold a considerable boost as the dollar resumes its long-term slide. Full Story
WORLD GOLD PRICES sank at the London opening on Tuesday, losing 1.6% inside two hours as the world's No.1 gold-dealing market re-opened after its August Bank Holiday. Full Story
Gold has fallen this morning on a sharply stronger dollar on weak European data (rose from above EUR/USD 1.47 to as high as 1.4595 in a matter of minutes) and lower oil prices. The dollar remains near six month highs against the euro. The fall in the euro was due to German business confidence declining by more than expected to a three-year low in August, adding to concerns that Europe's largest economy may slip into a recession. Full Story
One should enjoy the consolidation days in metals and energies. Consolidation days with very low volatility have become scarce these days. Its also suggests the command the UK has over all foreign exchange markets and commodity markets. Once again the US dollar and crude oil prices will be the key to all commodities. Base metals should remain firm/rise as Chinese demand picks up. Markets will be looking forward to the FOMC minutes for direction today. Full Story
By: Chris Mullen, Gold-Seeker.com - 25 August, 2008
Gold briefly spiked lower to $815.85 at the New York open before it quickly rallied back near unchanged to as high as $825.85, but it then meandered lower into the close and ended with a loss of 0.76%. Silver dropped to $13.21 by late trade in Asia before it rallied to find a slight gain at $13.56 in New York, but it also fell back off into the close and ended with a loss of 1%. Full Story
Today I am writing from the city of Guangzhou, formerly known as Canton, in Guangdong Province. Guangzhou is a major commercial and manufacturing region in South China and is the economic hub of the Pearl River delta. It is a port city with navigable access to the South China Sea and is just 75 miles up river from Hong Kong. Full Story
Gold has fallen this morning on flat oil prices, a stronger dollar (EUR/USD 1.4743) and profit taking after last week's more than 5% gain. Equity markets internationally are mixed on continuing fears regarding the outlook for the global economy. Full Story
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