Gold fell about $5 in early Asian trade before it rebounded and saw slight gains in early London trade, but it then began to fall off in later London trade and dropped over $10 to about $650 just after the open in New York. After remaining in the low $650s for much of the morning, it then began to fall off further in late morning and early afternoon trade and ended near its low of the day with a loss of 3.38%. Silver remained near unchanged in Asia and London before it steadily sold off throughout most of trade in New York and ended about 1% off its low with a loss of 5.60%. Full Story
Based on all the calls, emails and what I’m reading and hearing in the media, I just may be the happiest gold bull in the world today. Now, before there are any wisecracks (save them for the Internet), I don’t do drugs and I don’t drink. My medications are all working and I haven’t snorted what’s left of all the “white-out” in the world today…. Still don’t believe me, hey? Full Story
By: Scott Wright, Zeal Intelligence - 2 March, 2007
With the first two months of this new year under our belts, the commodities lethargy seemingly still has a grip on investor sentiment. The deep malaise that has entangled the commodities markets resulting from a brutal first couple weeks of January has caused many to lose sight of the fact that we are still in the midst of yet another upleg for the king of the metals. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster – Global Watch - 2 March, 2007
For years now we have warned of tsunami like capital waves crossing the globe bringing financial drama with it. We have pointed to the structural problems that could give rise to the damage these waves will cause. We have warned of the Central Bank’s moves away from the U.S.$. We have also warned of the damage the Trade deficit is doing to the U.S. We have also warned of global foreign exchange and rates crises. We coined the expression “Live now, Pay later” syndrome that has been all-pervasive in the U.S.A. Add this to the “so far, so good” attitude and what happened this week in global markets has been long overdue. Full Story
Events in the last week have certainly caused a stir. Just what precipitated the broad global selloff. Was it the unwind of the Yen Carry Trade, a week delayed? Was it only attributable to the Chinese and their more stern stance against adolescent credit abuses in the Middle Kingdom? Was it Al Greenspan's comments on an economic recession looming near on the horizon? Was it caution on risk pricing in view of the insane Iran vs USA posturing in the Persian Gulf? Was it Goldman Sachs orchestration with collusion from Beijing, after massive short positions were put in place? Were the GSax powers motivated by the alarms going off in the gold and silver markets, as gold neared $700 and silver passed $14? Methinks all the above, never just one factor in an increasingly complex financial world. The global markets have become a tangled web. Full Story
Happy Holi to everybody. This has been a colourful week for commodity traders with the colour green and red change very frequently in their trading screens. Excess global liquidity has its merits as well as risks. Full Story
Gold rose nearly $10 to over $675 in Asia, traded between $670 and $675 in London, remained on either side of unchanged in morning New York trade, and then fell off in afternoon trade and ended near its low of the day with a loss of 0.72%. Silver traded mostly higher in Asia and London and remained near unchanged in morning New York trade before it sold off dramatically in the last minutes of trade and ended with a loss of 3.89%. Full Story
As far as supports, we've got one at 329 for the HUI, $660 on $GOLD, and $14.14 on $SILVER. The positive is we're still on track with the G/S Ratio favoring silver. We may yet go back up and test that 48 area, but I think we're solid to finish the week with the MACD bars (blue) still trending down. Full Story
Gold fell about $25 to under $660 in after hours access trade late yesterday before it rebounded in Asia and climbed above $675 by early trade in London, but it then steadily fell back off in later London and morning New York trade, remained near its lows in afternoon trade, and ended with a loss of 2.28%. Silver fell near $14.00 in after hours trade yesterday, rebounded to above $14.30 in London, fell to as low as $13.95 in late morning New York trade, and ended over 1% off its low with a loss of 2.48%. Full Story
By: Gary Dorsch, Editor, Global Money Trends newsletter - 28 February, 2007
The amount of money borrowed from brokerage firms to buy stock reached a record $285.6 billion last month, topping the prior high set at the peak of the so-called Internet bubble. Changes in the level of margin debt have mirrored those of US stock indexes. After setting an all-time high of $278.5 billion in March 2000, margin debt dropped to less than half that amount by September 2002. For now, gold is seen as a safe haven for the global stock market storm. Full Story
Yesterday we gave you some thresholds for selling your PM (precious metals) stocks. Those support levels have held, and are still holding so far today. The criteria is based on the CLOSES of the indexes and your individual stocks being analyzed. Again, a greater than 2% close below the 25-day mov. avg. (green lines) is a trigger to sell whatever makes you comfortable. We hope that guidance yesterday kept your tail out of the "Whipsaw Ringer". It's your call, and even if the HUI is not down there (more than 2% below 25-dma on the close), individual stocks are not always in sync. Most of mine being juniors are especially volatile. Full Story
It doesn’t take a great treatise or any “rocket science” to expose the ugly and sordid reality of the true condition of the broad US stockmarket - all it takes is a few charts and a modest helping of common sense. Full Story
The FTSE 100 Index & Major European indices are expected to open sharply lower following on from sharp drops on Tuesday, which saw China's Shanghai index fall by 9% to 2771. The Dow Jones down by more than 3% to 12217, the largest drop since Sept 11th 2001. Full Story
By: Roland Watson, The Silver Analyst - 28 February, 2007
Gold and silver were caught in the downdraft of selling on the stock exchanges today but having surged from last October’s lows, a respite was always looming as the price increased. However, the subject of this article is not the short-term movement of gold but where the next major sell point will be. There are various commentaries suggesting that gold will move fairly easily into quadruple digits with some breath to spare. I agree with these analysts that gold will move into four figures and then some. The only argument is when? Full Story
Gold remained near unchanged in Asia, fell nearly $10 in London, dropped to as low as $674.20 in morning New York trade, and then rocketed higher between 11AM and noon EST and found slight gains on the day, but it then fell back off into the close and ended with a loss of 0.32%. Silver dropped to $14.25 by midmorning in New York before it rallied over 30 cents from its lows between 11AM and noon EST, but it also fell back off a bit into the close and ended with a loss of 1.09%. Full Story
Despite being quite overbought short-term and too many funds long on the Comex, gold managed a valiant comeback from its lows today, (although they have it back down again in the access market). I believe it clearly demonstrates outside of very short periods of correction, the least resistance over time remains up. I, for one, welcome these sharp and short corrections and wonder what the shorts must be thinking its going to take to ever see a sustained retreat in the gold price? Full Story
Gold is at a very critical stage, it must continue up pulling gold stocks with it in order to negate this double divergence. A pullback in gold must not violate TL support and gold stocks must stay firm. These next two weeks will be a make or break for the gold sector, and traders should not be caught on the wrong side. Full Story
The precious metal’s markets are performing quite strongly. The Hui Gold Stock Index is getting very close to breaking out above strong overhead resistance. When the resistance becomes support, the Hui will be entering a new phase of its bull market. Full Story
Apart from precious metals, base metals have started rising over the past one week. Nickel hit a new record high on supply worries, lead scored a new peak, aluminum hit its best since last May and copper was firm on Asian demand. Full Story
Gold rose nearly $5 in Asia before it fell back off a bit and traded around $2 higher in London, but it then rose back higher in early New York trade and saw over $5 gains ahead of another sell of that took it as low as $682.30 by early afternoon. Any losses were brief, however, as gold rose back up into the close and ended with a gain of 0.42%. Silver dropped to $14.48 in New York after it saw about 1% gains in Asia, but it also rallied higher into the close and ended with a gain of 1.10%. Full Story
Gold has gone and done it - after first breaking out upside from its 3-arc Fan Correction in January, a major positive technical development celebrated in the article Gold powering up for major uptrend - SECTORWIDE BUY ALERT, last week it smashed through the ceiling of resistance at and towards $680, with subsequent solid action confirming that this was a genuine breakout. Full Story
Although silver did not stage such an obviously important breakout as gold last week, it did nevertheless rise in tandem, and succeeded in breaking out above important resistance at its early December highs, putting it in position for “The Big One”, which will be the breakout above last year’s highs at about $15.20, which is an objective that silver, with its propensity for big moves could easily achieve in a single day from the current position. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 25 February, 2007
As gold has many facets and culturally different gold markets, as well being influenced by a host of external markets, it is critical to get a proper perspective of the metal. The importance of this perspective is overriding or participants will only conclude it is a volatile and unpredictable asset. A proper perspective gives us understanding of gold. Our talk today aims to give investors a background against which to understand the main flows in the price of gold, today and in the future. Full Story
For us Gold traders, we should bear in mind that Gold is fundamentally insurance against default risk. Insurance against the default of all paper assets. Therefore, a good indicator of risk and of when Gold will head higher in a material way is the perceived risk of Investment Grade Bonds vs. Safer Government paper. Full Story
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