SPOT GOLD BULLION PRICES bounced from $725 an ounce early Friday, nearing the month's end nearly 10% down against most major currencies – including the Dollar – as world stock markets reversed this week's rally. Full Story
Gold remains extremely oversold as evidenced in the commitment of traders report (COT) which shows that open interest has recently dropped to just over 300,000 open contracts from a record of 490,000 contracts last October. This is due to the relentless unwinding of long positions by speculators in the massive deleveraging seen in recent months. Full Story
By: Chris Mullen, Gold-Seeker.com - 30 October, 2008
Gold rose 3.15% to $777.27 and silver rose 8.45% to $10.62 by late trade in Asia, but both metals then fell back off for most of trade in London and New York and ended near their lows of $734.25 and $9.552 with losses of 2.11% and 0.41%. Full Story
Gold continues to test the upside in the wake of last Friday's reversal day. The initial target at $776.56 was satisfied and slightly exceeded in overseas trading, suggesting additional short-term upside potential. Full Story
THE SPOT PRICE of physical gold slipped from a seven-session high for Dollar and Yen investors at the New York opening on Thursday, as world stock markets extended a four-day rally despite confirmation that the US economy has joined the UK in sliding towards recession. Full Story
Gold rose nearly 2% yesterday as the Federal Reserve decreased the fed funds rate by 50 basis points to 1.00%. Other central banks internationally are also slashing interest rates and there is increasing speculation that the Bank of England and the ECB may cut interest rates aggressively as early as this week and possibly even today in an effort to prevent international financial contagion causing a sharp global recession. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 October, 2008
Gold rose $16.50 to $756.95 in Asia and fell to see a $3.20 loss at $737.35 in London before it climbed to a new session high of $774.40 by late morning in New York and then fell back off into the close a bit, but it still ended with a gain of 1.77%. Silver rose $0.675 to $9.46 in Asia and fell to $9.01 in London before it climbed to a new session high of $10.148 by late morning in New York and then fell back off into the close a bit, but it still ended with an impressive gain of 11.44%. Full Story
SPOT GOLD PRICES jumped to a one-week high of $765 an ounce at Wednesday's New York opening, gaining 12% from Friday's 12-month low as the strong rally in world stock markets faltered. Wall Street futures pointed lower ahead of today's Federal Reserve decision, widely expected to deliver a further 0.5% cut to US interest rates, taking the returns paid to Dollars back to the 6-decade lows now blamed for the sub-prime housing bubble of 2001-2007. Full Story
Physical demand remains near record levels internationally with rising premiums for all bullion products and delays and shortages deepening. There are now little or no gold coins or bars (1 oz and 10 oz) available for immediate delivery throughout the world. There are no silver coins or bars available besides 1000 oz silver bars. Full Story
By: Chris Mullen, Gold-Seeker.com - 28 October, 2008
Gold fell over $10 and then rose over $12 from unchanged in Asia before it fell back off in London and New York to a nearly $15 loss at as low as $727.75 by about 11AM EST, but it then rallied back higher into the close and ended with a loss of just 0.23%. Silver rose 14 cents to $9.30 by late trade in Asia before it briefly dropped to as low as $8.41 in London, but it also rallied back higher into the close and ended over 4% off that low with a loss of 4.1%. Both metals have more than erased those losses in after hours access trade at the time of writing. Full Story
After rising yesterday, gold is up some 1.5% again today and has continued to consolidate in the $700/oz to $760/oz range. Further consolidation is likely necessary after the sharp fall in recent days. Full Story
Gold has been edging higher since registering an outside day, with a higher close on Friday. The market missed forming a key reversal by less than five dollars. Ongoing probes above initial resistance at 736.22 are encouraging with potential back to the first Fibonacci retracement at 776.56. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 October, 2008
Gold rose nearly $10 in Asia before it fell back off by early morning in London and saw as much as a $23.30 loss at $706.35 by about 6AM EST, but it then rallied back higher for the rest of the day and ended near its session high of over $746 with a gain of 1.71%. Silver also saw over 1% gains in Asia before it fell back off and saw a 6.2% loss at as low as $8.70, but it too rallied back higher into the close and ended with a loss of just 1.24%. Full Story
THE SPOT PRICE OF GOLD BULLION sank and then bounced hard vs. the Dollar early Monday, whipping violently against all major currencies as world stock markets added to this year's 40% losses to date. Full Story
Iceland, Hungary, Pakistan and Ukraine have all reached a deal with the IMF for some form of rescue package. UK may near recession. Global leaders (Including Asia) now want to take unified steps to stem the fall in stock markets and restore consumer confidence and business confidence. This reflects that the fundamentals of the global economy have been shaken. Full Story
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