By: Chris Mullen, Gold-Seeker.com - 31 October, 2014
Gold dropped $37.02 to $1161.68 by late morning in New York before it edged back higher in afternoon trade, but it still ended with a loss of 2.19%. Silver slipped to as low as $15.805 and ended with a loss of 2%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 31 October, 2014
The gold price closed at $1,198.70 down $12.50 on Thursday. Asia and London took down to $1,174. The euro is weaker this morning at $1.2560 on the day. The Fix was set $1,173.25 down $32.50 and in the euro at €933.447 down €24.638, while the euro stood weaker at $1.2569. The volumes of gold traded were two sellers selling 58,000 ounces and one buyer buying 38,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,774.1 and in the euro at €933.64. Full Story
Stocks globally surged, while gold fell sharply today despite renewed irrational exuberance on hopes that the Bank of Japan’s vastly increasing money printing will fill some of the gaps left by the apparent end of Federal Reserve bond buying. Full Story
So far so good for gold and silver bears. The big question is whether gold will fall below $1167 by next Friday and if silver trades below $1495 by next Friday. In case gold and silver trade below $1167 and $1495 (after the release of US October nonfarm payrolls) then one can expect another ten percent fall before December futures expiry. Full Story
By: Chris Mullen, Gold-Seeker.com - 30 October, 2014
Gold fell $15.06 to $1196.14 by late morning in New York before it bounced back higher in afternoon trade, but it still ended with a loss of 1.03%. Silver slipped to as low as $16.36 and ended with a loss of 3.4%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 30 October, 2014
The gold price closed at $1,211.20 down $17.80 on Wednesday. Asia and London took down to $1,204.80. The euro is weaker this morning at $1.2587 down 1.48 cents on the day. The Fix was set $1,205.75 down $23.50 and in the euro at €958.085 down €6.487, while the euro stood weaker at $1.2585. The volumes of gold traded were two sellers selling 40,000 ounces and two buyers buying 24,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,206.20 and in the euro at €957.91. Full Story
As expected, the Fed announced yesterday it would end its six year money printing and bond buying programme. Given the fragile nature of the U.S. economy, Eurozone economy and indeed the global economy, Fed critics continue to believe that this may be a short term hiatus prior to a resumption of QE, if asset prices start to fall or economic growth falters. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 October, 2014
Gold edged above $1230 in Asia before it dropped back to $1221.28 by a little before 9AM EST and then bounced back towards unchanged in the next hour of trade, but it then fell to a new session low of $1209.08 after today’s fed statement and ended with a loss of 1.42%. Silver slipped to as low as $17.053 and ended with a loss of 0.81%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 29 October, 2014
The gold price closed at $1,229 down $2.00 on Monday. Asia and London took it up to $1,230.30. The euro is stronger this morning at $1.2735. The Fix was set $1,229.25 up $0.50 and in the euro at €964.572 down €2.263, while the euro stood stronger at $1.2744. The volumes of gold traded were one seller selling 30,000 ounces and three buyers buying 50,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,228.80 and in the euro at €965.01. Full Story
The U.S. Mint has sold nearly 60,000 ounces of American Eagle gold coins so far in October due to increased global demand from store of wealth buyers as economic and geopolitical uncertainty increased. With only three business days left until the end of October, the U.S. Mint has sold 59,500 American Eagle bullion one ounce gold coins. On a year-on-year basis, U.S. gold coin sales in October are up 21% from 48,500 ounces in October 2013. Full Story
The Ghost of the FOMC meet has resulted in range trade in all metals and energies. Gold, silver and crude oil can see big one way moves anytime. A hawkish stance on interest rates by the Federal Reserve can result in gold rising to $1320 and silver rising to $1930. Once the Federal Reserve meet is over, we have the US senate elections next week and US October nonfarm payrolls apart from the European central bank meet. These events can have a big impact on the currency markets as well as the US dollar. Full Story
The bottom line is the stock markets may not have the crash that many are looking for at this time. That’s not to say we can’t correct some of the recent move from the October low to the high made on Friday. The markets will confirm for us the bull is back once we see the Dow Jones break to new all time highs. With all these new etfs out there now I prefer to trade them for the most part vs individual stocks. There were so many times in the past when I would get the direction right in the markets only to have some of the individual stocks failing to follow along. Picking a stock now days is like adding another degree of difficulty where you have to be right on the trend then you have to be right on your stock selections. To each his own. Full Story
So, aside from the Ebola thingy, it’s all about the American politic right now with midterm elections just around the corner. That’s why last month’s Employment Report was ‘positive’, why gasoline prices are falling and oil suppressed, why interest rates are down, and why the stock market will not be allowed to crash this month, which again, is the problem unless the Fed’s prop desks intend to take on all comers. And while this may be the American way, unfortunately for these relatively inexperienced people, they cannot backstop the entire market(s), which will become evident at some point. This is when the fun will start. This is when these individuals will have a good look at their own mortality no matter how young they are. Full Story
Faced with the twin horrors of the taper, and India essentially in handcuffs, gold has fared very well in 2014. Import statistics suggest that the citizens of India have now moved past the government restrictions as a concern, and are eagerly bidding for gold. As the Fed likely hikes rates in 2015, I expect gold to fare equally well, and perhaps much better! Full Story
A cursory glance at the various financial news media this morning shows nothing particularly unusual for these unusual times. The ECB have paraded a list for stress tested banks and the market shrugged. However, there is a disturbing thread running through most of the stories to which we have become immune but which would have been considered highly unusual at almost any time in the twentieth century. And that thread is the influence of the Federal Reserve in practically every key market in the world. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 28 October, 2014
We remind readers that gold demand from both India and China remains strong. Many would have expected the gold price to have risen further of late, but it hasn’t. Why? We point to earlier reports from us and remind you all that Asian demand does not chase prices, simply buys at bargain levels. Support is very strong below these levels and particularly below $1,200 or close to it. We are now suiting on that support at the moment. Full Story
So it has been panic over for the moment in the markets and back to business as usual for precious metals. However there are signs of good underlying demand for physical gold, with the Shanghai Gold Exchange delivering 68.37 tonnes into public hands over the holiday period (two weeks with only five trading days), and a further 51.5 tonnes last week. The chart below shows gold withdrawn from the SGE this year, totalling 1,547 tonnes so far, on course for a 1,900 tonne total this year, only 300 tonnes short from the 2013 total. Full Story
India returns to normalcy this week. But Indian demand (for gold and silver) will remain subdued and should start to pickup from next week. This is also an FOMC meet. The direction of gold and silver after the Federal Reserve meet should continue for the rest of the year. Next week, there are all important US senate elections on 4th November. US October nonfarm payrolls will be there on 7th November. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 27 October, 2014
In New York there were sellers of 4.485 tonnes of gold in the SPDR gold ETF but there was a purchase of 0.82 of a tonne into the Gold Trust on Friday. This did assist the fall in the gold price to $1,230, but this was off the day’s lows. It does look like we are back in consolidation mode today. The holdings of the gold ETFs stand at 745.387 tonnes in the SPDR gold ETF and at 162.22 tonnes in the Gold Trust. This makes over 25 tonnes of gold sold from the gold ETFs in the last week. This is heavy and if it continues at these levels will restrain the gold price. If these sales halt, the support for the gold price remains strong and the price will rise. Full Story
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