Gold fell as much as $10.60 to $880.15 by late trade in Asia before it crawled back higher in London and morning New York trade and spiked up to within a dollar of unchanged at $889.80 in early afternoon action, but it then fell back off a bit in the last hour and ended with a loss of 0.43%. Silver fell as much as 35 cents to $12.04 by midday in London, but it then steadily climbed back higher for most of trade in New York and ended near its session high of $12.617 with a gain of 0.89%. Full Story
A few commodity sectors enjoyed broad rallies today, mainly energies and grains, which saw gains from 3-6%. Even copper managed a 3.0% pop in prices has traders found some silver lining in the ISM and Consumer Sentiment surveys released this morning. Though the manufacturing sector saw a contraction for the fifteenth straight month, the last four months have seen the contraction pace slow down. If the trend holds up, the ISM could well return to ‘stable’ this quarter. Full Story
WHOLESALE PRICES for physical gold slipped to an eight-session low early in London on Friday, dropping 4.1% from Monday's start before rallying to $885 an ounce as the US Dollar also bounced on the currency markets. Full Story
The markets appetite for risk (particularly in equities) remains remarkable as the myriad of negative financial and economic fundamentals is daunting. The bulls as usual herald this resilience as proof that the worst is over. However, it is likely no such thing rather the markets are being irrationally exuberant in the short term prior to the very poor fundamentals reasserting themselves in the coming weeks. Full Story
By: Chris Mullen, Gold-Seeker.com - 30 April, 2009
Gold and silver remained near unchanged in Asia and fell about 1% in London before they took another leg down at the New York open and made their lows of $880.67 and $12.18 shortly after 10:30AM EST to see losses of 2.13% and 4.4%, but they then rallied back higher in the last few hours of trade and gold ended with a loss of just 1.01% while sliver closed with a loss of only 2.75%. Full Story
Gold bulls must feel some disappointment recently with the poor performance of the yellow metal. A weaker US dollar, a possible pandemic, and a host of stronger commodities have been unable to support prices in the past week. Full Story
THE PRICE OF GOLD was driven sharply lower at Thursday morning's Gold Fix in London, dropping 1.2% to a one-week low of $889 per ounce as world stock markets continued to rise. Government bond prices ticked down, and the US Dollar reversed an early drop on the currency markets. Full Story
Gold subsequently traded sideways in Asia and early trading in Europe prior to another bout of furious selling just after 1000 GMT this morning which again saw gold fall a very sharp $10 in a matter of minutes despite the lack of any market or economic news of great significance. Despite these peculiar sell offs, gold remains well supported at $865/oz and the technicals and the fundamentals remain sound. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 April, 2009
Gold remained near unchanged in Asia, traded slightly higher in London, and jumped over 1% to as high as $901.75 at the New York open before it fell back to about $896 midmorning, but it then rose back near its earlier high in late trade and ended with a gain of 0.85%. Silver followed a similar pattern and closed near its session high of $12.783 with a gain of 2.29%. Full Story
Therefore I continue to hold TIMMINS GOLD as one of my top 3 gold mining investments for the coming year+. I believe once production commences, the market will have or will be in the process of attributing a higher valuation to the stock and after months of consecutive production, Timmins can begin to move into the appropriate valuation range we see for its gold mining peers. Full Story
Swine flu, bank stress-test worries, and a horrid 6.1% contraction in first quarter GDP kept the US dollar on the defensive today and gave gold a small boost. Despite the large drop in first quarter GDP, which mirrors the 6.3% drop during the fourth quarter of ’08, there was a gleaming silver lining. Full Story
THE PRICE OF PHYSICAL GOLD spiked at the Wall Street opening on Wednesday, unwinding half of this week's losses to date as new data showed the US economy shrinking at its fastest pace in six decades. Full Story
Gold fell marginally for a second day yesterday as gold continues to consolidate after last week’s 5% gain. Gold’s trading was erratic yesterday with unusually large sell orders leading to sharp falls in the price in seconds prior to mild rebounds. Such sharp and speedy declines are very unusual and would suggest a large player wanted gold prices lower in the futures market. Gold has risen some 0.5% this morning. Full Story
By: Chris Mullen, Gold-Seeker.com - 28 April, 2009
Gold fell $15.58 to $891.42 in early Asian trade last night and then rebounded to back above $900 before it plummeted to a new low of $884.10 at the open of trade in New York, but it then climbed back higher for most of the rest of trade and ended almost 1% off that low with a loss of just 1.63%. Silver fell all the way to $12.347 at the open of trade in New York before it bounced back higher a bit, but it still ended with a loss of 3.75%. Full Story
Gold bulls should continue to be patient and wait for prices to break the downward sloping trend-line. Aggressive bulls received their chance to buy weakness today on a dip below $890, but those lows must hold or the risk of another leg down would appear quite likely. Since the short-term trend in gold is down, and still can be defined as a correction, bulls ought to wait for confirmation of strength before getting long. Full Story
THE PRICE OF GOLD slumped for the third time inside 24 hours as the US opening approached on Tuesday, sinking 3.5% from yesterday's start to a four-session low of $886 an ounce. Crude oil fell below $49 per barrel, while government bonds were bid higher, pushing the yield offered by 10-year US Treasuries to 2.90%. Full Story
Gold continues to outperform most asset classes so far in 2009, in the last 12 months and in recent years (as seen in Performance Tables above) and looks set to continue to do so for the foreseeable future. Full Story
By: Chris Mullen, Gold-Seeker.com - 27 April, 2009
Gold saw decent gains in early Asian trade before it fell as much as $8 to $904.60 shortly after the open in New York, but it then rallied back higher for the rest of the morning and ended with a loss of just 0.61%. Silver traded over 1% higher in Asia before it fell to see a 5 cent loss at $12.84 by late morning in New York, but it then rallied back higher in the last two and a half hours of trade and ended with a gain of 0.39%. Full Story
The lead story today is the so-called swine flu. There currently is much misinformation about this flu strain that is affecting the markets. First being that this virus can be caught from eating pork and this erroneous belief has caused seven countries so-far to impose bans on pork from the United States (perhaps this is simply a cover for trade retaliations?). Full Story
THE SPOT PRICE of physical gold reversed an early 0.6% rise in London on Monday, slipping back to last week's Dollar-close but recording the best Morning Gold Fix since April 2nd at $911.75 an ounce. UK and European investors now Ready to Buy Gold saw the price rise 0.8% by lunchtime in London, while global stock prices fell almost 1.0% on average. Full Story
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