By: Chris Mullen, Gold-Seeker.com - 1 February, 2008
Gold rose to a new record intraday high of $936.65 in London, but it then plummeted at about 10AM EST in New York and fell all the way to $904.40 by early afternoon before it closed slightly off that low with a loss of 1.66%. Full Story
The monthly close above $900 yesterday, the first ever, is very bullish from a technical point of view and should see $1,000 reached in the coming weeks. With gold up by more than 10% in January, some profit taking and consolidation could be seen prior to then. However, if gold begins to move in a parabolic fashion, as it did in the 1970s, then those waiting for the correction will be left waiting on the sidelines. Full Story
THE SPOT PRICE OF GOLD rose 0.7% at the start of London trade on Friday to start February with a new all-time high above $934 per ounce as South African gold production failed to come back online as expected. Full Story
For once silver, copper and other base metals outperformed yesterday on expectations that the Fed interest rate cut will result in continued higher investment demand apart from lingering production issues from China. Full Story
By: Chris Mullen, Gold-Seeker.com - 31 January, 2008
Gold fell to $918.75 by early trade in London and rose to $928.20 by early trade in New York before it fell back off near $920 by midmorning in New York, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.22%. Full Story
SPOT GOLD PRICES for immediate delivery of physical metal moved sideways early Thursday, holding between $920 and $927 per ounce as global stock markets fell despite yesterday's fresh injection of cheap money from the US Federal Reserve. Full Story
Negative real interest rates (with the key discount rate less than the rate of inflation) in the world’s largest economy is very inflationary and could lead to gold reaching $1,000 in the coming weeks, as the dollar comes under further pressure. Full Story
Gold has had a great January courtesy of the Fed interest rate cuts of 1.25%. In January gold has taken hours to fall and a few minutes to rise and pare up all the losses on any day. The big question which I am being asked is whether gold will continue to rise and not stop before $1200 in the next three months. Will there be a correction or a consolidation phase and then rise? Full Story
By: Chris Mullen, Gold-Seeker.com - 30 January, 2008
Gold rose to $926.45 by late trade in London before it fell to $915.67 by about 10AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.39%. In after hours access trade following the fed’s rate cut, gold rose to a new record intraday high of $935.45 and is trading about 1% higher from today’s earlier close at the time of writing. Full Story
SPOT GOLD PRICES sat tight in a $6 range early Wednesday, bouncing 1.3% below yesterday's new record high before recording an AM Fix in London of $923.75 per ounce as the world's stock markets ticked lower in quiet trade. Full Story
Gold was down $2.60 to $924.80 per ounce in trading in New York yesterday and silver was up 6 cents to $16.74 per ounce. Both rose to new highs yesterday and have traded sideways to slightly down in Asian and European trading. A monthly close above $900, the first ever, would obviously be very bullish from a technical point of view. Full Story
Lower global growth in 2008 accompanied by higher prices of essential commodities implies greater investment interest in precious metals and soft commodities and less investment in equities. Gold will continue to rise with very high volatility. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 January, 2008
Gold fell to $920.80 by late trade in Asia before it rallied to a new record intraday high at $933.25 in London and then fell to a new session low of $919.75 by about 10AM EST in New York, but it then rallied back to $928.19 ahead of a slight dip in the last hour and a half of trade that left it with a loss of 0.23%. Full Story
SPOT GOLD PRICES shot higher yet again in London early Tuesday, hitting a new all-time high of $933 per ounce as global stock markets continued to bounce from last week's sell-off, albeit in thin trade. Full Story
The Federal Reserve’s expected 50 basis point interest rate cut tomorrow, the credit and property bubble implosion and the supply problems in South Africa are helping gold consolidate again near record levels. There is an unprecedented competing huge long and huge short position and the bulls are clearly winning with the shorts having lost billions in recent weeks. Full Story
Traders are going long on gold, silver and energy ahead of the Fed meeting and going short on the US dollar. US housing numbers further added to US dollar woes. The Fed is expected to cut interest rates between 0.25% and 0.50%. Full Story
By: Chris Mullen, Gold-Seeker.com - 28 January, 2008
After closing slightly above $910 on Friday, gold quickly moved to above $920 in Asia Monday morning before it dropped back to as low as $915.13 in London, but it then rose to new highs in New York and closed with a gain of 1.80% at a new record closing high after setting a new intraday record high of $929.45. Silver rose to over $16.55 in Asia and fell to $16.33 in London, but it then made a new 27 year intraday high of $16.71 in New York and closed just a few cents off that high with a gain of 1.65%. Full Story
Gold was up 3.4% last week and silver was up nearly 2% and both are up some 10% year to date. In normal market conditions, correction and consolidation would be expected and likely. However, these are not normal market conditions – and that is putting it mildly. Full Story
SPOT GOLD PRICES moved sharply in a $10 range early Monday, hitting $921.50 overnight in Asia – more than 1% above Friday's close – before slipping back to record an AM Fix in London of $916.50 per ounce. Full Story
Gold is a day traders paradise and is offering better returns that silver. Volatility is greater than silver and day traders love volatility. The only caution which one needs to keep in mind for gold is not to trade against the trend. Full Story
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