Gold rose a couple of dollars in Asia and held its gains through London before it steadily marched higher throughout most of trade in New York and ended near its high with a gain of 1.51%. Silver rose nearly 10 cents in Asia, began to add to its gains in late London trade, extended its rise further in New York, and ended near its high with a gain of 2.39%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 1 June, 2007
Last year the Chinese government decided to change its policy on the composition of its reserves to reflect the composition of its trading partners. This was an effort to hold currencies sufficient to cover ‘rainy days’ with these partners. But as reserves are at levels way above those needed for a ‘rainy day’, the Chinese government finds itself holding well over a $ trillion more than it needs and this amount is rising by $250 billion a year and sure to rise. Full Story
By: Scott Wright, Zeal Intelligence LLC - 1 June, 2007
Five years into its amazing bull market, the king of the base metals continues to hold strong through a renewed onslaught of adversity. After an exciting 2006 that saw copper shatter all-time highs, this red metal continues to trade at levels that most thought improbable several years ago. Full Story
The ECB has stated this morning that they have sold 37 tonnes of gold in the last two months, but will make no further sales in the remaining four months of the CBGA fiscal calendar year. This is the type of news we have been waiting for because the majority of sales that have been swamping the market in the last three months have been coming from unannounced sources. Full Story
In the short term we may be experiencing a strong stock market with weaker commodities, but in the big picture the trend is clear in our opinion. We expect the twenty seven year support lines to be breached and once this occurs, we expect commodities to advance quickly. This is why we have been positioning ourselves in silver investments. Full Story
This firm trend in gold, silver and other precious metals and base metals will continue along as the carry trades live. US and global equity markets are rising on the back of ever rising carry trades which is supporting gold and silver. Full Story
Gold rose $2-$3 in Asia and London and added another $5 in early New York trade to above $660 before it fell back to about $658 around 10:30AM EST, but it then rose to new highs by late morning, fell back off again in early afternoon trade, and again rose to new highs in the last half hour of trade and ended with a gain of 1.10%. Silver rose near $13.50 by about 9:45 before it chopped its way slightly lower into the close, but it still ended with a gain of 1.67%. Full Story
Now we're getting ready to enter the season that is typically the lull in investment demand for precious metals on an annual basis. It's our opinion that this summer could potentially be quite a different seasonal experience than those of years past. We have the labor strikes, more than likely a slow down of the increased central bank sales of late, and the market is out of favor at the same time the US economy is showing some serious fatigue and the rest of the globe is continuing to grow. Full Story
By: Chintan Karnani, Insignia Consultants - 31 May, 2007
Global investment market are liquidity driven and bulls are unaffected by any form of news. There is a difference between 2006 and 2007 as far as the global investment scenario is concerned. Full Story
Gold traded mostly slightly higher in Asia before it began to fall off in London and dropped to as low as $651.50 by about 11AM EST in New York, but it then drifted back higher into the close and ended about $2 off its low with a loss of 0.50%. Silver dropped to as low as $12.99 before it rallied over 1% off its low in the last few hours of trade and ended with a gain of 0.08%. Full Story
I sense disappointment in the metals' performance today. I am disgusted as well, but let's look at where we are. Silver is ahead of gold in its bearish reversal. The SLV price has already made its 'double-pump' closes above its 8-dma, and its 8-dma (129.30) is but 3 cents away from closing above its 13-dma (129.66). GLD is puffing, but not struggling to break out as well. Full Story
By: Chintan Karnani, Insignia Consultants - 30 May, 2007
After a long time silver outperformed almost all the metals. Yesterday’s gain in gold and silver is partly due to short covering ahead as the week begin the series of economic numbers from US and other parts of the globe. Full Story
Gold remained near unchanged during world trade on Monday and Asian trade early Tuesday before it began to rise in London and early New York trade to find about 1% gains above $660 by 10AM EST, but it then fell back off for the rest of trade and closed with a gain of just 0.27%. Silver saw over 2% gains above $13.20 by 10AM EST before it also dipped lower for the rest of trade, but it still ended with a healthy gain of 1.86%. Full Story
I haven’t witnessed a more pronounced bearish mood in the gold market given the least amount of price decline since this secular bull market began five years ago. Not a day goes by where I don’t read yet another formerly bullish forecaster painting a gloomy outlook for gold for the foreseeable future. The mood among retail speculators is so thick with pessimism you can cut it with a knife. Yet, here we sit this morning with gold still north of $650 and above key support of $640. Full Story
ECB sales figures were updated this morning showing a little more than 12 tonnes of sales by ECB banks into the market last week. While not as high as some previous weeks, 12 tonnes is still higher than the average run rate and shows that we're still in a period of increased sales. No word as to who these sales have been coming from out of the ECB in May, but our guess is that it's still a mix of the Banks of France and Spain. Full Story
This week’s market wrap is going to focus primarily on the precious metals sector. There are a lot of charts, including a couple of the dollar and bonds. The recent prolonged correction of gold and silver has produced a good deal of angst in the pm community, as the many emails and comments I’ve received on my website attest. I will attempt to address the concerns that were expressed. So let’s get to it. Full Story
It’s been some time since we had the long term P&F chart in view. Nothing much has happened since our last view but I thought that you might be forgetting what it looked like so here it is again. The last signal it gave us was a BULL signal when it broke the down trend line and then went through the $645 resistance (red lines) and hit $660. At that point it gave us a projection of $780 and then $915. With the latest activity those projections seem like pipe dreams but they are valid until otherwise nullified. Full Story
By: Chintan Karnani, Insignia Consultants - 29 May, 2007
Precious metals and base metals are trading in a range as US and European markets open after a long weekend. The markets sentiment has become too negative for gold and silver especially in India. Full Story
By: Chintan Karnani, Insignia Consultants - 28 May, 2007
Last week I was at the “Commodity Week” conference, in Dubai. Analysts as well as fund managers spoke at length about the present and the future market. Some of the key points will be discussed in this report. Full Story
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