By: Chris Mullen, Gold-Seeker.com - 1 August, 2008
Gold traded mostly slightly lower in Asia and London and then rose to near unchanged at $912.55 prior to the jobs data. After dropping at the New York open to $901.85 it quickly rebounded to see a nearly 0.5% gain at $917.05, but it then fell back off into the close and ended with a loss of 0.5%. Silver saw a four cent gain at $17.75 before it fell all the way to $17.24 in initial reaction to the jobs data and then followed gold back near unchanged by midmorning in New York, but it also fell back off into the close and ended with a loss of 1.47%. Full Story
Over those same seven years, purchases made during the months of Jun and Jul have always proven to be below what is ultimately proven to be the average annual price. I don't think it's too late to make such a purchase with gold still hovering around the 50 and 100-day moving average. In fact, over the past 35 years, more than two-thirds of average annual gains occur between 01-Aug and year-end. Full Story
THE SPOT PRICE OF GOLD fell into the New York open on Friday, beginning August almost 4.5% below July's start despite news that US unemployment just rose to a four-year high. Full Story
Gold's weakness is likely due to continuing weakness in oil and commodity markets with the Reuters-Jefferies CRB Index having experienced its largest monthly drop in 28 years. It is down some 10% which while a sharp correction, is small in comparison to some of the far greater losses in equity markets. Full Story
All eyes will be on the US July non farm payrolls today and the Fed meeting next week. Traders will be taking their positions before them. The US dollar has pared all of its losses in July. Unless US economic numbers beat street expectations gains in the US dollar could be short lived. The soothing factor is lower crude oil prices. Full Story
Gold held yesterday’s after hours gains in Asia and London and then spiked even more at the New York open to as high as $925.40 after Initial Jobless Claims surged to their highest level in five years. The yellow metal than fell back off over $10 into the close, but it still ended with a gain of 1.19%. Silver rose to as high as $17.897 before it also fell back off into the close, but it still ended with a gain of 2.02%. Full Story
Gold has retraced all of Wednesday's losses and then some, spurred by a much larger than expected surge in initial jobless claims. Yesterday's probe below $900 proved unsustainable as the yellow metal garnered support from strong physical interest and bargain hunting. Full Story
SPOT GOLD PRICES added to an overnight bounce at the New York opening on Thursday, rising above $915 per ounce on news of sharply higher US inflation and a slowing economy. Full Story
After sharp falls in early trading in the COMEX yesterday (some of which was due to large stop loss sell orders being triggered around the $900 mark) gold rose to close only down some 1.5% on the day. Silver in similar volatile trading surged from interday lows to close higher. The rally continued in electronic trading and in Asian and early European trading. Full Story
The Federal Reserve ramped up its liquidity support operations again in an effort to reduce money market strains and pre-empt the possibility of funding crises at the year-end or at other stress points. Full Story
Gold and silver remained near unchanged in Asia before they dropped over 2.5% and 3% in London and early New York trade to as low as $893.55 and $16.80 by about 10AM EST, but they then stormed back higher into the close and silver was able to end with a gain of 0.23% while gold ended with a loss of just 1.61%. Both metals have continued to gain in after hours access trade as well. Full Story
Gold has fallen back below the $900 level in the wake of the earlier breach of chart/moving average support at 915/912. Soft oil and firmness in the dollar continue to weigh on the yellow metal. Full Story
THE SPOT PRICE OF GOLD sank to a one-month low early in London on Wednesday, dropping 2% from Tuesday morning before bouncing off $905.25 per ounce. Full Story
Gold finished trading in New York yesterday at $917.00, down $10.70 and silver was down 10 cents to $17.30. Gold rose slightly in Asian trading before falling. It is down again in early trading in Europe. Full Story
The US dollar – crude oil and precious metals relationship continues as both crude oil and precious metals fall while the US dollar gets stronger. As long as the US dollar gains the downward pressure on metals and energies will continue. Full Story
Gold and silver rose over 0.5% to $932.77 and $17.60 in Asia before they fell to see roughly 2% losses at $914.25 and $17.063 by about 10AM EST in New York, but they then rallied back higher in the last few hours of trade and ended with losses of just 1.16% and 0.69%. Full Story
Gold is maintaining a generally consolidative tone, just below the midpoint of the broad $1,032.20/845.50 range. Consolidative activity in oil and the dollar as well are helping to keep the yellow metal well contained. Full Story
THE SPOT PRICE OF GOLD continued to hold in their tightest range for three months early Tuesday, slipping 1.1% in thin trade from an overnight high of $933 per ounce. Full Story
With the credit, financial and economic crisis clearly deepening as warned of by the IMF yesterday, gold will likely remain firm in the coming sessions due to continuing safe haven demand. Full Story
The Bush administration projected the U.S. budget deficit will soar to a record of nearly half a trillion dollars in fiscal 2009 as a housing-led economic slowdown cuts into government revenues. The new report said the budget deficit would fall to $178 billion in 2010, and surpluses would emerge in 2012. Full Story
Gold fell to $922.30 by midmorning in New York before it ran back higher to $933.00 by late morning, but it then fell back off into the close and ended with a gain of just 0.16%. Silver rose to $17.50 by midday in London before it dropped to $17.21 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 0.69%. Full Story
THE SPOT PRICE OF GOLD held inside a tight $5 range early Monday while the finance industry's summer vacation kicked off with a fresh drop in world equities. Full Story
Gold finished trading in New York on Friday at $928.40, up $6.00 and silver was up 12 cents to $17.34. Both gold and silver experienced further falls last week on falling oil and commodity prices and tentatively stronger dollar and equity markets. Full Story
While the broad stockmarket has staged a relief rally from deeply oversold in response to the Fannie and Freddie bailout and oil has tumbled over the past week or two, both as predicted, gold has suffered more collateral damage than expected from these factors resulting in quite heavy losses in the Precious Metals sector. Conspiracy theorists are arguing that gold was deliberately targeted in order to help protect the dollar at a time when it is especially vulnerable due to the European Central Bank raising rates. Whatever the truth of this the magnitude of the decline in gold was not actually that great as we will shortly see when we examine the chart, while the danger to the dollar has certainly not been mitigated - on the contrary it has gotten worse. Full Story
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