By: Chris Mullen, Gold Seeker Report - 2 February, 2018
Gold fell $22.50 to as low as $1327.50 in late morning New York trade before it bounced back higher in afternoon trade, but it still ended with a loss of 1.35%. Silver slipped to as low as $16.554 and ended with a loss of 3.71%. Full Story
– CFTC fines UBS, HSBC and Deutsche Bank millions of dollars each for gold price manipulation – Deutsche Bank ‘engaged in a scheme to manipulate the price of precious metals futures contracts’ – UBS ‘attempted to manipulate the price of precious metals futures contracts’ – HSBC engaged ‘in numerous acts of spoofing with respect to certain futures products in gold and other precious metals’ Full Story
Gold rose on the back of rising bond yields and negative news on crypto currency news. After today’s US January nonfarm payrolls it will be a technical trade with Chinese demand and bond yields as the key. Today and Monday are big days for gold and silver. I expect $50 either side moves in gold from the current price of $1347.90. Silver on the other hand needs a daily close over $1740 today and Monday to zoom. Full Story
By: Chris Mullen, Gold Seeker Report - 1 February, 2018
Gold fell $8.30 to $1337.40 in London, but it then rallied back higher throughout most of trade in New York and ended near its late session high of $1350.60 with a gain of 0.32%. Silver slipped to as low as $17.107 and ended with a loss of 0.52%. Full Story
By: Chris Mullen, Gold Seeker Report - 31 January, 2018
Gold gained $8.30 to $1345.10 by midmorning in New York before it dropped back to $1334.10 after this afternoon’s fed statement, but it then shot back higher into the close and ended near its late session high of $1347.50 with a gain of 0.67%. Silver rose to as high as $17.385 and ended with a gain of 1.29%. Full Story
– FBI warns of attacks in US after similar crimes in Taiwan, Thailand and Europe – Hackers have stolen c.$1 million from ATMs across the US warns U.S. Secret Service – Target Diebold Nixdorf machines – #1 global ATM provider, 35% of ATMs worldwide – Digital deposits increasingly vulnerable – Time to save in physical gold Full Story
Trump is a joker. It is better to ignore his state of the Union address and focus on economic fundamentals and central bank excesses. The US January ADP employment number will impact currencies and precious metals only if it is on the extreme higher/lower side of expectation. Physical demand for gold and silver will be the key. There will be a sell off if there is no physical demand for gold silver and/or investment demand from the ETF sector. Full Story
By: Chris Mullen, Gold Seeker Report - 30 January, 2018
Gold dropped $7.50 to $1334.50 in Asia before it bounced back to $1348.90 by a little after 9AM EST, but it then fell back off into the close and ended with a loss of 0.39%. Silver slipped to as low as $17.073 and ended with a loss of 0.41%. Full Story
– Property crisis in London as over half of 1,900 luxury apartments built 2017 fail to sell – London’s still high priced property causes companies to locate offices elsewhere – At current rates, glut of London properties will take three years to sell – Leading London-based estate agents Foxtons’ sees 42% drop in earnings, yoy – UK’s largest estate agent issues second profit warning in three months – Number of homes sold in December fell to 99,100, lowest level since Nov 2016 Full Story
Deutsche Bank and its associate group, UBS, HSBC etc have been fined by the CFTC for gold price manipulation. I am sure silver prices are being manipulated by a group of banks and hedge funds. Silver is undervalued. Long term industrial uses of silver will exceed production. Those who had invested in physical silver have lost all hope that silver prices can rise. Some of the silver investors are treating silver investment as a bad debt. If you ask anyone to invest in silver, they will shake their head. Full Story
By: Chris Mullen, Gold Seeker Report - 29 January, 2018
Gold fell $11.70 to $1337.90 in late morning New York trade before it bounced back higher in the next few hours, but it still ended with a loss of 0.56%. Silver slipped to as low as $17.116 and ended with a loss of 1.32%. Full Story
– “Silver is as much a monetary metal as gold” – Rickards – U.S. following footsteps of Roman Empire which collapsed due to currency debasement (must see table) – Silver bullion is set to rally due to a combination of supply/demand fundamentals, geopolitical pressures creating safe haven demand, and increasing inflation expectations as confidence in central banking and fiat money erodes – “Silver is ripe for a major breakout to the upside in 2018″ – analyst Samson Li of Reuters Full Story
The FOMC meeting and US January nonfarm payrolls will be the key. The US economy will see a rise in consumer spending as bonuses rise due to Trump’s tax and trickle down effects. If the Federal Reserve is aggressive then we might just see a March interest rate hike. The US dollar is oversold. Any positive news can result in the US dollar paring most of January’s losses and even gain. Bubbles happen when all financial markets rise at the same time for a long period of time. There is a global asset bubble. Full Story
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