Gold fell $8.51 to $1253.69 just after the release of this morning’s jobs data before it rallied to see a gain of $17.58 at $1279.78 in the next 90 minutes of trade, but it then drifted back lower into the close and ended with a loss of 0.11%. Silver rose to as high as $15.786 before it also fell back off, but it still ended with a gain of 1.77%. Full Story
American stock investors are leading the way with enormous differential demand for GLD shares. The end of the Fed’s record easing is plunging the US stock markets into a long-overdue new cyclical bear. And as stock markets weaken, gold investment demand for prudent portfolio-diversification purposes soars. And coming out of record gold underinvestment, years of strong buying will be necessary to normalize. Full Story
Some folks are worried that the indicators are all getting overbought but in moves like this they can give you a false sense of security as they can get embedded and just go sideways until the move finally runs its course. The bottom line is that we’re experiencing something very special here. It’s like we’re in the top of the first inning of a new baseball game and the bulls are up to bat. Once the bulls side is retired it will be time for the bears to play their bottom half of the first inning. The game is just getting started folks. Full Story
One of the hardest things to do in this business is to let your winners run. For whatever reason we are programmed to expect reversals. It’s why so many people try to trade against the trend. I’ve seen it in full display over the last 5 weeks as trader after trader has tried to pick the top of the run in metals. Many even trying to short the sector. Full Story
Gold has surged another 4% this week to bring year to date gains to 20% in dollar terms, 19% in euro terms and 24% in sterling terms. We were interviewed by PickingAlpha.com yesterday afternoon and looked at what is currently driving gold prices higher in all currencies. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 4 March, 2016
So if there is a body determined to hold prices down, they are paying a very heavy price in terms of market liquidity, in London, in particular. Now, U.S. investors will have to pay up to get supplies. Asia does not like rapidly rising prices so holds back when they go that way, leaving space for U.S. buyers to move in. U.S. buyers like to buy on a rising market. Full Story
Gold held near unchanged in Asia and London, but it then jumped higher at times in New York and ended near its late session high of $1268.04 with a gain of 1.72%. Silver rose to as high as $15.307 and ended with a gain of 1.81%. Full Story
Of course we are biased as we are serious investors in the precious metals, but gold also is trying to tell us something as we are on the verge of breaking to the upside out of this triangle formation (see below) and heading to the $1400 area. Gold seems to be sensing some monetary panic is coming from Central Bankers. Full Story
Uncertainty regarding the U.S. presidential election will likely aid gold. But gold’s outlook is bright whether Donald Trump, Hillary Clinton or the Messiah himself or herself becomes President.
Gold’s fundamentals are positive given the very high degree of macroeconomic, monetary, geopolitical and systemic risk in the U.S. and indeed the world today. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 3 March, 2016
London’s gold market is being bid for and there are two main contenders, apparently, the LME and the CME. The LME is owned by Hong Kong Exchanges and Clearing giving London a direct link to the Chinese market. For the London Bullion Market Association to remain relevant, it needs a link to the biggest physical gold market in the world. Full Story
Gold traded mostly lower in Asia and London, but it then climbed steadily higher in New York trade and ended near its early afternoon high of $1243.98 with a gain of 0.72%. Silver rose to as high as $15.017 and ended with a gain of 0.54%. Full Story
The Financial Times recently looked at how the new bail-in resolutions in the EU, U.S. and most of the western world and asked whether they may be leading to “bank turmoil” and increased concerns about banks and the banking sector in the EU. As is typically the case with coverage of the bail-in regime, the important article was little noticed. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 2 March, 2016
Dealers do not respond to physical buying as we explain below [ETFs], the Technical picture continues to describe a tightening of the trading range. We were premature in calling for a big price move either way coming, but the Technical picture continues to support our view that we are getting closer to that move. Full Story
Gold will find sellers on rises as long as it does not break $1256. Silver needs to trade over $1466 to prevent another big sell off. Investors of gold and silver are now cautious. Physical buyers of gold and silver will delay their purchases. The next four days till Monday is very crucial for gold and silver. Either they break and trade over key resistances of $1272 and $1610 or else they will fall to $1110 and $1276. Full Story
Gold saw decent gains for most of trade in Asia and London before it fell to see an almost 1% loss by midmorning in New York, but it then bounced back higher into the close and ended with a loss of just 0.65%. Silver slipped to as low as $14.72 and ended with a loss of 0.27%. Full Story
The biggest influence going forward for gold is “likely to be risk appetite and concerns about markets and the global economy,” Mark O’Byrne, research director at GoldCore told Marketwatch. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 1 March, 2016
The Indian budget was a disappointment for gold investors there. The government has added a third level of taxes, a 1% sales tax to gold purchases now. It must be noted that each tax on gold is handled by a different government department, muddying the waters even more. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 February, 2016
Gold rose almost 1% in London before it fell back to nearly unchanged at about 8:30AM EST, but it then climbed to a new session high of $1241.02 in New York and ended with a gain of 1.28%. Silver rose to as high as $14.913 and ended with a gain of 1.29%. Full Story
The best performing precious metal for the week was gold, by a significant margin. Gold experienced its first “golden cross” in two years, as the 50-day moving average moved above the 200-day. This week Georgette Boele from ABN Amro, who switched her gold outlook from bearish to bullish, noted that investors are now buying the metal on dips, rather than selling on rallies as they’ve done previously. Full Story
Irish bonds fell today and the yield on ten-year Irish bonds rose to 0.908 pc, up from 0.891 pc in early trading this morning after a divisive general election and inconclusive result threw Irish politics into disarray and created considerable political and economic uncertainty. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 29 February, 2016
Indian demand remains on the sidelines until the Indian budget details are out, today. Demand was held back hoping for a cut in duties in the last week. If duties are cut then the demand will jump as buyers see up to a 10% cheaper price there. That brings prices down from [see below] nearly Rs.85,000 an ounce to Rs.76,500. That will draw out new Indian demand. It will also make it much more attractive for Indian investors as the ‘spread’ on prices will narrow significantly, making both trading and investment more attractive. Full Story
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