By: Chris Mullen, Gold-Seeker.com - 3 October, 2008
Gold rose about 0.5% to $847.25 at the New York open and then plummeted to as low as $818.60 by 9:30AM EST before it rebounded back near $840 by late morning, but it then fell back off into the close and ended with a loss of 1.74%. Silver fell to $10.83 by 9:30AM EST before it rebounded to see a 60 cent gain at as high as $11.72 by late morning in New York, but it also fell back off in the last couple of hours of trade and ended with a gain of just 1%. Full Story
SPOT GOLD PRICES fell hard into the Wall Street opening on Friday, losing 2% to reach a new two-week low of $824 an ounce as Asian stock markets closed sharply lower. Full Story
With physical demand on a par if not higher than 1979-80, gold will not languish at these levels for long and $1,000/oz should be reached very soon after election day. Interestingly, the gold rush in 1979-1980 was after a period of deep recessions and stagflation internationally. Today, bullion shortages on par not seen in 1979-1980 are taking place before major economies have even slipped into recession which is extremely bullish. Full Story
By: Chris Mullen, Gold-Seeker.com - 2 October, 2008
Gold fell nearly 2% in Asia and London and fell even further in New York to as low as $828.95 by late morning before it rebounded $13.60 from that low in the last couple of hours of trade, but it still ended with a loss of 4.5%. Silver followed a similar pattern on its typical accelerated scale and ended with a loss of 12%. Full Story
Over the past several weeks, market conditions have been about as crazy as I have ever seen them in over 20-years as a market analyst. As global financial markets teetered on the brink of complete meltdown -- a meltdown that could indeed still happen -- we at USAGOLD - Centennial Precious Metals have been witness to one of biggest gold rushes in history. Full Story
By: Mark O’Byrne, Director Gold and Silver Investments Limited - 2 October, 2008
More extremely counter intuitive moves in the gold market today. Despite, unprecedented demand internationally for gold bullion as evidenced by vault staff throughout the world working overtime, queues outside bullion dealers in the UK (see http://www.goldassets.co.uk/images/the_guardian_02-10-08.jpg ) and in Asia and in shortages and rationing of small gold coins and bars (Eagles, Philharmonics, Buffalos, Krugerrands and Sovereigns) in Europe and the U.S. - gold has sold off aggressively in the COMEX market. Full Story
THE PRICE OF GOLD sank 2.1% Thursday morning in London, dropping to a two-week low near $850 an ounce – the very peak of gold's last bull in Jan. 1980. Asian stock markets closed the day lower, while European shares gave back an early rally despite the overnight vote in Washington supporting the $700 billion bail-out for banks. Full Story
Gold remains very firm and near recent record highs in euro and GBP as these currencies have weakened significantly in recent weeks. We have not witnessed the dollar strengthening, rather all fiat currencies weakening vis a vis the dollar as contagion has spread from the original epicentre in the US to financial systems and economies internationally. Full Story
By: Chris Mullen, Gold-Seeker.com - 1 October, 2008
Gold fell $7.90 to $868.40 by midday in London and rose to over $887 by about 10AM EST before it fell back near unchanged to $877.20 by late morning, but it then rallied to a new high of $893.20 in the last two hours of trade and ended with a gain of 0.67%. Silver fell $0.23 to $11.96 by midday in London before it rallied fiercely higher throughout most of trade in New York and ended near its high of $12.967 with a gain of 3.69%. Full Story
THE PRICE OF SPOT GOLD bounced 1.6% from an overnight low of $860 on Wednesday, steadying at $876 an ounce as Western stock markets ticked higher despite a raft of miserable Eurozone data. Full Story
Gold would appear to be well supported at the $850/oz to $860/oz level but anything is possible given the unprecedented nature of the volatility in global money markets. However, with interbank rates continuing to rise to new record levels, systemic risk remains elevated which will support gold. Full Story
By: Chris Mullen, Gold-Seeker.com - 30 September, 2008
Gold and silver erased yesterday’s after hours gains by midday in London, fell even further in New York, and ended near their lows of the session with losses of 1.44% and 5.83%. Both metals fell off over 1% further in after hours access trade but have since rebounded back near unchanged at the time of writing. Full Story
SPOT GOLD PRICES fell sharply early Tuesday, reversing the multi-month highs hit overnight to trade below $881 an ounce as US stock markets bounced hard from Monday's record-breaking collapse – the worst one-day slide since Black Monday 1987. Full Story
Most people are looking to the stock market for an indication of just how bad the financial crisis has become. Stocks are the asset class that people are most familiar with and unfortunately - along with housing - where the vast majority of individual wealth is stored. Neither is faring very well this year. Full Story
We are living in incredible, tumultuous and unprecedented financial and economic times and given the extent of the increasingly uncertain outlook for the global equity, property, money, interest rate and currency markets it is surprising that gold prices did not surge by a larger amount. Astute analysts contend that there is a highly motivated and non profit motivated aggressive seller who wishes to keep the price around the $900/oz mark. Full Story
What a way to end the third quarter. Gold rose on as the $700 billion bailout plan for the US financial services industry was rejected. Stock markets crashed all over the world. Another new bail out proposal will take time to materialize. Till then gold will remain firm. Gold and other precious metals will benefit on safe haven demand and lack of alternate investment. Full Story
By: Chris Mullen, Gold-Seeker.com - 29 September, 2008
Gold fell $16.90 to $866.50 by late trade in Asia and rose $23.65 to $907.05 by about 10AM EST in New York before it moderated into the close, but it still ended with a gain of 0.65%. Silver fell to $12.63 and rose to $13.363 before it also fell back off a bit into the close and ended with a loss of 3.47%. At the time of writing in after hours access trade, gold is up over $25 and silver is up over 20 cents in reaction to the House’s failure to pass the bailout plan. Full Story
SPOT GOLD BULLION PRICES recovered an early 1% dip vs. the Dollar and leapt against other key currencies on Monday, as a wave of bank failures and emergency rescues across Europe drove Treasury bond prices higher, forcing the yield offered to new buyers still further below the rate of inflation. Full Story
Both technically and fundamentally gold is looking as good as it has ever done and prices are set to surge in the coming months. Informed speculation is that once the election is over on November 4th we will see fireworks in these markets and a price surge akin to that seen in the late 1970s. In the four years after the election of Jimmy Carter, gold surged by more than 700% and given the confluence of even more bullish factors in this election year, we are likely to see a similar price surge. Full Story
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