Gold is being supported by the U.S. government shutdown and potential October 17th default that threatens to hurt fragile U.S. and global economic growth, increasing bullion's safe haven appeal. Some buyers are allocating to gold prior to the deadline in order to hedge potential market turmoil.Gold's 1.2% loss for the week so far is largely due to a single massive Comex futures sell order on Tuesday that quickly sent the price below $1,300 an ounce, but it quickly recovered as the budget impasse in Washington dragged on. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 October, 2013
Gold dropped $14 to $1302.00 in early New York trade before it rebounded to as high as $1321.71 by midday, but it then chopped back lower in the last four hours of trade and ended with a gain of just 0.11%. Silver slipped to as low as $21.40 before it climbed back to as high as $21.81, but it then edged back lower and ended unchanged on the day. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 October, 2013
New York closed at $1,316 up $26.10 on yesterday. Asia held it there but London took it back to $1,313 ahead of the Fixing, which was set below market prices at $1,309 up $15.25. In the euro it Fixed at €961.581 up €5.6 with the dollar weakening to new recent lows. Ahead of New York’s opening gold was trading at $1,309.00 and in the euro at €961.58. Full Story
PRECIOUS METALS fell back Thursday morning in London, with gold reversing $20 of yesterday's near-$50 rally to trade 2.6% lower for the week so far. The price of silver dropped almost 50c from Wednesday's peak, but held only 1.1% beneath last week's finish at $21.57. Full Story
Gold recouped much of Tuesday's peculiar flash crash losses and rose by 2.4% yesterday rebounding some $40 from a two month low at $1,278.24/oz earlier in the session. Deepening concerns about the government shutdown, poor jobs data and the growing risk of a U.S. default led to dollar weakness and a fall in equities. Full Story
By: Chris Mullen, Gold-Seeker.com - 2 October, 2013
Gold waffled near unchanged in Asia and saw modest gains in London before it shot to as high as $1323.30 in late morning New York trade and then pared its gains a bit in afternoon trade, but it still ended with a gain of 2.02%. Silver surged to as high as $21.992 and ended with a gain of 2.46%. Full Story
WEDNESDAY morning in London saw gold recover half of yesterday's $50 plunge per ounce, rising back above $1300 as world stock markets slipped and the US government shutdown spread to new departments. Commodities also recovered, and government bonds extended their gains, pushing US interest rates down to 2.62% on 10-year debt. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 2 October, 2013
New York closed at $1,289.90 down $37.90 on yesterday. Asia took it to $1,390 and London started to lift it to $1,292 ahead of the Fixing, which was set at $1,293.75 again higher than the market but down from yesterday’s $1,332.25 a fall of $38.50. In the euro it Fixed at €955.926 with the dollar staying at weak levels. Ahead of New York’s opening gold was trading at $1,291.70 and in the euro at €954.83. Full Story
Gold bounced back from an 8 week low in London this morning as investors mulled over the U.S. government shutdown, debt ceiling deadline of Oct. 17th and how it will affect the recovering economy and the Fed's need to taper. A recent Bloomberg survey of economists are now leaning to December as the first time the Fed will cut its $85 billion/month bond purchases. Gold is still being sought out as a safe haven although physical demand from India, the world's largest consumer, is sluggish due to ongoing Sharadhs, which is an inauspicious fortnight in Hindu mythology for making new purchases. Full Story
By: Chris Mullen, Gold-Seeker.com - 1 October, 2013
Gold climbed almost $10 to $1337.34 in Asia, but it then began to selloff rather markedly at about 8AM EST and ended near its early afternoon low of $1282.77 with a loss of 2.85%. Silver slipped to as low as $20.605 before it bounced back higher, but it still ended with a loss of 2.26%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 1 October, 2013
New York closed at $1,327.80 down$8.20 on yesterday. Asia took it to $1,329.45 and London held it there ahead of the Fixing, which Fixed higher than the market at $1,332.25 down from $1,335.75 yesterday but still above the mid-trading range. In the euro it Fixed at €983.138 down €6.4 with the dollar weakening still. Ahead of New York’s opening gold was trading at $1,330.70 and in the euro at €982.43. Full Story
Central Banks have long been buyers of gold bullion and there was a marked increase in central bank bullion activity post the Lehman collapse. Central banks bought 534.6 tons of gold in 2012, the most since 1964, and continue to accumulate. At the London Bullion Market Association conference in Italy, an official from Banca d'Italia said that keeping gold reserves is a key support to central banks' independence, squashing rumors that it might sell some of its holdings. Full Story
The US government shutdown if it happens will be bullish for gold and silver. The effects will be (a) tapering or withdrawal of excess money will be postponed for the time being (b) US October monthly nonfarm payroll number will be postponed (c) There will be reduced consumer spending as well as reduced government spending in USA. Welcome to the final quarter of the year. There is lot of more surprises as the year comes to an end. Full Story
By: Chris Mullen, Gold-Seeker.com - 30 September, 2013
Gold edged up to $1343.15 in Asia before it fell to $1322.98 in early New York trade and then bounced back higher, but it still ended with a loss of 0.61%. Silver slipped to as low as $21.41 before it jumped up to $22.035 at about 11AM EST, but it then drifted back lower into the close and ended with a loss of 0.23%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 30 September, 2013
New York closed at $1,336.00 up $12.30 on Friday. Asia took it to $1,342.40 and London pulled it back slightly ahead of the Fix which was set at $1,335.75up $14.25 on Friday. In the euro it Fixed at €989.591 up nearly €11.00 with the dollar almost unchanged on last week. Ahead of New York’s opening gold was trading at $1,336.80 and in the euro at €993.89. Full Story
Gold moved to its highest level in over a week, on investor jitters that the U.S. government may close down because of a budget stalemate that has increased the yellow metal's safe haven demand. Today is the final day that the U.S. Congress has left to end the crisis which would be the first government shutdown in 17 years. Full Story
Gold and silver should remain firm on the looming US shutdown. If the US government does shut down non-essential operations on Tuesday, the Labor Department said it will not issue its monthly employment report scheduled for Friday. It will be a turbulent start to the quarter. We need to wait and watch for the developments to happen. Technically gold is mildly bullish while silver needs to trade over $2080 on daily closing basis in October to be in long term bullish zone. Full Story
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