THE PRICE OF BOTH gold and silver bullion were little changed in London trade on Friday, unmoved by unexpectedly weak US jobs data near two- and 3-week highs respectively. Adding 36,000 net jobs in Jan., the US economy still saw unemployment slip from 9.5% to 9.0% as a growing number of "discouraged" people – no longer seeking work actively – fell out of the official definition. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 February, 2011
When 2.5 tonnes worth of gold shares in the SPDR gold ETF in the States were bought, there was a flurry of short covering that took the gold price to a daily high of $1,355, breaking the downward trend. Asia did not follow through and the price slipped to $1,350 as the Chinese New Year [Year of the Rabbit] really got underway. The euro slipped back as interest rates in Europe were left unchanged, and gold moved up in that currency as a result. Full Story
Gold and silver have given up a small bit of yesterday’s strong gains in all currencies (especially the euro – see chart below) but are up more than 1% and 3% respectively on the week. Asian equity indices were higher overnight and are higher for the week, except for India where there are growing concerns about surging inflation and interest rates. European indices are higher today and most are up by some 1.5% to 2% on the week – as are US indices. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 February, 2011
Gold fell $3.80 to $1327.20 in Asia before it rose to see a $6.55 gain at $1337.55 in early New York trade and then fell off rather markedly in midmorning trade to as low as $1325.10 by a little after 10AM EST, but it then spiked back higher midday and ended near its early afternoon high of $1355.64 with a gain of 1.58%. Silver fell to $28.175 at the open of trade in New York before it rose to see an almost 1% gain at $28.487 by about 9AM EST and then dropped to as low as $27.965, but it also surged back higher midday and ended near its early afternoon high of $28.852 with a gain of 1.73%. Both metals have continued even higher in after hours access trade at the time of writing. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 February, 2011
And then the euro softened against the dollar, which remained weak against other leading world currencies. We expect overall that the euro will continue to strengthen against the dollar going forward. Europe wants its reputation back and the States is happy to see a weak dollar, despite what Treasury officials say there. So, this is a pattern that will continue. Consequently although gold slipped slightly in the dollar it remained at €966 [at the Fix] today. Asia did not take the gold price higher. With China celebrating the “Year of the Rabbit” so on holiday demand from there may be small. When they return from holiday…. Full Story
THE PRICE OF GOLD in US Dollars again retreated towards this week's lows beneath $1330 per ounce on Thursday in London, falling back as world stock markets and commodities both slipped. Major-economy goverment bonds ticked higher. Silver prices dropped back towards last week's finish at $28 per ounce. Full Story
The Swiss franc and the euro are weaker today and marginally lower against gold. Asian equity markets were higher (except for a 0.25% fall in the Nikkei) but European indices are more hesitant this morning. Greek, Italian and Spanish debt markets have seen yields creep slightly higher this morning. Full Story
By: Chris Mullen, Gold-Seeker.com - 2 February, 2011
Gold fell $7.45 to $1332.05 by a little before 8AM EST before it bounced back near unchanged in early New York trade and then fell to a new session low of $1326.54 by early afternoon ahead of a decent rally back higher in the last hour of trade, but it still ended with a loss of 0.63%. Silver fell to $28.21 in London before it rose to see a 12 cent gain at $28.61 in midmorning New York trade, but it then fell to a new session low of $28.107 by early afternoon and ended with a loss of 0.77%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 2 February, 2011
With a regularity that begs some questions, gold again rose overnight, this time to $1,341 before London opened after Fixing yesterday afternoon at $1,331 and in the euro at €969.68. This morning in London it was Fixed at $1,337.00 only 50 cents down on yesterday morning, and in the euro at €966.59. It is difficult not to conclude that a large seller of the shares in the SPDR gold ETF is then buying physical elsewhere and holding it away from the U.S.A. The euro seems set to keep strengthening, while gold consolidates. Full Story
THE PRICE OF GOLD in Dollars held flat for the third day running Wednesday morning in London, trading at $1337 per ounce as silver ticked lower with broad commodity markets but copper prices pushed up to fresh all-time highs. Full Story
Hopes of economic recovery swept stocks higher in New York yesterday and this confidence spread to Asian equity markets. European stocks are tentatively higher as concerns about Egypt and geopolitical risk may be hampering gains. Oil prices remain near recent record highs (brent rose above $102 a barrel) and there are hopes that geopolitical tensions will subside, markets will remain calm and there will not be panic buying of oil and a new oil crisis. Full Story
By: Chris Mullen, Gold-Seeker.com - 1 February, 2011
Gold climbed $7.45 to $1341.25 by about 8:30AM EST before it fell all the way back to $1325.54 by about 10AM, but it then spiked to a new session high of $1343.25 in the last few hours of trade and ended with a gain of 0.43%. Silver climbed 32 cents to $28.48 before it fell back to $27.858 by late morning in New York, but it also surged back higher in late trade and ended near its late session high of $28.655 with a gain of 1.17%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 1 February, 2011
Gold again was taken higher by Asia ahead of London’s opening $1,338 level. But this time it held up as the dollar sank a quarter of a cent ahead of the Fix, which was set at $1,337.50 and held at $1,336 ahead of New York’s opening. In the dollar this morning’s Fix was $10 higher than yesterday afternoon. In the euro it was set €6 higher. It is not the euro that is rising today but the dollar that’s falling, which it is doing against the Yen, the Swiss franc and the pound. This is gold positive as usual. Full Story
THE PRICE OF GOLD ticked higher for Dollar investors in London trade on Tuesday morning, but slipped against other currencies as world stock markets rose and government bonds edged back. Copper reached fresh all-time highs, and other base metals hit 2-year highs, after new data showed Chinese manufacturing activity accelerating. Full Story
Spot gold and silver fell 6% and 9% respectively in January. The January price fall looks very much like another price correction and consolidation and is to be expected after the 30% rise in dollar terms seen in 2010. Absolutely nothing has changed with regard to the fundamentals of the gold and silver market and investors should use this sell off as another opportunity to diversify into the precious metals. Full Story
By: Chris Mullen, Gold-Seeker.com - 31 January, 2011
Gold traded only slightly lower in Asia before it fell back off in London and saw a $17.80 loss at as low as $1323.00 by about 9:30AM EST, but it then rallied back higher for most of the rest of trade in New York and ended with a loss of just 0.52%. Silver fell $0.383 to as low as $27.517 at around 7AM EST before it also rallied back higher in New York and ended near its late session high of $28.425 with a gain of 0.93%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 31 January, 2011
Gold looked promising in Asia when it rose to the $1,338 level. In London it sank as the European markets cam in and the euro continued to show strength. It Fixed at $1,333.50 and €976.32 still $14.5 and €14 up on Friday afternoon’s Fix. Ahead of New York’s opening gold was trading at a slightly lower [$2] lower. Full Story
THE PRICE OF gold eased back from near 1-week highs early in London on Monday, cutting Friday's 2.8% surge by one third as Asian stock markets closed the day sharply lower. European shares also fell, together with US, UK and German government bonds, which nudged interest rates higher. Full Story
The geopolitical ramifications of the revolution in Egypt and the likelihood that it will spread throughout the Middle East, North Africa and possibly further afield is leading to volatility in markets. Equity indices in the Middle East and Far East were mostly down (except for China) overnight. European bourses were under pressure this morning but have recovered somewhat. Full Story
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