THE SPOT PRICE OF GOLD gave back a tepid rally early in London on Friday before slumping to fresh two-week lows at $750 an ounce on news of a huge jump in US unemployment. More than half-a-million Americans lost their jobs last month, reported the Bureau of Labor Studies. Wall Street analysts had been expecting 325,000 job losses. Full Story
The end of result of ZIRP, quantitative easing and monetizing debt by printing money to buy their own bonds is likely to be a very sharp global inflation (as warned of by Martin Sorrell) and possibly even hyperinflation and a global monetary crisis (with the dollar and pound at its epicenter). Full Story
Volumes have fallen in most commodity exchanges and volatility is very high. There is sudden spurt of volatility. Yesterday most of the day comex gold February was trading in $765-$773 range and after London PM fixing gold suddenly rose to $790 only to close at $765.50. Volatility is very high and has kept away most of the traders. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 December, 2008
Gold fell $7.75 to $761.80 by about 8AM EST before it rose to see a $16.39 gain $785.94 by late morning, but it then fell back off into the close and ended with a loss of 0.62%. Silver rose 10 cents to $9.68 in London before it fell in early New York trade to see a 26 cent loss at as low as $9.32 by about 9AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.68%. Full Story
THE SPOT PRICE OF GOLD Gold Prices held in a tight $10 range in Asia and London on Thursday, unmoved by historic interest-rate cuts across Europe that buoyed French and German equities as returns-to-cash sank. Full Story
Nonfarm payrolls are expected to be poor (economists expect US employers slashed nonfarm payrolls by 320000 in November, which would be the sharpest drop in employment since 2001) and this should put pressure on the dollar and equity markets and see gold remain firm. Full Story
Technically gold and silver are in a neutral zone. Physical demand will rise with a fall in prices. Fridays close could set the tone for the rest of the month. The US dollar and equity indicies are the key factors for the day. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 December, 2008
Gold traded mostly slightly lower in Asia and London and fell as much as $19.20 to $763.70 by about 10AM EST before it rallied back near unchanged by late morning in New York, but it then fell back off into the close and ended with a loss of 1.7%. Silver fell $0.254 to $9.276 by about 8:30AM EST before it rose to see a 19 cent gain at $9.72 by late morning, but it also fell back off into the close and ended with a gain of just 0.52%. Full Story
Recent comments by Fed Chairman Ben Bernanke suggest that he is prepared to monetize debt as the government continues to flail about searching for a way to mitigate the current financial crisis. One thing is for sure, the Fed and Treasury have yet to regain control of credit markets and therefore the crisis is far from over. Full Story
THE PRICE OF GOLD for physical delivery slipped back against the Dollar, Euro and Yen early Wednesday in London, but recovered two-thirds of this week's 3.5% drop for UK investors as the Pound tumbled again on the foreign exchanges. Full Story
Gold needs to break $786-$790 zone for another attempt at $805 and $820. A close below $777 today will result in $760 and $744 by Friday. Buying is preferable around $760 and $740 for weekly traders. Full Story
By: Chris Mullen, Gold-Seeker.com - 2 December, 2008
Gold fell $14.77 to $761.63 by late trade in Asia and rose to see a $9.40 gain at $785.80 by about 9AM in New York before it fell back off a bit into the close, but it still ended with a gain of 0.84%. Silver fell $0.24 to $9.15 by late trade in Asia and rose to see a $0.32 gain at $9.71 by about 9AM EST before it also backed off slightly from that high in the last several hours of trade, but it still ended with a gain of 1.49%. Full Story
THE SPOT PRICE OF PHYSICAL GOLD bounced $13 per ounce from a new 7-session low early Tuesday, while world stock markets found their floor almost 15% below the start of last month. Recording an AM Gold Fix here in London of $772.50, the Gold Price stood 5% below last week's peaks vs. the Dollar and Euro as well as Sterling. Full Story
While gold fell sharply yesterday in dollars, it is important to remember that most currencies fell against the dollar again yesterday and thus gold has again acted as a safe haven in the domestic currencies of investors internationally. Full Story
Technically gold and silver are in a neutral zone. Physical demand will rise with fall in prices. Fridays close could set the tone for the rest of the month. The US dollar and equity indicies are the key factors for the day. Full Story
WHOLESALE GOLD PRICES fell sharply in Asia and London on Monday, dropping 3.2% from Friday's best weekly close in eight and falling below $791 an ounce. The six-day rally in global stock markets also stalled on a fresh surge in the US Dollar and Japanese Yen. Full Story
In Asian and early European trading gold has fallen some 2% likely on sharply lower oil prices (Light Sweet Crude Oil Future - Combined - JAN09 is down by more than 4%) and the dollar remaining firm after strong gains at the end of last week. Renewed uncertainty and weakness in stock markets could result in short term weakness in gold but should see gold continue to see a flight to safety in the medium and long term. Full Story
Gold consolidated in wider $805-$830 range while silver consolidated in $10.00-$10.55 range on lack of major market moving news and month end factors. Demand was stable but there were concerns that there could be a temporary shortage of physical gold and silver in the short term if demand from US, Europe and other developing nations rose. Full Story
THE PRICE OF GOLD continued to hold steady early Friday in London, nearing its fourth weekly gain in succession vs. the Dollar and standing more than 11% higher from the start of November. Recording a morning Gold Fix in London of $813.50 an ounce, gold delivered the sharpest one-month gain for Dollar investors since its two-decade bear market ended in Sept. 1999. Full Story
Gold and silver were flat yesterday and have remained unchanged in Asian and early European trading. Gold is set for a fourth straight week of gains on safe haven demand and on the likelihood of further dollar declines with further reductions in U.S. and international interest rates and further quantitative easing next month. Full Story
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