Gold edged closer to the $900 level in earlier trading, but has since retreated into the range on news that the US trade deficit narrowed more than expected in March. Nonetheless, the recent gains are encouraging. A softer dollar tone and another round of new record highs in oil should continue to support the yellow metal. Full Story
PHYSICAL GOLD BULLION reached a nine-session high at the AM Fix in London on Friday, nearing its first weekly gain in four as world stock markets fell hard and crude oil recorded yet another all-time high. Full Story
Inflation still remains the main focus of the ECB despite the recent weak Eurozone data. Trichet’s tone remained steadfast and soft language was not on the menu at yesterday’s press conference following the interest rate decision. The BOE also left interest rates on hold yesterday amid recent negative economic data. Overall, the market expected both outcomes. Full Story
By: Chintan Karnani, Insignia Consultants - 9 May, 2008
The US dollar has gained against the sterling while it has fallen against the yen and euro. Over the next few weeks every commodity and currency will move on its own. There may not be the kind of direct linkage that we have seen in the past. Full Story
Gold fell nearly $5 to as low as $865 by late trade in Asia, but it then rose throughout most of the rest of trade in London and New York and ended near its high of $885.60 with a gain of 1.24%. Silver fell to $16.44 and rose to $16.895 before it closed with a gain of 1.02%. Full Story
In our opinion it did not appear to be any true conviction on the part of the market that the worst of the financial crisis was over. While you certainly hear the "worst is over" refrain on a fairly regular basis these days, the Fed's recent significant expansion of the various liquidity facilities suggests they may not be convinced either. Full Story
PHYSICAL GOLD BULLION hit a two-day high of $874 per ounce in thin trade Thursday morning in London, while world stock markets ticked lower and crude oil held just below yesterday's new record high of $123.93 per barrel. Full Story
Gold continues to range between $850 and $880 and direction is destined to be influenced by the substantial amount of economic data due today. The BOE and ECB rate decisions coupled with U.S. Jobless Claims are the more likely influences. Both gold and silver seem to be tracking the euro while the situation in South Africa maintains support to all precious metals. Full Story
By: Chintan Karnani, Insignia Consultants - 8 May, 2008
Today is a black day for the Indian commodity markets as the Indian government has banned futures trading in chana, soy complex, rubber and potato. Full Story
Gold rose to $878.60 in Asia before it fell over 1% to as low as $863.55 by late morning in New York, but it then rallied back higher into the close and ended with a loss of just 0.78%. Silver rose to $16.89 and fell to $16.45 before it also rallied back higher into the close and ended over 1% off its low with a loss of just 1.1%. Full Story
Gold was unable to sustain Tuesday's probes above the $880 level and an easier tone has prevailed today. While high oil prices remain supportive, an uptick in the dollar is weighing on the yellow metal. Full Story
THE PRICE OF GOLD fell hard early Wednesday in London, losing 1.5% from Tuesday's peak to reach a two-day low as shock data from Germany drove the Euro lower against the US Dollar on the currency markets. Full Story
The range at the moment is between $850 and $880 with a firm break above this leading to higher prices. This trend is supported by the upcoming Indian festival of Akshava Tritiva on the 8th May. It is estimated that as much as 5% of India’s total annual demand (750 tonnes per annum) can be sold during this festival. Full Story
By: Chintan Karnani, Insignia Consultants - 7 May, 2008
U.S. business bankruptcy filings in April increased 49% from a year earlier, the biggest gain so far this year, as the slowing US economy prompted more companies to shut down. Full Story
Gold rose to trade nearly 1% higher in London before it briefly fell to see a slight loss at $871.55 in early New York trade, but it soon rose to as high as $883.00 by late morning and ended around the middle of that range with a gain of 0.46%. Silver dropped to $16.615 and rose to $17.00 before it close with a gain of 0.48%. Full Story
Gold remains supported within the recent range as oil surged to a new record high near $122 a barrel. A softer dollar has also contributed to the recent rise in both the yellow metal and crude. Full Story
SPOT GOLD for physical delivery hit a one-week high at the London opening on Tuesday, unwinding one-third of the last fortnight's 12% plunge as crude oil hit new record highs above $120 per barrel. Full Story
By: Chintan Karnani, Insignia Consultants - 6 May, 2008
Copper shocked everybody as comex July futures rose to a record high of $427 just after the comex open and then crashed after mine workers at codelco mines agreed to end the 20 day strike. Full Story
Gold rose throughout the day in choppy trade and ended near its early afternoon New York high of $873.20 with a gain 1.9%. Silver rose in similar fashion and ended near its midmorning New York high of $16.805 with a gain of 2.2%. Full Story
Gold provides a particularly effective hedge against energy inflation and simultaneously serves as protection against rising geopolitical tensions. Higher oil prices should have a supportive effect on gold. A rebound in the yellow metal above 872.25/877.65 would ease short-term pressure on the downside somewhat, encouraging a move back toward $900. Full Story
By: Chintan Karnani, Insignia Consultants - 5 May, 2008
Gold will be caught between long term investors who continue to invest in dips with a price target of $1100 to $1300 over the next two to three years and short term bears who are trying to ensure that gold tests $800 and then rises. Full Story
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