By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 July, 2010
Gold started the day in Asia stronger, recovering back to the $1,200 level, but not pushing though it. Just before New York opened it fixed at $1,208.75 where it now stands in New York at the time of writing. Full Story
SPOT-MARKET PRICES for wholesale gold crept back above $1200 an ounce in London on Friday, recovering half of this week's 2.2% drop as world stock markets pushed higher again. Full Story
Gold fell $2.50 to $1195.30/oz yesterday and is now down 1% on the week. It traded sideways in Asia and down in early European trading. Another lower weekly close will again be bearish technically and would suggest that further retrenchment and consolidation may take place. A higher close today and on the week would help reverse the technical damage done recently. Full Story
Gold gained almost $10 to as high as $1207.73 in Asia before it fell back off in London to see an over $10 loss at as low as $1087.50 by about 11AM EST in New York, but it then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.21%. Silver rose to as high as $18.155 in Asia before it fell to as low as $17.71 in late morning New York trade, but it also rallied back higher into the close and ended with a loss of just 0.56%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 8 July, 2010
The Gold Fix in London this morning was $1,201.25 after closing in New York around $1,204. London tended to slip during the day. The B.I.S. holds around 482 tonnes of gold as of April. This is as much as the tenth largest central bank holding of gold reserves. It is of great significance to gold’s position in the monetary world. Full Story
THE PRICE OF PHYSICAL gold bounced from a new 6-week low early in London on Thursday, but struggled to hold above $1200 an ounce as world stock markets jumped together with commodity prices. Full Story
Gold fell to an inter day six week low yesterday of $1,184.75/oz yesterday before a strong rebound which saw it close higher on the day at $1,197.80/oz. It rose above $1200/oz in Asian trade to $1,207.75/oz prior to giving up some of those gains in early European trade. Many traders and investors who have nee on the sideline in recent weeks see the present sell off as a buying opportunity. Full Story
Gold fell over $10 in London to as low as $1184.90 by about 8:30AM EST, but it then rallied back higher throughout trade in New York and ended near its early afternoon high of $1198.64 with a gain of 0.22%. Silver fell to as low as $17.533 in London before it also climbed back higher in New York and ended near its late session high of $18.053 with a gain of 0.84%. Both metals have continued higher in after hours access trade as well. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 July, 2010
The Gold Fix in London this morning was $1,186.00 after a quiet Asia looking at a weaker technical picture for gold than seen for a while. With huge support around these levels the gold market waters are deep, but on the surface quiet. We do feel that there is a considerable change going on in the entire monetary world that is going to change the monetary world considerably. Full Story
THE PRICE OF GOLD bounced from a new 6-week low in London trade Wednesday morning, recovering to $1192 per ounce after two news stories were seen extending yesterday's drop. Full Story
Risk aversion has returned today with Asian equity indices mostly down and European bourses also under pressure early after the increased risk appetite seen yesterday faded. Equities and commodities surged in value in Asia and European trade yesterday, but Wall Street did not follow through with equities giving up their early gains and ending up marginally. Full Story
Gold fell almost $20 to as low as $1189.20 by about 10AM EST, but it then bounced back higher in the last few hours of trade and ended with a loss of just 1.09%. Silver dropped to as low as $17.585 before it spiked up to as high as $18.013 around midday in New York, but it then fell back off into the close and ended with a gain of just 0.17%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 July, 2010
The Gold Fix in London this morning was $1,210.75 with demand coming through London holding the price at that level after the Fix. Just before New York opened the gold price tried to weaken towards $1,205. Full Story
THE PRICE OF gold bullion in wholesale dealing drifted lower as US dealers returned from the Independence Day holiday on Tuesday, trading below $1206 an ounce as European rose sharply, recovering one-third of last week's 5% drop. Full Story
Increased risk appetite has seen equities in Asia and Europe rally strongly and gold appears to be tentatively attempting to consolidate above support at $1,200/oz. Resistance is at $1,250/oz and the record nominal high of $1,265/oz. Full Story
ECB president Jean-Claude Trichet said on Sunday that the region's new "austerity" fiscal budgets will not damage growth – a signal, according to some analysts, that monetary policy will leave interest rates at their current record low of 1.0%. Full Story
Physical demand for gold at the $1,200/oz level has been noted internationally (especially in India and Asia) from both jewelers and investors buying the dip. This shows that physical buyers are gradually becoming accustomed to the continued rise in the gold price. This is particularly the case with investors who continue to diversify into gold due to continuing macroeconomic risk. Most investors continue to have little or no allocation to gold despite the volatility and uncertainty of recent years. With uncertainty in property, equity, bond and currency markets set to continue in the coming months, safe haven demand for gold will continue. Growing concerns of a global double dip recession could exacerbate this trend. Full Story
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