By: Chris Mullen, Gold-Seeker.com - 10 October, 2008
Gold rose as much as $46.95 to $930.75 by late trade in Asia before it fell back near unchanged by late morning in New York, fell even further in afternoon trade, and then ended with a loss of 3.6%. Silver rose $0.42 to $12.24 in Asia and traded mostly modestly lower in morning New York trade before it also dropped another leg further in the last hour and a half of trade and ended with a loss of 11.25%. Both metals have fallen even further in after hours access trade at the time of writing. Full Story
SPOT GOLD PRICES to a new 11-week high early Friday before slipping back to $905 an ounce for US investors as world stock markets plunged into what's now the worst five-day crash since the wipe-out of Oct. 1987. Full Story
While gold has again surged on safe haven buying overnight (and is up since 20% since the financial and economic crisis deepened), there is increasing surprise that gold has not surged to its recent record highs especially as there are deepening shortages of retail bullion internationally and the gold holdings of gold ETFs continue to surge. Full Story
The investor is no idiot. Even if central banks hide or manipulate all the statistical information he will not get swayed or carried away by the same. This is the message given by the investors to the central banks after the fall in global stock markets despite coordinated interest rate cuts by all the central banks. Full Story
SPOT GOLD PRICES slipped almost 4% on Thursday against most major currencies, but held above $886 an ounce while world stock markets, bonds and commodities sank once again as the global asset deflation wore on. Full Story
Forbes online hit the bullseye with this headline Wednesday afternoon: “Rate Cut Fails to Scare the Bears”. And why should it have? Is there an investor or speculator on earth who still believes that knocking the fed funds rate down by a measly 50 or 100 basis points will somehow arrest the global financial system’s collapse? To make matters worse, yesterday the world’s bourses shrugged off the central banks’ best punch, falling on a day when coordinated rate cuts in Europe and North America were headline news. Full Story
SPOT GOLD PRICES leapt once again in London trade on Wednesday, reaching $915 an ounce for US investors as the US Federal Reserve led a co-ordinated cut of 0.5% to major world interest rates. Full Story
Central bank leasing of gold is being greatly curtailed due to the massive systemic risk and financial contagion being experienced in banking systems and in the international markets - this is yet another very bullish development in the gold market. Full Story
At yesterday’s pace, we could have this whole bear market over with by election day. Even Bob Prechter’s famously dire forecast that the Dow Industrials eventually will trade under a thousand – a prediction with which we unfortunately agree – would be satisfied. But what would permabears have to talk about then? Stocks would have nowhere to go but up, and what fun would that be? Full Story
For the rest of October gold has to break $960 for gains. If gold fails to break $960 in October then it will fall to $788 and $740 once again. This is a just the technical picture. Full Story
The "silent run" meantime continued on troubled banks – enabled by internet cash transfers and encouraged by Competitive Bail-Outs in Europe – with shares in RBS, one of the world's 10 largest banks, losing half their value from last week's close on rumors it's seeking emergency aid from the UK government. Full Story
Just when things looked darkest yesterday, Jim Cramer apparently saved the day by telling CNBC’s viewers to “Sell everything!” We thought for sure the Dow would be down a thousand points, but when the Mad Man of Wall Street hit the panic button on the Today show, the blue chip index turned miraculously higher, recouping more than half the session’s losses to finish down a less-than-suicidal 370 points. Full Story
Whenever gold rises sharply all of a sudden, my clients ask me which bank has been busted. This is the lack of confidence in equity markets. Safe haven demand and risk aversion is supporting gold. The US dollar tensions benefits from credit crisis in Europe and other developed nations. Full Story
By: Roy Martens, Resource Fortunes LLC - 6 October, 2008
Gold is hot and demand is rising. Given the financial crisis, more than ever all kinds of people are eager to own a little gold, and not only paper contracts but physical as well. Full Story
SPOT GOLD PRICES jumped $34 early in London on Monday, bouncing well above last Friday's low at $820 to touch $860 an ounce as world stock markets sank in the face of desperate promises of Tax-Funded Aid from major governments. Full Story
By: Douglas V. Gnazzo, Honest Money Gold & Silver Report - 6 October, 2008
The gold bull is not over in my opinion. It has been wounded but it is not yet down and out for the count. The $850 level is very important for it to regain.
As of now, I take last week’s action as a testing of the recent low, which was to be expected. The markets are very volatile and a retest that normally takes weeks occurred in a few days. Full Story
The US bail out package has been passed. US September non farm payrolls have once again come in negative. Europe and rest of the world is copying the US and are bailing out defunct financial companies. Traders and investors will be thinking what next? Full Story
Who cares about zero dividends on precious metals when devaluation is undermining currencies that pay low interest rates in any case. Perhaps that is why people are queuing in the streets of London to buy gold and are pulling money out of the crumbling banking system. Full Story
All except one ETF are back on sell signals this week.
No harm done as there was no set up from the previous buy signals.
Risk management has kept us out of the market and out of the whipsaw, which will likely continue in light of the currently extreme market conditions; and more so in gold stocks due to their relatively poor liquidity. Full Story
Could it be because the Citi deal itself was just more of the same government-spun bulls**t that has made all of these bank-takeover pigs appear to fly? Whatever the case, we doubt that Citi, which we surmise to be in far worse shape than Wells, will want to put up real cash money when push comes to shove. Let’s see how the government spins that outcome so as to avoid the implication that Citi failed to buy Wachovia because it is flat broke. Full Story
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