By: Chris Mullen, Gold-Seeker.com - 10 October, 2014
Gold dropped $5.99 to $1217.71 by a little after 4AM EST before it bounced back to $1224.79 in the next four hours of trade and then edged down to $1219.04 by midmorning in New York, but it then bounced back higher into the close and ended unchanged on the day. Silver slipped to $17.216 before it rebounded to $17.396 and then fell back off, but it also ended at unchanged on the day. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 October, 2014
The gold price closed at $1,223.70 up $1.20 since yesterday. Asia held it there. London held it around that level after a small dip to $1,218. The euro a cent ahead of the Fix, which was set $1,222.25 down $5.25 and in the euro at €964.374 up €2.383, while the euro stood at $1.2674 down just short of a cent. The volumes of gold traded were one seller selling 22,000 ounces and two buyers buying 32,000 ounces before the pro rat arrangement kicked in. Ahead of New York’s opening, gold was trading at $1,222.30 and in the euro at €964.80. Full Story
This week has seen some market volatility (see VIX Chart) reminiscent of the functioning market from days of old. The markets are spooked, bad news is overtaking good news and bearish views are becoming vogue. We are seeing a titanic battle taking place between the various bull and bear camps and they are starting to unleash some serious firepower. Full Story
Gold and silver are not out of the woods. In case they fall on Monday then they will see another wave of sell off. Indian demand will be high over the weekend due to festivals. There can be one way three percent moves anytime (either side) in gold and silver. US currency markets are closed on Monday. There will be position squaring and rebuilding for Tuesday. Full Story
By: Chris Mullen, Gold-Seeker.com - 9 October, 2014
Gold climbed $10.56 to $1233.06 by a little after 8AM EST before it chopped back lower in New York, but it still ended with a gain of 0.1%. Silver slipped back to $17.329 in the last hour of trade before it edged back higher, but it still ended with a loss of 0.29%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 October, 2014
The gold price closed at $1,222.50 up $11.90 since yesterday. Asia followed through on the rise to take it up to $1,227 once again. London held it at higher levels. The euro continued to recover and stood at $1.2760, up a full cent on yesterday. The gold price was Fixed at $1,227.50 up $7.50 and in the euro at €961.991 down €1.522, while the euro stood at $1.2760. Ahead of New York’s opening, gold was trading at $1,227.60 and in the euro at €962.14. Full Story
Gold, silver and stocks surged overnight and today after the Fed maintained their ultra dovish monetary policy stance. The risk to markets of an early hike in U.S. interest rates eased leading to a fall in the dollar after the release of minutes of the last Federal Reserve policy meeting. Full Story
By: Chris Mullen, Gold-Seeker.com - 8 October, 2014
Gold climbed $9.82 to $1220.42 at about 5:30AM EST before it fell back to $1205.12 by early afternoon in New York, but it then shot back higher after the release of today’s fed minutes and ended with a gain of 0.98%. Silver rose to $17.471 before it slipped back to $17.062, but it then bounced back higher in the last couple of hours of trade and ended with a gain of 1.22%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 8 October, 2014
The gold price closed at $1,210.60 down nearly $7 since last Monday. We missed a fall to the third bottom at below $1,180/90 during the week of our absence. But Asia followed on with the recovery rising to $1,218 in Asia and early London. This level takes it back to where it was a week ago. The euro has fallen during the week to $1.2645 only 0.0036 lower, despite efforts by the Bundesbank to hold it higher, going against E.C.B. wishes. The gold price was Fixed at $1,220 and in the euro at €963.513, while the euro stood at $1.2662. Ahead of New York’s opening, gold was trading at $1,217.60 and in the euro at €961.69. Full Story
The bounce higher in gold and silver in recent days is encouraging from a technical perspective. Gold may have seen a triple bottom which is a strong technical signal which often signals the reversal of a recent downtrend and can often occur prior to a resumption of a bull market. It is too early to call the bottom. Prudent buyers will continue to accumulate through dollar cost averaging into bullion. Full Story
The direction of the US dollar will be the key to gold and silver prices. Demand in Asia should rise further today and till the weekend. The progress of the Islamic state in the Middle East is a cause of concern for everyone. Unconfirmed reports suggest that Army retirees and discards from the USA and Europe are a part of the “Islamic state” army. Indirectly NATO nations are supporting the “Islamic state”. Full Story
By: Chris Mullen, Gold-Seeker.com - 7 October, 2014
Gold climbed $5.51 to $1212.51 in Asia before it dropped back to $1203.61 in London, but it then rose to a new session high of $1212.95 in New York and ended with a gain of 0.3%. Silver gained $0.31 to $17.62 in Asia, but it then fell to as low as $17.121 in New York and ended with a loss of 0.69%. Full Story
Relative to stock market indices, broad commodity indices are now at their lowest levels since the late-1990s dot com boom. But key commodity price ratios, such as those between precious and industrial metals, are already at levels associated with financial crises such as that of 2008. In other words, there is already ‘blood on the commodity streets’, presenting investors and commodity traders with potentially attractive opportunities. Full Story
Asian demand for gold and silver will be very high today as jewelers and investors look to replenish inventories. The reversal of the US dollar will also support metal prices. In the case that gold and silver hold today and tomorrow then the chances of a rise back to $1252 and $1930 will be very high. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 October, 2014
Gold dropped down to $1183.14 at the open of trade last night, but it then rallied back higher for most of the rest of the day and ended near its late session high of $1208.79 with a gain of 1.28%. Silver rose to as high as $17.361 and with a gain of 2.97%. Full Story
Gold on the New York Globex was pushed to to its lowest level in almost 15 months at the open on Sunday night prior to gold in Hong Kong moving higher from $1,187/oz an ounce to $1,195/oz. Singapore gold bullion markets, a key bullion trading centre in Southeast Asia, were also closed for a public holiday. Full Story
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