Gold and silver traded modestly lower in Asia and rose to see slight gains in early London trade before they both plummeted shortly after 8AM EST and dropped to as low as $874.30 and $12.13 by about 9AM in New York, but they both then stormed back higher for most of the rest of trade and gold ended with a loss of just 0.34% while silver ended near its late session high of $12.40 with a loss of just 0.36%. Full Story
The US dollar index managed to shake off overnight lows and move higher into the close on Thursday, ahead of the long Easter weekend. Most importantly, the chart pattern possibly is a small ascending triangle. To regain upside momentum, the US dollar needs to close above 86.50. Full Story
THE SPOT PRICE of physical gold fell inside a tight range early Thursday in London, approaching the long Easter holiday weekend at $877 an ounce. For UK and European investors, the Gold Price dropped back to last week's finish at £602 and €663 an ounce respectively as the US Dollar pushed higher on the currency markets. Full Story
News that international gold scrap supply (mostly consumers selling jewellery) has for the first time in 30 years surpassed international jewellery demand. Looked at singularly, this is ostensibly bearish. But it is bullish from a contrarian perspective as it shows that there is little or no “gold mania”. Full Story
By: Chintan Karnani, Insignia Consultants - 9 April, 2009
Investors are trying to figure out whether ever-expanding rescue programs are moving fast enough to keep up with a rapidly deteriorating world economy, and that confusion is reflected in seesawing stock markets. Full Story
Gold climbed as much as $7.45 to $889.25 in London before it fell to see a loss of $3.60 at $878.20 at about 10AM EST, but it quickly spiked back almost $10 higher and remained at about that level until the last 45 minutes of trade when it rose to a new session high of $890.02 and then fell back off a bit in the last 15 minutes of trade to end the day with a gain of 0.31%. Full Story
Gold prices tried to rally last night but failed to hold the move above $890.0. The market would rally back by mid-morning and challenge that $890 level once more but would no more than slide back to near $886 into the close. Prices continued to weaken in after-hours trading. Full Story
Last week at the G-20 meeting in London, President Obama made a rather astonishing statement. He conceded that the global financial crisis in which we remain embroiled was made in America and exported to the rest of the world. Full Story
THE PRICE OF PHYSICAL GOLD pushed higher as world equities fell early Wednesday, rising above last week's close against both the Euro and British Pound. Recovering all but $5 of Monday's sharp $30 drop for US investors, the Gold Price then dropped back to $883 an ounce. Full Story
The shadow banking system’s huge and growing toxic debt (IMF revised upwards their estimates from $2 trillion to over $4 trillion) looks set to impede any progress in fixing the ruptured international financial system. Obviously, this has negative implications for the global economy and may lead to a new Depression. Gold’s wealth preservation attributes will continue to be sought after as our financial and economic ills look set to be prolonged. Full Story
Gold rose in Asia and traded roughly 1% higher in London before it fell back to see a gain of just $1.25 at $872.70 shortly after the open in New York, but it then climbed back higher for most of the rest of trade and ended near its new session high of $884.80 with a gain of 1.19%. Silver also traded nicely higher in Asia and London before it fell to see a loss of $0.102 at as low as $12.028 near the open in New York, but it too rose for most of the rest of trade and ended near its high of $12.35 with a gain of 0.91%. Full Story
THE PRICE OF GOLD bounced overnight Tuesday in Asia, regaining two-thirds of yesterday's sharp losses against everything except the US Dollar, which rallied hard from one-month lows on the currency market. Full Story
Interestingly, gold has risen strongly overnight in Asia and in Europe this morning despite continued dollar strength and oil weakness. This may be a technical rebound from oversold levels but the fundamentals remain sound and this will likely see gold remain well supported at these levels. Full Story
Gold fell over 2.5% to under $874 in Asia before it rebounded back above $882 midday in London, but it then fell to a new low of $865.25 in New York and ended not all that far from that low with a loss of 2.76%. Silver fell over 3% in Asia before it rebounded to see a loss of just twenty cents in London, but it also fell to a new low of $12.09 in New York and ended near that low with a loss of 4.86%. Full Story
THE SPOT-MARKET PRICE of physical gold fell to a 10-week low against the US and Canadian Dollars in Asia on Monday, falling 2.5% as world stock markets rose again and commodity prices reached a four-month high. Full Story
Gold fell 2.85% (silver -3.9%) last week as risk appetite returned due to the G20 communiqué. The selloff has continued in Asia this morning and gold fell to a low of $873/oz prior to rebounding somewhat. Full Story
After nearing the record high from March 2008 - which coincides with the upper channel line (in orange) - gold entered a correction. As previously stated, we expected that gold would meet significant resistance at this level, and a correction back to support in the range from around $855 down to the weekly record close from 1980 at $823 appears likely before a final breakout above $1000 / $1033.90 potentially takes place. Full Story
For the week, the GDX lost almost 7%, while gold was down a bit over 3%, however, gold stocks usually move 3X to physical, so if we take it on the upside, we must accept it to the downside as well. It is only balanced action so to say. We may not like it, but it is what it is. We can always choose not to play if we do not like the rules of the game. Full Story
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