By: Chris Mullen, Gold-Seeker.com - 13 March, 2009
Gold fell a few dollars to $918.95 by around 7AM EST in London before it soared at the New York open to as high as $938.30 by about 8:30AM EST, but it then fell back off in midmorning action and ended with a gain of just 0.75%. Silver fell to $12.919 before it jumped to as high as $13.292, but it also fell back off a bit in the last few hours of trade and it ended with a gain of 1.97%. Full Story
Despite it being Friday the 13th, today was relatively quiet and calm in the market. Gold failed to hold a rally above overhead resistance but is holding positive for the day. A quick look at outside markets show the US dollar is quietly lower; stocks are extending their longest gaining streak of the year; and news that the Chinese premier, Wen Jiabo, is very concerned about the $1 trillion invested in the US failed to raise any concern whatsoever. A good day indeed but can it last? Full Story
Gold continues to attract good buying interest on dips. Tests below 900.00 early in the week could not be sustained, leaving important chart/Fibonacci support at 890.90/881.74 well protected. Full Story
THE PRICE OF SPOT GOLD leapt in late-morning London trade on Friday, erasing nearly all of this week's 5% drop for US and UK investors, but falling straight back an hour later as New York opened for business. Full Story
By: Chris Mullen, Gold-Seeker.com - 12 March, 2009
Gold and silver traded slightly higher in Asia and London and rose to as high as $917.60 and $12.952 by around 8AM EST before they briefly dropped to see marginal losses at $907.00 and $12.64 by about 9AM, but they then spiked back higher in New York and ended near their highs of $930.45 and $13.083 with gains of 1.43% and 0.98%. Full Story
The price of Gold ended today’s session up almost $9.0 but is trading up $17 in after-hour’s currently. Helping support gold today was a strong rebound in commodity prices, a weakening US dollar, and perhaps a strengthening stock market. Full Story
THE PRICE OF GOLD jumped into the New York opening on Thursday, recovering two-thirds of this week's 5% losses as the surge in world stock markets reversed. By mid-afternoon in Frankfurt, the Dax index of German equities traded 0.9% lower. US crude oil meantime rose sharply to cut this week's losses above $43 per barrel. Full Story
The world's central banks were net buyers of an estimated 1.1 million oz in January. Ecuador and Russia appear to have been the main buyers. Despite much signals of intent from the Chinese, there are no records of them buying gold yet (at least not through conventional transparent channels). Full Story
By: Chris Mullen, Gold-Seeker.com - 11 March, 2009
Gold traded mostly slightly higher in Asia and London before it briefly fell as much as $2.90 to $892.90 by about 10AM EST in New York, but it then soared back higher in the last three and a half hours of trade and the yellow metal ended near its high of $913.15 with a gain of 1.55%. Silver dropped to as low as $12.568 a little after 8AM EST after it had traded roughly 1% higher in Asia and London, but it also surged back higher in late New York trade and it ended near its high of $12.885 with a gain of 2.4%. Full Story
Gold prices climbed back above $900 per ounce today, but the technical outlook still remains questionable. Certainly, today’s recovery did not set off any alarms to jump back aggressively on the long side as the charts provide no type of reversal action. Bulls will be looking for some type of basing action to develop near today’s range, with support holding near those $893 lows. Any move much lower than that will quickly erode through any technical support and give way to an easy slide down to $860. Full Story
THE SPOT PRICE OF physical gold bounced around $900 an ounce early Wednesday in London, recording an AM Gold Fix almost 4% below last week's finish as world stock markets continued Wall Street's best rally so far in 2009. Full Story
Zero percent interest rate policies (Zirp), real negative interest rates, printing money and monetizing debt, massive bailouts and stimulus packages, huge government deficit spending and competitive currency devaluations will be very inflationary and continue to make gold an essential diversification for the risk averse. Full Story
By: Chris Mullen, Gold-Seeker.com - 10 March, 2009
Gold and silver traded slightly higher in Asia and moderately lower in London before they plummeted in New York again and ended near their lows of $892.25 and $12.452 with losses of 2.2% and 3.1%. Full Story
The uptrend in gold is being put to the test today. The trend of higher lows goes back all the way to mid-November and bears are putting that trend-line to the test of the past few sessions. A close below $906 would technically penetrate the trend-line but it takes two consecutive closes below the trend-line to 'break’. If such an occurrence takes place, downside targets could range as low as $820 per ounce. Full Story
THE SPOT PRICE OF gold bullion fell hard Tuesday lunchtime in London, dropping 2.2% to slip below $900 an ounce for the first time in one month. European stock markets meantime bounced sharply, with London's FTSE100 index extending its best 3-day run in more than five weeks. Full Story
With $50 trillion having been wiped off the value of assets internationally (primarily property and equities) there will likely be a long term shift towards risk aversion and wealth preservation. This structural shift appears here to stay for the foreseeable future and gold will be a beneficiary of this. Full Story
Wish U all a very happy and colorful Holi and a Eid Mubarak. Base metals (except Nickel) and crude oil were firm yesterday while gold and silver fell on technical selling and lack of demand. Investors are now investing in equities, base metals and energies as their long term prospects look better. Europe has rejected calls for an additional stimulus package. Full Story
Gold traded just slightly lower in Asia and London, but it then plummeted for most of trade in New York and ended near its low of $912.20 with a loss of 2.77%. Silver traded about 1% lower in Asia before it rose in London to see a gain of seven cents a little after 9AM EST in New York, but it then fell back off for most of the rest of trade and ended near its low of $12.879 with a loss of 3.22%. Full Story
THE SPOT PRICE of gold bullion slipped $16 per ounce to a three-session low as New York opened for business on Monday, trading at $924 as world equities struggled to cap four consecutive weeks of sharp losses. Full Story
Gold’s recent downward trend may have ended last week after gold closed moderately higher for the week (gold +0.03% and silver +1.75%). The performance was impressive considering the continuing steep declines in stock markets (Nasdaq , DJIA, S&P down 6.1%, 6.17% and 7.03% respectively). Full Story
Last week was mixed for gold and silver as they fell in the first half and rose in the second half. Interest rates have been cut by half a percentage by the bank of England and the European central bank. US February payrolls numbers were in line with expectations. Most of key event risk and economic data risk are now behind us. Full Story
There is a correlation between the U.S. dollar and commodities, just as there is between many assets; however, correlation is not the same thing as causality. Any two items may move in the same direction, but that does not mean that one caused the other to do so, or vice versa. That may be the case, but it is not a given. To assume otherwise would be ill-advised. Full Story
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