Gold climbed $9.09 to $1516.39 in Asia, but it then fell to as low as $1483.10 by early afternoon in New York and ended with a loss of 0.92%. Silver rose to as high as $36.446 before it dropped back down to as low as $33.942, but it still ended with a gain of 0.29%. Full Story
DOLLAR PRICES to buy gold continued to rally in London on Friday morning, rising as high as $1516 per ounce before easing back – less than 4% off early May's all-time high – while stock and commodity markets recovered some of Thursday's losses. Full Story
Gold rose $5.05 to $1505.85 in Asia before it fell to as low as $1478.10 by about 7AM EST, but it then rallied back higher into the close and ended with a gain of 0.43%. Silver climbed almost 1% to $35.76 in Asia before it fell back to $32.315 in London, but it then rallied back higher in New York and ended with a loss of just 1.38%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 12 May, 2011
The dollar continues to strengthen, not the euro to weaken, because the dollar is rising against all currencies. This is distorting the picture of virtually all markets. Even the oil price is acting like a currency, with it falling as the dollar strengthens. The implications of the dollar’s moves are huge. In Asia the dollar gold price fell $15 and the silver price $2 just ahead of London’s opening. The bulk of this was adjustments to the dollar’s moves with the gold price off less than ˝% in the euro at €1,050. The gold price Fixed this morning in London at $1,488.25 and in the euro at €1.050.50. Full Story
THE WHOLESALE-MARKET gold price continued to fall on Thursday morning in London – hitting a 1-week low of $1480 per ounce – as world stock and commodity markets took another tumble. Silver fell to $32.50 per ounce at the London Fix, nearly $7 down from Wednesday and 33% below the 31-year high of $48.70 set on April 28. Full Story
Gold and silver’s recovery in recent days proved to be temporary and further falls were seen yesterday (sharply in silver) prior to a tentative recovery overnight and then more falls again this morning. The euro has stabilized after recent sharp falls and euro gold at €1,050/oz remains comfortably above €1,000/oz after a period of correction and consolidation. Euro gold looks like it is set to break above record highs of €1,072/oz (12/28/10) and target €1,100/oz as the European debt crisis deepens. Full Story
Gold rose almost $10 to $1526.50 in Asia, but it then fell back off for most of the rest of trade in London and New York and ended near its early afternoon low of $1495.63 with a loss of 1.05%. Silver surged almost a dollar to as high as $39.493 before it also fell back off and ended near its early afternoon low of $35.132 with a loss of 8%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 11 May, 2011
With the dollar only slightly weaker today, at $1.4368 down from $1.4350 yesterday the gain in the gold and silver price was a real gain. Asia took the gold price up to $1,523 and in the euro €1,060 very close to its peak now. During London’s morning the dollar kept slipping [through $1.44] and gold kept rising [$39.2]. The gold price Fixed this morning in London at $1,524.50 and in the euro at €1.057.95 Full Story
WHOLESALE MARKET PRICES to buy gold rallied to a 1-week high at $1526 per ounce in London trade Wednesday morning – up 4.3% from last Friday's low – before falling back as world stock markets also tempered their rally. Full Story
Gold and silver have extended their recovery and may be headed for the fourth day of gains due to the continuing European sovereign debt crisis, Chinese inflation (+5.3%) and the real risk that rising oil and commodity prices are leading to an inflation spiral internationally and stagflation. Full Story
By: Chintan Karnani, Insignia Consultants - 11 May, 2011
European Central Bank officials warned of catastrophic consequences if Greece is allowed to restructure its sovereign debt. ECB concerns will continue to lift gold and silver while floods in the southern states of USA will support crude oil and natural gas. A mildly weaker US dollar is aiding commodities. Full Story
Gold climbed as much as $15.88 $1519.08 by a little after 8AM EST before it fell back off a bit in early New York trade, but it then rallied back higher midday and ended near its earlier high with a gain of 0.9%. Silver surged to as high as $38.703 before it also dipped a bit, but it still ended with a gain of 3.63%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 May, 2011
It looks like the London Fix is back in control of the gold price. Gold rose through New York and into Asia reaching $1,510, but at the Fix it was set at $1,517.25 and in the euro €1,056.51, rising €5.5 since yesterday afternoon. In the U.S. dollar overnight the gold price rose by $15. Of course the $: € exchange rate continued to play its pivotal role in the price differentials, with it moving from $1.4310 to $1.4343. Full Story
THE PRICE OF GOLD rose for the second day in succession in London on Tuesday, recovering half of last week's 7% plunge from new all-time Dollar highs, as world stock markets also rallied again with commodities. Full Story
Gold and silver continue to rebound from their sell offs as Euro zone periphery worries intensify with real risks of defaults and possible contagion. Gold has risen from €1,010/oz to over €1,057/oz since Friday. The long period of correction and consolidation may soon see a break out above resistance at record nominal highs of €1,072/oz - less than 1.5% below the current price. Full Story
By: Chintan Karnani, Insignia Consultants - 10 May, 2011
The sovereign debt crisis once again has lent support to safe havens as credit rating agencies downgraded Greece debt. S&P downgraded Greece's credit rating further into junk territory to B, just one notch above Pakistan's, hitting Greek bank stocks as investors sought safety in German bonds. Moody's Investor Service threatened to downgrade Greece by several notches, placing Athens' B1 sovereign rating on review due to increased worries that it might seek to impose losses on private bondholders. Technically gold, silver, copper and crude oil are looking bullish if they are able to hold on to the current prices. Full Story
Gold climbed to $1510.34 in Asia before it fell back to $1498.65 in London, but it then rose to a new session high of $1511.46 in New York and ended with a gain of 0.76%. Silver climbed to as high as $37.955 at about 7AM EST before it pared its gains a bit, but it still ended with a gain of 4.97%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 May, 2011
We heard that China’s economy was going to be the same size as the U.S. economy by 2016. This is considerably faster than U.S. economists thought would be the case just two years ago. At the speed China is growing it will dwarf the U.S. by 2020. The encouragement the Chinese government has given to the development of the gold market in China and the direct incitement from them to buy gold tells us that this is a long-term policy. It also tells us that they would not favor a significant rise in the exchange rate of the Yuan, particularly against the dollar, because this would lower the gold price in the Yuan. So what will the Chinese gold market look like in 2020? Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 May, 2011
Gold fell heavily in New York last week, down to $1,462 at its low and now has recovered to $1,505. On Friday Greece’s debt problems suppurated again and excited gold buyers in Europe. In the euro the gold price jumped from €1,024 to €1,044 on the day. The euro fell against the dollar over the week, it was not the dollar rising, it now appears. No rise in euro interest rates and the news from Greece were responsible for its fall. Gold was Fixed at $1,505.00 and in the euro, €1,044.85 near to the top of its recent trading range. Full Story
THE PRICE OF GOLD reversed half of a 1% rally to $1510 per ounce in London on Monday, easing back as the US Dollar rose on the forex market and European stock markets fell hard. US crude oil contracts stalled after a 2.7% rally took them back to $100 per barrel. The silver price rallied to $38.00 at Monday's London Fix, rising more than 11% from Friday lunchtime's Fix. Full Story
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