By: Chris Mullen, Gold-Seeker.com - 14 November, 2008
Gold and silver held yesterday’s notable after hours access gains in Asia and London and rose to new session highs of $751.85 and $9.703 by about 8:40AM EST in New York before they backed off slightly by late morning, but they still ended with impressive gains of 5% and 7.8%. Full Story
Advance retail sales for the month of October declined -2.8% m/m and are down -3.3% y/y/. The core ex-autos estimate fell -2.2% m/m and is up 1.7% y/y. On a monthly basis ex-gas was down -1.5%, ex-autos and building materials have fallen -2.4%, ex-autos and gas -0.5% and ex-good service -3.1%. On a three month annualized basis sales in the retail and food service sector have fallen -10.9% with the ex-auto estimate down -7.4%. Full Story
THE WHOLESALE PRICE OF GOLD traded internationally jumped late-morning in London dealing on Friday, rising 5.4% from yesterday's three-week low against the Dollar and touching a five-week high above £500 an ounce for British investors. Full Story
In wealth preservation terms, Gold is still doing an admirable job. The metal is up 7 per cent since the start of the financial crisis in August 2007. This contrasts with losses of over 40% on the S&P 500 index. The situation looks even better in Europe. In Sterling terms Gold is up 46% since last August and 17% in Euro terms. Full Story
By: Chris Mullen, Gold-Seeker.com - 13 November, 2008
Gold fell $10.05 to $708.40 in after hours access trade late yesterday before it climbed back higher in Asia and London and rose to as high as $721 by about 10:30AM EST in New York, but it then fell back off into the close and ended near its low of $699.55 with a loss of 1.55%. At the time of writing in after hours access trade gold has more than erased today’s loss and has even climbed past its earlier high by setting a new high of $739.67. Full Story
Gold remains soft within the recent range, weighed by ongoing weakness in oil and a firmer dollar. Evidence of a severe economic contraction continues to mount both domestically and globally. Initial jobless claims for the week ended 08-Nov surged 32k to a seven-year high of 516k. This was much worse than the market was expecting and perpetuates the disturbing trend in US employment that has emerged this year. Full Story
GOLD BULLION PRICES held in a tight 1% range above last night's 3-week low early in London on Thursday, recording its lowest AM Gold Fix since Oct. 24th at $714 per ounce as commodity prices and world stock markets tumbled once more. Full Story
By: Chris Mullen, Gold-Seeker.com - 12 November, 2008
Gold and silver rose roughly 1% in Asia to $738.90 and $9.91 before they fell back off in London and New York to as low as $713.30 and $9.328 by about 11AM EST and then rallied back roughly 1% higher in the last two and a half hours of trade, but they still ended with losses of 2.1% and 3.1%. At the time of writing both metals have fallen back under today’s session lows in after hours access trade. Full Story
THE PRICE OF GOLD dropped $10 an ounce in the first-half of London trade on Wednesday, sliding to a 6-session low as Asian stock markets closed down for the day and European equities gave back an early 1% gain. Full Story
The great global deleveraging continues. In a world that has become addicted to debt fuelled growth, the idea that readily available credit may no longer be available, has scared many into facing the truth; credit is not free and should never have been priced as such. Full Story
By: Chris Mullen, Gold-Seeker.com - 11 November, 2008
Gold traded just slightly lower in Asia and then fell back off in London and New York to as low as $726.40 by late morning in New York before it rallied over 1% from that low in the last couple of hours of trade, but it still ended with a loss of 1.8%. Silver dropped to as low as $9.55 before it also rebounded, but it still ended with a loss of 4.5%. Full Story
GOLD PRICES slipped early in London on Tuesday, dipping below $740 an ounce as the US Dollar and Japanese Yen rose on the currency markets while world stock markets and commodity prices fell once again. Full Story
Gold's non-correlation with equity markets continues with most equity markets again under pressure today after the Chinese stimulus induced another dead cat bounce which proved to be another false dawn. With recessions only beginning in all major economies and the likelihood that recessions will be protracted and deep, safe haven demand for gold is set to remain robust. Full Story
The ETC now holds 1.479 million ounces of bullion, against 1.494 million on Nov 2, after an outflow on Oct 30. However, holdings of its Physical Silver ETC rose 0.5 percent to a new record of 13.072 million ounces in the same period, it added. Holdings of its Physical Platinum and Physical Palladium ETCS were unchanged week-on-week. Full Story
By: Chris Mullen, Gold-Seeker.com - 10 November, 2008
Gold rose as much as $33.70 or 4.6% to $767.95 and silver climbed $0.555 or 5.6% to $10.535 by about 9AM EST before both metals fell back off for most of the rest of trade, but they still ended with gains of 1.8% and 2.6%. Full Story
SPOT GOLD PRICES rose sharply during Asian and early London trade on Monday, adding 2.4% from last week's close as world stock markets also rose on news of a 4 trillion Yuan stimulus package ($586bn) from the Chinese government, plus an extra $40bn of US government aid for troubled insurance giant AIG. Full Story
Gold rose 2.1% last week and is up another 2% in Asian and early European trading. Consolidation between $700/oz and $760/oz continues but the path of least resistance for the gold market is to the upside, especially as market and economic conditions look set to worsen in the coming weeks resulting in more safe haven demand. Full Story
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