By: Chris Mullen, Gold-Seeker.com - 14 March, 2008
Gold briefly dipped to $990.35 after tame CPI data was released and took some pressure off the fed to dramatically cut interest rates next week, but news of a bailout for Bear Stearns quickly propelled the yellow metal to a new all-time high of $1,007.20 before it pared its gains into the close and ended at a new record closing high with a gain of 0.66%. Silver dipped to $20.243 and rose to $20.868 before it closed just 3 cents away from of new 27 year closing high with a gain of 1.4%. Full Story
Spot gold surged above the $1,000 level in early NY trading, a day behind the futures moving through this key psychological barrier. News that Bear Stearns had arranged for emergency funding from JPMorgan and the NY Fed prompted the latest gains. Full Story
Denver, Colorado -- The spot price of gold reached new record levels today. The price of gold was quoted bid $1,000 an ounce in New York trading, surpassing the $1,000 mark for the first time ever at just before 10:00 Eastern Time, Friday March 14, 2008. Full Story
THE SPOT PRICE OF GOLD recovered a sharp dip at London lunchtime on Friday as the US Dollar bounced almost 1% from Thursday's all-time lows on strong inflation data. Full Story
The inflation adjusted high of $2,300 per ounce looks a near certainty in the coming years given the myriad of strong fundamental factors driving this market place. Especially with Ben Bernanke’s huge fleet of jumbo helicopters throwing billions and billions of fiat dollars at the deepening credit and solvency crisis. Full Story
By: Chris Mullen, Gold-Seeker.com - 13 March, 2008
Gold rose throughout world trade and climbed to a new record intraday high at $999.75 by about 10:40AM EST before it fell back off a bit in the last few hours of trade, but it still ended with a gain of 1.3% at a new record closing high. Silver climbed to as high as $20.872 by about 8AM EST before it also fell back off into the close, but it still ended with a gain of 2% and closed just 31 cents away from setting a new 27 year closing high. Full Story
Gold has tested back above the $990 level and appears poised for a true test of the $1,000 psychological barrier. Continued credit market turmoil, just days after a coordinated central bank injection of $236 bln in liquidity, sent global stocks sharply lower. In this environment of uncertainty, gold is expected to break out to the upside. Full Story
Déjà vu all over again in the world’s markets overnight and this morning as the latest in a long line of Federal Reserve interventions was realized to be another finger in the dyke of the U.S. and global financial and economic crisis. Risk aversion is seeing stock markets and the dollar under pressure again this morning and gold has rallied to a new record high (at $991.40). Full Story
Another comment this time from US president Bush that the US dollars’ decline was not ``good tidings'' for proponents of a strong dollar. If these comments continue, the US dollar’s fall and crude oil’s rise will not stop unless there is coordinated central bank intervention. Full Story
By: Chris Mullen, Gold-Seeker.com - 12 March, 2008
Gold fell to $967.97 by late trade in Asia and rose to $981.95 by about 10AM EST in New York before it fell back off a bit in late morning trade, but it then climbed back higher in afternoon trade and ended near its high with a gain of 0.49%. Silver fell to $19.378 and rose to $20.187 before it fell back off a bit into the close, but it still ended with a gain of 1.5%. Full Story
Despite the unprecedented injection of liquidity in recent weeks, there still seems to be an under-current of concern about bank insolvency in the market. If a major US bank defaults, ala Northern Rock in the UK last year, confidence in the banking system and the Fed will plummet. Gold offers the best opportunity to hedge against such systemic risks. Full Story
SPOT GOLD PRICES rose out of a tight 1% range as the US opening drew near on Wednesday, while global stock markets continued to bounce after four months of losses in response to yesterday's historic "crisis action" from seven of the world's biggest central banks. Full Story
Gold may continue to consolidate prior to the much anticipated rally to the $1,000 mark. But given the continuing weakness in the dollar (see FX below), record high oil prices and the continuing credit crisis, gold will likely continue to surprise to the upside. Full Story
By: Chris Mullen, Gold-Seeker.com - 11 March, 2008
Gold rose to as high as $985.55 in London before it dropped to as low as $964.57 by about 10:30AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.42%. Silver climbed to $20.29 and fell to $19.33 before it also rallied back higher into the close, but it still ended with a small loss of 0.2%. Full Story
Gold is showing renewed strength within the recent range as oil surges to yet another new record high and the dollar remains under pressure. The market is consolidating within the range established last week, with profit taking on upticks ahead of $1,000 and bargain hunting on downticks below $970. The underlying trend remains decisively bullish, favoring an eventual upside breakout and push above the $1,000 psychological barrier. Full Story
SPOT GOLD PRICES rose 1.1% at the London opening on Tuesday, reaching a three-session high above $984 per ounce. Crude oil surged to its fifth consecutive all-time record, while Tokyo stocks closed higher for only the second time this month. Full Story
Liquidity concerns will soon be added to with far more serious solvency concerns. A recession is here but this is not likely to be the typical mild recession of recent years rather a far deeper and more malignant kind of recession. Prudence and caution should remain foremost in all investors minds – both individual and institutional. Full Story
Gold and silver were volatile yesterday. Precious metals are caught between greater physical demand and greater investment demand at lower levels and profit taking at higher levels. Markets are filled with speculation that the Fed will cut interest rates before the next meeting. Full Story
By: Chris Mullen, Gold-Seeker.com - 10 March, 2008
Gold rose to $980.60 by late trade in Asia before it fall to as low as $960.90 by about 10AM EST in New York, but it then rallied back higher into the close and ended with a loss of just 0.23%. Silver rose to $20.392 by late trade in Asia before it fall to as low as $19.188 by about 8:30AM EST in New York, but it also rallied back higher into the close and ended nearly 50 cents off its low with a loss of 2.3%. Full Story
Gold continues to consolidate within the recent range, with setbacks still seen as buying opportunities. Sharp corrections in platinum and palladium are weighing on gold. However, the underlying fundamentals; fears that the US economy may already be in a recession, a weak dollar and firm oil prices conspire to keep the yellow metal underpinned. Full Story
SPOT GOLD PRICES gave back and then reversed early gains on Monday, losing $9 per ounce by lunchtime in London to trade at $964.50. Energy and soft commodity prices also slipped – taking WTI crude oil just below $104.50 per barrel – as short-term bond yields fell and Asian stock markets sank once again, led by a near-10% drop in Malaysia after the ruling coalition lost one-third of its seats in the weekend elections. Full Story
Gold was down $3 to $972.00 per ounce in trading in New York on Friday and silver was up 3 cents to $20.16 per ounce. In Asian trading gold rose to $980.22 but has sold off slightly in early European trading. The London AM Gold Fix at 1030 GMT this morning was at $973.15, £481.52 and €633.03. Full Story
This is an instant world and central banks and investors expect instant results. If the root of the problem is not corrected, instant medicines will have a temporary effect but will occur off and on and can also become an un-curable disease in the long term. Full Story
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