One thing seems nearly certain: When stocks finally break down there will be no opportunity to get short. That’s because the first hellish leg will occur on a gap-down opening following a short-squeeze spike erected the day before. Full Story
James Steel, chief commodities analyst at HSBC in New York continues to be constructive on gold in the medium and long term and sees gold rising to $1,600/oz in the second half of 2013. Full Story
The United States meantime has said it will give military aid to rebels in Syria and is considering enforcing a no-fly zone, after US intelligence confirmed to the Obama administration that Syrian government forces have used chemical weapons. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 14 June, 2013
We see the gold price continuing to consolidate at current levels. As we said yesterday, we may have to wait until Monday for the impact of Chinese demand on the gold & silver prices. Friday is usually the most active day in gold’s market in the U.S. and we expect rising volumes today in the gold market in the States. Full Story
Gold edged up to $1391.86 in Asia before it fell back to $1374.55 by a little before noon EST, but it then jumped back higher in the last half hour of trade and ended with a loss of just 0.39%. Silver popped up to $21.944 at about 10AM EST before it fell back to $21.56 in the next hour and a half of trade, but it then rallied back higher in late trade and ended with a gain of 0.18%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 June, 2013
New York closed at $1,388.70 up $10.0 on Wednesday. China opens today. London opened at the same level as New York’s close. It then Fixed at $1,386.25 up $9.00 and in the euro at €1,039.713 up €2.5 while the euro was slightly stronger against the dollar at €1: $1.3333. Ahead of New York’s opening gold stood at $1,386.35 and in the euro at €1,041.04. Full Story
GOLD PRICES rose as high as $1394 an ounce during Wednesday's Asian trading, before easing back by lunchtime in London, as European stock markets also fell, following selloffs in the US and Asia. Silver dropped back below $21.90 an ounce after briefly touching $22, while other commodities were also down on the day. Full Story
At the end of 2012, investors expected silver to be one of the biggest gainers in 2013, expecting a 33% return, a Bloomberg survey showed. Analysts expected silver to surge because either turmoil would boost demand for precious metals as a protection against inflation and currency debasement or accelerating growth would spur more industrial buying for everything from solar panels to batteries. Full Story
Gold dipped to $1373.73 in Asia and traded mostly slightly lower in London before it jumped up to $1394.25 in late morning New York trade and then drifted back lower in afternoon trade, but it still ended with a gain of 0.73%. Silver surged to as high as $22.012 and ended with a gain of 0.37%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 12 June, 2013
New York closed at $1,378.70 down $7.0 on Tuesday. China remains closed until tomorrow. London opened at the same level as New York’s close. It then Fixed at $1,377.25 up $7.75 and in the euro at €1,036.774 up €5.6 while the euro was slightly stronger against the dollar at €1: $1.3284. Ahead of New York’s opening gold stood at $1,377.00 and in the euro at €1,036.47. Full Story
GOLD PRICES hovered just below $1380 an ounce Wednesday morning in London, with silver trading around $21.80, after the metals failed to break through $1380 and $22 respectively. European stock markets ticked higher by lunchtime – with the exception of Germany's DAX – regaining some of yesterday's losses, which were followed by sell offs in the US and Asia. Full Story
Gold prices are mixed today and while flat in US dollars are lower in Aussie dollars and higher in Japanese yen which has taken another pummelling on foreign exchange markets. The world’s biggest banks have been manipulating benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to a Bloomberg investigation. Full Story
Gold fell to as low as $1366.70 at about 9:30AM EST before it bounced back higher into the close, but it still ended with a loss of 0.48%. Silver slipped to as low as $21.49 and ended with a loss of 1.19%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 11 June, 2013
New York closed at $1,385.40 up $7 on Monday. China remains closed until Thursday. London opened weaker slipping back to $1,369.30 ahead of the Fix. It then Fixed at $1,369.50 down $7.25 and in the euro at €1,031.095 down €10.792 while the euro was stronger against the dollar at €1: $1.3282. Ahead of New York’s opening gold stood at $1,374.15 and in the euro at €1,034.36. Full Story
SPOT GOLD fell to three week lows below $1370 an ounce Tuesday, as stocks and commodities also fell amid ongoing speculation over when the US Federal Reserve might begin reducing the size of its quantitative easing program. Full Story
Gold has fallen another 1% today despite weakness in Asian and European stock markets prior to an important decision by the German constitutional court about the legality of the ECB’s debt monetisation. Technically, gold looks vulnerable of a fall back to test support at $1,343/oz and a breach of these levels could see gold test support at the $1,300/oz level. Full Story
Standard & Poor’s Ratings Services revised the U.S. credit-rating outlook to stable from negative, indicating that the likelihood of a near-term downgrade of the rating is less than one in three. S&P also affirmed its AA+/A-1+ sovereign-credit ratings on the US. This did not have any impact on gold and silver or the US dollar. Full Story
Gold climbed $9.50 to $1388.20 in Asia before it fell back to $1376.00 by a little before 10AM EST, but it then climbed to as high as $1388.70 in early afternoon New York trade and ended with a gain of 0.49%. Silver surged to as high as $22.083 and ended with a gain of 1.58%. Full Story
Following Friday's steep sell-off, gold prices traded both sides of unchanged overnight, as the lower prices attracted some bargain hunting, but the bearish tone from Friday's jobs data prevailed. The data, showing that US added 175,000 jobs in May, has kept the Fed tapering idea alive, despite the slight uptick in unemployment. Philadelphia Fed President Prosser, an inflation "hawk," commented that the data shows that the federal spending cuts have not been as damaging to the economy as feared and that the Fed should stop its bond-buying program now. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 June, 2013
New York closed at $1,378 down $34 on Friday. China was closed well before then and will be so until Thursday. London opened slightly weaker, probably a carry-over from the close in New York on Friday. It then Fixed lower at $1,376.75 down $33.25 and in the euro at €1,041.887 down €24 while the euro was weaker at €1: $1.3214. Ahead of New York’s opening gold stood at $1,379.40 and in the euro at €1,043.14. Full Story
The GOLD PRICE rallied from a 1-week low at $1376 per ounce Monday morning in London, edging back up to $1383 as world stock markets rose. Silver fell within 20˘ of mid-May's 30-month low, before rallying to $21.80 per ounce. Commodity prices fell after weaker-than-expected Chinese industrial data. US Treasury bonds also slipped in price once again, nudging interest rates on 10-year debt up to 2.17%. Full Story
Gold is marginally lower in dollars today but has eked out gains in Japanese yen and Australian dollars both of which have fallen. The slightly lower close last week (-0.45%) was bearish technically and could weigh on prices this week. Full Story
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