Gold waffled between $1288.40 and $1285.60 in London before it jumped up to $1293.20 in early New York trade and then spiked down to $1276.50 shortly before 10AM EST, but it quickly rebounded to a new session high at $1294.00 by late morning and ended with a gain of 0.38%. Silver rose to as high as $17.167 and ended with a gain of 0.53%. Full Story
We cannot remember seeing prices in the precious metals this calm for a few days. As we have said before Shanghai has had a calming effect on global gold markets, but even its calmness is remarkable. It is not that we expect anything dramatic from Jackson Hole but in such a calm market, any news at all, will have an impact. Full Story
– Bundesbank has completed a transfer of gold worth €24B from France and U.S. – Germany has completed domestic gold storage plan 3 years ahead of schedule – In the €7.7 million plan, 54,000 gold bars were shipped and audited – In 2012 German court called for inspection of Germany’s foreign gold holdings – Decision to repatriate from Paris and New York was ‘to build trust and confidence domestically’ Full Story
Investors are cautious in gold and silver bullish bets. US budgetary woes, Jackson hole news and view has resulted in more and more fence sitters at the moment. Silver and copper comex September futures are expiring next week. Positions and rebuilding has started. Volatility will rise in silver and copper till next week. Copper has had a technical breakout and looks set for very big gains. Industrial metals are benefitting from automotive sector technology changes and lack of major slowdown news around the globe. Full Story
Gold ticked up to $1291.10 in Asia before it fell back to $1284.70 in London and then bounced back higher in morning New York trade, but it still ended with a loss of 0.31%. Silver slipped to as low as $16.828 and with a loss of 0.76%. Full Story
The currency and precious metal prices are remarkably quiet again, today. Once again there are no purchases or sales into or from the SPDR gold ETF and the Gold Trust. While we do recognize that the Shanghai market has reduced volatility in the London and New York, currency and precious metal prices remain in calm waters. The Jackson’s Hole meeting of central bankers on Friday is headline news with Draghi, of the E.C.B. may now give a speech. Full Story
– U.S. Navy collisions: More than a coincidence? – Latest U.S. Navy collision is fourth involving a Seventh Fleet warship this year – Have US Navy vessels become victims of hacking asks Rickards – Chief of Naval Operations, Adm. John Richardson, has not ruled out cyber intrusion – “Once is happenstance. Twice is coincidence. The third time it’s enemy action…” – Ian Fleming – Cyber security cause for concern in autonomous vehicles, aeroplanes and now ships Full Story
The next three days are very crucial for gold and silver. They need to break and trade over $1306 and $1740 for another wave of rise. In case they do not break $1306 and $1740, then fatigue will come up in among buyers and there can be a correction to $1257.40 and $1638.40. Technical as well as momentum is bullish. But any rise will be dependent on the ability/inability to break past key resistances. Full Story
Gold gained $5.50 to $1291.10 by a little after 8AM EST before it drifted back towards unchanged into midday, but it still ended with a gain of 0.36%. Silver rose to as high as $17.086 and ended with a gain of 0.47%. Full Story
The currency and precious metal prices are remarkably quiet today. With no purchases and only very small sales the SPDR gold ETF and the Gold Trust are giving no input to prices. While we do recognize that the Shanghai market has reduced volatility in the west, currency and precious metal prices are in calm waters. While the Jackson Hole meeting of central bankers on Friday is being touted as the next event to impact precious metal prices, we see this as having a positive, if any, effect on precious metal prices. Full Story
It has been ten years since the global financial crisis began to take hold. At the time few would have known that BNP Paribas’ decision to freeze three hedge funds was the signal for the deepest recession in living memory and a near-collapse of the financial system. As the French bank blamed a “complete evaporation of liquidity” on its decision the ECB flooded its the market with billions of euros of emergency cash as it worked to prevent a seizure in the financial system. Full Story
Gold fell $8.60 to $1283.10 in Asia before it rebounded to $1290.30 at about 9:30AM EST and then dropped back to $1282.10 in the next half hour of trade, but it then bounced back higher into midday and ended with a loss of just 0.47%. Silver slipped to as low as $16.877 and ended unchanged on the day. Full Story
US Treasury Secretary Steve Mnuchin visits Fort Knox Gold Later tweeted ‘Glad gold is safe!’ Only the third Treasury Secretary to visit the fortified vault, last visit was 1948 Last Congressional visit was 1974 Speculation over existence of gold in Fort Knox is rife Concerns over Federal Reserves lack of interest in carrying to an audit on gold Full Story
If gold starts to rise and manages to trade over $1300 for a few weeks then $2000 could be a remote possibility by the end of next near. At the moment downside risk is around $170 while the upside potential is infinity for gold. However a clear picture will be there only after September’s FOMC meet. Full Story
Gold saw slight losses in Asia before it climbed to as high as $1293.30 in midmorning New York trade and then chopped back lower at times, but it still ended with a gain of 0.41%. Silver rose to as high as $17.121 before it also fell back off into the close, but it ended with a loss of just 0.18%. Full Story
With Shanghai leading the way today, we see gold prices persistently attacking the $1,300 overhead resistance this week. Please note that the way the gold price keeps rising in Shanghai is quietly steady with no spiking activities. The U.S. is more volatile, but comes into line with Shanghai. London always tries to lower the gold price from the trading level seen in Shanghai, but does not resist the overall rise in Shanghai’s price. Full Story
But for Warren Buffett the current environment doesn’t appear to be offering up any wonderful companies at fair valuations. The situation is so bad that the cash stockpile of Berkshire Hathaway has more than doubled in the last four years, from under $40 billion to $100bn. Full Story
There is not much US economic data this week. It will be a technical trade. A higher close today and tomorrow will ensure that gold has a smooth break of $1300. I am more concerned on silver as it either rises and breaks and trades over $1740 or crashes to $1610 and $1548. Korean Risk ups and downs will be the key. Full Story
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