Gold & Silver Bullion

Australian Gold Sector Rally
Kitco
I have fantastic news to report this week. The XGD has formed a powerful buy signal indicating that the way forward is up again for the Australian gold sector. I have shown this signal in the daily XGD chart below with some resistance levels overhead which we are currently cutting through with apparent ease. Chances are that this will continue and that the awaited second leg of the gold rally that began in September 2009 at around US$954 is now back on track.
[ Read Full Article]

Gold Setting Up For Its Next Move to the Upside?
Mineweb
Gold remained firm despite the current strength in the greenback. The Dollar index reached 80.88. However, with exploding national debt, we are going to see further currency devaluations. This, combined with strong investor demand, is setting gold up for its next move to the upside. While some Wall Street’s analysts claim China is in a bubble, I don’t buy this at all. In fact, I am sure China’s GDP growth will continue at 9% if not more. As China continues to transform itself into a major economic power, demand for gold, and silver for that matter, will continue to increase.
[ Read Full Article]

AngloGold May Split Operations
Mining Weekly
AngloGold Ashanti, the world’s No. 3 gold producer, could split its global business to increase its valuation and boost returns shareholders, its CEO said on Monday.
Mark Cutifani also told the Reuters Global Mining and Steel Summit the group wants to grow its footprint in the Americas, and was seeking an acquisition. He also hopes to unwind AngloGold’s hedgebook sooner than a previous target of 2014, and he forecast rising gold output. Cutifani said AngloGold, which has 21 operations on four continents, would make a decision in the next 12 to 18 months on whether to split its portfolio.
[ Read Full Article]

Gold Prices Drop on Euro Rumbles
The Street
Gold prices were tentative Monday as markets digested European sovereign debt fears. Gold for April delivery was slipping 30 cents to $1,134.90 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,138 and as low as $1,132.60. The U.S. dollar index was down 0.32% to $80.17. Spot gold prices dropped $7.90, according to Kitco.com’s dollar-weighed price index. Gold was confined to a tight trading range as investors digested mixed data. A better than expected nonfarm payroll report Friday buoyed risk sentiment, increasing appeal for the precious metal. But it also ignited fears that the Federal Reserve could raise interest rates sooner than anticipated.
[ Read Full Article]

Benefit from Palladium on Dollar Rally
Commodity Online
The most impressive metal, however, is Palladium. The massive rally in the dollar has had almost no impact on the price of Palladium; it is still trading very close to its highs. If the precious metal’s sector continues to hold up like this, one can expect it to literally explode upwards once the dollar rally fizzles out. From late 2008 to early 2009, when no one was paying attention to Palladium, we were strongly pounding the table on it. Palladium turned out to be the top performing precious metal last year and is still holding up a lot better than the rest.
[ Read Full Article]

Indian Gold Traders Step Up to Hedging on Bourses
Market News
Indian gold traders are increasingly turning to hedges on local bourses to fight price volatility as they seek to revive from weak consumption seen last year, exchange officials and analysts said. Physical delivery of gold in settlement of contracts, a key indicator of genuine hedging, rose to 2.7 tonnes in February, compared with 0.348 tonnes a year ago, data from the MCX, India’s largest commodity exchange for bullion, showed. “Large volatility is there and we need to be protected by it, this also shows the maturity of exchanges as delivery base centre,” said Daman Prakash Rathod, director of the Chennai-based MNC Bullion, one of the country’s biggest gold traders.
[ Read Full Article]