India Takes Control on Gold Market
Commodity Online
In the global market gold witnessed no major movements as the traders are waiting for the US job data which will be released later. However, even as the world is awaiting the US job and other economic data for making their further movements in the market as US is the biggest influencing factor in almost all commodity markets, India and China are slowly seizing the deciding power in bullion market. Since India is the largest consumer of the metal and China has emerged as the second largest economy in the world beating Japan, bullion market watchers are giving more importance to India and China to decide their future course of action.
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Silver Turns Higher, Posts Two-Year High; Gold Trims Losses
Market Watch
Gold futures dropped Friday, coming off a two-month high as better-than-expected U.S. jobs data raised hopes about prospects for economic recovery and reduced demand for the precious metal as a safe haven. Silver, however, overcame a weak start Friday to post a two-year high. Gold for December delivery fell $4.50, or 0.4%, to $1,248.70 an ounce on the Comex division of the New York Mercantile Exchange. But the metal has pared some of its losses as the session progressed, notching weekly gains of 0.9% so far.
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Gold Falls as Traders Move to Stocks
The Street
Gold prices were slipping Friday after a better-than-expected U.S. jobs number led investors to dump gold for stocks. Gold for December delivery was losing $11.40 to $1,242 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Friday has traded as high as $1,255.60 and as low as $1,239.20. The U.S. dollar index was slipping 0.36% to $82.17 while the euro rose 0.25% to $1.28 vs. the dollar. The spot gold price was down $9, according to Kitco’s gold index.
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Goldcorp Bids $3.5 Billion for Andean Resources, Trumping Rival
Bloomberg
Goldcorp Inc., the second-biggest Canadian gold producer, agreed to buy Andean Resources Ltd. for C$3.6 billion ($3.5 billion), exceeding a rival offer to gain control of an Argentinean mine. The cash bid values the Perth-based miner at C$6.50 a share, or 2.2 percent more than an offer from Eldorado Gold Corp. based on yesterday’s close in Toronto trading. Goldcorp’s bid has the approval of Andean’s board, Vancouver-based Goldcorp said in a statement.
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Should You Join the Crowd Piling Into Gold?
Bloomberg
The price of gold has quadrupled in the last 10 years, but it was the financial crisis and the subsequent drop in interest rates on safe U.S. Treasury bonds that sent investors scurrying into the precious metal. Is this just a herd mentality at work, or is it a wise assessment of the economic road that lies ahead? Gold closed was trading at $1,248 an ounce at the New York Mercantile Exchange on Thursday. That’s a pretty dramatic run-up from $274.25 on Sept. 1, 2001.
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‘Interest rates drive Gold up and down’
Commodity Online
Everyday New York-based investment gurus Jeff Mosseri and Doug Loud make key decisions for their high net-worth clients. Many of those decisions involve strategically positioning investors in small- and micro-cap gold and silver plays. In this exclusive interview with The Gold Report, you will learn some of the names of those plays and how they use Mosseri and Loud as hedges against a failing economy.
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Gold Prices Steady Ahead of Jobs Number
The Street
Gold prices were tentatively higher Thursday as investors held on to the metal ahead of Friday’s jobs number. Gold for December delivery was adding $1 to $1,249.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Thursday has traded as high as $1,255.20 and as low as $1,245.30. The U.S. dollar index was rising slightly at $82.52 while the euro was flat at $1.28 vs. the dollar. The spot gold price Thursday was rising more than $5, according to Kitco’s gold index.
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Gold & Investment in Failure
GoldSeek
Many observers to the wild gyrations, deep contortions, extreme measures, and other bizarre activity in the government and banking arenas are suffering from severe confusion. The public is alarmed, even frightened, by the sequence of events, without much benefit of comprehension of what is happening or which clans are in control. The degree of deception hit a peak during the TARP Fund creation and disbursement, done behind private closed doors for the replenishment of sacred preferred stock, that bridge between corporate bonds and stock equity.
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Gold Futures Rise on Speculation
Bloomberg
Gold climbed for the third day this week on speculation that central banks will keep interest rates low for an extended period, boosting the appeal of the metal as an alternative investment. Today, the European Central Bank kept its benchmark interest rate at 1 percent, the lowest ever, to help revive the region’s economy. The Federal Reserve has kept the U.S. benchmark from zero percent to 0.25 percent since December 2008. Before today, gold gained 14 percent this year, reaching a record $1,266.50 an ounce in June.
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Top Gold Picks
CNBC
Kingsley Jones shares his top picks in gold. Click below to see the video on CNBC.com
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Gold Prices Slip; Buyers Must Be Cautious
The Street
Gold prices were tentatively lower Wednesday as investors piled into stocks as better-than-expected manufacturing data offset a disappointing jobs numbers. Gold for December delivery was slipping $2.40 to $1,247.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Wednesday has traded as high as $1,256.60 and as low as $1,246.20.
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Gold Futures Turn Lower on China Data
Market Watch
Gold futures reversed on Wednesday, going against a broad rally in commodities and stocks in the wake of upbeat Chinese manufacturing data, which also pressured the dollar. Gold for December delivery fell $3.80, or 0.3%, to $1,246.50 an ounce at the New York Mercantile Exchange, compared with a settlement high of $1,258.30 an ounce set in June. Gold, which traded as high as $1,256.60 an ounce earlier, dropped after payroll processor ADP said U.S. private-sector employment fell 10,000 in August. Read Economic Report for more on ADP.
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Japan’s Economic Stimulus is Good for the Gold Price
Kitco
The issue this week was the meeting of the Bank of Japan where they debated what to do about a Yen strong enough to damage Japanese exports, the mainstay of the Japanese economy. It was agreed that Japan will spend 920 billion yen [$10.8 billion] on economic stimulus and compile an extra budget if needed. The central bank expanded a loan program by 10 trillion yen [$116 billion]. This left the market underwhelmed and the Yen went stronger still.
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International Forecaster September 2010
GoldSeek
Almost two years ago the US Treasury was selling large amounts of short-term Treasury bills to fund bailouts and stimulus. That caused a major increase in debt. Most of that paper was 2-year bills and it is coming due for rollover shortly. While that transpires, October will report the annual fiscal deficit of 9/30/10 of about $1.5 trillion, a figure thought impossible just 1-1/2 to 2 years ago. This time around the Treasury will have to depend on the Fed and US banks and institutions to fund this mountain of paper.
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Gold Advances to a Two-Month High
Bloomberg
Gold advanced to a two-month high as the dollar fell for the first time in three days, increasing the appeal of the precious metal as an alternative investment. Gold for immediate delivery rose as much as 0.2 percent to $1,250.43 an ounce, the highest price since June 28, and traded at $1,250.10 at 3:29 p.m. Tokyo time. December-delivery futures were little changed at $1,251.80 on the Comex in New York after rising as high as $1,252.30.
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The Next Bull Market in Precious Metals
The Street
Gold prices have popped 9.7% year to date after reaching a record intraday high of $1,264 an ounce, and the next bull market is in rare earth metals, says one analyst. James Dines, editor of The Dines Letter, uses mass psychology to identify bubbles before they burst. Although he is a self-proclaimed expert, Dines reportedly urged subscribers to buy mining companies in 2001 to take advantage of a coming bull market in gold.
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Silver Producers Enter Profitable Phase
SilverSeek
The latest quarterly (Q2, ended June 30, 2010) results from a number of silver producers confirm that they are now entering a phase of sustainable profits. We will look at several companies and try to make sense of the numbers as well as make an EPS projection for the calendar year 2010. This particular selection of companies was not meant to be a comprehensive overview of the entire group of silver producers, yet our intention was to provide a meaningful representation of it.
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‘Big Fall is Likely in Gold at a High of $1,325′
Commodity Online
Listening to Trader Tracks Editor Roger Wiegand talk about market conditions and precious metals is like listening to your favorite uncle tell stories at Thanksgiving. The difference is that Roger’s stories are a lot more likely to make you money. In this exclusive interview with The Gold Report, Roger offers up a few of his favorite gold and silver plays and some sage market advice.
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Prelude to Meltdown: An interview with Bert Dohmen
GoldSeek
When Bert Dohmen talks, smart investors listen.In 2007 when most investment analysts and economists were downplaying the developing credit market troubles, Bert warned investors that the probability was very high that the troubles would escalate into full-blown crisis and would produce a crash of historic proportions. He chronicled the developing credit crisis in the pages of his newsletter and also published a book in early 2008, Prelude to Meltdown, which provided his insightful views on the emerging crisis in depth.
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Gold Rallying to $1,500 as Soros’s Bubble Inflates
Bloomberg
Investors are accumulating enough bullion to fill Switzerland’s vaults twice over as gold’s most- accurate forecasters say the longest rally in at least nine decades has further to go no matter what the economy holds. Analysts raised their 2011 forecasts more than for any other precious metal the past two months, predicting a 10th annual advance, data compiled by Bloomberg show. The most widely held option on gold futures traded in New York is for $1,500 an ounce by December, or 18 percent more than the record $1,266.50 reached June 21.
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The Big Move Is Still To Come!
Kitco
In the big picture we think the gold and silver bull market has just started to warm up. It is not that we believe the ten year bull market has not been underway for a significant amount of time, but rather we believe the majority of the price appreciation is ahead and not behind us. There is a common belief that rising interest rates are negative for the price of gold. Where do these crazy ideas come from? If that is the case then gold investors should fear that the bull market is nearly over as interest rates are near zero and when they eventually do rise the bull market will be threatened.
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Gold Market Update
GoldSeek
In the last update we were looking for gold to turn lower, it did turn lower and dropped quite heavily back to its 200-day moving average. However, it has risen all the way back up again and is now within striking distance of breaking out to new highs. On its 1-year chart we can see how gold has been rising steadily for 4 straight weeks now to arrive at a zone of substantial resistance approaching its highs. This fact alone makes it likely that it will pause beneath the highs and possibly react slightly before it can break out to new highs.
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Silver Market Update
SilverSeek
After looking extremely vulnerable for weeks, silver staged an upside breakout last week that has taken the price away from the danger zone and also signaled a probable breakout to new highs that, should it occur after such a prolonged standoff, can be expected to lead to a powerful uptrend that takes the price to a target area in the high $20’s. On its 6-month chart we can see how on Wednesday silver broke out upside from the Triangle it had been stuck in for months.
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How Does Double Dip Recession Affect Gold?
Commodity Online
Nearly all the commentary we have heard on this question says the same. “Yes, the prospects of a Double-Dip recession have increased but it remains unlikely that it will happen”. We feel that there may be just a hint of self-interest in these answers. The shockwaves that will reverberate should some say it is going to happen, or if the news confirmed that it had started would rattle the markets hugely. Despite the ability to disseminate news instantly, we have to wait a month before reliable figures are published to confirm one way or the other that this is or is not the case.
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A Closer Look at Bullion-Buying in China
Seeking Alpha
One persistent gripe I have with media analysis of economic issues is the extremely stunted perspective on news items. What I mean by this is that a news item will come out which suggests a particular trend (to greater or lesser degrees). What we will then see is a legion of media pundits jumping on this one inference – and then framing it as if it represents the only rational conclusion for this piece of news. In fact, as anyone with a reasonable amount of imagination and/or analytical expertise can tell you, most news items are suggestive of at least two possible scenarios – and often more.
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Proposing an Overnight Gold Fund
Kitco
In April the US Commodity Futures Trading Commission CFTC fined Hedge Fund Moore Capital for manipulation of the New York platinum and palladium futures market, as the firm was found to be “banging the close”, which involves entering orders in a manner designed to inflate the closing price, which other various derivatives contracts could be based on. So that is irrefutable evidence that the precious metals futures market is, at least to some extent, being manipulated. However a large concentration of this debate is based not on platinum and palladium, but on gold and silver, and particularly gold.
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Gold steadies ahead of crucial Fed speech
Commodity Online
Gold prices mixed in Asian trade Friday ahead of a key speech from US Fed Chairman Ben Bernanke.Gold for immediate delivery was seen trading at $1234.69 an ounce at 12.00 noon Singapore time while U.S. gold futures for December delivery was at $1,237.3 an ounce.Analysts said the precious yellow metal took advantage of a weak dollar against the yen as investors braced for a speech from Federal Chairman.
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Inflation Scorecard: Gold 3, Currencies 2
Seeking Alpha
Gold gained ground against three reserve currencies this week, but retreated against two others. Aside from its appreciation against the US dollar, bullion rose 2.6 percent versus the euro and 2.0 percent in sterling terms. Gold lost 0.2 percent in yen and 0.4 percent against the Swiss franc.
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India Gold Investment Seen Topping Jewelery Sale
Reuters
India’s gold investment demand may rise 25-30 percent in the second half of 2010 from a year ago as a shift in preferences from jewellery to exchange-traded funds (ETF), bars and coins gathers pace, the head of a spot bullion exchange told Reuters on Friday.Indians traditionally buy gold jewellery, which is the most common gift during religious events and an essential wedding present, but buyers are becoming increasingly aware of the benefits of holding gold in other forms.
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How To Trade Gold and Silver’s Volatility
Kitco
Understanding the key differences between both gold and silver’s risk/volatility levels plays a large part in how I choose a low risk trade setup. Those of you who follow me already know the GLD etf is my favorite trading vehicle as it provides me with low risk trading setups along with a very high win rate. Ok, let’s jump into to comparing gold and silver as trading instruments. I get the same questions from new traders all the time and I think these two questions will help clear them up.
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Is Fear Gripping Gold Market?
Commodity Online
1. The gold uptrend line in place from $1156 broke last night. Here’s a look at that break: Gold Uptrend Snapped. 2. There’s a small head and shoulders top pattern on the 60 minute chart which hints at the 1210 area, and 1210 is also support on the daily chart. Here’s a second look.
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Silver Prices Now Rising Faster Than Gold
SilverSeek
August is usually a quiet month in the precious metals market but this month is different. Silver has started behaving 100 per cent like a precious metal and not as an industrial commodity, and while stocks and Dr Copper have been falling, silver has been outperforming gold which is also on the up.
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Gold Demand Up, Supply Flagging
BullionVault
CENTRAL BANKS used to be steady of Gold Bullion, but switched in 2009 to being net buyers – as a group, worldwide – for the first time in two decades. Here, Jason Toussaint – managing director of investments, World Gold Council – speaks to Hard Assets Investor about the outlook for central-bank gold buying…
HAI: How do you see emerging-market gold demand playing out from here?
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India’s Love Affair With Faux Gold
Mineweb
Imitation gold jewellery is flying off the shelves in Mumbai. With gold prices testing multi-week highs and staying strong, physical demand for the yellow metal has taken a beating, and consumers are preferring to opt for gold jewellery in lower carats. and for costume jewellery made out of 1 carat gold. On August 24, as India celebrates Raksha Bandhan, a festival which celebrates the bond of affection between brothers and sisters, imitation gold jewellery appears to be ruling the day.
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Ron Paul Calls for Audit of US Gold Reserves
Commodity Online
U.S. Rep. Ron Paul, R-Tex, plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview. Paul dropped the news in the interview, indicating that the bill still does not have an official name yet but will be unveiled at the start of the new U.S. Congress. “If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said of the Federal Reserve.
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The Best Insurance Policy
Small Cap Investor
I always have a watchful eye on a number of exchange traded funds (ETFs) to help me slice and dice the market’s latest moves. There is one trend that investors simply can’t ignore. That trend is increasing gold prices. There are a lot of gold bugs out there that are constantly pounding the table. They say gold is the ultimate inflation hedge, that it is a safe haven asset, and that it is extremely undervalued right now by historical measures.
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Thinking Of Buying Gold Or Silver? Now What?
Coin Update News
It has become clear to me that a lot more people have done their research and come to the conclusion that they should own some gold and/or silver as part of their total assets. But, once you have come to that decision, then you have to choose the appropriate vehicle(s) to get into the precious metals markets. In the past few months I have come to appreciate, much more than I ever have, that this second decision is far more intimidating to people than simply realizing that owning gold and silver is right for them.
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Gold’s Selloff May Not Last
The Street
Gold prices were selling off Tuesday as investors sold gold to cover losses in stocks, and a stronger U.S. dollar weighed on prices. Gold for December delivery was losing $9.30 to $1,219.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Tuesday has traded as high as $1,227.80 and as low as $1,218.40. The U.S. dollar index was adding 0.38% to $83.44 while the euro was down 0.33% to $1.26 vs. the dollar. The spot gold price Tuesday was lower by $8, according to Kitco’s gold index.
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Australian Gold Mining Giants Merge
Commodity Online
It is the time for mergers and acquisitions in the mining sector. After the recent copper miner Vedanta’s takeover of Cairn India, now two gold mining majors in Australia announced their merger on Tuesday. According media reports, Australian gold miner Newcrest bought rival Lihir Gold with the deal creating the fourth largest group in the sector. Newcrest said Lihir Gold shareholders voted overwhelmingly in favour of the 9.5 billion Australian dollar deal, with just under 100 per cent of the votes cast in support.
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1% of 1%
Silver Seek
Please bear with me while I repeat myself about how tiny the silver market is. Let’s start with the facts. World annual silver mining adds about 600 million ounces of new silver, that includes all silver as byproduct supply from copper, gold, lead, zinc and other mines. Recycling contributes about 150 million oz. That’s total supply. That is balanced on the demand side by industrial demand, jewelry demand, photography demand, and investor demand.
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Why You Need To Own Gold Now
Forbes Blogs
After a two month drop, the dollar has been stronger for the second week in a row and stocks were concomitantly weaker, as were commodities. Gold bucked the trend, rising modestly. With earnings season largely behind us, I had a chance this week to focus on the big picture. I want to talk mostly about gold today, but first I want to give you some context. If a picture is worth a thousand words, this one is a Rembrandt, worth millions.
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Gold Market Dazed as India Gives a Miss to Festive Gusto
Commodity Online
The onset of the festive season in the Indian subcontinents has left India’s jewellery makers bewildered as the demand for the yellow metal did not match the expectations of the bullion marketers, who believed jewellery buying during festivities to shoot up despite peaking up prices. In India, MCX Gold for October contract traded at Rs.18698 per 10 grams, which was down by Rs.29 per 10 grams. In the spot markets as well, the prices remained lower. Gold Ahmedabad hovered at Rs.18660 down by Rs.65, while Gold Mumbai traded at Rs.18696.25 down by Rs.25 from its previous closing.
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Gold: The Shadow Currency
Seeking Alpha
What you read in the mainstream financial media about gold never ceases to amaze and amuse. About a week ago, in this item at the Wall Street Journal MarketBeat blog, Matt Phillips said he was pretty, pretty, pretty skeptical about the shiny rock save for his belief that it’s a bubble. Saturday, sitting in for Jason Zweig in writing the Weekend Investor column, Jeff Opdyke thinks that the shiny rock is some sort of a shadow currency.
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Gold Up-date: Have Faith in Gold
Kitco
A little over a week ago, U.S. Treasury Secretary Timothy Geithner wrote an article for the New York Times entitled Welcome To The Recovery in which he touted the great strides that the U.S. economy was making. But, with unemployment still dangerously high, foreclosures and personal bankruptcies continuing to set all-time records, shrinking manufacturing, burgeoning national debt, massive budget deficits, I can’t see any recovery at all.
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The 21st Century Yukon Gold Rush
Wealth Daily
The mining history books will have to be rewritten. Brand-new discoveries of large — and incredibly rich — gold deposits in Canada’s Yukon Territory have sparked the imaginations and excitement of geologists across the globe.And with these impressive discoveries, the Yukon Territory is once again gaining a reputation as one of the world’s hottest gold exploration targets. For investors, this means the opportunity to profit from ground-floor area plays in the rapidly re-emerging Yukon gold district — which geologists are already comparing to the world’s top gold regions.
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