October 4, 2011
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Gold & metals
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bsiong
Supreme |
05-Oct-2011 08:40
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 10/4/2011
STOCK & PRECIOUS METALS MARKETS SURGE IN MASSIVE LATE DAY RALLY Markets posted massive gains this afternoon as the S& P 500 climbed by 4.1% and gold rebounded by more than $20 off its low of around $1,600. Silver is closing above $30 after dipping below $29 this afternoon. The market continues to suffer from headline risk – the tendency to swing wildly based on whatever news is breaking at the moment – and demonstrated it this afternoon. It was reported that European Union (EU) finance ministers agreed to a bank bailout to rescue financial institutions in the event that the dominoes set in place by the sovereign debt of several EU states start to fall. Speaking at a press conference, Wolfgang Schäuble, the German Finance Minister said, “Everyone said the big concern is that worrying developments on the financial markets will escalate into a banking crisis. It’s clear now that the European banking system needs to be strengthened and needs more capital.” Greece also looks to be (slightly) further away from bankruptcy, which could be another force acting on the markets this afternoon. “Until mid-November it is clear there will be no problem,” said Greece’s Finance Minister, Evangelos Venizelos. What will happen at that time remains to be seen. The Greek population is struggling to accept the new round of austerity measures required to receive the next round of aid. At 4:00 pm (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
04-Oct-2011 23:23
Yells: "The Greatest Wealth is Health" |
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x 0
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 Fed Chairman Says Economy Growing More Slowly than Expected |
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bsiong
Supreme |
04-Oct-2011 23:01
Yells: "The Greatest Wealth is Health" |
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Bernanke: Fed Prepared to Take Action to Boost Growthbloomberg.com |
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bsiong
Supreme |
04-Oct-2011 22:58
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
CHINA WARNS OF TRADE WARreuters.com
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bsiong
Supreme |
04-Oct-2011 22:36
Yells: "The Greatest Wealth is Health" |
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x 0
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Gold turns lower as wider markets slide* Gold surrenders gains, succumbs to pressure from falling stocks * Dollar firms against currency basket, other commodities fall * Platinum widens discount to gold to nearly $200/oz By Jan Harvey LONDON, Oct 4 (Reuters) - Gold prices surrendered early gains on Tuesday to swing lower, caught up in hefty losses across the financial markets, as heightened concerns over the prospect of a Greek default prompted a sharp slide in equities and commodities. European shares fell 3.3 percent, oil prices slid more than $2 a barrel and industrial metals like copper and nickel saw selling on growing fears the euro zone sovereign debt crisis could be spreading to the banking sector. Spot gold was down 0.2 percent at $1,652.80 an ounce at 1242 GMT, having earlier risen as high as $1,678 an ounce. Investors remained wary towards gold after it was caught up in a financial market rout in late September, which saw heavy selling of the metal to cover losses elsewhere. Prices fell 20 percent from the record $1,920.30 hit early in the month. " Against a sea of red, (gold) probably will continue to struggle, as its safe haven (appeal) has been somewhat put into question over the last month," said Saxo Bank senior manager Ole Hansen. " Further losses on the S& P, which are now likely considering how we are testing recent lows, could trigger addional long liquidation of profitable positions." " Gold has done pretty well considering the continued dollar strength," he added. " But it is probably also clear that following a $300 dollar correction, many are a bit hesitant jumping back in." European shares took another hit on Tuesday on fears Franco-Belgian bank Dexia may need to be rescued due to its exposure to Greek debt. Investors fear this is evidence that banks will be hit hard by the euro zone sovereign debt crisis. European finance ministers are considering making banks take bigger losses on Greek debt and have postponed a vital aid payment to Athens until mid-November. The STOXX Europe 600 Banking Index is down nearly 5 percent. Despite putting in its weakest performance in nearly three years in September, gold still managed to deliver its biggest quarterly gain of 2011 in the third quarter, and is up more than 15 percent so far this year. This is even after some gains in the dollar, which has inched up 1.4 percent this year versus the euro. Gold is usually pressured by a stronger dollar, which makes it more expensive for other currency holders. U.S. gold futures GCv1 for December delivery were down $2.50 an ounce at $1,655.20. COMMODITIES SLIDE Among other commodities, oil and industrial metals such as copper and nickel fell as worries over the economic outlook hurt demand expectations for raw materials. Goldman Sachs reiterated its 12-month gold price target of $1,860 an ounce, at the same as it cut its 2012 forecasts for oil and copper prices. " As we expect gold prices will continue to be driven in large measure by the evolution of U.S. real interest rates and with our U.S. economic outlook pointing for continued low levels of U.S. real rates in 2012, we continue to recommend long trading positions," it said. Credit Suisse also raised its 2012 gold price forecast to $1,850 an ounce, saying the metal, as a clear beneficiary of the uncertainty and dislocations in financial markets, has further upside with the crises set to continue. Silver prices were up 0.2 percent at $30.39 an ounce. Spot platinum was down 1.2 percent at $1,478.99 an ounce, while spot palladium was up 1.2 percent at $586.97 an ounce. Platinum widened its discount to gold to nearly $200 an ounce in earlier trade, an unprecedented level, while the gold:platinum ratio -- the number of platinum ounces needed to buy an ounce of gold -- rose to 1.13, its highest since Reuters data began. Platinum prices were hurt by a 29 percent hike in CME Group trading margins on platinum futures, as the biggest operator of U.S. futures exchanges moved to tame market volatility. " Major automakers posted double-digit percentage U.S. sales gains for September.... (but) September car sales in Italy and France were weak, offsetting gains in Germany," said HSBC. " More than half of annual platinum and palladium demand is from the auto sector where it is a necessary component in the production of catalytic converters and particulate filters." (Reporting by Jan Harvey Editing by William Hardy) |
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bsiong
Supreme |
04-Oct-2011 22:30
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 10/4/2011October 4, 2011
CHINA WARNS OF TRADE WAR BERNANKE SPEAKS TODAY After a volatile night, gold is trading slightly lower, thanks to traders selling gold (their insurance policy) to cover short positions and margin calls. U.S. stock futures are also down. Greece is the main issue yet again, as eurozone leaders voted to delay a decision on whether to lend the country more aid. This news pushed gold as high as $1,673 overnight, as investors move to safe haven assets in this time of uncertainty. Ong Yi Ling of Phillip Futures says that the recent sell-off in gold has pushed out some speculative buying. Ling added, “The long-term uptrend for gold remains intact and we remain bullish. Gold could climb to about $2,000 an ounce in 2012. Safe haven bids could slowly return as prices stabilize.” A Joint Economic Committee meeting is scheduled this morning, so all eyes will be on Federal Reserve Chairman Ben Bernanke. Bernanke is expected to face questions on the effectiveness of Operation Twist, announced last week, during his testimony. This is in addition to the normal questions regarding the sluggish economic recovery and domestic bank exposure to the eurozone debt crisis. China is again warning the U.S. that a trade war could be the result of a proposed bill that would allow China’s currency to rise. Similar comments were made last year, but the bill did not pass the Senate. Of course, if it passes both sides of Congress, President Obama would be faced with the difficult decision of risking a trade war with China or taking the more diplomatic approach and vetoing the bill. Chinese foreign ministry spokesman Ma Zhaoxu said, “The yuan bill passed by the U.S. senate will not solve its problems, such as insufficient savings, high trade deficit and high unemployment rate, but it may seriously affect the whole progress of China’s reform of its yuan exchange rate regime and may also lead to a trade war which we would not like to see.” At 8:00 am (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
04-Oct-2011 01:08
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
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bsiong
Supreme |
04-Oct-2011 00:42
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
 
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bsiong
Supreme |
04-Oct-2011 00:40
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
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bsiong
Supreme |
04-Oct-2011 00:36
Yells: "The Greatest Wealth is Health" |
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With the stock market plunging on Friday, gold ending the week at $1,625 and silver at $30, Michael Pento, of Pento Portfolio Strategies, explains for King World News readers globally the underlying reason stocks were plunging and why investors should be buying gold  |
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bsiong
Supreme |
04-Oct-2011 00:25
Yells: "The Greatest Wealth is Health" |
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Gold rises for third day after Greece rocks markets* Gold set for 3-day rally, longest run of gains in a month * Turkish imports hit three-year high * Silver rises nearly 5 pct at session high By Amanda Cooper and Jan Harvey LONDON, Oct 3 (Reuters) - Gold headed for its largest one-day rise in nearly a month on Monday and silver climbed almost 5 percent after Greece warned it will miss deficit targets set to avoid bankruptcy, unleashing a sell-off in equities and commodities. European stocks slid nearly 2 percent , while U.S. crude futures fell 2.1 percent and palladium dropped 3.3 percent to hit one-year lows after Greece said it will miss the deficit targets set in July. Gold has assumed a more habitual trading pattern of rising in times of uncertainty after staging its largest monthly drop since the credit crunch of 2008 in September as the escalating Greek crisis prompted investors to seek safety in the dollar. Spot gold was up 2 percent at $1,655.19 an ounce at 1350 GMT. U.S. gold futures for December delivery were up 2.2 percent to $1,657.40 an ounce. " The environment for gold is still kind of perfect," said Ronald Stoeferle, gold analyst at Erste Group. " We have negative real interest rates more or less all over the world, there's extreme systemic risk, and there is a very fundamental need for a safe-haven currency." Gold's status as a haven has not been damaged by last month's sharp correction, he added. " We're still up (16.5 percent) in 2011. Compared to the equity markets, that's a pretty nice outperformance," he said. " Corrections like this are healthy for the long-term uptrend." On the currency markets, the euro slipped to within sight of an eight-month low against the dollar as mounting concerns of a Greek default deepened investor worries about the health of the euro zone's banking sector. Financial markets are awaiting a spate of events this week, including key U.S. non-farm payrolls data on Friday and the European Central Bank's interest rates decision on Thursday. The ECB is expected to leave benchmark euro zone rates on hold this week and signal a shift in its interest rate-rise cycle after a raft of weak economic data and a deterioration in funding conditions for some of the bloc's indebted nations. Also on the slate, Federal Reserve chairman Ben Bernanke is scheduled to testify on the economic outlook to the Joint Economic Committee on Tuesday. The head of the U.S. central bank put markets on notice last week, signalling that despite already having spent trillions of dollars to stimulate growth, the Fed would do more if inflation falls too far and the threat of deflation grows. PRICE DROP PROMPTS PHYSICAL BUYING The gold price fell nearly 11 percent in dollar terms in September, its largest one-month fall since Oct. 2008. On a quarterly basis, however, the third three months of 2011 marked gold's strongest performance since the last quarter of 2010. Gold's 20 percent fall from September's record high at $1,920.30 an ounce has tempted physical consumers of the metal back into the market, even though speculators cut their investment the precious metal in favour of owning U.S. dollars. The latest data from the Commodity Futures Trading Commission on holdings of gold futures shows speculators cut their position to its lowest since the second quarter of 2009, highlighting the move from hard assets to U.S. dollars. " After the recent washout, gold positioning is far from extended and this is quite a bullish signal for price strength ahead," said UBS in a note. " The 'clean' nature of current spec positions, along with physical and long-term demand, is creating a very healthy foundation for gold to climb from." Markets are closed in number two gold consumer China for a public holiday. But demand from other key gold-buying regions has picked up in the last couple of weeks, pushing Asian premiums to their highest since the start of the year. In the world's third largest consumer, Turkey, gold imports hit 18.23 tonnes in September, their highest in three years, data from the Istanbul Gold Exchange showed. Silver was up 2.7 percent at $30.68 an ounce, having earlier risen as high as $31.38. It fell by nearly 28 percent in September, its biggest one-month drop since the early 1980s. Echoing weakness in other industrial commodities, platinum fell 1.9 percent to $1,495.74 an ounce, while palladium dropped 3.4 percent to near one-year lows at $589.25. |
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bsiong
Supreme |
04-Oct-2011 00:23
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
* Gold still eyes $1,674-technicals * Coming Up: U.S. ISM Manufacturing PMI Sep 1400 GMT (Updates prices, adds quotes) By Lewa Pardomuan SINGAPORE, Oct 3 (Reuters) - Gold strengthened further on Monday as falling equities and lingering worries about a debt crisis in Europe drew investors to the precious metal, which posted its the biggest quarterly gain this year, but a firm U.S. dollar could still cap gains. Stocks slipped in Asia and the euro fell on anxiety the euro zone's debt crisis will dampen global growth after the Greek government said it will miss a deficit target set just months ago in a massive bailout package. [MKTS/GLOB[ Spot gold added $9.29 an ounce to $1,632.24 by 0308 GMT. Gold had posted a quarterly gain of 8 percent -- its biggest this year, despite a drop of 11 percent for September, its largely monthly decline in three years. " Gold rises despite a firmer U.S. dollar ... perhaps gold's appeal as a safe haven asset has been reinstated. Also, the market appears to be buying on the dip," said Natalie Robertson, a commodities strategist at ANZ. " Now there appears to be strong buying interest towards the $1,500 an ounce level." U.S. gold GCcv1 rose $11.7 to $1,634 an ounce. Gold jumped to a lifetime high around $1,920 an ounce in early September after the euro fell against the dollar on growing doubts about Europe's ability to solve its debt crisis. European Central Bank member Christian Noyer said on Monday it is unrealistic to expect an increase in Europe's bailout fund beyond what was agreed in July, but that he is open to schemes that would allow leveraging to expand capacity. Jitters over the spiralling European debt crisis, European banks' exposure to sovereign debt and a slowing global economy caused investors to cut their bets on risky assets in the July-September quarter, sending the euro down almost 10 cents versus the dollar over the period. In the physical market, tight supply persisted after a recent drop in bullion prices triggered aggressive buying across Asia. " Basically people are trying to fulfil the orders. I don't have much stock. There's still some buying around and also advance booking," said a physical dealer in Singapore. Premiums for gold bars were steady at $2 an ounce to spot London prices in Singapore. Demand from top consumer India is also picking up during the wedding season, when gold jewellery is an essential part of the dowry basket. In India, retail gold demand traditionally gains pace from the month of August, when the festival and wedding seasons start, culminating with Diwali, the Hindu festival of light. " Precious metals are expected to trade higher this week and throughout this month as they recover from the late-Sept selloff. The gold market could advance toward the $1,675-$1,700 range while silver trades toward $33.00," said precious metals and energy analyst at MF Global Tom Pawlicki. " After a poor showing and high volatility in September, metals could recover this week due to favourable quarter-end seasonal patterns, the ongoing uncertainty in Europe, a developing economic slowdown in China, and from the increased potential of a double-dip recession in the U.S." The euro plunged to an eight-month low against the dollar on Monday and is poised to fall further, with Europe still divided over the best cure for the debt crisis and with the possibility of a Greek default looming larger than ever The dollar index hit an eight month high, edging up 0.5 percent to 78.888. Oil fell more than a dollar on Monday on growing fears the euro debt crisis may spread to other parts of the region and dampen global oil demand. |
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bsiong
Supreme |
04-Oct-2011 00:20
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
MARKET NEWS * The euro sank near eight-month lows in early Asia on Monday, on reports ministers from France and Belgium would meet and the lack of a credible solution to Europe's debt crisis. * Oil fell more than a dollar on Monday on growing fears the euro debt crisis may spread and dampen global oil demand. * U.S. stocks ended their worst quarter since the depths of the 2008 credit crisis, crippled by Europe's debt debacle, a U.S. credit downgrade and a sputtering global economy. |
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bsiong
Supreme |
04-Oct-2011 00:17
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Commentary – 10/3/2011October 3, 2011 Gold & Silver rising on the news that Greece will not meet its deficit targets – Greece warned over the weekend that it will not meet its upcoming deficit targets set in July. These targets were set as a condition of a massive bailout package in order to avoid bankruptcy. This announcement sent gold and silver prices climbing, while triggering a selloff in equities. Asian markets were off over 4%, European markets off over 2%, and the U.S. markets are set to open lower. As the price of gold has increased over the past ten years, it has not gone unnoticed by local governments. This year, it appears more and more governments are trying to tap into the gold mining company pockets. In some cases, it may be through increased taxation, such as in Australia, who announced a rent tax of 22%. In other cases, it’s been outright nationalization, such as what just happened in Venezuela. Either way, it is an increase in costs to the mining companies, which hurts their balance sheets. It could also ultimately decrease gold supply, as mining costs make it more and more expensive to get gold out of the ground. The recent decline in gold prices is raising Indian gold traders’ expectations for a banner year. India, who is the world’s largest purchaser of gold, is moving into the festive season with expectations of gold purchases to jump by as much as 70%. Indians would be buyers of gold even when it reached $1900 per oz, but this recent drop has added an increased enthusiasm for the yellow metal. At 8AM (CT) the APMEX precious metals prices were: · Gold price - $1,657.90 – up $33.60 · Silver price - $30.68 – up 56 cents |
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bsiong
Supreme |
01-Oct-2011 14:23
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Prophets Of Doom: 12 Shocking Quotes From Insiders About The Horrific Economic Crisis That Is Almost Heretheeconomiccollapseblog.com |
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bsiong
Supreme |
01-Oct-2011 14:19
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Pierre Lassonde - Gold Correction Over, Expect $10,500 Goldkingworldnews.com |
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bsiong
Supreme |
01-Oct-2011 14:16
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Must Watch: " We Need A LOT Of Pressure On Wall Street" Bernie Sanders On Occupy Wall Street Protest |
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bsiong
Supreme |
01-Oct-2011 14:07
Yells: "The Greatest Wealth is Health" |
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Gold retreats on firm dollar, set for weak September* Gold slips lower as dollar benefits from falling stocks * Bullion set for worst month in near 3 years, but quarterly gain * Silver set for monthly and quarterly decline By Jan Harvey LONDON, Sept 30 (Reuters) - Gold retreated on Friday as gains in the dollar pressured commodities priced in the U.S. unit, and was set to end September with its biggest monthly drop in nearly three years after recent weeks' heightened volatility spooked buyers. The metal remained on track for its biggest quarterly gain this year, however, as concerns that the euro zone debt crisis was far from resolved underpinned interest in gold as an alternative to assets seen as higher risk such as stocks. Spot gold was at $1,614.30 an ounce at 1348 GMT, little changed from its level late in New York on Thursday, having earlier traded as high as $1,639.99. Extreme volatility this month saw the metal in a near $400 range after hitting a record $1,920.30 an ounce on Sept. 6. Though the correction from that high has lifted physical demand, buyers remain wary of gold after this month's violent fluctuations. Afshin Nabavi, head of trading at MKS Finance, said the market was struggling within the $1,600-1,650 range. " With the current demand we are seeing in gold in particular, the market is not performing," he said. " I think we should see a good, healthy correction first, before heading towards the all-time highs." Renewed fears of a slowdown in the global economy combined with the long-dragging euro zone debt crisis weighed on European stocks on Friday, as one of the most volatile and worst quarters since late 2008 came to an end. Stock market weakness and worries over the euro zone crisis hurt the euro , which fell 1 percent versus the dollar. The dollar has benefited from this month's elevated risk aversion, up nearly 6 percent against a currency basket. The risk aversion that drove gold prices higher earlier in the quarter turned negative for the metal as a slide in other assets prompted selling to cover losses elsewhere. A rise in margin requirements for U.S. gold futures also weighed. Longer term, however, it is still expected to benefit from concerns over the U.S. and euro zone economies and the instability of the wider financial markets. " Any time you have a sharp spike in risk aversion, gold prices tend to come off, and then once the markets start to normalise, prices tend to benefit," said Bank of America-Merrill Lynch analyst Michael Widmer. " The fact that gold gets caught up makes perfect sense -- if you've got margin calls... and other positions under water, that will cause selling," he added. " Ultimately the fundamentals that we thought were positive for gold are still in place -- issues in Europe and the United States, slowing GDP growth, central banks doing their magic." U.S. gold futures GCv1 for December delivery were down 1.50 an ounce at $1,615.80. ETF INVESTORS HOLD FIRM Holdings of the world's biggest gold-backed exchange fund, New York's SPDR Gold Trust , dipped by 10 tonnes, the exchange said on Thursday, but were almost unchanged month-on-month despite the fluctuations in gold prices. " The price drops were driven by investors' reaction to declines in equities, and were a combination of the need to raise cash or lock in profits," said HSBC in a note. " As long as ETF holdings remain steady, we expect gold prices eventually to stabilize and resume their long-term advance." Data from the International Monetary Fund showed central banks also added to gold reserves in August, with Thailand buying 9.3 tonnes last month, Russia adding 5.6 tonnes and Bolivia buying 7 tonnes of gold. Demand for physical gold, which picked up as prices declined from record highs, remained a firm support to the market, with the advent of the Indian festival season helping drive buying in the world's biggest gold consumer. Silver was down 1.3 percent at $30.17 an ounce. Holdings of the largest silver ETF, the iShares Silver Trust , fell nearly 23 tonnes on Thursday. Silver prices have also seen extreme volatility this month, in line with gold, and are set to end the month 25 percent lower, and the quarter down 10 percent. Spot platinum was down 0.6 percent at $1,507.49 an ounce, while spot palladium was down 0.9 percent at $610.25 an ounce. (Editing by James Jukwey) |
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bsiong
Supreme |
01-Oct-2011 14:01
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Closing Gold & Silver Market Report – 9/30/2011
September 30, 2011
WORST QUARTER SINCE 2008 FOR U.S. STOCKS, WORST IN NINE YEARS FOR EUROPE Since the posting of the Mid-Day Gold & Silver Market Report, prices on gold, silver, and platinum have all dipped somewhat, with only palladium seeing an increase since 12:00 PM (CT). Still, gold ended the day higher than it had Thursday (rising by 0.3%) as buyers took advantage of the metal’s lower prices and its continued safe-haven appeal. Precious metals analyst Jim Steel from HSBC explained, “There’s just a lot of volatility in the market.” He also expressed the opinion that gold has probably reached a bottom, with support for prices being provided by physical buying from emerging markets. According to Steel, “Any drops below $1,600 (an ounce) will be met with vigorous buying.” Silver ended the day down 1.4%, with platinum and palladium ending down 0.6% and 1.5%, respectively. In an end to the worst quarter since 2008’s financial crisis, stocks here in the U.S. experienced a drop of more than 2% today. The Nasdaq ended the day down 2.6% and was down 12.9% for the quarter, the Dow ended down 2.2% for the day and 12.1% down for the quarter, and the S& P 500 ended down 2.5% for the day and down 14.3% for the quarter. Stocks overseas didn’t fare well either at this quarter’s end, with European economies (including Germany, France, and the UK) experiencing their biggest quarterly losses in nine years. Fears over the European debt crisis and the possibility of the U.S. slipping into a recession continue to drive down the value of stocks worldwide and reduce confidence in the global economy. At 4:15 PM (CT), the APMEX precious metals spot prices were: · Gold - $1,628.50 - Up $9.20 · Silver - $30.02 - Down $0.54 |
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warrenbegger
Elite |
01-Oct-2011 00:26
Yells: "Anyhow Buy Anyhow Die ^_^" |
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x 0
x 0 Alert Admin |
If really got QE3. Let it come faster!!! All the market is dying liao, just try QE3 and see how first. If not only one way road to lim chu kang liao!!!
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