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bsiong
Supreme |
08-Sep-2011 22:17
Yells: "The Greatest Wealth is Health" |
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Gold rebounds 1 percent as price slide tempts buyersLONDON (Sept 8) Gold bounced back above $1,840 an ounce on Thursday as the last session's dramatic 3 percent price slide tempted physical bullion buyers back to the market, with concerns over euro zone debt and the U.S. economy firmly underpinning interest. Financial markets are keenly awaiting key speeches on the U.S. economy from President Barack Obama and Federal Reserve chairman Ben Bernanke later, and the outcome of the latest policy meeting of the European Central Bank. Gold has had a choppy week, hitting a record high above $1,920 on Tuesday before correcting more than $120 an ounce to the week's lows in the next session. Physical gold purchases rose after prices eased below $1,800 on Wednesday, dealers said. Physical demand is expected to rise ahead of India's wedding season and as concern over the economic outlook brightens gold's appeal as a haven. " In the medium term to long term, it's pretty clear that the bullish trend hasn't been tarnished a bit," said Pradeep Unni, senior analyst at Richcomm Global Services. " We take yesterday's slide as correction which is good for the overall bullish market." Spot gold was up 1 percent at $1,833.90 an ounce at 0907 GMT (5:07 a.m. ET). Prices have been volatile in recent weeks. Libya's central bank, now under the control of the country's new leaders, said on Thursday it had sold 29 tonnes of gold to pay salaries. Its central bank later said the gold had been disposed of in April or May to merchants within the country. The markets are weighing up the prospect of further quantitative easing -- or money printing -- in the United States. A raft of soft U.S. data has led to speculation the U.S. authorities may feel the need to stimulate sluggish growth. Obama's speech to lay out a $300 billion jobs package later and a presentation by Fed chairman Bernanke at 1730 GMT will be closely watched for any signs on the outlook for the U.S. economy and Fed policy. Expectations for more quantitative easing were a key factor sending gold prices higher last month. If those weaken, gold could correct. " As much as market participants are starting to price in the possibility of QE3 materializing after all, there is still no guarantee that this is the route the Fed will take when the FOMC meets for two days on 20-21 September," said VTB Capital in a note. U.S. gold futures for August delivery were up $19.20 an ounce at $1,836.90. STOCK MARKET RECOVERY STALLS A softer tone to equity markets also took some pressure off gold on Thursday. European stocks steadied as investors waited to see if the ECB will signal a policy change to support the euro zone economy, while German government bonds opened higher. .EU On the foreign exchange markets, the euro wilted as investors worried that Europe's efforts to fix the debt crisis were not working fast enough. Swiss bank UBS said it sees the euro zone debt crisis as a key factor driving prices higher, as it raised its 2012 gold price forecast to $2,075 an ounce from $1,380 and its 2011 price view to $1,665 an ounce from $1,500. " Our core view is that ongoing global macroeconomic disappointments, the inevitability of further negative turns in the European sovereign debt crisis, with low business, consumer and investor confidence will lead to gold being increasingly used as the line of defense against additional negative market outcomes," the bank said in a report. " With the pool of competing asset alternatives sparse, 'new' money will likely flow into the gold market over the months ahead and into 2012, and this should have significant price implications." " Much rests on policymakers' actions, in particular whether they will act proactively and whether such action will in fact have a positive impact on growth," it said. Among other precious metals, silver was up 0.3 percent at $41.66 an ounce. Holdings of the world's biggest silver-backed exchange-traded fund, the iShares Silver Trust, rose by 72.7 tonnes on Wednesday, its biggest one-day increase since August 23. Spot platinum was up 0.8 percent at $1,829.99 an ounce, while spot palladium was up 0.9 percent at $753.72 an ounce. ========================================= THE BEST WEALTH IS HEALTH  |
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bsiong
Supreme |
08-Sep-2011 22:12
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 9/8/2011September 8, 2011 EUROPE’S DEBT CRISIS ACCUMULATES, CONFIDENCE TUMBLING Since the Closing Gold & Silver Market Report yesterday afternoon, precious metals are on the rise. After yesterday’s profit-taking, investors are getting back into the gold market. Also supporting precious metals prices are additional fears of a European recession, sparked by the European Central Bank keeping interest rates at 1.5%. ECB officials met earlier today in Frankfurt and came to a collective decision to keep the interest rate at its current rate after two increases earlier this year. The spread of the debt crisis is doing a lot to usurp confidence in banks, which is leading to higher borrowing costs. According to Nouriel Roubini, co-founder and Chairman of Roubini Global Economics LLC, “The ECB made its biggest mistake in its history hiking rates this year…They’ve created more sovereign debt problems. They’ve created more banking problems.” There is not a lot expected of Federal Reserve Chairman Ben Bernanke’s speech later today. It is expected of him to point out the flagging economic conditions, but there is no expectation in place at this time for any outline or firm wording on another round of quantitative easing. He will probably mention President Obama’s jobs initiative, but it’s more likely it will be behind closed doors that he does most of his work. The biggest issue is that even within the Federal Reserve there are differing views as to what the economy needs to pull itself out of its current economic condition. Just released data suggests that there is continued stagnation in U.S. economic conditions as unemployment benefits increased 2,000 to 414,000. This is good news in that companies are not laying off, but bad news in that those applications need to drop below 375,000 to indicate sustainable job growth. At 8:06 AM (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
08-Sep-2011 14:21
Yells: "The Greatest Wealth is Health" |
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Last Updated : 08 September 2011 at 11:20 IST Gold rebounds after overnight dips Read more : spot gold,nymex,comex,gold future SINGAPORE (Commodity Online) : Gold prices rebounded Thursday after an overnight dip as bargain hunters appeared on the scene, attracted by lower prices. Spot gold was seen trading at $1824.05 an ounce at 1.00 p.m Singapore time while US gold for December-delivery futures was seen trading at $1,827.68 an ounce on the comex division of Nymex. However, analysts said the precious yellow metal might lose some of its gains during the day on improved risk appetite. They added that faith in gold's long-term bullish trend remained intact as concerns about global growth still run high, although the short term is likely to remain choppy. On Wednesday, gold prices fell sharply after a German court supported that country's efforts to help its financially troubled neighbors. The court ruled that Germany's decision to participate in the financial bailout of Greece and to help establish a financial rescue fund for other countries last year was legal. Germany has been the biggest contributor of loan guarantees to troubled nations like Greece. The decision increased optimism that Europe's persistent sovereign debt problems could be closer to getting resolved. Investors sold Gold for a profit after its recent run-up and moved money into other markets such as stocks. Gold also was hurt by a new report that showed German industrial production increased 4 percent in July after falling 1.1 percent in June. Gold fell $55.70, or 3 percent, to end at $1,817.60 an ounce. It's still up 28 percent this year |
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bsiong
Supreme |
08-Sep-2011 10:45
Yells: "The Greatest Wealth is Health" |
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Student debts, the next big crisis that will sink the USBy Deepak Rangan After the housing bubble and its subsequent financial crisis in 2008, experts are warning that student debts will be the next big headache for the US. The student loan debt is estimated to hit an astounding $1 trillion by end 2011, overtaking even the entire credit card debt. Student loans have grown by over 500% since 1999dwarfing even the household debt which Lead to the start of a worldwide credit crisis.
“Delinquency and failure rates will rise in coming years because many students will be unable to service their loans as income growth falls short of borrowers' expectations”, says a Moody’s report US unemployment rates are at 9% after being at around 4% in 2001.
So what we have here is a situation where the Students load on debt, finish studies and struggle to find employment which will pay off the debt and their living expenses. Hence, it should not come as a big surprise that many graduates are finding it hard to repay their loans in the current economic climate. For the student debt crisis to be averted, the US has to grow exponentially in the next 5 years compared to the past 5 years which looks a daunting task when one considers that US government borrowings have increased to over 100% GDP. Add to the woes the fact that inflation rate is creeping up month after month, year after year. With increasing National debt, declining GDP and rising inflation, the student loan crisis, when it does happen, will hurt the US economy in a way never before in its history. |
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bsiong
Supreme |
08-Sep-2011 10:41
Yells: "The Greatest Wealth is Health" |
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Gold rebounds more than 1 pct after sell-off* Spot gold rallies 1.5 percent, U.S. gold 1.6 percent after 3 pct drop * Physical purchase active as buyers exploit lower prices By Rujun Shen SINGAPORE, Sept 8 (Reuters) - Gold prices rebounded more than 1 percent on Thursday following a drop of 3 percent in the previous session, as sharply lower prices attracted bargain hunters, but improved risk appetite is likely to cap gains. Spot gold rose as much as 1.5 percent to $1,842.89 an ounce after its most volatile day in two weeks, with a trading band of more than $80. It stood at $1,840.04 by 0152 GMT. The most-active U.S. gold futures contract GCcv1 rose 1.6 percent to $1,846.6, before easing to $1,843.90. " Some investors, speculators and physical buyers have shown a lot of buying interest at current prices, as they are much lower compared to a few days ago," said a dealer at a Tokyo-based bullion house. Spot gold hit a record high of $1,920.3 on Tuesday. The faith in gold's long-term bullish trend remained intact as concerns about global growth still run high, although the short term is likely to remain choppy. " Concerns about economic growth in the United States and euro zone will keep supporting gold prices. Even though we may see liquidation repeatedly along the way, gold will rise towards $2,000," the dealer said. Gold fell below $1,800 in the previous session, after risk appetite surged and investors abandoned the precious metal for the stock market, as Germany's top court rejected lawsuits aimed at blocking German participation in emergency loan packages, but gave its parliament more say in bailouts. Adding to the risk appetite, Germany's industrial output jumped unexpectedly in July, offering hopes that Europe's largest economy may avoid recession. The sharp price drop triggered a flood of buying on Asia's physical market, dealers said. Investors will be watching a speech by U.S. President Barack Obama on job creation to Congress, after data showed the economy added no new jobs in August. Holdings of SPDR Gold Trust and iShares Silver Trust remained unchanged. |
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bsiong
Supreme |
08-Sep-2011 10:38
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 9/7/2011September 7, 2011OIL PRICES RISE TRADERS SPECULATE THAT MORE STIMULUS SPENDING IS ON THE HORIZON Gold has stabilized somewhat since dropping considerably in early trading. Change since the Mid-Day Commentary is down $4.40, which represents a change of 0.2%. Oil prices have risen on fears of a weather system off the coast of Mexico strengthening and affecting supply of crude along the Gulf Coast of the United States, one of the largest petroleum-refining regions in the U.S. Traders are also speculating that Tropical Storm Lee may have hurt supplies of oil last week, as well. While the Department of Energy has yet to release official data showing the drawdown of stockpiles, it is also estimated the storm shut down 36.9% of the Gulf’s oil production. Sustained high oil prices can have a negative effect on economic activity as it becomes more expensive for producers to move their goods to market. Details of President Obama’s speech planned for tomorrow night, in which he will lay out a plan to combat the nation’s stubborn 9.1% unemployment rate, are starting to come to light. The new stimulus is expected to amount to something above $300 billion. This will be spent through subsidies, unemployment benefits, and tax breaks. Charles Evans, President of the Chicago Federal Reserve, made comments today that he supports additional stimulus spending. Unlike earlier programs where the Fed purchased bonds from the U.S. Treasury with money that it basically created, the new stimulus spending is expected to be in the form of a complex swap of treasury bills of different timeframes. The government is expected to sell lower-interest, short-term debt to finance the buyback of long-term, high-interest bonds. This, analysts say, would flatten the yield curve, reducing long-term borrowing costs for consumers and businesses. At 4:14 pm (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
07-Sep-2011 22:55
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 9/7/2011September 7, 2011$300 BILLION GIFT TO JOBS FROM OBAMA With U.S. stock futures gaining in overnight trading, precious metals have fallen. The jobs market is looking to get a boost from a reported $300 billion aid package that President Barack Obama is set to unveil in a speech to Congress Thursday. The package aims to add jobs to the economy via a mix of tax cuts, infrastructure spending, and aid to local governments. David Miller of Cheviot Asset Management explained that Obama has a fine line to walk in his speech. He said, “Although investors will need to listen very carefully because the risk of policy error is high, I suspect his words will be more radical than the actual solutions put forward and that he will do just enough to be able to pass the buck back to [Federal Reserve Chairman Ben] Bernanke for the Fed meeting…” which is scheduled in about two weeks. Stocks are enjoying a boost globally thanks to a ruling out of Germany that the country’s involvement in the bailout of Greece was, in fact, legal. Along with this ruling, however, is a new law that mandates that Germany’s Parliament will have to vote to approve any future bailouts. ING economist Carsten Brzeski said, “Today’s ruling should bring some relief to financial markets as a total chaos scenario has been avoided but it should not lead to euphoria. The ruling confirms our view that the German piecemeal approach on the debt crisis is not likely to change but eventually the German parliament will vote in favor of a second Greek bailout package and the beefed-up [European Financial Stability Fund].” Hedge-fund investor George Soros recently said that the lack of an authoritative ruling body over the eurozone has led to the European debt crisis being “worse than Lehman Brothers.” He then explained, “You need a crisis [like the current one] to create the political will for Europe to create such an authority, but there is still no understanding as to what the authority will do.” The lack of stability in the eurozone has recently caused shaky markets, increasing the appeal of safe-haven investments like gold. At 8:09 am (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
07-Sep-2011 18:29
Yells: "The Greatest Wealth is Health" |
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Who says you can’t eat gold?! We list our top 3 gold dishesNEW YORK (Commodity Online): Somebody once said thatGold does not produce anything and you cannot eat gold, so why would you want to buy gold? Well, we have news. As a symbol of high luxury dining and opulence, here are our favorite 3 gold dishes- Number 3 –Barfi
Within India (the world's largest buyer of gold), Pakistan and the Himalayas, there is a traditional dessert that is milk-based named Barfi. The word translates to “snow” in Farsi and is made with several different ingredients like specific nuts, but the key to proper Barfi is that it's covered in a layer of edible gold or Silver leaf Number 2- Dark-Chocolate and Caramel Cake with Gold-Dusted Chestnuts
The term “rich” is necessary for chocolate lovers when describing the perfect taste for a dessert. But not this rich!This dark-chocolate and caramel cake with gold-dusted chestnuts is a sign of true decadence. The Conde' Nast-owned Epicurious.com website has created this recipe that requires two full days of preparation as the ganache alone requires 24 hours and overnight for perfection. The Golddust for the chestnuts are a small added feature, but not in terms of price. Number 1- Serendipity 3's Frozen Haute Chocolate
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andreytan
Veteran |
07-Sep-2011 18:28
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I am no expert in gold, but according to an expert i read in kitco,com be careful...gold can drop to 1650 on short term and 1250 if 1650 give way...just to share.. i will try to find out that post in kitco,com and paste here for your benefit. Because if BB left gold market for stock( if stock will to rally till yr end) gold will collapse.. but longer term,,,gold tg px is 3600. |
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bsiong
Supreme |
07-Sep-2011 18:05
Yells: "The Greatest Wealth is Health" |
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Gold drops as stocks rally debt crisis lends support* More weak longs flushed out of gold as higher-risk assets rise * Euro zone debt woes back in spotlight * Kazakhstan will buy all gold output until 2014-2015 By Jan Harvey LONDON, Sept 7 (Reuters) - Gold prices were down 1 percent in Europe on Wednesday after a volatile session in Asia as skittish investors cashed in gains after the precious metal's rally to record highs, though concerns over euro zone debt still underpinned the market. Prices dropped $40 in ten minutes overnight, with traders attributing the fall to heavy selling of Comex gold futures. The market traded as low as $1,826.18 an ounce, nearly $100 below Tuesday's record high. By 0903 GMT, spot gold was down 1.1 percent at $1,843.50 an ounce. It rallied to a record $1,920.46 a day ago, but dropped after the Swiss National Bank intervened to weaken the franc, shaking up financialmarkets. " People are just trying to balance their books a little bit. There may be some disappointed liquidation in gold, but in the cold light of day the Swiss action can't be considered as negative for gold," said Simon Weeks, head of precious metals at the Bank of Nova Scotia. " The market is much better balanced than it has been for a while, but we will have to see how it goes. People are going to be a little bit cautious after the washout we had the other day. We've had two $100 days, so even though we have had some upside overnight, people are not going to throw money at gold." Support from current levels is likely to come from the euro zone debt crisis. The bloc's most indebted nations are struggling to convince investors of their commitment to reduce debt, as Germany, the euro zone's biggest economy, faces opposition to further aid. In a closely watched decision, Germany's Constitutional Court on Wednesday rejected a series of lawsuits aimed at blocking Germany's participation in bailout packages for Greece and other euro zone countries. It said however that parliament must have a bigger say in future rescues, which could further slow down Europe's response to the debt crisis. The news helped assets seen as higher risk to rise, briefly lifting the euro against the dollar but pressuring German Bund futures. European shares rose sharply, bouncing from a two-year closing low.
DEBT CONCERNS SIMMER Nonetheless ongoing concerns over euro zone debt and Tuesday's news from Switzerland are likely to lift gold in the longer term while pressuring so-called higher-risk assets, analysts said. " Efforts to dampen currency appreciation mean gold moves up the pecking order of preferred safe havens," said UBS in a note. " This is crucially important given that safe havens are currently sought as alternatives to equities and other assets while macro concerns and European sovereign issues prevail." " Now that the SNB has entered the intervention arena, FX markets are on high alert for the BoJ to follow suit. So in theory, gold should be a considerable beneficiary ahead." In supply news, Kazakhstan's central bank said on Wednesday it would be buying up the Central Asian nation's entire gold bullion output until at least 2014-15 to ease its exposure to the sagging dollar. According to metals consultancy GFMS, Kazakhstan was the world's 20th largest gold producer last year, with output of 26.9 tonnes. It plans to boost output this year to 33 tonnes. Among other precious metals, silver was down 0.5 percent at $41.40 an ounce, spot platinum was down 0.6 percent at $1,835.24 an ounce, and spot palladium was up 0.3 percent at $747.47 an ounce. Palladium, the most industrial of the main precious metals, is still this year's worst performer among them, currently down 6.7 percent compared to a 3.7 percent rise in platinum prices and gold's 33 percent appreciation. The white metal has come under heavy pressure from falling appetite for raw materials, as well as concerns over the outlook for car sales and speculation that its sharp price run higher of recent years had become overdone. " Prices have been buffeted by risk appetite, but now have the potential to recover," said Standard Chartered in a note. (Reporting by Jan Harvey Editing by Alison Birrane) |
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Salute
Master |
07-Sep-2011 17:21
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it will be good to see gold down below 1780 at least, so that shares will be up and up and so as Aussie$ |
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bsiong
Supreme |
07-Sep-2011 14:50
Yells: "The Greatest Wealth is Health" |
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Gold swings wildly in Asian tradeSINGAPORE (Commodity Online) : Gold prices remained highly volatile in Asian trade Wednesday as a strong dollar to technical selling and regaining stocks affected the prices. Gold for immediate delivery was seen trading at $1851.04 an ounce at 1.00 p.m Singapore time after hitting as low as $1826.32 an ounce in early trade. US gold for December delivery was seen trading at $1862.04 an ounce on the comex division of Nymex after hitting as low as $1818.2 an ounce in early trade. Analysts said technical selling by investors and a regaining dollar pulled down gold prices in Asia while a steep decline in US stocks helped it to maintain its safe haven asset appeal. They added that the bullion might get some help from Switzerland's decision to peg the erstwhile safe-haven franc to the euro as such a move was considered to boost its appeal. The Swiss National Bank shocked global markets on Tuesday by saying it would buy unlimited quantities of foreign currencies to prevent the franc from rising above 1.20 Swiss francs to the euro, as it fights to contain the meteoric rise of its currency that threatens its exports and economy. Meanwhile, Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , remained unchanged from the end of August at 1,232.314 tonnes. In August, the fund posted its largest monthly decline in holdings since January. On Tuesday, gold for December delivery /quotes/zigman/661658declined $3.60, or 0.2%, to settle at $1,873.30 an ounce on the Comex division of the New York Mercantile Exchange. |
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bsiong
Supreme |
07-Sep-2011 14:47
Yells: "The Greatest Wealth is Health" |
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Spot gold tumbles 2 pct, tracks US gold in technical selling |
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bsiong
Supreme |
07-Sep-2011 09:59
Yells: "The Greatest Wealth is Health" |
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Gold May Rebound as Swiss Franc Ceiling Reduces Haven Investment OptionsBy Glenys Sim - Sep 7, 2011 9:05 AM GMT+0800 Gold may rebound after falling the most in a week yesterday as investors sought to protect their wealth against declining currencies and economic turmoil. Gold for immediate delivery was little changed at $1,874.80 an ounce at 8:52 a.m. in Singapore. It fell 1.3 percent after touching a record $1,921.15 yesterday as the Swiss central bank set a ceiling on the exchange rate, strengthening the dollar for a sixth day against a six-currency basket including the franc. The move is ultimately “bullish for gold as it reduces the number of safe haven currencies available to investors,” said HSBC Securities USA Inc. analyst James Steel. December delivery futures in New York rose 0.2 percent to $1,877.10 an ounce, after reaching a record $1,923.70 yesterday. The Swiss franc weakened the most ever against the euro after the central bank said it will defend the minimum rate target on the currency with the “utmost determination.” U.S. stocks extended a global rout on concern the European debt crisis is worsening. German Finance Minister Wolfgang Schaeuble said Greece won’t get its next bailout installment unless it meets goals under the aid package. “What’s going on in Europe right now, we’re going to have to come up with another half a trillion, or maybe a trillion dollars to back the banks,” Robert Lutts, president of Cabot Money Management, said in a Bloomberg Television interview. President Barack Obamain a Sept. 8 address is “going to talk about new fiscal programs and new costly programs for our government. The debt explosion’s just beginning,” he said. Obama plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts and infrastructure spending. Data last week showed the U.S. jobs market stalled in August. Platinum for immediate delivery was little changed at $1,854 an ounce, trading below gold for a third day. Cash silver was also little changed at $41.9950 an ounce and palladium rose 0.3 percent to $754.50 an ounce. To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: Richard Dobson atrdobson4@bloomberg.net |
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bsiong
Supreme |
07-Sep-2011 09:29
Yells: "The Greatest Wealth is Health" |
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PRECIOUS-Gold rebounds as safe-haven allure stays
SINGAPORE, Sept 7 (Reuters) - Spot gold rebounded as much as 0.8 percent from a sharp slide off the record high in the previous session, as the metal's appeal remained undimmed to investors keen to seek safety during a period of heightened worry about the euro zone's debt crisis. FUNDAMENTALS * Spot gold traded up 0.6 percent to $1,874.89 an ounce by 0033 GMT, easing from an intra-day high of $1,879.69. It hit a record high of $1,920.30 then slid as much as $60 in the previous session. * U.S. gold GCcv1 gained 0.3 percent to $1,877.90, off the all-time high of $1,923.7 struck on Tuesday. * Gold tumbled on Tuesday after the Swiss National Bank shocked the market by setting an exchange rate cap on the soaring franc, discouraging investors to use the currency as a safe haven. * The strong rebound in gold showed that appetite for the precious metal has hardly been dented, as investors anxious about euro zone's fiscal health are appear to take advantage of the price dip to build up positions. * The dominant U.S. services sector picked up steam unexpectedly last month, snapping a three-month streak of slower growth, though a slower pace of hiring underscored concerns about the broader job market. * Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , have not changed since Aug. 30, at 1,232.314 tonnes. MARKET NEWS * Wall Street fell for a third day on Tuesday on fears Europe still has failed to tackle its debt crisis, prompting worries the market is headed to new lows for the year. * The dollar retained gains against the Swiss franc on Wednesday, after the Swiss National Bank jolted markets by setting a limit on how much the franc can gain. |
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bsiong
Supreme |
07-Sep-2011 09:26
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 9/6/2011September 6, 2011BERNANKE SAYS RISK TO U.S. BANKS IS SMALL Precious metals prices have been basically flat since the Mid-Day Market Report, with gold and silver only swinging very slightly to the downside. Stocks have pared losses this afternoon after losing as much 2.9% earlier in the day. Many investors are still seeking a safe haven, keeping gold steady despite the late uptick in U.S. stock markets. Europe’s ongoing sovereign debt crisis continues to hold the attention of traders. However, according to Ben Bernanke, the risk to U.S. banks is small. In total, estimates place the risk to U.S. banks at $200 billion, most in the form of credit default swaps, a kind of insurance policy sold by the banks against default by a borrower. In this case, the borrowers are the European nations of Ireland, Portugal, and Greece. A common question from precious metals investors is, “Why is gold higher than platinum?” While platinum normally trades at a higher price than gold, platinum is an industrial metal. With manufacturing down, demand for platinum is lagging, while gold has a strong demand as a safe haven investment. Jonathan Butler, Publications Manager at Johnson Matthey, explains, “What we tend to see is that as the gold price moves higher, we also get a higher platinum price apart from at certain times when there's that kind of risk averse mentality.” At 4:10 PM (CT) the APMEX precious metal prices were:
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bsiong
Supreme |
06-Sep-2011 23:25
Yells: "The Greatest Wealth is Health" |
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Iran boosts gold reserves to challenge western embargoTEHRAN (Commodity Online) : In a significant move, Iran has decided to increase its Gold reserves to avoid any attempt by western allies to freeze its foreign reserves, reports mehr news agency. According to Iran’s central bank governor Mahmoud Bahmani iran withdrew its deposits from foreign banks and allocated 13 billion dollars of that reserves to buying gold and now that value of that gold has tripled. Bahmani said the central bank bought gold at a price of $656 per ounce and now the price of each ounce of gold has jumped to 1870 dollars and this shows that value of the gold that Iran bought has increased about three times. The central banker also added that value of Iran’s foreign exchange reserves has increased 6.5 billion dollars as the central bank changed some its reserves from dollar to other currencies. Bahmani called attempts by the U.S. Senate to impose sanctions on Iran’s central bank a ‘political bluff’. His comments came after some U.S. senators signed a letter to President Barack Obama pressing him to sanction Iran’s Bank Markazi. The American legislators claim that the measure could potentially freeze Iran out of the global financial system, and make it nearly impossible for Tehran to clear billions of dollars in oil sales every month. Bahmani said U.S. officials previously accused Bank Markazi to money laundering and financial terrorism during the 2010 annual meeting of the IMF and the World Bank in Washington. “We responded to the accusations in the meeting and proved that U.S. views the matter purely political, so the participants of the meeting accepted the remarks of Iran’s delegate and the issue was terminated there,” Bahmani explained. Bahmani announced that he will participate in the next IMF meeting to “defend Iran’s banking legitimacy and dismissing U.S. accusations”. Iran is not afraid of new sanctions and any move to isolate the country economically will only spur self-sufficiency, he noted. Last month, Iranian lawmaker Ali Aqazadeh-Dafsari told Mehr News agency that the U.S. should save its failing economy and resolve its financial woes before considering fresh sanctions against Iran. |
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bsiong
Supreme |
06-Sep-2011 22:58
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
06-Sep-2011 22:49
Yells: "The Greatest Wealth is Health" |
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Gold falls from record after Swiss peg francTue Sep 6, 2011 9:11am EDT * Swiss National Bank pegs franc to euro * Gold falls in dollars, soars in Swiss francs * Gold expected to benefit from safe-haven flows By Amanda Cooper and Jan Harvey LONDON, Sept 6 (Reuters) - Gold fell from record highs on Tuesday after Switzerland's decision to peg its currency to the euro shook financial markets and sparked a broad flight to liquidity, but the metal is set for fresh gains as the franc's safe-haven status wanes. The Swiss National Bank said on Tuesday it would set a minimum exchange rate target of 1.20 francs to the euro and would enforce it by buying foreign currency in unlimited quantities. The Swiss franc fell nearly 8 percent against the dollar and more than 8.5 percent against the euro. Gold priced in the Swiss currency rose more than 8 percent, and was set for its biggest daily gain since mid-September 2008. Spot gold , which earlier rose to a record $1,920.40 an ounce, was down 0.4 percent at $1,893.40 an ounce 1306 GMT, well off its post-announcement low of $1,860.10. " (Gold has already) recovered pretty well already from its lows," said Alexander Zumpfe, a trader at precious metals house Heraeus. " Initially there was some risk appetite back into the market -- Swiss franc down, gold down, stocks up." " Now things have kind of neutralized again, with gold back up," he added. " I guess the market (is waiting) for the U.S. reaction... after their long weekend." Gold's 34 percent rally so far this year, its largest yearly gain since 1979, has been fuelled largely by the impact on the currency markets of investor worries over the United States' and euro zone's debt burdens. Market players are increasingly unconvinced of European leaders' ability to tackle the regional debt crisis, while the resilience of the U.S.economy is coming into greater doubt after last week's weaker-than-expected employment report. Investors have sought out Swiss francs, U.S. and German government bonds and gold as havens from risk. Of these, Tuesday's intervention by the SNB could further boost bullion. " Particularly for investors with proportional assets in Swiss francs, this will strengthen the appeal of gold relative to the Swiss currency. It has to be seen as bullish certainly from the private bank side of the gold market," said Credit Suisse analyst Tom Kendall. " We've seen U.S. Treasuries have their reputation as 'risk-free assets' damaged. Now we've got the Swiss franc subject to substantial and ongoing intervention by the SNB and so yes, it does strengthen gold's claim as a safe-haven." U.S. gold futures GCv1 for August delivery, which saw little trading on Monday during the U.S. Labor Day holiday, were up $17.70 an ounce at $1,894.60.
FLIGHT TO SAFETY After the downgrade to the triple-A credit rating of U.S. debt and the SNB's decision to peg the franc, gold could well be the last remaining true safe-haven, but investors have not been flocking to it in droves in recent weeks. The latest data on flows into exchange-traded funds shows global holdings of gold have fallen by nearly 2.5 million ounces over the last month to their lowest in six weeks at 67.4 million ounces. " It's the fact that we are seeing one of the central banks making a move and taking a decision. We've been left in limbo for days in Europe," said Saxo Bank senior manager Ole Hansen. " If we see the Swiss franc pegged, where else can you go if the uncertainties continue other than into gold?"
Adding to the longer-term case for holding gold, workers in Italy began a strike on Tuesday as the centre-right government of Prime Minister Silvio Berlusconi scrambled to secure parliamentary backing for a package of austerity measures. In Spain, a union leader told the state television that in mid-August the Prime Minister told unions the country was close to needing a bailout, at a time when markets had driven yields on Spanish bonds dangerously close to the levels that forced Greece and others to seek emergency funding. Among other precious metals, silver fell by 1.6 percent to $42.15 an ounce, along with platinum , which fell 1.2 percent to $1,861.24 an ounce. Palladium was trading up 0.2 percent at $758.72. (Editing by William Hardy) |
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James Turk - Historic Event as Gold Surges & Stock Markets Tumblekingworldnews.com With Gold continuing to surge, now trading above $1,900, today King World News interviewed James Turk out of Spain. Despite the fact that European stock markets are tumbling between 3% and 5%, gold remains a pillar of strength. Gold has very recently divorced itself from various asset classes such as the US dollar, euro and major stock markets.
Regardless of how those asset classes trade, gold continues its relentless climb. When Turk was asked about the incredibly powerful advance gold has been experiencing he responded, “This brings up a point, Eric, that we have been discussing recently. A lot of people have been comparing today’s problems with those leading up to the Lehman Brothers collapse in September, 2008.” MORE from Original Source |
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