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bsiong
Supreme |
26-Aug-2011 09:54
Yells: "The Greatest Wealth is Health" |
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Quick Correction In Gold Or The First Part Of A Bigger Decline?  Robert Zoellick, president of the World Bank, wrote in the Financial Times opinion piece last year about a new monetary system involving a basket of currencies that " should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values" Zoellick then added: " Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today." Central banks have become significant buyers once again. World Gold Council figures show that central banks bought about 208 tons of gold in the first half of this year. There were significant purchases by Thailand, Mexico and South Korea in recent months. This comes at a time when the sovereign debt crisis in the eurozone is spiraling and the downgrading of the U.S. credit rating has sparked waves of volatility and fears of another global recession. Governments are running out of rabbits they can pull out of the hat to absorb new shocks. The recent debt ceiling debate revealed a political dysfunction that undermines U.S. status even more than the S& P decision to cut its triple-A rating. Venezuela has found a " creative" way to increase its gold reserves. It just announced last week that it is planning to nationalize its gold industry. Since emerging market central banks are now only gearing up for gold buying spree, the sovereign sector might provide a solid floor for gold prices for the foreseeable future. If the period before the " Nixon Shock" was one of the best, the decade following his announcement had one of the worst inflations of American history and the most stagnant economy since the Great Depression. The price of gold rose to $800 from $35. If you had a dollar in 1971, today it would be worth only about 18 pennies. One of the most significant results of Nixon's decision was the consequent liberalization of the financial markets which began in the 1970s picking up speed in the 1980s. This was a time of the lifting of exchange controls and the abandonment of formal restrictions on credit. The only instrument left in the arsenal of governments to control the availability of credit is now interest rates. That's when the good times began to roll and nations and individuals began amassing debt. Looking back in hindsight, it is possible that if not for the " Nixon Shock" we would have avoided the financial crisis of the past four years or indeed the crisis after crisis that have plagued world markets. We can say for certain that the whole debate on the debt ceiling that we witnessed a few weeks ago would have never taken place. With so much information from the past, we are well equipped to deal with the future. And the future is what are technical part is particularly concentrated on. This time, we will start with the long-term gold chart (charts courtesy by http://stockcharts.com.)  In this chart we see, that the price of gold has moved above the highs that were seen last week. Gold moved very close to the $1,900 level which is a move above the previous highs. This is a breakout above the previous top however given this week's decline we don't think that the outlook is bullish. The situation was extremely overbought from a short-term point of view and previous signals from volume levels are still very much in play, so the current move lower is not something unexpected. In late 2009, a local top turned out to really be a pre-top about a week before the final top was seen. This was also accompanied by significant volume levels. On August 16th in our essay on the possible top in gold we made the following observations: The current RSI level indicates an overbought situation and, in the past, this has usually been followed by a decline in gold's price. Volume levels are also giving a similar signal. This has often coincided with local tops in the past. Normally, a quick downturn usually follows. It does seem that we are now at a local top for gold or very close to it. The current situation on the market suggests that these remarks are very much up-to-date, despite the fact that gold has moved higher recently.  In the long-term chart for gold from a non-USD perspective, we see that gold's price has once again moved to the upper border of the rising, long-term trend channel created by the February 2009 and May 2010 highs and that it has continued its move up. Whether this is a real breakout remains to been seen as the situation is quite overbought on a short-term basis with the RSI above the 80-level. Based on the current move lower, it seems that the history repeats itself once again and gold will move lower after reaching this important resistance.  Looking at gold from the perspective of the Japanese yen, we see a situation here similar to the non-USD perspective. The index level has also reached a resistance line once again, no significant breakout has been seen and the situation is extremely overbought. A confirmation of the doubts concerning the momentum of gold comes from the analysis of the silver:gold ratio.  In the silver to gold ratio chart, we see that the ratio is now once again below the rising trend channel in the chart, and this is generally a bearish sign. Such a situation has, in fact, only been seen once before. This was in 2008 right before prices plunged. The general stock market also declined sharply at that time (note: we're not bearish on stocks at this time) and it influenced the silver to gold ratio in a negative way since silver is more closely aligned with stocks. The ratio declines when silver's price drops more rapidly than gold's on a percentage basis. This is because silver's price is in the numerator of the ratio. A significant decline in the ratio may be underway once again where silver prices could drop more rapidly than gold's. It seems that extreme caution is necessary for all long speculative positions in silver or gold at this time. Summing up, gold has likely confirmed its local (not the final one for this bull market) top recently and we believe the decline will continue. At this point, we have somewhat ambiguous feelings towards gold. One part of us, the part that feels gold should always be part of our portfolio has been very happy with gold's previous spectacular performance. On the other hand, the other part of us, the contrarian one, does not at all like what has happened recently. There has simply been too much of a push towards buying gold in the media and the fact is that no market can only look in one direction without eventually correcting. To make sure that you are notified once the new features are implemented, and get immediate access to my free thoughts on the market, including information not available publicly, we urge you to sign up for our free e-mail list. Gold & Silver Investors should definitely join us today and additionally get free, 7-day access to the Premium Sections on our website, including valuable tools and unique charts. It's free and you may unsubscribe at any time. Thank you for reading. Have a great and profitable week! P. Radomski
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bsiong
Supreme |
26-Aug-2011 09:39
Yells: "The Greatest Wealth is Health" |
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Gold steady after bounce, Bernanke speech eyedSINGAPORE, Aug 26 (Reuters) - Spot gold steadied on Friday after rebounding in the previous session, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day. All eyes are on Bernanke's speech in Jackson Hole scheduled for 1400 GMT, with markets eager to hear what the Fed's plan is to help a struggling U.S,. economy, although the growing consensus is that the Fed's options to stimulate the economy are limited. Spot gold edged down 0.3 percent to $1,763.71 by 0102 GMT. It was on course for a 4.7-percent decline on the week, its sharpest weekly fall since week ended March 1, 2009. U.S. gold GCcv1 inched up 0.2 percent to $1,766.90. Disappointment in Jackson Hole could spur another safe-haven rally for assets like gold which has just lost more than $100 from Tuesday's record high of $1,911.46. But persistent worries over the euro zone debt crisis should buoy gold. Germany's DAX dropped as much as 4 percent on rumours the country could enact a short-selling ban following the example of other European nations. A German Finance Ministry spokesman told Reuters they were not planning a general short-selling ban. Holdings in the SPDR Gold Trust remained unchanged at 1,232.314 tonnes, while holdings in the iShares Silver Trust dropped more than 1 percent to 9,705.90 tonnes. Spot silver lost 0.9 percent to $40.64 an ounce, but still up from a 1-1/2 week low of $38.73 hit in the previous session.  |
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bsiong
Supreme |
26-Aug-2011 09:35
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 8/25/2011August 25, 2011 TO QE3 OR NOT QE3 THAT’S THE INVESTOR’S QUESTION Since the Mid-Day Gold & Silver Market Report, gold has maintained its position with positive gains for the day. The previous losses of gold were attributed in large part to the CME Group raising the margins on gold futures by 27%, which is its largest hike in 2 ½ years and the second increase this month. " Gold's decline with such a dramatic magnitude in such a short period of time is driven by short-term momentum investors coming out, not long-term investors," said Stanley Crouch, chief investment officer at Aegis Capital, who oversees $2 billion in assets. There is a growing feeling that the Federal Reserve may let down those stock investors who believed there would be a commitment to step up stimulus. Some investors feel there should be further action taken to help buoy the economy taken by Ben Bernanke. However, a number of investors feel disappointment is on the horizon. According to Rob Dugger, managing partner at Hanover Investment Group LLC and a regular participant at the Jackson Hole conference, “The stock market is going to be disappointed Friday morning…It’s not going to get that kind of life-buoy thrown out over the water so that it can grab hold and swim safely to shore.” The United States has clearly tried to distance itself from attempts to locate Muammar Gaddafi. According to State Department spokeswoman, Victoria Nuland, “Neither the United States nor NATO is involved in this manhunt.” At 4:15 pm (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
26-Aug-2011 01:02
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
LiVE !   |
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bsiong
Supreme |
26-Aug-2011 00:24
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Psychology of gold market changes but not fundamentalsBy Allen Sykora The sharp decline in Gold Wednesday had the feel of liquidation, says Dennis Gartman, investor and publisher of The Gartman Letter. “All we know is that the psychology of the market has changed materially, and that those who bought gold in the past 15 or so trading sessions are in trouble and will be sellers on rallies. They really have little choice.” Gartman, who opted to pare his gold position to capture profits on the sharp run-up earlier in the week, says the gold market’s fundamentals themselves have not changed, but sometimes these alone are not enough to hold up a market. “The fundamentals of central-bank buying remain intact, as are the fundamentals of problems in Europe, and weakness in the U.S. dollar, and debt concerns. None of these have changed but markets discount markets anticipate markets move ahead of fundamentals. And markets plunge when the fundamentals are their best, not their worst. This is a difficult lesson for most investors/traders/analysts to learn.”
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bsiong
Supreme |
26-Aug-2011 00:19
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 8/25/2011August 25, 2011 Gold Prices Continue to Move Down Overnight, then Stabilize in Early Morning Trading Gold price headed towards $1,700 in overnight trading, but is strengthening in early morning trading, now sitting above $1,730. Platinum prices were below $1,800, but have bounced back over $1,810. Silver and palladium have rallied from negative territory and currently sit positive. One year ago, as investors anxiously awaited Ben Bernanke’s Jackson Hole speech, gold prices were at $950 per ounce. Many analysts had predicted a pullback in gold prices due to its rapid climb, but most categorize this as a correction because the same factors that drove investors to safe havens are still in play long term. The weekly jobless claim just came out this morning and once again the economists are wrong. They had expected a decline of 3,000, but instead saw an increase of 5,000 to 417,000. This surprise is attributed to the strike by Verizon workers, but it begs the question didn’t the economists realize Verizon workers were on strike? The Labor department does reassure us that this is still nowhere close to a level that would indicate a recession. Stock futures had been rising, but have pulled back on the jobless claims report. The CME raised maintenance margins for trading COMEX 100 oz gold futures by 27%. Even though margin is going up 27%, here is how it breaks down: 30 days ago when gold was around $1,600 the margin represented 3.4% of contract value. Now, with gold in the $1,730 range, this represents 4% of contract value. There has been an increase, but perhaps not as significant as the 27% would indicate. At 8AM (CT) the APMEX precious metal prices were:
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bsiong
Supreme |
26-Aug-2011 00:16
Yells: "The Greatest Wealth is Health" |
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Gold falls $200 from Tuesday's record high* Gold slips towards $1,700/oz after CME margin hike * Jackson Hole meet eyed for signals on Fed policy * SPDR sees biggest one-day outflow since Jan. 25 By Jan Harvey LONDON, Aug 25 (Reuters) - Gold tumbled nearly 3 percent on Thursday to more than $200 below Tuesday's record highs, as investors cashed in scorching gains in the precious metal after the CME Group hiked gold trading margins for a second time this month. Investment appetite for gold has cooled ahead of a widely awaited central bankers' meeting at Jackson Hole, Wyoming, as speculation grows over whether or not the Federal Reserve will signal a further round of U.S. monetary easing. More quantitative easing -- or money printing -- from the Fed could significantly lift gold, but it could have further to correct if no additional action is signalled. Spot gold was down 1.6 percent at $1,722.50 an ounce at 1351 GMT in volatile trade, having earlier touched a low of $1,702.44. Investors cashed in on gold's latest rally after the yellow metal surged nearly 20 percent in early August to record highs at $1,911.46 an ounce. Spot prices fell 4.3 percent on Wednesday, their biggest one-day drop since December 2008, after U.S. durable goods data beat expectations. U.S. gold futures also posted their sharpest slide since 1980. " Gold seemed to be running ahead of where equity markets were pointing to in terms of downside risks -- those markets were stable and gold kept wanting to push higher and higher," said Macquarie analyst Hayden Atkins. " Once we got an upside surprise in data, we saw some of those longs washed out." Any recovery from these lows will be dependent on what happens in the next few days. " It's not really clear what the Fed's intentions are," said Atkins. " People are waiting and watching." Holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , declined by more than 27 tonnes on Wednesday, their biggest one-day outflow since Jan. 25. They have dropped nearly 60 tonnes this week, worth around $3.25 billion at today's prices. Gold's losses were exacerbated late on Wednesday after the CME Group, the world's largestcommodities exchange, raised margins on gold futures by about 27 percent, the biggest hike in more than 2-1/2 years and the second increase in a month. But the metal's overall uptrend, which has seen it climb more than 20 percent this year, is still intact, analysts said. " To be convinced you'd seen the top of the market you would have to see more signs of the issues that had lifted gold being resolved, such as the euro zone crisis, and U.S. growth coming back," said Mitsubishi analyst Matthew Turner. Assets seen as cyclical or higher-risk than gold rose on Thursday as gold declined. European shares climbed after a raft of positive corporate results, oil prices firmed and the euro strengthened against the dollar. U.S. gold futures GCv1 for August delivery were down $29.40 an ounce at $1,727.90.
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Laulan
Master |
25-Aug-2011 09:27
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x 0
x 0 Alert Admin |
I said it on Monday, and last night it crashed!
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bsiong
Supreme |
24-Aug-2011 12:15
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Closing Gold & Silver Market Report – 8/23/2011August 23, 2011 Stocks Up Over 300 Points – Precious Metals Retreat of Recent Highs Continued poor economic data has spurred expectations that the Fed will have to take action to get our economy moving again. All eyes are on Friday’s Fed meeting in Jackson Hole. Clearly, traders are anticipating another form of QE2 to be announced. The Dow Jones Industrial Average rose by 322 points today. There are many fund managers who feel Chairman Bernanke must be feeling pressure from the stock market to respond. Of course, there are those who warn not to expect much of anything from Friday’s announcement. Steve Liesman of CNBC gives three reasons why Bernanke could very well disappoint those expecting QE3.First, the Fed just took substantial action when they announced they would keep interest rates low through 2013. Second, just because QE2 was announced at the same time last year does not mean QE3 will be announced this year. Third, the recent policy change that announced extended low interest was met by much dissent within the group of Federal Reserve Board Members. New initiatives could have even a tougher time. The stock market did slip momentarily today as an earthquake shook the Eastern Seaboard. It measured 5.9 on the Richter scale and was centered near Richmond, Va. Tremors from the quake were felt as far away as Boston, NYC and Washington, D.C. Gold prices can be affected by natural disasters severe enough to drive stocks prices down and turn investors towards safe haven investments. The East Coast may also be bracing for a category four hurricane later in the week. At 4PM (CT) the APMEX precious metal prices were:
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bsiong
Supreme |
24-Aug-2011 12:13
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Gold on verge of major correction?By David Banister Clearly, Gold is overbought on traditional technical measures such as RSI, MACD, and Moving Averages and more, so that is one warning flag. To wit, Gold historically pulls back pretty aggressively anytime it has run much above its 20 week EMA line. On a daily chart that stands at about $1730 per ounce, and on a weekly chart around $1580 per ounce. This week marks Fibonacci week #8 from the 1480 pivot lows of a wave 4 pattern I outlined for my subscribers as likely to turn gold higher to 1730 plus. In addition, we are 34 Fibonacci months into this 5 wave Bull Run from the October 2008 $681 lows. I use Elliott Wave Theory combined with sentiment indicators and other measures to help determine major buy and sell pivots for Gold, and this methodology has been extremely accurate and successful for years. Right now I can count Gold as coming into a final 5th wave thrust to all- time highs with sentiment running at huge extremes and technical patterns screamingly overbought. This action inGold over the last many weeks reminds me of the final blow-off top of the NASDAQ in 2000 as it ran from 4000 to 5000 in a few months and exhausted the buyers. This 5 wave pattern began 34 months ago and the final 5th wave usually drags as many taxi cab drivers onto the back of the Bull just in time to dump them off with a bag in their hand and no ride. The bottom line is Gold is in a 13 year upwards cycle, and we are in about year 10 and it’s due for a likely pause in the uptrend, and certainly a correction of 10-15% would be normal in any massive bull cycle to kick all the bulls and latecomers off the back of the charging Bull. This pause should be a Primary wave 4 consolidation, where 2 and 4 are corrective and 1, 3, and 5 are bullish cycles. Gold not counting the overnight $1898 highs last night, but you can see that Gold is above the normal pivot high lines where we have seen major corrections over the past 34 month up cycle. A major parabolic blow off rise is of course possible, but hedging long positions and or considering shorting gold for the more aggressive players is advised.
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andreytan
Veteran |
24-Aug-2011 04:13
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If you visit kitco.com...those gold bug there call you to buy gun and move to the hill. you want a gold standard??? so ppl cannot manipulate??? but you know this species call human being are number one manipulator in the universe. we have manipulate everything,even, we can clone...we can manipulate the atom to give nuclear energy....WE TRY TO PLAY GOD. but look what happen to this smart being....they know how to start, but don't know how to stop it when the cycle is in motion. they don't know how to control. look at Japan...nuclear disaster..and very soon, cloning will give rise to many new diseases we cannot find cure.. so do you still want a gold standard?? i can manupulate gold also??? what standard...i got double standard..triple, if u want. |
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andreytan
Veteran |
24-Aug-2011 04:00
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Gold is a crisis metal, it is also call by this guy as a sueless long term store of value. http://www.cnbc.com/id/44237225......the guy here is taking Japan deflationary worse case scenario...to happen in the US.. if 1600 break ..u see 1200, but it take time , i give it 2 mths i guess. even at 1200...it is too much for inflation. AS BY SOME ANALYST. and u got nut like Faber say 10000...some 50000. |
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bsiong
Supreme |
23-Aug-2011 17:31
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, Aug 23 (Reuters) - Spot gold soared to an all-time high above $1,910 on Tuesday, scoring a record top for a fourth consecutive session, as persistent worries about global economic growth burnished bullion's safe-haven appeal. The precious metal was headed for a seventh straight session of rise and a monthly gain of more than 16 percent, highest since September 1999. Spot gold gained 0.8 percent to strike an unprecedented $1,911.46 an ounce, before easing to trade flat at $1,897.05 by 0626 GMT. U.S. gold GCcv1 rose 1.4 percent to a record high of $1,917.90, and retraced to $1,900.80. Investors are waiting for flash purchasing managers' index (PMI) data for Germany, France and the euro zone later in the day, with a weak number likely to exacerbate fears about bailing out the bloc's indebted peripheral states. " We are not hearing much good news out of Europe or the United States," said Darren Heathcote, head of trading at Investec Australia. " The picture looks pretty bleak in the short term... For the time being investors are happy looking at gold as safe haven in these troubled times, and will continue to do so until we see something positive and sustainable." On the chart, gold has been in the overbought territory since early August, with the Relative Strength Index hovering about 83. Technical analysis suggested gold could pull back to $1,860 during the day, said Reuters market analyst Wang Tao. SGE RAISES MARGINS, TRADING LIMITS EYES ON COMEX The Shanghai Gold Exchanges said it will raise trading margins on three of its gold spot deferred contracts to 12 percent from 11 percent starting Aug. 26, and widen the daily trading limits to 9 percent from 7 percent. Shanghai gold T+D contract fell less than 2 yuan from a high of 391.85 yuan per gram at the news, but has since stabilised around 391 yuan, or $1,900.02 an ounce. Traders are eyeing potential hikes in U.S. gold futures margins. They were last raised on Aug. 11 by 22 percent, triggering a correction in gold prices. But concerns about the world's economic growth soon offset the impact of the margin hike, and gold embarked on another leg of record-setting rally just a week later. " Everyone says that gold has been rising too fast, beware, beware, beware!" said Ronald Leung, a physical dealer at Lee Cheong Gold Dealers in Hong Kong. " But there is no sign of gold prices turning to point south." Leung said scrap selling was minimal and sellers are waiting for higher prices, while investors continued to show buying interest. Market participants are eyeing an annual central bank conference in Jackson Hole, Wyoming, where the U.S. Federal Reserve Chairman Ben Bernanke is scheduled to speak on Friday. Spot silver rose to $44.14, its strongest since early May, tracking gold's strength. It was later trading at $43.44, down 0.7 percent from the previous close. Spot platinum hit a three-year high at $1,912 an ounce, before easing to $1,904.24. In other news, China's flash Purchasing Managers' Index, designed to preview the country's factory output before official data, edged up to 49.8 in August, from July's final reading of 49.3. That leaves the index a touch under the 50-point mark that demarcates expansion from contraction in activity. HSBC publishes its final China PMI index for August on Sept 1. ============== ============== |
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bsiong
Supreme |
23-Aug-2011 17:22
Yells: "The Greatest Wealth is Health" |
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Gold hits all time record above $1913 in Asia SINGAPORE (Commodity Online) : Gold surged past the $1900 an ounce mark for the first time in history as economic concerns continued to support its safe haven asset appeal. Gold for immediate delivery climbed as high as $1913 an ounce in early trade and was seen trading at $1897.74 an ounce at 1.00 p.m Singapore time. US gold for decembere delivery was seen trading at $1912.21 an ounce on the comex division of Nymex at the same time after hitting as high as $1917.19 an ounce. Analysts said the precious yellow metal is likely to remain on the higher side for some time as dealers flocked to the safe haven asset due to growing concerns over the state of the global economy. Spot gold was headed for a seventh consecutive session of rise and a monthly gain of 17%, highest since August 1982, as a dismal outlook for the US economy and fear of a worsening euro zone crisis drove nervous investors to bullion. Holdings in the SPDR Gold Trust rising 4 metric tons to 1,290 metric tons as of Friday, inching closer to the record 1,320 metric tons recorded at the end of June 2010. Meanwhile, Silver prices also gained to the most expensive in more than three months. Spot silver rose to $44.20, its strongest since early May, tracking gold's strength while spot Platinum hit a three-year high at $1,912 an ounce, before easing to $1,910.49. On Monday, Gold for December delivery advanced $39.70, or 2.1%, to settle at $1,891.90 an ounce on the Comex division of the New York Mercantile Exchange. =============================================================================================
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bsiong
Supreme |
23-Aug-2011 17:15
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Aug 23 (Reuters) - Gold prices retreated more than 1 percent from record highs on Tuesday as a hike in margin requirements on the Shanghai Futures Exchange took the steam out of a market that many saw as overbought above $1,900 an ounce. (Reporting by Jan Harvey) |
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bsiong
Supreme |
23-Aug-2011 17:14
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Closing Gold & Silver Market Report – 8/22/2011August 22, 2011GOLD TOPS $1900, PUSHED BY SAFE HAVEN BUYING - Gold closed at a new record high today, surging in the afternoon after a fairly volatile day. Platinum is also at a new record high, just slightly higher than its yellow cousin. There are growing rumblings of a third round of quantitative easing by the Federal Reserve. Analysts are citing Ben Bernanke’s comments about the recovery being “considerably slower" , and the upcoming meeting of the Fed at Jackson Hole, WY. Jackson Hole was the setting for the announcement of the second round of quantitative easing last year, and the market seems to be pricing in a similar announcement this week. " The market's sending a signal to Bernanke saying, 'We want QE3 and we want it this week, or we're going to hammer you and the market will get absolutely killed,' " said Keith Springer, President of Springer Financial Advisory in Sacramento, Calif. Oil prices declined as Libyan rebels entered Libya’s capital city of Tripoli today, although it may take years before the country can export crude at the same rate it did before the revolution. Lower oil prices can help spur economic activity, as consumers become less concerned with high prices at the pump, and it becomes cheaper for businesses to move goods to the market. At 4:15 PM (CT) the APMEX precious metal prices were:
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Laulan
Master |
22-Aug-2011 15:54
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Beware! Gold price can also crash as it reaches its record high. Those who have not benefited from its continued historic rally since some time already, should refrain from entering at this point of time. Beware! |
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bsiong
Supreme |
22-Aug-2011 15:08
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
How the market responds to continued gold frenzyMUMBAI (Commodity Online): How is the market responding to the continuing bull run in Gold prices? 1)Jewellery sales continue to rise on wedding season in India leading to panic buys on concern about further rise in prices. 2)Bullion dealers are planning to bring out half gram gold coins to help customers buy gold. Gold coin/bar sales have risen 77 per cent to 108 tonnes in the June quarter against 61 tonnes in the same period last year, according to the World Gold Council. 3) Gold recycling on the rise as people bring old/unwanted jewellery to market 4)SPDR Gold Trust's (NYSE Arca: GLD) net assets zoom to $76 bn and may soon become the biggest ETF. 5) World Gold Council hints that India's gold imports may cross 1000 tonnes in 2011 from 958 tonnes in 2010 6) At India's Multi-Commodity Exchange, gold futures continue to gain, MCX October 2011 contract rises 0.51% to Rs 28096 7) India's gold ETF holdings at 15 tonnes may double in a year. " Despite a higher gold price, Indian and Chinese demand grew 38% and 25% respectively during Q2 2011 compared to the same period of 2010. This growth is likely to continue, due to increasing levels of economic prosperity, high levels of inflation and forthcoming key gold purchasing festivals," World Gold Council said in a recent report. |
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bsiong
Supreme |
22-Aug-2011 15:05
Yells: "The Greatest Wealth is Health" |
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Gold rally continues as spot gold hits fresh recordSINGAPORE (Commodity Online) : Gold continued to scale new highs as markets opened Monday with spot gold hit a new record of $1879.05 an ounce in early Asian trade. Gold for immediate delivery was seen trading at $1870.04 an ounce at 12.00 noon Singapore time while US gold for U.S. gold for December delivery was seen at $1,872.80 on the comex division of Nymex. Analysts said investors are still worried over global economic outlook and trust gold as a safe haven asset, driving its prices up. Gold is up 16 percent in August, heading for its best monthly performance since September 1999. However, Exchange-traded product holdings fell for the first time in five days on Aug. 19 to 2,211.095 metric tons after reaching a record 2,216.756 tons on Aug. 8. Analysts added that investors are now looking forward to the outcome of this week’s meeting of global central bank heads meet for more clues on the economic scenario. Meanwhile, Silver prices also climbed to the highest in more than three months as spot silver gaining as much as 2.5 percent to $43.975 an ounce. December-delivery silver surged 3.6 percent to $44.01, Platinum too climbed to the highest level in more than three years as cash Platinum advanced as much as 0.9 percent to $1,891.50 an ounce. On Friday, Gold for immediate delivery climbed as much as 1.4 percent to close $1847.91 an ounce while US gold December delivery settled up $30.20 at $1,852.20 an ounce. |
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TuaPekGong9413
Elite |
22-Aug-2011 14:54
Yells: "deity" |
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hope ben will print more paper so the pm can double as a paper weight :) | ||
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