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stockmarketmind
Master |
10-Aug-2011 23:46
Yells: "stockmarketmindgames" |
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more news to cause liquidation
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bsiong
Supreme |
10-Aug-2011 23:08
Yells: "The Greatest Wealth is Health" |
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Wall Street slumps on worries over French banks(Reuters) - Wall Street stocks fell sharply on Wednesday on fears over possible trouble in the French banking sector that has large exposure to shaky peripheral European debt. U.S. financial stocks led the decline as the KBW bank index slid 6.2 percent. Large financial institutions fell sharply, with Bank of America Corp down 12.2 percent to $6.93. French banks were hit hard in Paris trading. Societe General, where U.S. traders have focused their attention, fell 16 percent. BNP Paribas fell 13.2 percent. " France owns $350 billion worth of Italy's debt on their banks' books," Dave Rovelli managing director of U.S. equity trading at Canaccord Adams, who said fears of a failure in the sector were hitting U.S. markets. The Dow Jones industrial average dropped 342.96 points, or 3.05 percent, to 10,896.81. The Standard & Poor's 500 Index fell 33.66 points, or 2.87 percent, to 1,138.87. The Nasdaq Composite Index shed 72.56 points, or 2.92 percent, to 2,409.96. Indexes gave up much of Tuesday's snap-back rally. The S& P 500 is down nearly 18 percent since a peak at the start of May. Worries about the U.S. economy and high levels of public debt in Europe have sent stock cascading over the last two weeks. (Reporting by Edward Krudy editing by Jeffrey Benkoe) |
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bsiong
Supreme |
10-Aug-2011 22:56
Yells: "The Greatest Wealth is Health" |
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![Live New York Gold Chart [Kitco Inc.]](http://www.kitco.com/images/live/nygold.gif)
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bsiong
Supreme |
10-Aug-2011 22:53
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 8/10/2011August 10, 2011DOES YESTERDAY’S FED STATEMENT MAKE QE3 MORE LIKELY? According to Goldman Sachs, the answer would be yes. In a statement yesterday, chief economist at Goldman, Jan Hatzius said, " we now see a greater-than-even chance that the FOMC will resume quantitative easing later this year or in early 2012. We have changed our call because today's statement suggests that the committee's reaction function to incoming economic news is more dovish than we had previously thought." Yesterday, the U.S. stock market experienced a 600 point swing, closing up over 400 points. The upswing occurred as the market digested the afternoon Fed statement. Chairman Bernanke’s statement seems to promise that the Fed would leave interest rates at their current low level for another two years. This morning, stock futures are falling, as markets continue to digest the implications of the Fed Statement. Gold prices have held steady throughout, while silver prices have seen a decline. The U.S. Mint has halted the sale of gold collector coins to give them time to reevaluate their pricing in light of recent gold prices. This re-pricing is expected to be complete by late Wednesday. This does not affect the sale of American Eagle bullion coins, which are not sold direct to the public. They are only sold to authorized purchasers of the U.S. Mint, of which the American Precious Metals Exchange is one of thirteen. At 8AM (CT) the APMEX precious metals spot prices were:
................................................................................................................. It is time to diversify your portfolio or recover your losses in stocks. To reach financially freedom, you need to invest in not just stocks. Invest in land and get a double return in 4 to 5 years. It is just about 0,70 lots of GLD for 1 unit of land. http://www.niagarafallstourism.com/ How? Just leave me a private message (PM) here for details. |
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Salute
Master |
10-Aug-2011 22:50
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with all financial manipulations, why not..........especailly central banks already involved in buying. there was already plan. messy messy world. in this world, it's better live without logic and rational..........I think the earth collapsed by men's greed before nature's disasters. |
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bsiong
Supreme |
10-Aug-2011 22:50
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Silver to break $50 after October 2012The title is catchy. It was meant to be. Right now, everyone is clamoring for silver. And why not? The metal has returned a stratospheric 700% since 2002. With leverage, you would’ve been a millionaire many times over! But the Silver crash of May 2011 stung many investors worldwide. The metal has since then been moving without a direction as if to settle on a support level and continue it’s much prophesized bull run to the $100 mark. But if one were to look over the silver charts for the past 7-8 years, a pattern emerges. And all it promises is an approximate 1.5 year lull for the metal, with silver breaking the April high of 49.78 only by Oct-Dec 2012.
Now, look below at a similar bull run in 2005-2006
And below another bull run in 2003-2004
Eerily similar are the bull runs and the subsequent crash, isn’t it? And here’s what I find interesting: -In Oct 03-Mar 04 bull run, silver climbed around 75% and fell 35% after which the high was broken only after 1.9 years -In Aug 05-May 06, silver climber around 125% and fell 37% after which the high was broken only after 1.6 years -In Aug 10-Apr 11, silver climbed around 175% and fell 33% after which …….. we have been waiting for a bull run….. for the past 3 months. So, if Silver follows the last 2 patterns, one can expect silver to break the April high of 49.78 by Oct-Dec 2012. An even worse situation occurred in 07-08. (chart below)
-In Aug 07-March 08, silver climbed around 83% and fell 60% even below the beginning of the bull run. And it took 2.6 years to break the high of 21.34 So, what is an investor to do? Should he invest now so as not to “miss the start of the rally” and risk waiting 1.5- 2 years for silver to break $50. Or invest the money in other instruments and wait for the $50 break and cash then? Because if one chooses the second option, the investor can get in on the trend even if the analysis is wrong and silver breaks $50 in 2-3 months from now. And as such, he need not risk a situation where one has to wait for 1.5-2 years. The choice obviously is yours. What I have done is just present my case. |
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bsiong
Supreme |
10-Aug-2011 22:46
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Gold to rise to $2000 on global uncertainties: BofAMLLONDON (Commodity Online): Gold prices could soon climb to $2000 on global uncertainties created by the faster-than-expected credit rating downgrade of the US government by S& P, according to Bank of America-Merrill Lynch. Three bullish factors for Gold have been created by the downgrade of US debt rating, First, the US credit downgrade will further fuel the environment of low growth, low interest rates, and high liquidity that set the conditions for the gold price rally in the past couple of years. Second, it will probably increase the pressure on EM Central Banks to diversify their international reserves out of the USD and into gold. Third, the debt downgrade has just made the world a riskier place, enhancing gold’s status as the ultimate safe haven asset. BofAML which had last week given a 12-month forecast of $1700 for gold has now revised the estimate to $2000. The dismal economic outlook will Lead ot looser economic policy and possibility of a QE 3 has increased off late. Central banks have become net buyers of Gold and many may follow the recent path set by Mexico and South Korea. BofAML doesn’t expect any forced selling of US treasuries in the near term, nor does it expect the increase to $2000 levels for gold to be a straight line. “There are downside risks to gold prices if liquidity dries up with sovereign debt collateral suffering significant haircuts in the US and Europe. The recent decision by the CME to increase haircuts on USTs that are posted to fulfil margin requirements is illustrative of that risk. However, gold is now more widely accepted as collateral than before the 2008/09 crisis, limiting the risk of a liquidity driven sell off. Still, investors should remain focused on interbank funding costs in both the US and Europe as well as redemptions from US money market funds to assess the level |
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MasterNg9999
Senior |
10-Aug-2011 10:46
Yells: "Isnt Human center of the universe???" |
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COLD WAR 2 !!!!!!!!! The Global Physical Gold & Silver Reserves Race is the New Nuclear Arms RaceThe old Cold War USA-USSR nuclear arms race has been replaced by the East-West Central Bank battle to accumulate physical gold and physical silver reserves. While Western Central Banks and their puppet bullion banks have distracted and goaded private citizens with the invention of fraudulent bogus paper gold and paper silver derivative products, including ETFs more recently, and paper futures contracts for a much longer period of time, they themselves have been making sure to avoid the very fraudulent paper products they have invented and have been diving headfirst into real physical precious metals. As Central Banks continue to significantly devalue all major global currencies through excessive creation of new supply out of thin air in a digital world where “new money” is never even printed into paper/cotton form but only is created as digital bytes that are sent across international borders, the private families that are the majority shareholders in the world’s most powerful Central Banks have engaged in heavy buying of physical gold in particular, and to a lesser degree, physical silver. In 2010, Central Banks as a group, became net buyers of physical gold after two decades as net sellers. EU Central Bankers became net buyers of physical gold for the first time during the 1st Quarter 2011 since their introduction of the heavily flawed Euro into circulation in January of 2002. As of April 2011, China was, according to “officially reported” statistics, the sixth-largest official holder of gold, with 1,054.1 tonness, according to World Gold Council estimates. The U.S. was still reported to possess the largest gold reserves at 8,133.5 tonnes. However, all of you know by now that I believe all “officially reported” statistics, whether the statistic is GDP, unemployment, inflation, or gold reserves, to be a charade and mockery of the truth. To this day I am highly skeptical of the US reported reserves of 8,133.5 tonnes, especially since these reserves have neither been independently audited nor independently tested to ensure that they meet good-for-delivery bar status since Dwight D. Eisenhower was the US President in the 1950s. As for China’s “officially reported” holdings of only 1,054.1 tonnes, anyone that takes these reported stats at face value as the truth is a fool for any number of logical reasons. One, China reported that its “official” gold holdings were a constant 600 tonnes from 2003 to 2009 and then reported that it had increased its holdings to more than 1,000 tonnes overnight in 2009. Since China lied about its gold reserve holdings for more than 6 years, one cannot and should not assume that their “officially” announced 1,054.1 tonne level was truthful. Since China made that announcement in 2009, their “official” gold reserve level has not increased at all. Anyone that believes that China has not accumulated more gold, and lots of it, since that time, does not understand the Chinese government and Chinese bankers. Chinese bankers have been studying the best ways to invest in gold and silver for many years now in preparation for this global monetary war and they realize that one of the best ways to invest in PMs is to own the real thing. Furthermore, there are multiple mechanisms by which China could be secretly increasing their gold reserves out of the scrutiny of the public eye. In 2008, China replaced South Africa as the largest gold producer in the world, but nobody really knows exactly how much gold China produces or how many proven/ probable reserves or how much measured/indicated resources they own. Thus, China could be increasing gold reserves significantly on in-house production alone. Certainly we know that China is increasing its silver reserves through a policy of decreasing its domestic silver exports and increasing its foreign silver imports. For example, last month, China’s General Administration of Customs reported that its net imports of silver nearly quadrupled year-over-year in 2010 to more than 3,500 metric tons. Also of important note is the fact that in 2010, China exported 1,575 metric tons of silver, 58% less than in 2009, and imported 5,159 metric tons of the metal, 15% more than in 2009. This is a huge change if one realizes that from 2005 to 2010 China transitioned from a net exporter of 2,900 metric tonnes of silver to a net importer of 3,500 metric tonnes. From 2005 to 2010, China increased its gold holdings in its State Administration of Foreign Exchange (SAFE) more than tenfold from a very small starting point of USD $4.2 billion to USD $48.1 billion. However, China could be increasing gold (and silver) reserves significantly through purchases in its Sovereign Wealth Fund – purchases that are not made available for public inspection or consumption. For China to publicly announce their buildup of gold and silver reserves that would drive up the price of the very commodity they wished to accumulate more of would be akin to then-Chancellor of the Exchequer Gordon Brown’s foolish decision to pre-announce in 1999 that the UK would be selling half of its gold reserves. Also of important note are the following facts. China only recently deregulated gold in 2003 to allow gold prices in China to mirror international prices. The Shanghai Gold Exchange only opened in October of 2002. In late 2009, the Chinese started making gold and silver bullion easily accessible to its citizens through introducing physical sales of multiple size bars at its banks and China finally legalized ownership of 99.999% pure silver bullion. The Chinese typically have a tendency to buy PHYSICAL gold and PHYSICAL silver, not the fraudulent paper gold and paper silver derivatives invented by bankers to suppress the price of gold and silver. For the first time ever, Chinese citizens will be able to buy silver futures in Hong Kong this week and later in Shanghai however, since the Chinese are fond of owning Physical metals, perhaps even the majority of Chinese may settle these futures contracts with physical delivery. Furthermore, even when the option to buy gold and silver ETFs in China becomes a reality, the average Chinese citizen may shy away from these products due to his or her propensity for owning real gold and real silver. For Asians in general, gold and silver have always been money. In Thailand, the word for money “ngen” is also the word for silver. In China, the word for bank combines the characters for “silver” and “movement”. In China not only is private demand strong AND relatively young, but even in India, private ownership of gold bullion bars was not legalized until 1990. Thus, the war between East and West over gold and silver will intensify in coming months and coming years. The objective of the East will be to release the gold and silver price from the clutches of Western price suppression schemes while the objective of the West will be to hoard gold in an attempt to prevent citizens of Western nations from owning the asset that will protect them the most from their currency devaluation schemes. The current talk in the mainstream financial media about gold being a bubble at $1,600 an ounce and of silver having already reached its top of its long-term peak at $50 an ounce is simply rubbish. A bubble is never defined by high prices, the perception of high prices or even a decade long rise in prices. What defines a bubble is a meteoric rise in price that is not supported by fundamental reasons. For example, the US NASDAQ dot.com stock market was a bubble because dot.com stocks that had zero earnings were trading at impossible valuations and sometimes double and triple digit dollar values per share. However, the fundamental reasons that have driven gold from $250 to $1,600 and silver from $4 to its current $39 – $40 range are even stronger today than they were at the beginning of this precious metals bull. Therefore, it is impossible for a bubble in gold and silver to exist at their current prices and at this current time. And for this reason, this is precisely why the global nuclear arms race has been replaced by a global physical gold race. Welcome to the new global war in precious metals. About the author: JS Kim is the Managing Director of SmartKnowledgeU. SmartKnowledgeU now offers monthly subscriptions to our premium investment newsletter, the Crisis Investment Opportunities newsletter, an investment newsletter that has returned well over a cumulative 200% (on all opened and closed positions) since its launch in June 2007 to present day. Follow us on Twitter here. So Much Fun ..... Cheer |
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bsiong
Supreme |
10-Aug-2011 00:34
Yells: "The Greatest Wealth is Health" |
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Gold hits $1,778 in biggest 3-day rally since 2008* Gold hits record in dollars, euro, sterling * ETF holdings hit all-time highs * Coming up: FOMC policy decision 1815 GMT LONDON, Aug 9 (Reuters) - Gold hit a record high on Tuesday in its biggest three-day rally since the depths of the financial crisis in 2008, as investor fears over the threat to the global economy from the European and U.S. debt crises hit assets seen as higher risk. Though spot prices retreated from highs as stock markets opened higher in the United States, they remained up 1.4 percent on the day at $1,739.60 an ounce at 1342 GMT, having earlier peaked at $1,778.29. " The short run uptrend is intact," said VTB Capital analyst Andrey Kryuchenkov. " Panic dominates for now and even though we have rebounded a bit on the broader market, people will still fear liquidating substantial gold longs." Gold has risen by about 7 percent this month, driven by flows of cash out of equities, bonds and currencies, after the United States lost its top-notch credit rating. Investors have lost confidence in the ability of European leaders to stem the spread of the debt crisis that has now engulfed the euro zone's third- and fourth-largest economies, Italy and Spain. European stocks lost over 5 percent in early trade, higher-yieldingcurrencies slid, German government bonds and the Swiss franc rallied as investors ditched anything perceived to be risky. " The market could come off from here, but it's headed in a northerly direction," said ANZ head of metal sales Peter Hillyard earlier. " From where we are now, you might think we could see some sort of pull-back. But I'm talking about a momentary thing, a pull-back like the loading of a gun, which then fires away." Reflecting the rush into gold, holdings of metal in exchange-traded funds rose for a twelfth day to an all-time high near 70 million ounces, equivalent about half of total supply in 2010, based on World Gold Council data.
ECB BUYS BONDS The European Central Bank bought Italian and Spanish bonds on Monday to try to stem the spread of the region's debt crisis, but in doing so found itself locked in full-blown conflict with the German central bank. The euro took heart from the ECB's efforts, rallying 0.6 percent against the dollar, but held near record lows against the safe-haven Swiss franc . Gold priced in euros hit an all-time peak above 1,250 euros an ounce and was set for its biggest two-day rally since May 2010, when the euro zone debt crisis first flared. Gold in sterling and yen also hit records. Global equities recovered early losses to trade up 0.5 percent in midafternoon trade, as U.S. equity markets opened higher. However, they have still fallen by 13.3 percent so far in August and are set for their worst monthly performance since late 2008. Gold's upward progress has attracted some profit-taking from investors who have scrambled to plug holes in their portfolio from the rout across the stock markets. Top asset manager BlackRock will use profits it is making in gold and bond markets to seek out bargains in falling global equity markets, James Holt, investment strategist at the world's largest money manager, said on Tuesday. However, analysts said that the current push into gold appeared to be fairly solid. " The ingredients are all in place for a stronger gold price, as the metal is not subject to the risk of intervention or quantitative easing," said UBS in a note. " This doesn't mean that pullbacks won't occur, and though some of these may be severe, we believe dips will be bought. Comex net longs may be at record levels, but current gold buying is very broad-based, with a strong physical bias which provides much support," it added. Elsewhere silver fell 2.8 percent on the day to $37.87 an ounce, pushing the gold/silver ratio to 46.0, a six-month high in the outperformance of gold versus silver. Platinum rose 1.5 percent to $1,738 an ounce, while palladium rose 2.3 percent to $731.47. Of vital importance to markets later in the day will be the outcome of the meeting of the U.S. Federal Reserve's policy-setting committee, which many hope will signal its intention to support the economy and restore some stability to markets. (Addotional reporting by Jan Harvey editing by Keiron Henderson Editing by Alison Birrane) |
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bsiong
Supreme |
10-Aug-2011 00:31
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 8/9/2011August 9, 2011FOMC MEETING TO BRING NEWS OF QE3? U.S. stock futures are pointing to big gains this morning, a day after the 6th-worst drop in the Dow in history. All eyes are once again on the Fed Open Markets Committee meeting today, as investors await news of another round of quantitative easing. The FOMC meeting was originally not expected to weigh on the markets, but after last week’s lackluster economic reports and the downgrade of the country’s credit rating by Standard & Poor’s, the story has changed. The poor performance on the stock market is not exclusive to the U.S., however. Global recession fears are growing as Asian and European stocks are also taking a beating. Gold is sitting on a fresh record high amid big gains overnight. As the financial uncertainty around the world increases, investors are attracted to the safe-haven appeal of gold. Peter Hillyard of ANZ said, “The market could come off from here, but it’s headed in a northerly direction. From where we are now, you might think we could see some sort of pull-back. But I’m talking about a momentary thing, a pull-back like the loading of a gun, which then fires away.” UBS strategist Edel Tully said that “the ingredients are all in place for a stronger gold price, as the metal is not subject to the risk of intervention or quantitative easing.” At 8:06 am (CT) the APMEX precious metals spot prices were:
................................................................................................................. It is time to diversify your portfolio or recover your losses in stocks. To reach financially freedom, you need to invest in not just stocks. Invest in land and get a double return in 4 to 5 years. It is just about 0,80 lots of GLD for 1 unit of land. http://www.niagarafallstourism.com/ How? Just leave me a private message (PM) here for details. |
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tanglinboy
Elite |
09-Aug-2011 16:27
Yells: "hello!" |
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I should have bought gold when it was below $1000 |
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bsiong
Supreme |
09-Aug-2011 08:44
Yells: "The Greatest Wealth is Health" |
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Gold hits all-time high as equities tumble on U.S. downgradeAug 9 (Reuters) - U.S. gold futures GCcv1 and cash gold extended gains to hit an all-time high above $1,720 an ounce on Tuesday as stock marketsplunged on growing fears of a recession in the United States after Standard and Poor's cut the country's credit rating last week. Wall Street ended down more than 6 percent on Monday while European stocks hit a two-year low as investors saw no solution to the twin debt crises on both sides of the Atlantic. (Reporting by Lewa Pardomuan Editing by Clarence Fernandez) |
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bsiong
Supreme |
09-Aug-2011 08:40
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 8/8/11August 8, 2011DOW GIVES UP 634 POINTS – GOLD PRICES SOAR The U.S. stock market plunged today, fueling speculation that the Fed is going to be pressured to take action. This was the worst day since the credit crisis began last Monday and sent the Dow below 11,000. Few expect that the Fed would engage in another round of bond buying, (although it is an option), but they could choose to re-invest proceeds from maturing bonds into longer term treasuries, to put downward pressure on long-term borrowing costs. The expectation is that Tuesday’s meeting will not generate a significant announcement, but pressure to act could continue to grow. More reason to believe pressure will mount on the Fed to take action results from European Central Bank (ECB) purchasing Italian and Spanish government bonds. Please remember the ECB cannot print money like the Fed they must use actual capital from their bank accounts. However there is the similar effect of pushing cash out into the marketplace, similar to a QE 1 & 2. As politicians on both sides of the isle blast the Standard & Poor’s decision to downgrade U.S. debt, PIMCO’s co-CIO, Bill Gross applauds them for showing some “spine”. “I think the S& P has demonstrated some spine: they finally got it right” Gross said in a Bloomberg television interview. He categorized the U.S. has having “enormous problems.” At 4:15 PM (CT) the APMEX precious metal prices were:
................................................................................................................. It is time to diversify your portfolio or recover your losses in stocks. To reach financially freedom, you need to invest in not just stocks. Invest in land and get a double return in 4 to 5 years. It is just about 0,80 lots of GLD for 1 unit of land. http://www.niagarafallstourism.com/ How? Just leave me a private message (PM) here for details. |
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bsiong
Supreme |
08-Aug-2011 23:18
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 8/8/2011August 8, 2011FRIDAY NIGHT’S NEWS ROCKS GLOBAL MARKETS After nearly 4 months on CreditWatch Negative, the sovereign credit rating of the U.S. was downgraded by Standard and Poor’s (S& P) late Friday night. Citing political bickering and an insufficient plan to stabilize the economy, the U.S. credit rating was changed to ‘AA+’ from the top-notch ‘AAA’ for the first time in history. S& P was the only one of the three major credit rating agencies to downgrade the U.S. so far, and Fitch Ratings said this morning that it will finish its review by the end of August and decide whether to downgrade at that point. Since Asian markets opened last night, gold is sitting at a record high over $1,700/oz. Goldman Sachs has raised its forecast by 5% - 7.6% for gold prices, with its 12-month forecast showing $1,860/oz. Regarding silver, the bank released a note which said, “Over the long run, silver prices tend to track gold prices.” The forecast for silver prices was raised correlating with the forecast for gold prices. The downgrade, along with the ever-looming financial crisis in the eurozone, has stock futures pointing lower after last week’s big selloff. This is all fuel for the fears of a double-dip recession and a crawling (at best) global economic recovery. While some analysts are saying that the downgrade will have only a modest impact on the markets, others disagree. Thomas Stoddard of Blackstone Group said, “I actually think it’s going to end up having more of an impact that some of the news stories are suggesting. Not having the U.S. as triple-A is just going to pop up in more places and have more frictional costs than people might suspect.” At 8:15 am (CT) the APMEX precious metals spot prices were:
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bsiong
Supreme |
08-Aug-2011 23:13
Yells: "The Greatest Wealth is Health" |
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Comex Gold powers above $1700 on strong safe-haven demandBy Jim Wyckoff The late-Friday Standard & Poors downgrade of the U.S. debt rating was not a real big surprise to most market watchers, but the market place is seeing a strong reaction to the news. Ironically, the U.S. dollar index is only trading slightly lower and U.S. Treasuries are actually higher on the news. That's a clue that there are many who still feel the U.S. is still the best bet during times of heightened trader and investor uncertainty. Also, many traders have little respect for the Standard & Poors and other major ratings agencies, after they failed miserably regarding correctly rating other assets and entities the past three years. Meantime, the leaders in the European Union are scrambling and making pronouncements to try to calm the market place. Emergency weekend meetings concluded with the European Central Bank pledging to buy more EU debt. However, the market place was unimpressed with the rhetoric coming from EU officials. Many agree the more serious worldwide debt situation lies with the European Union and not the U.S. The strong upside price action in gold is less a reflection on the S& P downgrade Friday afternoon, but more a reflection of the overall postures of the world's currency markets and the world's economies. Those buying and holding gold see the recent political bickering in the U.S. and European Union, unstable currency markets and flagging world economies as pointing them directly to what they perceive as the ultimate world currency: gold. The gold naysayers who have repeatedly scoffed at those investors sinking their money into gold have plenty of egg on their face at present. Crude oil prices are trading sharply lower again Monday morning and hit a fresh 10-month low near $83.00 a barrel overnight, amid the world economic slowdown worries and risk aversion. Crude Oilhas seen serious near-term chart damage inflicted. Crude will continue to be a major " outside market" force for the precious metals, and especially silver. U.S. economic data due for release Monday is light and includes the employment trends index. The London A.M. Gold fixing was $1,709.25 versus the previous P.M. fixing of $1,658.75. Technically, December Comex gold futures bulls have the strong overall near-term technical advantage and gained still more power Monday. There are still no early technical warning signals to suggest a market top is close at hand and the path of least resistance for prices remains sideways to higher overall. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at $1,750.00. Bears' next near-term downside price objective is closing prices below technical support at $1,640.00. First resistance is seen at the record high of $1,718.20, at $1,725.00. First support is seen at $1,690.00 and then at the overnight low of $1,681.70. December Silver futures bulls have the overall near-term and longer-term technical advantage but trading has turned choppy recently. Prices Friday did close at a bearish weekly low close. Importantly, the silver bulls are not nearly in the powerfully bullish technical posture that gold now enjoys. Silver bulls' next upside price objective is producing a close above solid technical resistance at last week's high of $42.31 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $37.00. First resistance is seen at $40.00 and then at the overnight high of $40.405. Next support is seen at $39.00 and then at the overnight low of $38.41.
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bsiong
Supreme |
08-Aug-2011 11:54
Yells: "The Greatest Wealth is Health" |
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Gold in sterling at record after downgrade of U.S. credit ratingSINGAPORE Aug 8 (Reuters) - Gold priced in sterling roared to a record around 1,033 pounds an ounce on Monday on safe haven buying ignited by the downgrade of U.S. credit ratings by Standard Poor's and persistent worries over the threat of contagion from the euro debt crisis. Ratings agency S& P's cut the U.S. long-term rating by one notch from AAA on Friday, capping a week that saw $2.5 trillion wiped off companies' values amid worries the United States is sliding back into recession. (Reporting by Lewa Pardomuan) |
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bsiong
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08-Aug-2011 10:34
Yells: "The Greatest Wealth is Health" |
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That 1937 feeling all over againSINGAPORE (Reuters) - Federal Reserve Chairman Ben Bernanke, an expert on the Great Depression, once promised that the central bank would never repeat its 1937 mistake of rushing to tighten monetary policy too soon and prolonging an economic slump. He has been true to his word, keeping interest rates near zero since late 2008 and more than tripling the size of the Fed's balance sheet to $2.85 trillion. But cutbacks in government spending may end up having a similarly chilling effect on the economy, and there is little Bernanke can do to counter that. Back in 1937, the U.S. economy had been growing rapidly for three years, thanks in large part to government programs aimed at ending the deep recession that began in 1929. Then the central bank clamped down hard on lending, and federal government spending dropped 10 percent. The economy contracted again in 1938. The jobless rate soared. " Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again," Bernanke said back in 2002 at a conference honoring legendary economist Milton Friedman's 90th birthday. Bernanke convenes the Fed's next policy-setting meeting on Tuesday, facing growing concern that the United States may be slipping into another recession while Europe staggers toward a deeper debt crisis. Standard & Poor's decision on Friday to lower the U.S. credit rating adds yet another element of uncertainty. His options are limited. Nigel Gault, chief U.S. economist at IHS Global Insight, said the Fed could promise to keep interest rates near zero or its balance sheet swollen for even longer than investors anticipate. Or it could buy even more U.S. government debt. " It is hard to see any of these options as 'game changers,'" Gault said. " The Fed would be doing them not because it could be sure they would make a huge difference, but because it would feel the need to do something." Gault put the odds of another recession at 40 percent. However, Friday's U.S. employment figures soothed recession fears, showing the economy created 117,000 jobs in July. That was up from a revised 46,000 in June and prior months payrolls were revised up slightly. The unemployment rate slipped to 9.1 percent but mostly because workers dropped out of the labor force. " While I do not think this sounds the all-clear signal, it does quell some of the conversation that the U.S. is falling back into a recession," said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York. " Having said that, there are still plenty of headwinds, like Europe. I am also very encouraged to see the upward revisions to the previous months. This report pulls us back from the ledge a little bit." HITTING A POTHOLE Full employment is one of the Fed's prescribed goals, and it is clearly falling short. Government spending cuts are making matters worse. Friday's employment report showed a net loss of 37,000 government jobs last month. State and local governments with balanced budget rules had little choice but to cut jobs in order to make ends meet. The federal government has no such restriction, but its spending outside of defense fell at a 7.3 percent annual rate in the second quarter, crimping economic growth. Michael Feroli, an economist with JPMorgan in New York, said he had held out some hope that Congress would approve some form of additional fiscal support in the coming months, but the debt ceiling fight showed lawmakers dead set against that. " It now looks likely that growth could hit a pothole early next year," Feroli said. He cut his growth forecast for the first half of 2012 to 2.0 percent from 2.5 percent. At that sluggish pace, the jobless rate won't fall much below 9.0 percent, keeping the Fed on hold until at least the middle of 2013, Feroli said. Without fiscal help, the Fed will be under greater pressure to find some other way to lift growth. Another round of government bond purchases would no doubt elicit wails of protest from emerging markets, which contend that the Fed's easy money spills into their economies, driving up inflation. China, whose $1.16 trillion in Treasury holdings are second only to the Fed's, has not been shy about expressing its concern over the state of U.S. public finances and the dollar's slide. Yang Jiechi, China's foreign minister, said on Friday that Washington should enact " responsible monetary policies" to ensure global economic stability, a thinly veiled reference to the Fed's bond-buying programs. China releases its monthly economic data this week. The figures are expected to show double-digit gains in industrial output and retail sales, suggesting the country's economic growth remains robust. Strong growth in China has helped to lift the rest of Asia, outside of Japan, which is still hurting from the March earthquake and tsunami. But all bets are off if conditions worsen significantly in the United States. " Our view is that the region can 'decouple' from modest slowdowns, and we think the ongoing slowdown qualifies as modest," said TJ Bond, emerging Asia economist at Bank of America-Merrill Lynch in Hong Kong. " We would start to worry if the U.S. tipped over into recession." (Editing by Dan Grebler) |
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bsiong
Supreme |
06-Aug-2011 14:26
Yells: "The Greatest Wealth is Health" |
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 Gold is up 0.43% this week as a steep sell-off in equities saw traders seeking refuge in the safety of the precious metal. Ongoing concerns that the Eurozone debt crisis may spill over into larger economies like Spain and Italy coupled with a surprise interest rate cut from the Swiss National bank and a Japanese currency intervention saw traders jettison higher yielding risk assets in a heightened flight to safety. Friday’s much anticipated non-farm payroll reports bested estimates with a print of 117K jobs, easing concerns that the US may be falling back into recession. However equity markets did not rally until news broke that the ECB was preparing to purchase Italian and Spanish bonds in an effort to stem the risk of contagion. In return the central bank will require Italy to make more significant reforms to stabilize their finances. Subsequently equities reversed the sharp declines seen earlier in the session, with gold quickly going back on the defensive. The precious metal has been a haven play for investors seeking to quarantine themselves from the ongoing crisis in the region. Against the euro, gold has surged more than 2.77% on the week.
While today’s employment figures bode well for the domestic economy, investors will be eagerly anticipating next week’s FOMC meeting where the Fed will give its growth outlook for the coming months. As central banks around the world continue to ease their outlook forecasts and soften their hawkish rhetoric, traders will be closely eyeing the Fed’s assessment. If the policy statement shifts its forecast for domestic growth or cites an increase in price pressures, gold may remain an attractive hedge against a possible slowdown in the US economy. On the other hand if the Fed cites increasingly hawkish remarks with regards to Fed’s future policy outlook, gold could go on the defensive as traders shift back into the US dollar. Either way, price action for the precious metal hinges on the FOMC statement on Tuesday.
Although gold continued to make record highs throughout the week, the moves were relatively insignificant when compared to the steep sell-off seen in risk assets as haven flows dominated intra-day trade. And in spite of today’s mid-day rally, gold has managed to remain relatively well anchored above the $1650 mark. The disconnect continues to suggest traders remain relatively bullish on the precious metal which continues to trend higher. |
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bsiong
Supreme |
06-Aug-2011 14:20
Yells: "The Greatest Wealth is Health" |
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Gold, oil manage to end week higher despite early hiccupsNEW YORK (Commodity Online) : Oil and Gold just about managed to finish the week on a slightly higher note Friday as global markets remained highly volatile on concerns about a recession in the US. WTI crude for September delivery closed at $86.88 a barrel after hitting as low as $82.87 a barrel in early trade while London’s Brent crude ended for the week at $109.37 a barrel, up by $2.12 a barrel. Meanwhile, the yellow metal suffered a single day loss Friday as comex gold fell $7.20, or 0.4 percent, to $1,651.80 an ounce. However gold prices gained 1.3 percent for the week as investors worried about whether the global economy was retreating into a recession. Analysts said the precious metal took advantage of economic worries in Europe and the United States. They added that most investors chose to ignore Friday’s US job gains and focused on lingering concerns about the global economy. The black Gold dropped nearly two percent on Friday while industrial metals also suffered significvant losses at the week. Gold managed to end the week mainly on its nearly two percent gains achieved during earlier days of the week during the week. Silver lost $1.22, or 3.1 percent, to $38.21 an ounce Friday .Silver on the other hand lost 1.4 percent for the week. September Copper lost 12 cents, or 2.8%, to $4.12 a pound. Copper lost 0.5% on the week. October Platinum dropped $10.30, or 0.6%, to $1,719.10 an ounce. Platinum gained 0.9% on the week while September Palladium lost $11.20, or 1.5%, to $741.75 an ounce. Palladium gained 1.8% on the week. The dollar index which compares the U.S. unit to a basket of six currencies, declined to 74.582 from 75.109 late Thursday. |
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bsiong
Supreme |
06-Aug-2011 14:18
Yells: "The Greatest Wealth is Health" |
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5-y chart |
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