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bsiong
Supreme |
16-Feb-2011 09:32
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 2/15/2011February 15, 2011At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: G-20 Summits normally receive a great deal of press coverage prior to their meetings. Well, they are getting ready to meet again this week and they are barely a blip on the radar screen. The US is going to once again press China on their currency. How long have we be hearing this now? Is the US in any position to pressure China? The G-20 turned into G-0 and got buried by stories out of Egypt and the Middle East. The current big story continues to be the President’s $3.7 trillion budget proposal. It is raising the fear of inflation and causing safe haven investments like gold and silver to go up. Will the politicians be the last to figure out we cannot keep spending money we do not have? Are they really that much more concerned with re-election than what is best for our country? We keep hearing pleas from both sides that they need to work together, but when? Perhaps the next election cycle and then the one after that and so on. No wonder people are buying more gold and silver today. We do have the responsibility to protect our own wealth. Gold spot price is up $8.50 – Silver price is up 21 cents – Platinum spot price is up $8.80 – Palladium price is up $4.00
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bsiong
Supreme |
15-Feb-2011 21:34
Yells: "The Greatest Wealth is Health" |
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Comex Gold gains on UK inflation data, weaker US Dollar /By Jim Wyckoff (Kitco News) - Comex gold futures prices are trading higher and hit a fresh four-week high Tuesday morning, on a surprise rise in U.K. consumer prices. A weaker U.S. dollar index and an improving technical posture are also supporting fresh investor buying interest in gold. Comex April gold last traded up $8.10 at $1,373.20 an ounce. Spot gold last traded up $10.40 at $1,373.00. The rise in U.K. consumer price inflation was double the Bank of England's target rate, reports said. While gold reacted bullishly to the U.K. inflation data, the more highly anticipated Chinese inflation data, issued overnight, actually came in lower than expected. Still, with the Continuous Commodity Index at a record high level and with world economies growing more rapidly coming out of recessions, the specter of problematic consumer price inflation worldwide is very real, and many believe very likely, in the coming months. That is gold-market-bullish. The U.S. dollar index is trading weaker Tuesday morning, on a corrective pullback from recent gains. The weaker dollar index is an underlying bullish factor for the precious metals. However, the dollar index does still have some near-term technical momentum in the bulls' favor.Reports overnight said renowned investor George Soros had increased his holdings in the SPDR Gold Trust during the fourth quarter of 2010. U.S. economic reports due for release Tuesday include the weekly Goldman Sachs chain store sales report, retail sales, import and export prices, the Johnson Redbook retail sales report, Treasury capital flows data, the NAHB housing market index, and the Empire State manufacturing survey. The London A.M. gold fixing was $1,372.25 versus the previous P.M. fixing of $1,365.00. Technically, the gold market bulls gained fresh upside near-term technical momentum overnight by pushing prices above solid chart resistance at last week's high and to a fresh four-week high. Prices are in a three-week-old uptrend on the daily bar chart. Gold bulls' next near-term upside technical breakout objective is to produce a close above solid technical resistance at $1,394.70. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,350.00. First resistance is seen at the overnight high of $1,375.00 and then at $1,380.00. Support is seen at the overnight low of $1,361.30 and then at this week's low of $1,354.40. March silver futures last traded up 21.1 cents at $30.735 an ounce Tuesday morning. Prices hit a fresh six-week high overnight. Silver bulls still have the solid overall near-term and longer-term technical advantage. Prices are in a three-week-old uptrend on the daily chart. The next downside price breakout objective for the silver bears is closing prices below solid technical support at $29.50. Bulls' next upside price objective is producing a close above solid technical resistance at the January contract and 30-year high of $31.275 an ounce. First support is seen at the overnight low of $30.475 and then at $30.00. Next resistance is seen at $31.00 and then at $31.275. By Jim Wyckoff of Kitco News |
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bsiong
Supreme |
15-Feb-2011 16:47
Yells: "The Greatest Wealth is Health" |
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SINGAPORE (Commodity Online) : Gold prices joined oil prices on the way up in Asian trade Tuesday on spreading Middle East crisis and also on China’s weaker-than-expected inflation data.
Gold for immediate delivery was seen trading at $1364.84 an ounce at 1.30 p.m Singapore time while U.S. gold futures for April delivery was at $1,365.53 an ounce. However, analysts said trading in the physical market remained thin, as players stayed on the sidelines waiting for a clear direction as prices have been trapped in a narrow range in the past few sessions. China on Monday released a lower than expected inflation data at 4.9 percent in the year to January, but price pressures continued to build and will force the central bank to stick to its course of monetary tightening. Meanwhile, holdings in the SPDR Gold Trust the world's largest gold-backed exchange-traded fund, remained unchanged at 1,225.526 metric tones Silver for March delivery in New York was little changed at $29.36 an ounce. Palladium for March delivery lost 0.2 percent to $817.75 an ounce, after climbing to $834.50 on Feb. 4, the highest price since March 2001. Platinum for April delivery was 0.2 percent lower at $1,840 an ounce. It reached $1,863.40 on Feb. 4, the highest level since July 2008. On Monday, gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Monday, buoyed up by concerns over Chinese inflation. The most active gold contract for February delivery gained $4.7 per ounce, or 0.35 percent, to settle at $1,365.1 an ounce. |
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bsiong
Supreme |
15-Feb-2011 15:41
Yells: "The Greatest Wealth is Health" |
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GOLD set to take center stage to its full glory Feb 15, 2011 By Anthony J Stills and Steve Betts Today the White House sent its budget to Congress and it will hit US $1.6 trillion for 2011, well above the previous US $1.3 trillion estimate. The proposed budget deficit for 2012 is US $1.1 trillion. In spite of cutting US $1.5 trillion over the next decade, at no time is the deficit projected to be less than US $655 billion over the next nine years. Don’t forget that these are “estimates” and the government is always too low. Now both parties will start to bargain and fight for their respective pork as the deadline to extend the debt ceiling is less than sixty days away. If both parties fail to agree, government would have to shut down operations and that would have a detrimental affect on the US economy. I predict that it will be very difficult for both sides to come to an agreement and that just might prove to be the outside influence that rattles the markets and brings and end to all the exuberance regarding the so-called recovery. I want to focus on gold because I have the feeling that it is about to take center stage. I have resisted the influence of the crowd and I’ve insisted that gold is going higher in spite of a lot of press to the contrary. Notable analysts like Marc Faber have called for a correction down to as low as 1,100.00 while some like Elliot Wave’s Robert Prechter keep calling for an end to the bull market in the yellow metal. The naysayers turned up the volume when gold recently fell from its all-time high of 1434.10 on December 7th to an intraday low of 1,309.10 on January 28th but the yellow metal seems to finding its way back to higher prices. During the decline close to 200,000 contracts were liquidated as all the big funds and Johnny-come-lately’s abandoned their positions. Now that gold is on the rebound many are calling this a dead cat bounce before the big decline and I think it’s a worthwhile exercise to separate fact from fiction. In order to do this I want to first look at the decline from the last all-time closing high and then the rebound that has followed. Unless otherwise mentioned I will be talking about the April gold futures contract. The all-time closing high for April contract was 1,425.10 on January 11th and was followed by a 7.4% decline down to January 27th closing low of 1,319.80. That is a drop of 105.30 over seventeen sessions and compared to past reactions it is in line with the 5.0% to 7.5% seen on previous occasions. Using intraday numbers, gold fell from the December 7th intraday high of 1,434.10 to the January 28th intraday low of 1,309.10 over an exceptionally long period of 36 days. This was a decline of 125.00, or 8.80%, and is exceptionally shallow given the length of time that it took to find a bottom. In the past all significant declines began with a big drop of 10% to 15% over a short period of time and then gold would slowly trend lower losing another 5% to 7% along the way as it tortured the bulls. This is certainly not the case today. So far, so good! Now let’s look at the rebound that has followed. The April gold closed at 1,360.4 on Friday and traded as high as 1,369.70 that same day so it has moved exactly 60.00 up from the intraday low and its done so in just eleven sessions. That means that April gold has recovered almost fifty percent of the decline from the all-time intraday high to the January 28th intraday low in just a quarter of the time that it took for the fall. That is extremely bullish behavior and you won’t read that any place else. You can go back to the 1999 low of 252.50 that marked the beginning of the bull market and you will not find one single instance of gold forming anything even close to a significant high in such a manner. Gold always, without exception, has a big spike to the upside that leads to and exhaustion followed by a significant reversal in direction. Given everything that I’ve said there is no doubt that gold will work itself up to yet another new closing all-time high and it will probably do so this month although that is just a timing guess on my part. The spot gold has significant Fibonacci resistance at 1,372.80 and again at 1,447.50 and we’ve been close to the latter on three separate occasions. Once gold moves beyond 1,449.10 in the April contract, and I am convinced it will, there is nothing to stop it until it hits 1,522.20 and then it’s good to go until 1,596.90. I am convinced that gold will rally to a minimum of 1,522.20 and could very well reach 1,600.00 and it will do so in a violent spike higher that will leave all of those waiting for a correction on the sidelines. That spike will produce and exhaustion and the exhaustion will be followed by a significant reaction of no less than 17.50% and no more than 25%. Then it’s off to US $2,000.00 and beyond. Of course there could always be some external event that causes gold to explode to US $2,000.00 straight away and that’s why I sit tight through any and all corrections. With gold you just never know!  Courtesy : www.theablespeculator.com |
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bsiong
Supreme |
15-Feb-2011 14:37
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
15-Feb-2011 14:36
Yells: "The Greatest Wealth is Health" |
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Gold edges up after China inflation data* China CPI weaker than expected tightening fears subdue * Gold due for sharp move - technicals * Coming up: Euro zone GDP flash estimate, Oct 2010 1000 GMT SINGAPORE, Feb 15 (Reuters) - Spot gold inched higher on Tuesday after China's weaker-than-expected inflation data eased fears of more aggressive tightening moves, while persistent concerns about rising prices are expected to buoy gold in the longer term. Trading in the physical market remained thin, as players stayed on the sidelines waiting for a clear direction as prices have been trapped in a narrow range in the past few sessions. Chinese inflation was lower than expected at 4.9 percent in the year to January, but price pressures continued to build and will force the central bank to stick to its course of monetary tightening. The number was in line with market talk in the past few days of a weaker number. " The number, in line with market expectations, may help reduce fears of further tightening and underpin gold prices to a certain extent," said Hou Xinqiang, an analyst at Jinrui Futures in China.Spot gold gained 0.2 percent at $1,364.75 an ounce by 0312 GMT. Prices have ranged between $1,348 and $1,368 in the past five sessions. U.S. gold futures were little changed at $1,365.5.Spot gold is technically neutral, due for a sharp move soon, as the current sideways mode will end either on |
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bsiong
Supreme |
15-Feb-2011 14:32
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Report – 2/14/2011February 14, 2011At 4 PM (CT) the APMEX precious metals prices were:
COMMENTARY: Precious metals were on the rise today with news of the President’s deficit budget of $1.1 trillion over the next 10 years being revealed this morning. The Republicans feel that Obama is not cutting back as much as he should and that our debt will continue to rise. They also fear that the gap between the current debt and our legal limit is closing quickly. Gold seems to be reacting to these budget concerns and the unrest in the Middle East, which saw Egypt succeed in overthrowing the government. Protests have now spread to Iran and Bahrain. Usually there is a negative correlation between stock markets and metals, however silver has made a 2% gain on from the strong industrial demand of the improving economy. The same negative correlation usually applies to the US dollar, but the dollar has been up today and yet precious metal prices are rising. The combined fear of the unrest in the Middle East, the growing US debt and the fear of inflation have overpowered the norms. Gold spot price is up $1.50 – Silver price is up 59 cents – Platinum spot price is up $19.20 – Palladium price is up $18.80 |
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bsiong
Supreme |
14-Feb-2011 19:55
Yells: "The Greatest Wealth is Health" |
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Is Gold already at a peak level? //AHMEDABAD (Commodity Online): Has gold already attained its peak levels from where only a downward journey is possible? Participants at the recent Mining Indaba pointed out that there was no visible catalyst to pull gold prices up other than monetary tightening in China and recent crisis in Egypt. Therefore, it may not be surprising to find gold prices closing in the negative territory last week after witnessing sharp gains during mid-week. Geo-political concerns in Egypt coupled with doubts over inflation supported demand for the yellow metal in last week. According to Julian Phillips of Gold Forecaster, technical analysis of gold is misleading due to changes in the structure of gold markets where most transactions no longer involve the transfer of physical gold. This applies to gold futures and options traded on exchanges where less than 5% trades result in delivery, he added. If China continues to amass gold reserves, prices could remain supported and may attain higher levels. And therefore, some analysts are bullish on the yellow metal. Barclays Capital has forecasted an average gold price of $1495 this year, peaking at $1560 in the third quarter. For the time being atleast, sentiments are negative for gold and it traded negative after touching three-week high as news that Egyptian President Hosni Mubarak had resigned after weeks of protest gained some heat which pulled traders towards risky assets. Today, spot Gold gained by 0.22 percent to 1360.70 USD per ounce. Silver also climb to 30.114 USD per ounce. But Gold and Silver both failed to break earlier highs due to lack of fresh volume in market and no clear direction for further trend. Last week, Gold prices failed to cross 1370 USD. Technically that doesn't damage the chart, but it does confirm that Gold is consolidating between 1,368 USD and 1,355 USD. If Gold crosses that upper doorstep, it will sprint to 1,380 USD. If it trips over those base levels, it will fall till 1,345 USD and even below it may test 1,330 USD. Dollar strengthened against basket of major currencies and dull investment demand for the metal in the physical market kept Gold and Silver prices under check. Analysts expect Gold prices to come under pressure today as sentiments in the global financial markets have eased after President Hosni Mubarak finally out in his resignation. This has come in as a relief across the globe and will lead to decreased demand for Gold as a safe-haven. |
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bsiong
Supreme |
14-Feb-2011 19:51
Yells: "The Greatest Wealth is Health" |
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Gold-Silver Ratio: Silver value highest in five years / NEW YORK (Commodity Online): As precious metals continue to lead the commodities boom globally, the most frequently asked question these days is where does the gold-silver ratio stand. Over the years, gold has been the high value beneficiary commodity in comparison to silver. But last week, the gold to silver ratio fell to just above 45:1. According to Wayne Atwell, Managing Director of Casimir Capital, the silver value in comparison to gold is the highest in the last five years. “This is because people—investors—are regarding silver as a safe haven investment just like gold,” he says. Atwell said: “Suddenly with the anxiety level that’s surfaced about sovereign debt and municipal deficits, people are turning to alternative ways to hedge themselves and I think people felt silver was cheap based on where it has been historically, so they jumped on the bandwagon.” Gold-Silver ratio is the most important barometer for commodities traders and futures market dealers. Even though bullion prices have been on a bullish run all these months, the gold-silver ration continues to fall. Silver remains more than 30% below its nominal price in 1980 and given the very sizeable quantities of silver used in industrial applications in the last 30 years and in the 20th century, the ratio is likely to continue to revert to the historical long term average of 15 to 1. Meaning that 15 ounces of silver should in time be able to buy 1 ounce of gold. This makes sense from a supply perspective as geologically there are 15 parts of silver to every 1 part of gold in the earth's crust. Atwell says that the ratio change in silver’s favor is more an indication of investors looking for another second safe investment in precious metals than a lack of interest in gold. “It doesn’t reflect poorly on the performance of gold, it reflects the fact that silver had not participated as much and now suddenly people are figuring it’s going to play catch-up,” said Atwell. Gold has been very strong until up about the last month or so as it’s been going through a bit of a correction. Silver was initially left in the dust, but now people are gravitating towards it and it’s been a lot stronger in the past six to 12 months, Atwell pointed out. “If a metal or a commodity or a stock is moving upwards, has broken out to new highs or is very bullish, then people tend to jump on board,” says Atwell. “At this point silver has momentum and gold doesn’t.” |
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bsiong
Supreme |
14-Feb-2011 19:49
Yells: "The Greatest Wealth is Health" |
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Gold remains lower ahead of crucial China data // SINGAPORE (Commodity Online) : Gold prices remained lower in Asian trade Monday after losing its safe haven status on easing concerns in Egypt last week. However, analysts said the precious yellow metal is likely to recover during the day as China inflation data, scheduled Monday might help it as investors and traders await for trading cues. Gold for immediate delivery was seen trading at $1357.47 a barrel at 1.30 p.m Singapore time while U.S. gold futures was at $1,357.75 an ounce on the comex division in New York. Gold may further benefit from dollar’s weaknesses in early trade, analysts added. On Friday, gold ended lower after the resignation of Egypt's president, Hosni Mubarak, took away gold's safe-haven appeal, and the dollar was higher. Gold for April delivery retreated $2.10, or 0.2%, to $1,360.40 an ounce on the Comex division of the New York Mercantile Exchange. |
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bsiong
Supreme |
14-Feb-2011 19:47
Yells: "The Greatest Wealth is Health" |
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 // gold never sleeps -- |
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bsiong
Supreme |
14-Feb-2011 19:45
Yells: "The Greatest Wealth is Health" |
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Gold steady under $1,360 eyes China inflation after Egypt //
* Gold rangebound market awaits direction * Spot gold may fall to $1,333 - technicals * Coming up: US NAHB housing market index, Feb 1500 GMT By Rujun Shen SINGAPORE, Feb 14 (Reuters) - Spot gold held steady on Monday, with prices hovering below $1,360 an ounce, as investors awaited China inflation data for trading cues after the resignation of Egypt's president following weeks of protest took some heat out of risk aversion. Egypt's generals asserted command over the country following the overthrow of President Hosni Mubarak at the weekend. Having suspended the constitution and dissolved parliament on Sunday, moves welcomed by those who saw both institutions as perverted to Mubarak's personal ends, the armed forces council was planning to issue orders intended to stifle further disruption and get the country back to work. Gold prices, which have been buoyed by the turmoil in Egypt, may get a further boost if China's reports a high inflation number. Economists polled by Reuters have pegged China's January inflation rising at a 30-month high. The China inflation data will follow an 8.23-percent annual rise in January headline inflation in India, the world's biggest gold consumer. " China's inflation number is something to watch out for. If the number is high, it may cause another move up in gold prices, because people would use gold as hedge against inflation," said a Singapore-based dealer. But a stronger-than-expected rise in inflation may trigger fears of more tightening, after China raised interest rates twice in just over six weeks. Spot gold edged up 0.2 percent at $1,359.20 an ounce by 0627 GMT. U.S. gold futures was little changed at $1,359.9. A bullish target for spot gold of $1,388 per ounce has been aborted as it failed to touch a new high on Friday, making likely a further drop towards $1,333, said Wang Tao, a Reuters market analyst. |
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bsiong
Supreme |
14-Feb-2011 00:28
Yells: "The Greatest Wealth is Health" |
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Weekend Digest Gold price to hit $8000/oz: James Turk /February 13, 2011 at 19:20/ By Timothy Wood CAPE TOWN (MineFund.com) -- Speaking at Mining Indaba conference in Cape Town, James Turk forecast that gold could reach $8,000 per ounce by 2013-2015. He added that that may be too conservative. Turk, the founder of digital gold currency GoldMoney, said individuals should own bullion not as an investment, but as a wealth preserver. “Gold is not a commodity. It is not volatile. It is not an investment. Gold is money,” Turk told an audience of nearly 1,000 delegates. He illustrated gold’s ability to retain its purchasing power by comparing the price of oil in British pounds, US dollars, German marks, euros and gold. Only gold had maintained its purchasing power since 1950, with massive losses for the currencies, especially the pound. “Gold is a form of money that holds its value over time,” said Turk, adding, “capital is a precious resource that is best preserved with gold.” He explained gold’s fundamentally different character as a tangible asset that was accumulated, or saved, rather than consumed. It’s value derives from its utility as a medium of exchange for things like food, shelter and communication. “Gold as money is a mental tool that enables economic calculation unchanged through human history,” Turk told the audience of mining and investment professionals. Turk bases his forecast on a long-range view of boom-bust cycles. He believes we are currently moving through a bust of epic proportions as individuals, companies and governments are forced to restore balance to their balance sheets. “The bust has not yet peaked and you should own gold to preserve wealth until it has.” He projected the cycle via a ratio of the Dow Jones Industrial Average to gold. He assets that the ratio will again revert to one, and that’s where his $8,000/oz prediction lands. Turk said that a collapse of the dollar was inevitable because the United States, among other countries, was in a structural crisis that could not be avoided via interest rate increases. “The US is not suffering from a cyclical deficit, but a structural one. It is a path to hyper-inflation. “Japan’s credit rating has just been cut. It is probably the first slow fuse to be lit.” Turk laid his thesis against the strong correlation of the Federal Reserve’s monetization of US debt with the S& P 500. Since the launch of quantitative easing, the correlation has been almost perfect. Meanwhile, he pointed out that the US appears to have entered a “debt compounding” phase. As a result, the country is now extremely vulnerable to even moderate increases in interest rates which have begun to move up. “We cannot replicate the previous [1980s] high interest rate cure for mismanagement of the economy,” Turk concluded. He believes the US currency will inevitably collapse as a consequence. Timothy Wood www.minefund.com |
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bsiong
Supreme |
12-Feb-2011 23:25
Yells: "The Greatest Wealth is Health" |
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WEEKEND DIGEST Middle East concerns to dominate Gold market /(Kitco News) - The ever-evolving situation in Egypt will be watched closely by gold-market participants and uncertainty regarding the outcome of the situation – and whether civil unrest will spread – should give precious metals markets support for next week. April gold futures on the Comex division of the New York Mercantile Exchange settled at $1,360.40 up 0.85 % on the week, but down $2.10 on the day. March silver futures settled at $29.995 an ounce, up 3.2% on the week, but down 9.9 cents on the day. The Egyptian situation will continue to overshadow financial markets in general and for gold that means traders are likely to buy as a safe-haven asset. Television reports say that President Hosni Mubarak has stepped down and has transferred power to the military, which has broad respect in the country. That caused gold to slip from the day’s high and settle modestly lower. The gold market has rallied to its current levels on the unrest in Egypt, reversing a slide in price during January that sent April futures as low as $1,309. Even with Mubarak leaving office, it’s unlikely that gold prices will fall back to the levels they were at prior to the Egyptian protest. Several market watchers said traders won’t want to go home short this weekend because of the Egyptian turmoil. Win Thin, global head of emerging markets strategy, said the military takeover for now was the best solution. “However, there are still more questions than answers with regards to Egypt’s ultimate fate and so investors must be prepared for ongoing volatility as the situation in Egypt remains far from clear,” Thin said. Larry Young, president, Covenant Trading, said a little bit of the risk premium gold built in this week could be taken out prices, but there’s little reason to see much downside. “There are so many other variables that support, it,” he said. Concerns over the health of the dollar and other currencies, worries over the size of sovereign debt, and fears of inflation are just some of the reasons that gold has found favor with investors. “Gold has become an asset class. When I was a financial planner, we used to recommend 1% of your assets in gold. But that’s grown to 5% in precious metals,” he said. Gold’s rebound from the lows posted in late January and its ability to hold above $1,350 an ounce for much of this week was a positive sign to many market watchers. The trend for gold next week is higher, said Zachary Oxman, managing director at TrendMax Futures. “We consolidated around $1,340-50 (basis April futures) and broke through 55 which was a pretty key technical level. To me the risks favor the upside,” he said. Oxman said considering the tensions in Egypt, April gold futures could rise to $1,380 next week, with support coming in at $1,345. Beyond $1,380, resistance for gold is at $1,394-$1,400, with support at $1,309, Young said. The market’s ability to hold over $1,350 has encouraged market participants to return to adding to bullish positions. The slide gold suffered in January gave many bulls pause, but with the rebound and gold’s pattern of higher highs and higher lows this week, upward momentum is back, the analysts said. Young said the shake-out of long positions as measured by the Commodity Futures Trading Commission is healthy for the gold market and the break in January was an opportunity to buy gold at a lower price. The dollar has also rallied as the Middle East tension arise, but that has not shackled gold much. Oxman said both are acting as flight-to-safety havens. Further, while faith in any currency is lacking at this standpoint, the dollar is seen as “best of the worst” when compared to a currency like the euro. Next week brings the producer and consumer price index reports. Estimates for these reports forecast continued tame inflation readings in the U.S. Estimates from MarketWatch forecast the overall PPI at 0.9% and the core at 0.3%, with the overall CPI at 0.3% and the core at 0.1%. Oxman said these figures are likely to be met with some skepticism. “People have been questioning their accuracy, especially when you see cotton prices at 150-year highs, grain prices going through the roof and bond market yields going higher,” he said. Silver prices should also from buying interest, although after the recent price rally it could level off in the short-term. Young said resistance for silver is at $31 and support is at $29. By Debbie Carlson of Kitco News dcarlson@kitco.com |
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bsiong
Supreme |
12-Feb-2011 23:21
Yells: "The Greatest Wealth is Health" |
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WEEKEND DIGEST Gold, oil fall along with MubarakNEW YORK (Commodity Online) : Gold and oil prices fell along with Mubarak in Egypt as the black gold dropped on easing tensions in Egypt while the bullion was hit by rising dollar and equity stocks. Light sweet crude for March delivery lost $1.12 to $85.61 per barrel while in London, Brent crude fell 31 cents to $101.13 a barrel. Analysts said political uncertainty remained in the Middle East despite Mubarak exit as concerns that anti-government protests could have spread across the region and added to market volatility. They said the black gold took the immediate impact of the situation as it eased along with tensions but gold failed to take advantage as strong dollar and equity stocks hit it from gaining. The greenback was also supported by data showing the US economic recovery is gaining traction. Resurgent concerns about the European sovereign debt crisis weighed on the euro. The anti Mubarak protests culminated successfully yesterday as Mubarak and his family left for the Red Sea resort city of Sharm-el-Sheikh bringing the curtains down on an authoritarian era lasted for over 30 years. The bullion also dropped on losing safe-haven appeal and finished lowest for the week on Friday. However, overall the bullion gained 8 percent for the week. Gold for immediate delivery was at $1,362.10 an ounce on close after climbing as high as $1,368.16 an ounce while Gold for April delivery declined $2.10, or 0.2%, to settle at $1,360.40 an ounce on the Comex division of the New York Mercantile Exchange. . |
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bsiong
Supreme |
12-Feb-2011 09:42
Yells: "The Greatest Wealth is Health" |
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Feb 11 (Reuters) - Gold prices eased on Friday, retreating briefly back below $1,360 an ounce, after Egypt's vice-president announced on Egyptian state television that President Hosni Mubarak was to step down. Spot gold XAU= fell as low as $1,359.55 after the news, before steadying to $1,362.20 an ounce at 1609 GMT, against $1,362.90 late in New York on Thursday. (Reporting by Jan Harvey Editing by Anthony Barker) |
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bsiong
Supreme |
12-Feb-2011 09:40
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Report – 2/11/2011February 11, 2011At 4 PM (CT) the APMEX precious metals prices were:
COMMENTARY: Precious metals trended down today on the news that President Mubaraks has stepped down. Precious metal prices had been fairly stable despite the on going turmoil. Worldwide inflation concerns had driven precious metals prices up earlier in the week. Silver had once again crossed the $30 barrier and silver prices are still going strong as they have closed above $30 for the last three days. There are some who feel that the jubilation of President Mubarak might be premature.Jon Alterman of the Center for Strategic and International Studies said, “This is just the end of the beginning,” and that “Egypt isn’t moving toward democracy, it’s moved into martial law and where it goes is now subject to debate.” More news holding back metals and boosting the stock markets was that consumer confidence rose to the highest levels in eight months. Experts are saying this is signaling consumer spending and may keep contributing to the expansion of the economy and job market. With all the news swirling around both good and bad, it will be interesting to see how the changes effect metals prices since they offer a safe-haven from the storms of inflation and geopolitical turmoil. APMEX has now received more 2011 Silver American Eagles, get them while they are in stock! The Gold spot price is down $5.50 – Silver price is down 22 cents – Platinum spot price is down $25.80 – Palladium price is down $7.40
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bsiong
Supreme |
11-Feb-2011 22:51
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 2/11/2011February 11, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metal prices were lower in early morning trading, but they have rebounded to where Gold spot price is up $2.30 – Silver price is down 3 cents – Platinum spot price is up $2.60 – Palladium price is up $1.30. Home ownership could become more expensive as the Obama administration has declared the Fannie and Freddie Model “dead”. Timothy Geithner expressed that it was time for private capital to step in and assume the role of backing mortgage finance. It is expected that this will increase the mortgage costs. Currently, 85% of new mortgages are backed by Fannie or Freddie. |
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bsiong
Supreme |
11-Feb-2011 22:00
Yells: "The Greatest Wealth is Health" |
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 A bullish target of $1,388 per ounce has been re-established for spot gold based on an inverted head-and-shoulders pattern, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. |
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bsiong
Supreme |
11-Feb-2011 21:59
Yells: "The Greatest Wealth is Health" |
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* Gold to rise to $1,388/oz -technicals * Coming Up: Reuters/U. Mich Sentiment Feb 1455 GMT By Lewa Pardomuan SINGAPORE, Feb 11 (Reuters) - Gold erased some of early gains in directionless trade on Friday, under pressure from a drop in ETF holdings to their lowest since late January, a firm U.S. dollar and a lacklustre physical market. Premiums for gold bars were steady in Hong Kong and Singapore, with no signs of buying interest from China after the Lunar New Year celebration. Unrest in Egypt could underpin sentiment, but there was hardly any physical buying in Asia related to the deadly turmoil. Egypt's people-power protesters, reeling with disillusion and anger after President Hosni Mubarak dashed hopes he would resign, planned massive new demonstrations on Friday that may test the army's loyalties. |
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