GLD USD
Last:336.5
+1.6
Gold & metals
Post Reply
1461-1480 of 4402
By Craig C. CalvinNovember 2, 2012GOLD AND STOCKS DROP AS ELECTION LOOMSA combination of several factors contributed to Gold ending the day the lowest it has been since the latter part of August. With the upcoming election generating uncertainty with investors and the report that October’s non-farm payrolls exceeded expectations, the dollar experienced a surge that pushed Gold down. Prices for Silver, Platinum, and Palladium also saw a dip today.
Despite the positive payroll data, stocks in the U.S. ended the day down as well. According to senior equity trader Larry Peruzzi with Cabrera Capital Markets LLC, the employment data was a “good report that was met with some skepticism. This election is still too close to call so it may be tough to make any bets. Between the seesawing job reports, the too-close-to-call election, mounting damage cost from Sandy and our biggest city at 50 percent, markets seem to be at a bewildered and confused point.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1679.50, Down $37.00.
- Silver, $30.96, Down $1.33.
By Ryan SchwimmerNovember 2, 2012OCTOBER JOBS REPORT ENCOURAGING GOLD DROPS BELOW KEY LEVELThe final jobs report before Tuesday’s U.S. presidential election showed an increase of 171,000 new jobs in October, which is higher than many analysts predicted. However, the unemployment rate in the country also increased to 7.9 percent. The U.S. dollar gained and Precious Metal prices fell after the news, with Silver dropping below $32 and Gold dropping below the key $1,700 level.
Even with this morning’s drop, Gold traders are still bullish on the yellow metal. The majority of analysts participating in a Bloomberg survey expect the price to increase next week. One analyst said, “Central banks are all very concerned about a depression, so they’re keeping monetary policies as loose as possible. People are buying Gold as a store of value to protect against currency depreciation.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,696.70, Down $19.80.
- Silver, $31.82, Down $0.46.
Last Updated : 02 November 2012 at 18:40 IST
Positive US non-farm pay roll data pulls Gold prices down by 1.10%
NEW YORK (Commodity Online): With US non-farm pay rolls staging a comeback to a seasonally adjusted 171K from 148K, against an expectation of 125K, gold prices on the Comex dipped sharply.
Gold on the Comex is trading at $1696.65 a loss of 1.10% or $18.85.
On India's MCX Gold for December delivery was seen trading at Rs.30709 a loss of 0.79%.
Last Updated : 02 November 2012 at 11:35 IST
'Spot Gold to find support at $1700/oz MCX at Rs 30800'
Source :Commodity Online Research desk
AHMEDABAD (Commodity Online): Bullion in India eased on Friday as USD firmed but moves were muted due to uncertain economic outlook.
“Major support for spot gold is expected at $1700 an ounce and for MCX December gold at Rs.30800. MCX silver December contract is expected to trade in range of 59300-60000. Investors are staying focused on US Non-farm Employment change due this evening for clues on monetary policy.” said Amrita Mashar, Manager-Research, Commodity Online.
US Non-farm payrolls data is forecast to have positive impact on USD, but could prove to be bearish for bullion as it will cut expectation for additional quantitative easing.
Meqanwhile, gold traders are most bullish in 10 weeks according to Bloomberg as wave after wave of stimulus Sandys lash against the gold coast.
Eighteen of 27 analysts surveyed by Bloomberg expect gold prices to climb next week making bullish tone the most prominent since August 24.
Also, “data today may show while U.S. employers took on 125,000 workers in October, that wasn’t enough to keep the jobless rate from rising to 7.9 percent from 7.8 percent, according to the median forecast of economists surveyed byBloomberg.”
Last Updated : 02 November 2012 at 10:15 IST
Gold ebullient most in 10 weeks as stimulus Sandys hit the shores
Source :Bloomberg
Commodity Online
The Central Banks across the world have developed a penchant to inject stimulus into the economy as the warp and weft of global socio-economic-political fabric is at a risk of getting tattered. And this penchant has got directly translated into an ebullient performance by bullion. Gold traders are most bullish in 10 weeks according to Bloomberg as wave after wave of stimulus Sandys lash against the gold coast.
Eighteen of 27 analysts surveyed by Bloomberg expect gold prices to climb next week making bullish tone the most prominent since August 24.
The wave started off with Ben Bernanke opening QE floodgates and channelising $2.3 trillion in greenback in a debt purchase program from December 2008 through June 2011. Recently the floodgates were decided to be left open for unlimited time until the job markets took firm roots. This would mean a monthly dose of $40 billion for the economy in exchange for Mortgage Backed Securities.
This measure comes along with another round of bond purchase program to the tune of $45 billion announced last week.
Also, the Bank of Japan has provided the economy with 66 trillion yen with an additional firepower of 11 trillion yen added to it. It would also provide unlimited loans to banks to boost credit lending.
The European Central Bank or ECB has decided to buy bonds on an unlimited scale. Add to this, the $158 billion subways-to-roads construction plan floated by China and the picture becomes clear. One may even see the froth oozing from the side of the bull's mouth.
“Central banks are all very concerned about a depression, so they’re keeping monetary policies as loose as possible,” said Mark O’Byrne, the executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores everything from quarter-ounce British Sovereigns to 400-ounce bars toBloomberg News.
“People are buying gold as a store of value to protect against currency depreciation.” he added.
Meanwhile, gold prices are poised to gain today as “data today may show while U.S. employers took on 125,000 workers in October, that wasn’t enough to keep the jobless rate from rising to 7.9 percent from 7.8 percent, according to the median forecast of economists surveyed by Bloomberg.”
November tends to be seasonally bullish for Gold: UBS
Source :Commodity Online
NEW YORK (Commodity Online): October tends to be a seasonally negative month for gold but November a seasonally bullish one, said Zurich based Investment Bank UBS in a snippet.
December gold last traded up $8.00 at $1,720.00 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $10.90 at $1,720.50.
“Monthly returns since the mid-1970s show an average gain of about 1.4% in November, the second strongest month in terms of seasonality,” the bank added.
The Swiss bank continued that, “this coincides with the most active period for physical markets, particularly in India. Despite this year’s general disappointment with Indian gold demand, we still expect a further continuation of the seasonality trade and therefore expect stronger gold prices in November, especially once we get the U.S. election out of the way. A President Obama re-election would be particularly supportive, not necessarily because he remains in office, but because the market uncertainty will be removed.”
Then participants can focus on the Dec. 11-12 meeting of the Federal Open Market Committee, with UBS economists expecting the Fed to announce that Operation Twist will be replaced with a fourth round of quantitative easing, UBS concluded.
By Brandi BrundidgeNovember 1, 2012U.S. JOBLESS REPORT RELEASED TOMORROW COULD IMPACT GOLD PRICE AND PRESIDENTIAL ELECTIONSGold began to feel pressure today from the U.S. dollar as it strengthened from positive economic data. Precious metals are facing an unknown future, from U.S. Presidential elections to the fiscal cliff, and analysts believe if the news is negative from either event, it could increase gold’s price. " Before the elections on Tuesday, the non-farm payrolls will be quite a big deal," Natixis analyst Bernard Dahdah said. " (Further out), we have the fiscal cliff in the next two months. If you have more issues with that, that will definitely send the price of gold higher."
The U.S. non-farm payrolls report for the month of October will be released tomorrow, and many are predicting it will sway voters one way or another for the U.S. Presidential elections this coming Tuesday. Analysts suggest that employers are waiting to hire additional employees until after the election to be able to make better financial decisions for their company. This news could be partially to blame for why new jobs have not been on pace for 2012. “The key story this summer has been that more and more businesses have moved to the sidelines, delaying key decisions on hiring and investment until after the election, when the policy outlook will be much clearer,” Stephen Stanley, chief economist of Pierpont Securities, said in a preview of the employment report.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,715.80, Down $4.30.
- Silver, $32.32, Down $0.03.
By Geoffrey VarnerNovember 1, 2012U.S. PRODUCTIVITY UP, START OF THE GOLD SEASONBefore the jobs and consumer confidence reports were released this morning, U.S. stock futures had remained mostly stable, trading in a very tight range. John Haynes, head of research at Investec Wealth & Investment in London summed up the current mood in this quote, “I think people are underestimating the positive momentum that is building. It’s about staying where we are until the U.S. political picture clears.” His quote isn’t far off the mark. Jobless claims fell by an additional 9,000 while U.S. productivity rose by 1.9 percent.
November begins the buying season for gold as the festivals of Diwali in India and the lavish wedding season produce high demand. In addition, Chinese New Year has historically provided an additional boost in demand. How much of a boost? Consider this, according to the World Gold Council: India and China dominate the global consumer demand for gold combining for 45 percent of the global demand of jewelry, bar, and coin demand in Q2 2012. An interesting statistic tells us that dating back to 2000 gold has gained 8.3 percent from the month of November through the end of April.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,724.10, Up $4.50.
- Silver, $32.57, Up $0.23.
Three factors to impact Gold in November
Source :Commodity Online
LONDON (Commodity Online): The outcome of the US Presidential elections due on November 6, India festival season and whether Greece meets the requisite conditions for Eurozone aid will have major impact on gold prices in November, according to a note by Sharps Pixley, London.
In November, Europe will strive to keep Greece within the Euro zone and the Troika will have to decide if Greece meets the prerequisite conditions for a Euro 130 billion aid. The October Euro zone economic sentiment indicator came out at 84.5, slightly better than expected. Still the German Chancellor Merkel and the IMF Managing Director Lagarde both warned of the fragile global economy and the untenable debt levels in major economies.
Gold-backed ETF holdings are still at a record high level while there are signs that physical demand has increased in India and China. The Indian peak festival seasons which include Dussehra and Diwali and the marriage seasons may help to bolster gold prices from October to early next year.
After briefly climbing below $1700 recently, US Gold futures is rebounding to $1720 levels on Wednesday as uncertainty over global economic recovery, Eurozone crisis, central bank buying, festival demand in Asia continues to support prices.
For Comex Gold December, a bullish reversal looks emerging, with support having retained support levels near to $1700 in the past two months, according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online. Gold could move higher but face resistance at $1750-60 levels.
Last Updated : 01 November 2012 at 09:50 IST
Positive China may curtail Gold, negative Greece to underpin
Source :Bloomberg, BBC
LONDON (Commodity Online): The north wind is finally catching on the Chinese sails, it seems as the Purchasing Manager's Index has stood in line with forecasts at 50.2 in October. This may spark a drop in gold prices, reports suggest. But the Eurozone crisis may underpin the prices and prevent it from going down beyond solid support levels.
A figure above 50 in PMI means economic expansion. Chinese industrial production, exports and retail sales rose in September facilitating the climb.
“We might see (gold) prices come off on improving data”, said Alexandra Knight, an analyst at National Australia Bank Ltd toBloomberg News. “Investors probably overreacted to central bank announcements for further stimulus. They were a bit too optimistic at the time, and we’re starting to see an unwinding of that.”
Meanwhile, as the news sets in December gold on the Comex is at $1721.95/oz, a marginal gain of 0.16% or $2.75 as of 9.21 am IST, Thursday. Silver for the same month is at $32.370, a gain of 0.17% or $.05.
However, the positive news from China may get eclipsed by negative news from Greece. In order not to lose a vote on the new round of austerity measures for Greek people, the coalition government there has postponed a vote on the same.
The austerity package envisages spending cuts for the 2013 budget, labour market reforms, and privatisation of state assets. Responding to this, a two-day general strike is in the offing next week.
" The central aim and demand of the unions is the rejection [by parliament] of unacceptable, destructive and coercive measures imposed by the troika [the European Commission, IMF and ECB]," the GSEE union, one of the principal participants in strike said and was quoted by BBC.
The Greek economy is forecast to shrink 4.5% next year as per reports and if turns out to be true, by the end of 2013 the economy would have shrunk by a cumulative 22% since 2008.
October 31, 2012 • 12:52:50 PDT
However, the Allocated Gold Account scandal will assure the Gold price reaches $5000 and the Silver price reaches $200.
read more
by Geoffrey Varner October 31, 2012
WALL STREET RETURNS TO WORK GOLD DOWN FOR MONTH, UP FOR YEAR
Halloween isn’t enough to scare up a full day’s worth of gains on Wall Street. The stock market was open for a full day after Hurricane Sandy shut everything down for a two-day closure, the first since 1888.
Jonathan Corpina, senior managing partner at Meridian Equity Partners in New York, is quoted saying, " I was driving in at 5:45 this morning in the dark, but the red and blue lights of the exchange were on, and it was clear that ours was the only building down here that was functional.” Trading started strong but moderated during the day.
Gold rose to a one-week high, breaking $1,720 earlier today.
Saxo Bank vice president Ole Hansen said Gold “has been forming a good base over the last couple of days.” He continues, saying that speculators may be dipping their toes in again. The gain for Gold is a positive since it dropped 3.1 percent in October however, Gold has gained 9.7 percent this year.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1721.9, Up $9.30.
- Silver, $32.27, Up $0.44.
Gold rises higher as dollar weakens
FRANKFURT (Oct 31) Gold futures rose in electronic trade Wednesday, as investors prepared for the reopening of floor trade in the wake of super storm Sandy.
Gold for December delivery rose $8.10, or 0.5%, to $1,720.20 an ounce in electronic trade. Floor trading at the New York Mercantile Exchange was set to reopen after being closed Monday and Tuesday due to an evacuation order.
Gold rose Tuesday to settle at $1,712.10 an ounce.
Wednesday will also see the reopening of U.S. equity markets after the first weather-related, two-day closure since 1888.
But it will probably take an event such as Friday’s U.S. nonfarm payrolls report to break gold out of the relatively narrow trading range of $1,700 to $1,720 an ounce seen over the past five sessions, wrote strategists at KBC Bank in Brussels, in a note.
U.S. stock index futures pointed to a higher open for Wall Street as New York and a large chunk of the East Coast deal with power and transport problems amid the devastation left by the megastorm.
The dollar, meanwhile, edged lower. The dollar index, a measure of the greenback against a basket of six major rivals, fell 0.2% to 79.733. A weaker dollar tends to boost gold and other commodities priced in the currency. Silver futures rose 39 cents to $32.21 an ounce. Palladium futures rose $12.70 an ounce to $608.86, while platinum gained $17.90 to $1,571.50.
By Ryan SchwimmerOctober 31, 2012WALL STREET REOPENS ELECTION AND FISCAL CLIFF TO DECIDE GOLD’S FUTUREPrecious Metals prices are rising this morning ahead of the official reopen of Wall Street. Stock futures are higher as well, with trading expected to begin at 9:30 a.m. (EDT). Yesterday saw the release of the Case-Shiller index for August, which showed that home prices continued to rise. Henrik Drusebjerg of Nordea Bank said, “The Case-Shiller index yesterday again was giving good news on the real estate market and I think that’s one of many small greenshoots over the last month or so, implying a little more growth is underway for the U.S. economy.”
Though trading higher today, Gold may see its first monthly loss since May. The metal has been trading in a tight range lately, and is expected to continue to do so with the U.S. Presidential election looming. Dominic Schnider of UBS Wealth Management said, “People wonder if Romney is going to be in power and what kind of monetary policy we will have. He is clearly not in favor of what the Fed is doing.” Recent Federal Reserve actions have been very supportive of the Gold price, so if a new President disapproves, there may be changes to that part of Gold’s price support. However, the fiscal cliff at the end of the year might make the winner of the election irrelevant when it comes to the price of Gold. Schnider added, “I don’t think they will come to an easy agreement on how to handle things, which could be negative for the dollar and quite supportive of Gold.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,718.10, Up $5.40.
- Silver, $32.15, Up $0.32.
By Nicholas WilseyOctober 30, 2012GOLD STAYS FLAT IN STORMY WEATHER EUROPE SHOWING IMPROVEMENTGold hovered today as Hurricane Sandy passes over the East Coast of the United States. While there has not been much movement in the price of Gold, the small amount has been positive. A couple of reasons have been the positive economic reports out of Europe and the news of more monetary easing. One of the main reasons for continued easing in the U.S. is the lack of improvement in the unemployment rate. Peter Fertig, a consultant with Quantitative Commodity Research, said, “The level of unemployment is still at a level where the Fed does not feel comfortable with it.”
Reports from two of the leading European financial institutions have shown signs of hope in a failing economy. Even though the news of a financial collapse in the region was common, the new banking reports have given talk to a strong recovery. UBS CEO Sergio Ermotti was quoted in a recent article as saying, “I’m very pleased with the way we performed in the third quarter…it really started bad but…across the board we were able to manage profitability in all the segments of the bank. If you look at wealth management we had the best quarter in five years in terms of making money.”
At 5 pm (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1710.50, Up $1.30.
- Silver, $31.81, Up $0.05.
October 30, 2012 • 10:43:15 PDTIn Mike Maloney's words: “Gold & silver have revalued themselves throughout the centuries & called on fiat paper to acco... Read More
Gold reverses losses on equity economy concerns stay
SINGAPORE (Oct 30) Gold tracked equities higher on Tuesday, but was heading
for its biggest monthly loss since May, after disappointing corporate earnings
prompted investors to sell holdings to cover losses in other markets hurt by
global economic uncertainty.
The focus this week will be on Friday's U.S. non-farm payrolls report, which
could shed light on the nascent labor market recovery and influence an
increasingly tight election between Democratic President Barack Obama and
Republican challenger Mitt Romney.
Sandy, one of the biggest storms ever to hit the United States, has had no
impact on trading in Asia, but the closure of markets in the United States could
curb volume and increase volatility.
Gold hit a low around $1,704 an ounce and was at $1,711.70 by 0713 GMT, up
$2.46. It hit an 11-month high above $1,795 in early October after the U.S.
Federal Reserve announced its third round of aggressive economic stimulus in
September.
" It isn't much of a surprise that it is still moving within this trading
band. People are more cautious in view of the U.S. elections and the euro
problems," said Brian Lan, managing director of GoldSilver Central Pte Ltd in
Singapore.
" Some of the support for this price level, I believe, comes from India, as
Diwali is coming up. $1,700 is not a very strong support. Once it's broken, we
expect to see the support level at $1,675," said Lan, who pegged resistance at
$1,720.
The festive season in main gold consumer India peaks in November with Diwali,
the Hindu festival of lights. Weddings also take place at this time, with gold
jewelery forming a key part of the dowry daughters receive from their
parents.
U.S. gold for December rose $3.90 to $1,712.60 an ounce.
Shares in Asia rose modestly but momentum was curtailed by the powerful storm
that will keep U.S. markets shut, while the U.S. dollar slid to an intraday low
against the yen after the Bank of Japan unveiled further easing steps.
" A further round of quantitative easing by the BOJ, in addition to possible
weakness in the yen, may allow for $10 to $15 an ounce upside to the price
today, in our view," Deutsche Bank said in a report.
" Nevertheless, we believe that such support is likely to be ephemeral, with
renewed pressure likely as we move through November. We continue to see $1,700
an ounce as an important support level."
The euro was stuck in its recent range, but pressured by political jitters in
debt-laden Italy and an uncertain bailout outlook for struggling Spain and
Greece.
U.S. economic growth picked up slightly more than expected in the third
quarter, data showed on Friday, though global giants Apple (AAPL.O) and Amazon
(AMZN.O), European car maker Renault (RENA.PA) and electronics group Ericsson
(ERICb.ST) all posted results that fell short of expectations.
" Whilst last week's Fed meeting took place without new insights or reactions,
the presidential elections in the U.S. early in November are moving more and
more to the fore. We expect markets to be volatile until then and without clear
direction," trading house Heraeus said in a report.
" Should Mitt Romney win, the attitude towards monetary measures is at any
rate likely to change: he is not exactly known for being a friend of Bernanke
nor the Fed's quantitative easing programme. In the short term, we still expect
that falling below $1,700 an ounce would fuel fresh purchases."
Bullish bets on U.S. commodities by hedge funds and other big speculators
have fallen to a near 2-1/2-month low, trade data showed on Friday, as oil and
gold saw heavy selling for a second straight week.
Uncertainty over global economic recovery and questions on the future of U.S.
monetary policy, which has been ultra-loose under Fed Chairman Ben Bernanke, was
weighing on gold's appeal as an inflation hedge.
October 30, 2012 • 05:30:21 PDTHundreds of thousands of New Yorkers are without power, but that's just a small portion of the 7.5 million customers wit... Read More
