Sources at MarketWatch report that,"June gold fell $3.30 to $588.50 an ounce," as of March 31st, 2006. The reason one might ask? Quite simply it can be linked to the fact that, "Strength in the U.S. dollar eased some investment demand for the precious metal after gold touched a fresh 25-year high of $594.60 overnight."
On the other hand, May silver was reported to have gone down 8 cents at $11.58 an ounce, following on the heels of a 22-year high. As many were predicting, once the ETF had been approved, the price of silver may just be levelling for the near term period.
Friday, March 31, 2006
Tuesday, March 28, 2006
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Tuesday, March 21, 2006
Will Gordon Do It?
And the question still remains, will Gordon Brown take the plunge and sell off the majority of Britain's gold reserves? As the price of the commodity continues to near the $600 mark, the heat under Brown's collar could be just enough to lift the golden latch.
According to Gabriel Rozenburg, reporter for the Times, "The Chancellor sold 395 tonnes of Britain’s gold reserves between 1999 and 2002, generating $3.5 billion. At yesterday’s London closing price of $554.10 he would have generated more than $7 billion (£4 billion)."
With all the speculation factored in, that gold will peak at around $800 by the end of the year, keeping an eye on Mr. Gordon's temperament, could prove useful.
Bill Jamieson, reporter for the Scotsman newspaper exclaims of gold's upsurge: "This is all deeply embarrassing for our Chancellor, Gordon Brown." Brown has been known for his poor timing in the past, selling off the country's gold reserves at inopportune moments. Will he step in and lay a correction for his past actions? Stay tuned.
According to Gabriel Rozenburg, reporter for the Times, "The Chancellor sold 395 tonnes of Britain’s gold reserves between 1999 and 2002, generating $3.5 billion. At yesterday’s London closing price of $554.10 he would have generated more than $7 billion (£4 billion)."
With all the speculation factored in, that gold will peak at around $800 by the end of the year, keeping an eye on Mr. Gordon's temperament, could prove useful.
Bill Jamieson, reporter for the Scotsman newspaper exclaims of gold's upsurge: "This is all deeply embarrassing for our Chancellor, Gordon Brown." Brown has been known for his poor timing in the past, selling off the country's gold reserves at inopportune moments. Will he step in and lay a correction for his past actions? Stay tuned.
ETF Ruling Is Here
The long awaited news that silver will become and Exchange Traded Fund is in. Reuters is reporting that: "U.S. benchmark silver futures shot to a 22-year high on speculative buying on Tuesday after the U.S. Securities and Exchange Commission approved rule changes for a silver exchange-traded fund." Silver for May delivery also is reported to have received a shot in the arm.
One the other side of the equation, critics are toting that silver has been overvalued in its own right, irregarldess of the outcome of the ETF ruling. The proof will be in the pudding, whether or not this will be the case over the upcoming months, once the fever has finished breaking.
One the other side of the equation, critics are toting that silver has been overvalued in its own right, irregarldess of the outcome of the ETF ruling. The proof will be in the pudding, whether or not this will be the case over the upcoming months, once the fever has finished breaking.
Monday, March 13, 2006
Gold at Highest Rate Since December 8th, 2005
As of Friday, March 10th, gold took a rise not seen since late last year. What did analysts attribute to this recent increase? Oil and the Euro seem to be what lies behind the scenes, as we see gold make a slight adjustment. More from The News International, in Pakistan.
___________________________________________________________________
"GOLD: Gold climbed to its highest level this year, amid a plunging US dollar and surging oil prices.
An ounce of gold climbed to $446.76 Thursday spot price and $443.70 Friday for the fixed price — its highest level since December 8. "A stronger euro and new highs of crude lifted the yellow metal back above 440 dollars," said UBS analyst John Reade.
The dollar plunged to a two-month low point against the euro this week on structural concerns over the US twin deficits, making gold — priced in dollars — cheaper to buyers using other currencies. Record oil prices boost gold as it is deemed a less risky investment."
___________________________________________________________________
"GOLD: Gold climbed to its highest level this year, amid a plunging US dollar and surging oil prices.
An ounce of gold climbed to $446.76 Thursday spot price and $443.70 Friday for the fixed price — its highest level since December 8. "A stronger euro and new highs of crude lifted the yellow metal back above 440 dollars," said UBS analyst John Reade.
The dollar plunged to a two-month low point against the euro this week on structural concerns over the US twin deficits, making gold — priced in dollars — cheaper to buyers using other currencies. Record oil prices boost gold as it is deemed a less risky investment."
Wednesday, March 08, 2006
A Recipe for Portfolio Success?
This check list, prepared by Chairman of Weiss Ratings, Mark Weiss, was recently posted on "Precious Metals Warrants." Weiss' advice to include gold in one's portfolio to balance things out, could need further examining. Taking a look at how the mining industry is shaping up after last year's trend in mergers and acquisitions amongst some of the world's leading gold mining companies (ie.Barrick/Placer Dome), Robin Bennett of Hunter Dickinson Inc. says, "once the waves of post merger integration have smoothed, we will see a further increase in appetite amongst majors, to earn into junior mining assets that have projects close to production."
Keeping an eye out for this trend, could help aid in understanding how these markets will turn.
Warning! Fiscal Hurricane Approaching! Is Your Portfolio Secure? Part 1
Martin Weiss, Chairman of Weiss Ratings, Inc. and author of ‘The Ultimate Safe Money Guide,’ has said:
1. “Get out of the stock market."
2. Put up to 60% into short term treasury bills.
3. Put up to 20% in 3-5 year treasury notes.
4. Put 10% to 20% into gold bullion and/or gold mining shares (Editor’s Note: and other precious metals and energy stocks and/or the warrants of those that expire in more than 3 years) depending on how bullish you are on this sector.
5. Put 10% to 25% in one of a variety of hedge funds depending on how aggressive you want to play the market.
6. Be patient and wait for the bottom of the stock market and then buy with both hands but beware of false bottoms. Include gold, etc in such a portfolio because gold is negatively correlated with other asset classes. It is a great way to balance your portfolio.
7. Pay off all your debts including the mortgage on your home.
8. If you are mortgaged to the hilt then sell NOW and rent for a few years and then buy back in, if you wish, once prices have dropped (and they will!) or once the danger of the decline has blown over."
Keeping an eye out for this trend, could help aid in understanding how these markets will turn.
Warning! Fiscal Hurricane Approaching! Is Your Portfolio Secure? Part 1
Martin Weiss, Chairman of Weiss Ratings, Inc. and author of ‘The Ultimate Safe Money Guide,’ has said:
1. “Get out of the stock market."
2. Put up to 60% into short term treasury bills.
3. Put up to 20% in 3-5 year treasury notes.
4. Put 10% to 20% into gold bullion and/or gold mining shares (Editor’s Note: and other precious metals and energy stocks and/or the warrants of those that expire in more than 3 years) depending on how bullish you are on this sector.
5. Put 10% to 25% in one of a variety of hedge funds depending on how aggressive you want to play the market.
6. Be patient and wait for the bottom of the stock market and then buy with both hands but beware of false bottoms. Include gold, etc in such a portfolio because gold is negatively correlated with other asset classes. It is a great way to balance your portfolio.
7. Pay off all your debts including the mortgage on your home.
8. If you are mortgaged to the hilt then sell NOW and rent for a few years and then buy back in, if you wish, once prices have dropped (and they will!) or once the danger of the decline has blown over."
Thursday, March 02, 2006
USD and JPY Currency Pair Could Show Signs of a Larger Turn, March 2
"Lien recommended as technically strategy that USD/JPY has broken below a 2 month trend line as well as its shorter term 20-day SMA and longer term 100-day SMA. The breakdown signals a possible shift in trend, but we would need to a close below 115.00 to get the real confirmation that USD/JPY uptrend has no run its course and is essentially over. However, if the currency pair manages to close back above 117.50, then the downtrend is negated and the uptrend in USD/JPY remains intact. "
Gold Futures Are Up In This Morning's Trading, March 2
SAN FRANCISCO (AFX) -- Gold futures edged higher Thursday on the heels of a two-session climb, with the April contract up $1.10 at $566.90 an ounce. The contract touched a three-week high of $569 on Wednesday. "There's little reason to be overly concerned about any major retracement, but there's also little evidence that the market will break out to new highs anytime soon either," said Dale Doelling, chief market technician at Trends In Commodities. "Traders' patience will likely be tested over the next several weeks and one side will finally cry 'uncle'," he said
Tuesday, February 28, 2006
Iraq Influence on Gold Prices Once Again
The technicals are looking down, but the fundamentals have hormones," said Julian Phillips, an analyst at GoldForecaster.com.
From CBS Market Watch:
"Gold futures closed out last week with a 1% gain, prompting some traders to take profits, but fresh violence in Iraq and the recent bombing at an oil refinery in Saudi Arabia -- among other things -- continue to boost the metal's safe-haven status. "
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BE50DD819%2D8526%2D4DE1%2D8915%2D2E98280178BA%7D&dist=newsfinder&siteid=mktw&link=&keyword=gold
From CBS Market Watch:
"Gold futures closed out last week with a 1% gain, prompting some traders to take profits, but fresh violence in Iraq and the recent bombing at an oil refinery in Saudi Arabia -- among other things -- continue to boost the metal's safe-haven status. "
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BE50DD819%2D8526%2D4DE1%2D8915%2D2E98280178BA%7D&dist=newsfinder&siteid=mktw&link=&keyword=gold
Monday, February 27, 2006
Technical Talk, With Merv Burak
In his weekly spot on Kitco.com, Merv gives us the goods, on where he sees gold for the short and long haul:
For week ending 24 Feb 2006
"Despite a few volatile days the four days of trading this past week were basically lateral. Unfortunately, we may be in for a period when sudden world events may command the attention of gold speculators so be prepared for possibly more than normal volatility."
GOLDLONG TERM
"Well, the sky still hasn’t fallen so disaster is still not yet upon us, but who knows what tomorrow will bring. Looking at the long term charts of gold, P&F or the various bar charts, they all seem to look the same with barely any hint of trouble ahead. It’s only when you look deeper that things start to get murky. The P&F chart is still far from any reversal point but also some distance from new highs. The trend may be more lateral for some time, within wide up and down yo-yo moves. Despite what I may think, we still have that very bullish momentum reading that has caused previous moves to come to an end and take several months before recovering. When will it really start its reaction period? All indications are that it has started but the charts are just not highlighting it yet. Things are more obvious on shorter term charts."
For week ending 24 Feb 2006
"Despite a few volatile days the four days of trading this past week were basically lateral. Unfortunately, we may be in for a period when sudden world events may command the attention of gold speculators so be prepared for possibly more than normal volatility."
GOLDLONG TERM
"Well, the sky still hasn’t fallen so disaster is still not yet upon us, but who knows what tomorrow will bring. Looking at the long term charts of gold, P&F or the various bar charts, they all seem to look the same with barely any hint of trouble ahead. It’s only when you look deeper that things start to get murky. The P&F chart is still far from any reversal point but also some distance from new highs. The trend may be more lateral for some time, within wide up and down yo-yo moves. Despite what I may think, we still have that very bullish momentum reading that has caused previous moves to come to an end and take several months before recovering. When will it really start its reaction period? All indications are that it has started but the charts are just not highlighting it yet. Things are more obvious on shorter term charts."
Friday, February 24, 2006
What's Happening with the Silver ETF?
From 'Safehaven Preservation of Capital'
"Will the SEC approve the ETF? I think so. The reason is that since the gold ETF's were approved, there is little legal justification for a denial. Without legal grounds upon which to base a denial, how can the SEC deny it? The Silver User's Association's plea contained no legal basis for a denial, just a whining anti-free-market hypocritical, self-serving, short-sighted, wrong-headed, rant.
When will it be approved? I don't know.
Is it overdue? I don't think so. Barclays filed in the summer of 2005, and we might have to wait until the spring or summer of 2006!"
"Will the SEC approve the ETF? I think so. The reason is that since the gold ETF's were approved, there is little legal justification for a denial. Without legal grounds upon which to base a denial, how can the SEC deny it? The Silver User's Association's plea contained no legal basis for a denial, just a whining anti-free-market hypocritical, self-serving, short-sighted, wrong-headed, rant.
When will it be approved? I don't know.
Is it overdue? I don't think so. Barclays filed in the summer of 2005, and we might have to wait until the spring or summer of 2006!"
What's Happening with the Silver ETF?
From Safehaven Preservation of Capital
"Will the SEC approve the ETF? I think so. The reason is that since the gold ETF's were approved, there is little legal justification for a denial. Without legal grounds upon which to base a denial, how can the SEC deny it? The Silver User's Association's plea contained no legal basis for a denial, just a whining anti-free-market hypocritical, self-serving, short-sighted, wrong-headed, rant.
When will it be approved? I don't know.
Is it overdue? I don't think so. Barclays filed in the summer of 2005, and we might have to wait until the spring or summer of 2006!"
"Will the SEC approve the ETF? I think so. The reason is that since the gold ETF's were approved, there is little legal justification for a denial. Without legal grounds upon which to base a denial, how can the SEC deny it? The Silver User's Association's plea contained no legal basis for a denial, just a whining anti-free-market hypocritical, self-serving, short-sighted, wrong-headed, rant.
When will it be approved? I don't know.
Is it overdue? I don't think so. Barclays filed in the summer of 2005, and we might have to wait until the spring or summer of 2006!"
Tuesday, February 21, 2006
CNN Money Reports
Two weeks of gains
Markets manage second 'up' week on bets that war is delayed; next week heavy on economic data.February 21, 2003: 8:03 PM EST
NEW YORK (CNN/Money) - U.S. stocks managed to close higher for the second week in a row on gains Friday, as investors bet that a U.S.-led military attack on Iraq is still a few weeks away. But next week's market may not be so lucky.
Although few analysts expect any Iraq resolution in the next few weeks, market participants will have plenty of other issues to keep them distracted.
Next week is again heavy on economic reports. Existing home sales and consumer confidence data are both due Tuesday. Thursday brings reports on durable goods orders and new home sales. Friday is a doozy: reports are due on preliminary fourth-quarter gross domestic product, the revision of the University of Michigan's consumer sentiment index, and regional manufacturing activity.
Markets manage second 'up' week on bets that war is delayed; next week heavy on economic data.February 21, 2003: 8:03 PM EST
NEW YORK (CNN/Money) - U.S. stocks managed to close higher for the second week in a row on gains Friday, as investors bet that a U.S.-led military attack on Iraq is still a few weeks away. But next week's market may not be so lucky.
Although few analysts expect any Iraq resolution in the next few weeks, market participants will have plenty of other issues to keep them distracted.
Next week is again heavy on economic reports. Existing home sales and consumer confidence data are both due Tuesday. Thursday brings reports on durable goods orders and new home sales. Friday is a doozy: reports are due on preliminary fourth-quarter gross domestic product, the revision of the University of Michigan's consumer sentiment index, and regional manufacturing activity.
Monday, February 13, 2006
Gold and Silver Futures Article Featured on Silver Strategies.com
Where the New Money Is: A Snapshot of Gold and Silver Futures
By Jennifer Lee
Feb 13, 2006
There’s no doubt about it, gold and silver are on the rise. Gold futures were sitting at a 25 year high by mid January of this year, with current rates resting at around 553.80 an ounce. Silver is not too far behind this hurdle, reaching a 22 year high at the end of this month, now up to $9.44 an ounce, with talk of it reaching the $10.00 mark in the none too distant future. ...
Source: http://www.silverstrategies.com/defaultIE.aspx
http://www.gold-miningstocks.com/Articles/Gold_Silver.asp
Sunday, February 12, 2006
News from FX Street
Metals
Nice rebound on Gold (GCJ6) yesterday to retest the $572 level but we had some heavy profit taking during the Asian session sending the metal back to the $560 level. Look for direction to come from crude Oil and Iran developments. We could see a usual short covering before the week end. Intraday: We suggest to Buy at $560.50; target $567 stop $559.30.
source: http://futures.fxstreet.com/Futures/content/100290/content.asp?menu=commodities&banner=saxo
Nice rebound on Gold (GCJ6) yesterday to retest the $572 level but we had some heavy profit taking during the Asian session sending the metal back to the $560 level. Look for direction to come from crude Oil and Iran developments. We could see a usual short covering before the week end. Intraday: We suggest to Buy at $560.50; target $567 stop $559.30.
source: http://futures.fxstreet.com/Futures/content/100290/content.asp?menu=commodities&banner=saxo
Thursday, February 09, 2006
Gold Spurred On by Jeweler Purchasing, Feb. 9
When gold fell February 7th by a decline of 3.8%, seeing the biggest decline in prices in over eight years, purchasing of the metal began to take off. With the demand in China already rising, gold purchasers saw this as an ideal opportunity to pick up the pieces, while the price was right.
As a market reaction to this event, according to sources at Bloomberg, "Gold for immediate delivery rose as much as $8.22, or 1.5 percent, to $559.67 an ounce. It traded at $558.59 as of 10:20 a.m. local time. "
Federal Reserve Chairman Alan Greenspan was quoted as saying that last week's high commodity prices had less to do with inflation and high commodity prices. It was implied that investors are buying gold as a haven due to "threat of international conflict."
As a market reaction to this event, according to sources at Bloomberg, "Gold for immediate delivery rose as much as $8.22, or 1.5 percent, to $559.67 an ounce. It traded at $558.59 as of 10:20 a.m. local time. "
Federal Reserve Chairman Alan Greenspan was quoted as saying that last week's high commodity prices had less to do with inflation and high commodity prices. It was implied that investors are buying gold as a haven due to "threat of international conflict."
Wednesday, February 08, 2006
Bloomberg, Feb. 7
Gold Falls Most Since '04 as Oil's Drop Eases Inflation Concern
Feb. 7 (Bloomberg) -- Gold fell the most in two years in New York after a drop in the cost of oil eased speculation that inflation will accelerate and erode the value of assets including equities.
Before today, gold had surged 38 percent in the past year, reaching a 25-year high of $579.50 on Feb. 2, as rising energy prices increased the precious metal's appeal as a hedge against inflation. Crude oil fell today on speculation U.S. oil supplies are large enough to cushion the market from any disruption in supply from Iran, the world's fourth-largest producer.
``The oil market started this all off and gold was reacting in kind,'' said Brian Hicks, who helps manage $3.2 billion at U.S. Global Investors Inc. in San Antonio. ``We saw a lot of fund buying in January and we knew that was going to taper off at some point. We've clearly lost some momentum.''
Gold futures for April delivery fell $19.50, or 3.4 percent, to $554.80 on the Comex division of the New York Mercantile Exchange, the biggest drop since January 2004.
Gold for immediate delivery in London fell $18.70, or 3.3 percent, to $551.20, the biggest drop since April 2004, after falling to $550.35. The metal has gained almost 7 percent this year, after advancing 18 percent last year.
Feb. 7 (Bloomberg) -- Gold fell the most in two years in New York after a drop in the cost of oil eased speculation that inflation will accelerate and erode the value of assets including equities.
Before today, gold had surged 38 percent in the past year, reaching a 25-year high of $579.50 on Feb. 2, as rising energy prices increased the precious metal's appeal as a hedge against inflation. Crude oil fell today on speculation U.S. oil supplies are large enough to cushion the market from any disruption in supply from Iran, the world's fourth-largest producer.
``The oil market started this all off and gold was reacting in kind,'' said Brian Hicks, who helps manage $3.2 billion at U.S. Global Investors Inc. in San Antonio. ``We saw a lot of fund buying in January and we knew that was going to taper off at some point. We've clearly lost some momentum.''
Gold futures for April delivery fell $19.50, or 3.4 percent, to $554.80 on the Comex division of the New York Mercantile Exchange, the biggest drop since January 2004.
Gold for immediate delivery in London fell $18.70, or 3.3 percent, to $551.20, the biggest drop since April 2004, after falling to $550.35. The metal has gained almost 7 percent this year, after advancing 18 percent last year.
Tuesday, February 07, 2006
"Gold is forecast to average $618 a troy ounce in 2006 - with a high of $760 an ounce, and a low of $520.75 - according to UK-based consultancy TheBullionDesk.com. With Ross Norman from TheBullionDesk.com."
From the La Times, Tuesday February 6th.
Tuesday's Metal Prices
By The Associated Press
NEW YORK — Spot nonferrous metal prices Tuesday
Aluminum - 117.7 cents per lb., London
Copper - 239.00 cents Cathode full plate, U.S. destinations. Copper 228.75 cents per lb., N.Y. Merc spot Tue. Lead - $1303.00 per metric ton, London Metal Exch.
Zinc - 112.08 cents lb., delivered.
Gold - $558.70 Handy & Harman (only daily quote).
Gold - $551.00 troy oz., NY Merc spot Tue.
Silver - $9.420 Handy & Harman (only daily quote).
Silver - $9.380 troy oz., N.Y. Merc spot Tue.
Mercury - $700.00 per 76 lb flask, N.Y.
Platinum -$1075.0 troy oz., N.Y. (contract).
Platinum $1061.70 troy oz., N.Y. Merc spot Tue. n.q.-not quoted, n.a.-not available r-revised
From the La Times, Tuesday February 6th.
Tuesday's Metal Prices
By The Associated Press
NEW YORK — Spot nonferrous metal prices Tuesday
Aluminum - 117.7 cents per lb., London
Copper - 239.00 cents Cathode full plate, U.S. destinations. Copper 228.75 cents per lb., N.Y. Merc spot Tue. Lead - $1303.00 per metric ton, London Metal Exch.
Zinc - 112.08 cents lb., delivered.
Gold - $558.70 Handy & Harman (only daily quote).
Gold - $551.00 troy oz., NY Merc spot Tue.
Silver - $9.420 Handy & Harman (only daily quote).
Silver - $9.380 troy oz., N.Y. Merc spot Tue.
Mercury - $700.00 per 76 lb flask, N.Y.
Platinum -$1075.0 troy oz., N.Y. (contract).
Platinum $1061.70 troy oz., N.Y. Merc spot Tue. n.q.-not quoted, n.a.-not available r-revised
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