Monthly Archives: April 2008

30
Apr
2008

Gold Investments Market Update

Gold
Gold was down $18.20 to $874.70 per ounce in trading in New York yesterday and silver was down 45 cents to $16.57 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $867.75 £440.77 and €557.72 (from $886.00, £447.50 and €569.23).

Continue Reading
29
Apr
2008

Max Keiser: Why You Shouldn’t Spend Your Stimulus Check

Stimulus Bull

It might not be morning again in America but Bush hopes to wake up the economy via his Economic Stimulus Act of 2008. The stimulant – pumping more than $152 billion (or about 1% GDP) into the economy via tax rebate cheques – will start arriving in the mailboxes of Americans over the next three weeks.

The plans proponents are optimistic. Hank Paulson, in a speech confirming that no second stimulus plan would be undertaken, believes the $152-billion stimulus plan could create 500,000 jobs this year. Americans would have to spend their money wisely for the plan to have maximum impact. But what if the rebate money is already owed?

Continue Reading
29
Apr
2008

Gold Investments Market Update

Gold
Gold was up $5.70 to $892.90 per ounce in trading in New York yesterday and silver was up 17 cents to $17.02 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $886.00, £447.50 and €569.23 (from $892.25, £449.04 and €569.36).

Gold is again under pressure in early trading this morning with the dollar continuing to strengthen (to 1.556 to the euro) and oil continuing to sell off (below $118 per barrel) but caution remains the predominant theme ahead of the Federal Reserve’s interest rate decision (more below).

Continue Reading
25
Apr
2008

U.S. housing collapse spreads overseas

U.S. housing collapse spreads overseas

“We know we’re already in negative equity,” said Emma Linnane, a 31-year-old university administrator. She bought a cozy, one-bedroom apartment in the Dublin suburbs with her fiancé, Paul Colgan, in May 2006, at the peak of the market. They paid €365,000, or $575,000 – at least $100,000 more than it would fetch today.

 

The bad news regarding the American housing market continue apace. BusinessWeek are reporting that Existing Home Sales Drop for Seventh Straight Month with the national median existing home price dropping 7.7% from a year earlier. That a bubble has burst is clear.

What is not so clear is how much of the contagion has spread worldwide.

Continue Reading
25
Apr
2008

Gold Investments Market Update

Gold
Gold was down $19.40 to $886.80 per ounce in trading in New York yesterday and silver was down 50 cents to $16.66 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $883.50, £446.51 and €566.38 (from $900.75 £455.85 and €572.09 yesterday).

Gold again fell below short term support at $900 and we are now retesting support at the early April lows of $870. We expect strong support at these levels but there is a possibility that should gold close below $880 we could retest previous resistance at the 1980 nominal high of $850 per ounce. It is important to remember that even after gold’s recent sharp selloff it remains up for the year to date and up strongly for the last 52 weeks unlike major equity indices (as seen in the table).

Continue Reading
24
Apr
2008

Gold Investments Market Update

Gold
Gold broke down from its range bound channel yesterday and quickly fell to support at $895-$900 as anticipated. Should gold fall below $900 we could again retest the support of the early April lows of $880. We expect strong support at these levels but there is a possibility that should gold close below $880 we could retest previous resistance at the 1980 nominal high of $850 per ounce.

Continue Reading
23
Apr
2008

Gold Investments Market Update

Gold
Gold remains in lockdown and is range bound in a narrow channel between $910 and $926. A close above or below this channel will likely see gold test support at $880 or challenge resistance at $950 (see Technical Analysis below).

Gold was up $7.40 to $922.10 per ounce in trading in New York yesterday and silver was up 27 cents to $17.61 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $916.25, £459.50 and €573.95 (from $920.75, £464.21 and €576.98 yesterday).

Continue Reading
22
Apr
2008

Gold Investments Market Update

Gold
Gold is up to $920 per ounce in London this morning. Gold was up $2.50 to $914.70 per ounce in trading in New York yesterday and silver was down 46 cents to $17.34 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $920.75, £464.21 and €576.98 (from $915.75, £461.64 and €577.40 yesterday).

Continue Reading
18
Apr
2008

Bernanke buys Bear Stearns traders’ Maseratis

Jim Rogers was his usual outspoken self when interviewed on Bloomberg’s Morning Call.

Continue Reading
17
Apr
2008

Gold Investments Market Update

Gold
Gold is up in Asian trading and London trading this morning. Gold was up $17.80 to $945.10 per ounce in trading in New York yesterday and silver was up 54 cents to $18.31 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $951.50, £481.04 and €595.88 (from $932.75, £472.40 and £586.27 yesterday).

Continue Reading