Monthly Archives: July 2008

09
Jul
2008

Gold Investments Market Update – Gold to Rise to £1,800 (GBP) Per Ounce

Gold

Gold finished trading in New York yesterday at $920.90, down $5 and silver fell to $17.84, down 1 cents. Gold again traded down in the New York Globex electronic market and in early trading in Asia prior to rallying in late trading in Asia and and early European trading back above its opening price in New York yesterday.

Gold is up so far today after Iranian state media reported that the country had test-fired missiles that could reach Israeli and U.S. bases in the region.

Continue Reading
08
Jul
2008

Gold Investments Market Update – Real and Genuine Concerns of Another Bear Stearns and Growing Systemic Risk

Gold

Gold finished trading in New York yesterday at $925.90, down $6 and silver fell to $17.85, down 43 cents. Gold then sold off somewhat in the New York Globex electronic market before rising again in Asian and early European trading to over $930 per ounce. A lessening likelihood of a military confrontation with Iran contributed to the fall in oil and gold’s slight sell off.

However, risk aversion is reasserting itself with the ominous news regarding the U.S. financial sector.

Continue Reading
07
Jul
2008

Gold Investments Market Update

Gold

Gold finished last week at $932.50 and was up $7.35 for the week. It has subsequently fallen in Asian and early European trading to below $921 per ounce.

While the dollar is marginally higher, oil has fallen quite sharply <$142.40 down nearly 2% – Light Sweet Crude Oil Future – Combined – AUG08> and this has seen profit taking by gold traders. Traders appear to have had stop loss orders at and just below $930 which exacerbated the move down.

Continue Reading
04
Jul
2008

Gold Investments Market Update – US Jobs Report Less than Expected; Based on BLS Statistical Assumptions

Gold

Gold was down $12.90 to $931.90 in New York yesterday and silver closed at $18.28, down 5 cents. Gold remained at these levels in Asia but has fallen near to yesterday’s lows in early trading in Europe.

Oil has fallen marginally <$144.40 down 0.6% – Light Sweet Crude Oil Future – Combined – AUG08> and the dollar is flat after yesterday’s strong gains.

Yesterday gold was sold extremely aggressively immediately after the U.S. jobs report was released at 1330 GMT.

Continue Reading
03
Jul
2008

Gold Investments Market Update – ECB Increases Rates as Trichet Warns of ‘Exploding’ Inflation

Gold

Gold rose to $944.80 in New York yesterday and was up $2.00; silver closed at $18.33, up 13 cents.

Gold has remained firm near 10 week highs on the surging oil price which reached a new record high today <$145.72 – Light Sweet Crude Oil Future – Combined – AUG08>. The dollar is flat today after its decline in value in recent days. Against the euro, the dollar looks set to fall through support at 1.60 in the coming days and 1.70 euro/dollar looks like a very real possibility by the end of September.

Continue Reading
02
Jul
2008

Gold Investments Market Update – Geopolitical Risk From U.S. and Israel Militarily Confronting Iran is Real

Gold

Gold surged to $942.80 in New York yesterday and was up $16.30 and silver closed at $18.20, up 78 cents.

Gold has succumbed to profit taking with the dollar flat and oil prices down marginally ($141.30 per barrel). However, geopolitical risk remains ever present and this should result in gold remaining well bid at these levels.

While the ISM data yesterday looked benign and was greeted by an increase in risk appetite, a deeper look at the numbers was very worrying in that it showed a leap in the Index of Prices paid number.

Continue Reading