Monthly Archives: May 2010

31
May
2010

Gold Up 3% in May as Commodities and Stocks Fall Sharply

Gold

Gold is marginally lower and threading water in most currencies today with markets subdued as the London Stock Exchange and Wall Street are closed for a national holidays. It range traded from $1,210/oz to $1,214/oz in Asian and early European trading this morning. Gold is currently trading at $1,213/oz and in euro, GBP, CHF, and JPY terms, at €987/oz, £837/oz, CHF 1,043.64/oz, JPY 110,897/oz respectively.

Continue Reading
28
May
2010

China Reassures Global Markets and Promotes Yuan Denominated Gold Investments

Gold

Gold edged higher again yesterday on a continuing safe haven bid due to various macroeconomic and geopolitical risks and has fallen marginally in trading today. Gold is currently trading at $1,206.48/oz and in euro and GBP terms, at €976.43/oz and £830.34/oz respectively.

Continue Reading
26
May
2010

Flight to Safety – Gold Surges to Near EUR 1,000/oz and Over USD 1,200/oz

Gold

The flight to safety yesterday saw gold and US and German government bonds rise while equities fell internationally. Gold’s rise was marginal but was significant all the same given the very sharp falls seen in equity and commodity markets. Gold rose sharply in euros and in the commodity currencies as these currencies came under pressure.

Continue Reading
25
May
2010

Gold Remains Firm on Geopolitical Risks and Fears of a ‘Perfect Storm’

Gold

Gold’s safe haven qualities are again being seen after its higher close yesterday despite falling US equity indices and it remaining robust today (down 0.4% in USD terms) despite sharp falls in Asian and European indices. Some analysts are warning of a "perfect storm" that could again destabilise the global financial and economic system. While "perfect storm" talk may be hyperbole there can be little doubt that the many extreme headwinds have led to a degree of risk similar to that seen after the collapse of Lehman Brothers.

Continue Reading
24
May
2010

Gold and Dollar Rise as Euro and Equities Under Pressure Again

Gold

Continue Reading
19
May
2010

Precious Metals, Commodity Currencies and Stocks Fall

Gold

Gold closed with a loss of 1.09% yesterday. It rose from $1,206/oz to $1,220/oz in Asian and early European trading this morning. Gold subsequently came under pressure due to profit taking and institutional selling driving prices through key technical levels. Gold is currently trading at $1,190/oz and in euro and GBP terms, at €965/oz and £827/oz respectively.

Continue Reading
18
May
2010

Gold Falls on Profit Taking as Retail Investors Remain Hesitant

Gold

Gold fell for a fourth day in Europe due to profit-taking but  is likely to remain supported due to continued concerns about sovereign debt contagion and currency risk. Gold rose to a record intraday nominal high of $1,249 a troy ounce last Friday but has since pared back its gains and is now trading at $1,209.95 an ounce, down 1.3% on the day amid a combination of profit taking and increased risk appetite.

Continue Reading
17
May
2010

Euro Gold Near €1,000 on Euro Survival Concerns

Gold

Gold has dropped from $1,242/oz to $1,230/oz in Asian and early European trading this morning. Gold closed with a slight loss of 0.11% in dollars on Friday while it was stronger in most other currencies. For the week, gold rose by 1% in dollars and by much more in other currencies and especially in the beleaguered euro.

Continue Reading
13
May
2010

Gold at $1500/oz Forecast by Gold Analysts on Sovereign Debt and Currency Concerns

Gold

Gold has consolidated near record highs in Europe today as concerns about eurozone debt default and sovereign debt contagion remain. Gold rose to $1,246/oz early in the afternoon in New York yesterday before closing with a gain of 1.92%. It then rose to a new all time nominal high of $1,248.20/oz after New York closed. It has range traded from $1,233/oz to $1,239/oz in Asian and early European trading this morning. Gold is currently trading at $1,234/oz and in euro and GBP terms, at €982/oz and £837/oz respectively.

Continue Reading
12
May
2010

Gold at New Record Highs; Silver Surges 4% and Breaks Long Term Resistance

Gold

Continue Reading