Monthly Archives: September 2010

30
Sep
2010

Gold New Record Highs as Silver Plays Catch Up and Challenges Long Term Resistance

Gold

Gold has rallied to new record highs in early New York trading again today due to continuing nervousness in markets and much uncertainty about the economic outlook for the coming months. Equity markets are mixed, oil is back over $78 a barrel but most importantly the dollar continues to fall in value against most currencies and especially gold.

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29
Sep
2010

Gold Forecast Over $1,450/oz as Implications of Competitive Currency Devaluations Assessed

Gold

Gold has remained well bid above the $1,300/oz level and silver has risen another 0.7% and looks set to challenge the $22/oz level. Participants at the LBMA conference see gold rising to over $1,450/oz over the next year due to concerns about central banks’ reaction to the economic crisis. LBMA delegates forecast silver to trade at $24/oz in 12 months time which it is a conservative estimate given the very strong technical and fundamental situation.

Gold is currently trading at $1,308.98/oz, €961.14/oz, £829.10/oz.

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28
Sep
2010

Gold Only 10% Above 200 Day Moving Average – Growing Risk of Competitive Currency Devaluations and Global ‘Curr

Gold

Gold rose slightly yesterday as the dollar fluctuated and US stocks suffered small losses but has fallen 0.3% today. Gold was a whisker away from the $1,300/oz level on the spot market yesterday with some very determined sellers at this level. Those holding large short positions may be determined to defend this level in order to protect against further losses. Tentative speculative longs may take profits.

Gold is currently trading at $1,290.43/oz, €959/oz, £814.82/oz.

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24
Sep
2010

Silver at 30 Year Record High at $21.41 as “Beggar Thy Neighbour” Monetary Policies Pursued

Gold

Gold and silver eked out further marginal gains yesterday to close at $1294.30/oz and $21.17/oz. Both have risen again in Asian and European trading with continuing nervousness about the robustness of the economic recovery and loose monetary policies leading to continuing demand. Gold is teasing market participants by hovering just below the psychological $1,300/oz level. Reaching $1,300/oz seems inevitable and market participants are now looking to $1,400/oz, however a correction might come about after the headline 1,300/oz number is reached.

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22
Sep
2010

Gold Surges to Record Near $1,300/oz on Fed Statement

Gold

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20
Sep
2010

Gold New Record Near $1,300/oz Level as Irish Bond Sale and QE2 in Focus

Gold

Gold rose to a record for a third day in London and early New York trading while silver traded 2.3 percent below $21.355 an ounce, its highest price since it reached $48.70/oz in 1980. Sterling is also under pressure today and this has seen gold rise in sterling terms to over £820/oz (see Cross Currency Table).

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17
Sep
2010

Gold’s Succession of New Highs Despite Continuing Public Apathy

Gold

Gold and silver are higher again this morning with gold hitting new record nominal highs and silver having risen sharply to $20.995/oz which is a new multi-month high. A close above $21/oz will be important technically and a close above $21.24/oz would be very bullish technically with long term chart analysts looking at the 1980 record high (just below $50/oz) and the silver’s record quarterly high close of $32.20/oz as the next levels of technical resistance.

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16
Sep
2010

Gold Up 0.7% to New Record Highs – 2% Below the $1,300/oz Level

Gold

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15
Sep
2010

Gold Remains Near Record High as Risk Aversion Returns

Gold

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14
Sep
2010

Silver Closes Above $20/oz – Highest Silver Close Since March 2008

Gold

The Japanese yen, Swiss franc, gold and particularly silver are stronger this morning as risk aversion has returned as seen in lower European equity markets. The dollar has recovered from earlier weakness and the euro has fallen to 1.284 USD and €976/oz. Oil back above $77 a barrel and rising commodity prices is likely also supporting gold and silver.

Gold is currently trading at $1,253.10/oz, €975.55/oz, £812.96/oz.

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