Category: Market Updates

06
May
2011

China Buying Silver Overnight, Prudent Money Holding and Accumulating Bullion on Dip

Gold and silver are tentatively higher after their 2% and 8% falls yesterday. In silver, speculators on the COMEX continue to liquidate on mass after margin was increased a massive 84% and various stop loss levels are hit, leading to further falls in the futures market.

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05
May
2011

Silver’s Paper Driven Sell Off to Be Confronted by Continued Significant Physical Demand

 Gold stabilised in Asian and early European trading prior to a 1% fall, while silver’s sharp price fall continues and silver is now down 20% in USD terms in 5 days. The huge and unprecedented increase in margin in the paper silver market has forced some weak hands out of the silver market and allowed the concentrated shorts on Wall Street to press their advantage to the downside.

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04
May
2011

Portuguese Gold Sale Urged by Senior German Lawmakers as Mexican Central Bank Buys 100 Tonnes

 Gold is mixed while silver is down some 1.5% again today. Weakness is being attributed to profit taking, momentum-driven traders and rumours regarding selling of gold and silver by George Soros’s fund.

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03
May
2011

Gold Robust Despite Death of Bin Laden; Geopolitical Risk Remains Elevated due to North Africa, the Middle East and Pakistan

 Gold has remained robust despite the potentially negative short term implications for safe haven demand due to Bin Laden’s murder. This suggests that market participants do not believe that Bin Laden’s death is of any great importance or that participants realise that the global economy faces greater challenges than that of Bin Laden and al Qaeda.

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29
Apr
2011

Secret Silver Buying by Russian Billionaire, Chinese Traders, and People’s Bank of China to Lead to Comex Silver Default?

 Gold rose to new record nominal highs at $1,540.85/oz in early Asian trading last night. Silver and gold remain very close to nominal highs today as the beleaguered US dollar remains under pressure due to ultra loose US monetary policies, deepening inflationary price pressures and concerns about the feeble economic recovery.

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28
Apr
2011

Perfect Precious Metal Storm Continues – Gold Hovers Near New Nominal Highs at $1,534/oz

 Gold has risen to new record nominal highs of $1,534/oz as the dollar continues to be sold in international markets. Gold has eked out smaller gains in other fiat currencies but remains close to record nominal highs in euros, yen and pounds. Silver has risen by more than 1% in all currencies so far today.

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27
Apr
2011

Gold and Silver Bubble? – Some Retail Investors Taking Profits and ETF and COT Data Suggest Otherwise

 Gold and silver are tentatively lower this morning despite the dollar and especially the yen being under pressure. The possibility of Japan being downgraded has seen the yen join the dollar under pressure and gold has risen to over 124,000 Japanese yen per ounce, some 2% below the record nominal high just over 126,000/oz.

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26
Apr
2011

Gold and Silver Correction Possible but Store of Value Demand – Especially from Asia to Support

 Silver and gold are lower today after the record nominal highs seen yesterday (gold marginally and silver significantly). Gold reached $1,518.30 per troy ounce, a nominal record, while silver climbed to $49.79 per ounce, its highest nominal level since the short term parabolic spike in 1980.
Gold in USD - 10 Day (Tick) GoldCore

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21
Apr
2011

Silver Surges Over $46.25/oz as Rumours of a Short Squeeze and Cornering Market Gain Credence; Speculators Smell Blood

 Gold and silver have surged to new record nominal highs in dollar terms (all time and 31-year) with the dollar falling sharply on international markets. Silver has continued to surge in all currencies and has surged to a new record nominal high of $46.25/oz (£27.85/oz and €31.54/oz) on growing rumours of a short squeeze involving a billionaire or state interest attempting to corner the silver market (see FT news story below).

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20
Apr
2011

Gold Breaches Nominal High of $1,500/oz; Inflation Adjusted High of $2,400/oz Remains Long Term Target

 Gold has breached the $1500/oz level and reached new record nominal highs at $1,505.65/oz. Since yesterday it has gradually risen in all currencies and is approaching record nominal highs in all major currencies. Gold has risen to EUR1,037/oz, GBP920/oz, AUD1,412/oz, CHF1,344/oz and JPY124,640/oz, and is now not far from recent record nominal highs of EUR1,054/oz, GBP922/oz, AUD1,440/oz, CHF1,349/oz and JPY126,000.

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