Category: Precious Metals Update

16
Jun
2009

GoldCore Precious Metals Update

Gold: Gold’s correction has been quite sharp but given the extent of the rise since mid April (from $864/oz to over $980/oz or over 13% in just 6 weeks) it is not unexpected. A 50% retracement of sharp rallies is quite common and yesterday’s lows of $925/oz is very close to an exact 50% retracement.

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07
Mar
2008

Derivatives = Financial Weapons of Mass Destruction, Buffet likes Gold

Gold Gold was down some 1.1% or $11.10 to $975.00 per ounce in trading in New York yesterday and silver was down some 2.3% or 49 cents to $20.13 per ounce. In Asian trading gold rose to $984.75 but has sold off slightly in early European trading. The London AM Gold Fix at 1030 GMT this morning was at $978.50, £486.14 and €635.18.

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06
Mar
2008

Commercial Shorts Cover – Create a Massive Surge in Gold & Silver Prices

Gold Gold and silver recovered strongly from the previous day’s sell off and gold was up $21.70 to $987.50 per ounce in trading in New York yesterday and silver was up 88 cents to $20.64 per ounce. Gold and silver reached new nominal record and 27 year highs respectively at $992.10 and $21.17. In Asian and European trading, gold has consolidated near record highs and silver has been even stronger. The London AM Gold Fix at 1030 GMT this morning was at $986.25, £494.31 and €643.43.

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05
Mar
2008

Jim Rogers, Soros’ Partner Invests in Gold Coins – Financial Insurance

Gold Gold and silver gave up the previous day’s gains with gold down $15.50 to $964 per ounce in trading in New York yesterday and silver down 32 cents to $19.74 per ounce. No follow through was seen in Asian trading but in European trading, gold and silver have continued to correct. The London AM Gold Fix at 1030 GMT this morning was at $966.25, £488.30 and €636.15.

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04
Mar
2008

Short Squeeze in Metals – Gold Bar & Silver Coin Prices to Soar

Gold Gold was up $10.10 to $980.50 per ounce in trading in New York yesterday and silver was up another 33 cents to $20.06 per ounce (more on silver below). In Asian and early European trading, gold and silver have remained strong and near respective record and 27 year high levels at $988.25 and silver reached $20.70. Gold also strengthened in British pounds and euro to new record highs. The London AM Fix at 1030 GMT this morning was at $981.75, £494.56 and €646.31.

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20
Feb
2008

The Mother of All Meltdowns – Swiss Gold Storage on the Rise

Gold Gold surged $23.55 to $926.80 per ounce in trading in New York yesterday and silver surged 50 cents to $17.50 per ounce. Gold and silver have traded sideways in Asia and early trading in Europe. Gold also surged to new record highs in British pounds and in euro. The London PM Fix at 1500 GMT yesterday afternoon was at $925. Gold fixed at new record highs at £473.68 and €626.91. After seeing strength in Europe and Asia while the U.S. was out for Presidents Day, gold continued to strengthen on the U.S. markets return and gold surged on increasing inflation concerns with the commodities complex surging, oil rising above $100 a barrel again and the dollar, stocks and bonds falling. Economics 101 is that weak and declining supply conjoined with strong demand will result in higher prices. Finite natural resources, such as gold and platinum, are being chased by a fastly growing money supply internationally and by fastly growing global population in terms of demographics and wealth. Analysts have continually expected a correction in the gold price in recent months and this has not materialised. Platinum has now hit new record highs for 14 days in a row and this shows how markets, including commodity markets, can often surprise, both to the downside, and to the upside.

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19
Feb
2008

South African Gold Production Decreasing – Gold Bars in Demand

Gold Markets were closed in New York yesterday and the action centred on London where gold sold off initially and tested support at $900 prior to rallying strongly and this strength has continued in Asian trading with gold rising above $910 per ounce. Silver traded similarly, testing support just below $17 and then bouncing; in Asian trading silver has risen above $17.20 per ounce. Commodities Surge and Burgeoning Inflation With commodity markets surging internationally, gold is very well supported and looks to be consolidating prior to challenging the recent highs and targetting $1,000 in the coming weeks. Oil is back above $96, wheat is up 90% in the last 6 weeks and the entire complex of base metals and soft commodities are showing strong gains. The rise in prices of commodities will take a few weeks to feed into the supply chain, affect the already embattled consumer and be reflected in inflation statistics. This is obviously very inflationary especially with the Federal Reserve expected to continue cutting interest rates and negative real interest rates in an increasingly stagflationary environment. Money supply growth in the U.S. continues to surge and the reconstituted U.S. money supply (M3) figures show a very inflationary 18% growth. Supply of Gold Decreasing Internationally Meanwhile supply continues to decline and the situation and outlook in South Africa continues to deteriorate and is seriously affecting the supply of gold and particularly platinum. South Africa and indeed most of the major gold producing countries are experiencing a decline in gold production. Indeed China is the only major gold producer in the world to have increased production last year.

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18
Feb
2008

Stagflation on the Horizon – Rare Gold Coins Valuable

Gold

Gold was down $4.80 to $902.80 per ounce in trading in New York on Friday and silver was down 12 cents to $17.10 per ounce. Gold has traded sideways to slightly up in Asia and early trading in Europe.

Gold rose in British pounds and fell in euro. The London AM Fix at 1030 GMT this morning was at $905 (down from $909.75). Gold fixed at £464.03 (up from £463.97) and €618.51 (down from €619.76). With U.S. markets closed, gold would be expected to have a quite day but recent volatility may continue especially with the deteriorating situation in South Africa seriously affecting the supply of gold and particularly platinum. Despite Bernanke’s poor outlook for the U.S. economy and the poor economic data (Michigan consumer sentiment fell to its lowest since 1992) last week, the dollar is up this morning. However, the dollar’s recent strength is likely to be short lived and the dollar is likely to weaken materially in the medium to long term in the coming weeks and months.

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