Seeking Alpha has an interesting article regarding Silver Bullion premiums, though this is at the moment somewhat irrelevant since the market for 100oz bars is nearly non-existent.
Gold continues to tread water after its recent sharp falls and there are very determined sellers in the futures market at the $740 to $750/oz level.
The Gartman Letter, expressing some respect for gold’s relative performance, points out that there “…
After rising yesterday, gold is up some 1.5% again today and has continued to consolidate in the $700/oz to $760/oz range. Further consolidation is likely necessary after the sharp fall in recent days.
Bearish sentiment towards gold remains at extremely high levels with the usual uninformed suspects calling for further falls in the gold price.
It was déjà vu in the Comex gold market yesterday as the recent sharp selloff continued. Bearish sentiment remains at extreme levels and all notions of fundamental value are being thrown out the window as the financial crisis morphs into a global economic crisis. Stock, commodity and many currency markets internationally are in meltdown on panic selling.
Both gold and silver are off another 4.3% and 8% today on massive deleveraging and wholesale panic selling in financial markets.
COMEX gold’s recent sharp selloff has continued and even the most ardent gold bulls are getting nervous. Bearish sentiment is very prominent and the level of fear in the precious metal markets suggests that a low is likely in the coming days.
COMEX gold continues to stink up the room after sharp falls in recent days as the dollar has strengthened considerably and oil prices fallen sharply.
Today’s Daily Mail has a rare picture of the Bank of England’s Gold Reserves
You are looking at the room most likely to weather the credit crunch, a vast vault filled with the final word in financial security: gold.
As stocks and shares tumble, house prices crash and previously unassailable institutions crumble into dust, the sight of several thousand 28lb bars of 24-carat gold stored in the Bank of England’s massive underground
COMEX gold continues to surprise to the downside despite the incredibly strong fundamentals of gold bullion itself with increasing shortages, delayed deliveries and premiums soaring for physical bullion in Asia, Europe, the US and internationally.
In a very interesting video about the gold market today, Stephen Flood of Gold and Silver Investments is interviewed by Javier Blas of the FT .
Gold has rallied 2.5% this morning after falling some 8% last week as the “dash for cash” and the deleveraging of the international financial system gathered pace. In the process, gold gave up most of the gains of the last 5 weeks in just one week. Gold was trading at some $740/oz on September 11th and subsequently surged to over $924/oz as Lehman Brothers collapsed and the global financial crisis deepened.
Gold is wrongly being treated as just another commodity akin to pork bellies or lead.