While gold has again surged on safe haven buying overnight (and is up since 20% since the financial and economic crisis deepened), there is increasing surprise that gold has not surged to its recent record highs especially as there are deepening shortages of retail bullion internationally and the gold holdings of gold ETFs continue to surge. The election is just 4 weeks away and we are likely to see gold surge soon after.
Snippet from CBS's 60 minutes special on the the problems facing Wall Street. Worth watching as it focuses on some of the less-mentioned causes of the financial crisis, including the role of Credit-Default-Swaps, which were sold alongside the subprime mortgage securities (CDOs) as a way to minimise risk.
Gold rallied yesterday on increasing risk aversion as stock markets continued to crash internationally (gold closed at $880.70 up $18 and silver closed at $11.34 up 7 cents). Gold has surged to new record highs in most major currencies including the Australian dollar, British pound (£517) and euro (€662) as the global contagion deepens.
Gold fell sharply yesterday on lower oil prices and the recently surging dollar, despite unprecedented physical demand for coins and bars in the UK, US and internationally (gold closed at $840.40 down $40.20 while silver closed at $11.57 down $1.04). As warned yesterday, anything is possible in the short term in these markets and leveraged trading in futures, CFDs and spread betting is an extremely high risk endeavour in the current markets and not advisable. Movements in the gold market were very counter intuitive yester
[caption id="" align="alignnone" width="518" caption="Click for larger (readable) version"][/caption] Yet Gold is off $28 and Silver $1.20 today. What is going on in the futures market?
Gold rose yesterday despite continuing dollar strength and falling oil prices (gold closed at $880.80 up $6.80, while silver closed at $12.71 up 53 cents).
Gold fell yesterday as the dollar rallied (gold closed at $874.00 down $14.40 while silver closed at $12.18 down 75 cents). In after hours trading there was determined selling which pushed the price as low as $860 prior to rallying above the New York close and as high as over $883/oz. In the titanic battle between the gold bulls and the gold bears, the gold bears and powerful selling entities have again won the short term battle.
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