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.
Further news about the divergence of the futures and physichal bullion markets.
"Gold Will Be Looked At In A Very Different Light Going Forward" Gold rose yesterday on bank failures and systemic fears in Europe and after the US Congress voted against the Paulson and Bush bailout plan (gold closed at $888.40, up $7.20 while silver closed at $12.93, down 45 cents).
Gold and silver rose slightly Friday (gold closed at $881.20 up $6.80 while silver closed at $13.38 up 19 cents).
New World Financial and Economic Order Gold and silver fell yesterday (gold closed at $874.40 down $13.30 cents while silver closed at $13.19 down 18 cents) despite the wider markets becoming increasingly nervous regarding the possible US bailout. Oil rose but the dollar's strength, despite the litany of increasingly bearish news confronting the world's reserve currency, led to further profit taking and hesitancy by gold longs to take positions.
Physical Demand Surges Internationally on Supply/Demand Fundamentals and Macroeconomic, Inflation and Systemic Risk Gold was flat while silver rose yesterday (gold closed at $887.70 up 90 cents while silver closed at $13.37 up 25 cents) as gold continued to consolidate near eight week highs. The COMEX October gold contract expires later today and there are significant levels of open interest between $890 and $910 which may see bullion constrained until the contract expires whereupon we may see further moves to the upside.
This fascinating, frightening and compelling video details the plundering of Austrian, Czech, Polish and other national gold reserves and the theft of German and european citizen's (especially the Jews) gold for the Reichsbank. . Gold was moved to a secret potassium mine in Merkers in Thuringia in the very heart of Germany. .
Gold's Fundamentals Stronger Than They Have Ever Been Gold and silver fell yesterday (both by about 2% ) on profit taking before rallying again in after hours trading and then falling in Asia.
Prospect of $1 Trillion US Annual Budget Deficit - Precious Metals Surge Gold and silver surged again yesterday (up 5% and nearly 8% respectively) as the serious inflationary consequences of the Treasury's unprecedented plan to buy up at least $700 billion of toxic assets was realised. Gold surged from $861.40 to close over $900/oz but has since given up some of its gains, likely on profit taking.
"Ponzi" Casino Capitalism Discredited - Risk of Global Monetary Crisis Gold and silver surged last week (up 13% and 15% respectively) as the financial crisis deepened considerably and there was a realisation that the "ponzi" casino capitalism of recent years has critically wounded the US financial system and done serious damage to the global financial system.
Gold & Silver Investments very own David Russell appeared on CNN on Friday:
Gold Gold and silver surged yesterday with gold up $69.30 to $847.30/oz and silver up $1.11 to $11.59/oz. Gold surged by 8.9% to $847.30 (silver +10.6%) at the close in New York and continued to surge in electronic trading to over $870/oz. Asian trading saw the surge continue and gold traded as high as $893/oz. Gold subsequently fell prior to rising to some $870/oz as markets began trading in London. These are unprecedented movements and gold rose from a low of $780 to a high of $893 or more than 14% in less than 24 hours.
The New York Times have an interesting interactive diagram showing the losses that Wall St. have sustained over the last year*. As techcrunch put it: The collapse of so many major financial institutions in the past year, and over the past few days especially, is hard to fathom in its enormity. Sometimes you need a good visual to put things in perspective.