Gold Gold fell slightly yesterday down $3.60 to $778.40 but silver had sharper falls and was down 54 cents to $11.02. Gold has again traded sideways in Asian trading but has risen in early European trading to $780/oz Gold's wealth preservation qualities are being felt with the precious metal remaining resilient despite volatility and sharp sell offs in many other markets. Gold is only marginally negative (some -1%) in the last month despite sharp falls in the majority of stock markets.
Gold Gold and silver rallied Monday as the crisis on Wall Street worsened with gold up $21.70 to $782 and silver up 28 cents to $11.02. Gold fell slightly in Asian trading but has risen in early European trading to $780/oz. Gold's resilience is impressive considering the bloodbath seen in the oil pits where oil has fallen another 4% to below $92 per barrel (Light Sweet Crude Oil Future - Combined - OCT08).
Gold Gold and silver rallied Friday as the crisis on Wall Street deepened with gold up $17.80 to $759.80 and silver up 21 cents to $10.74. The rally continued in Asia overnight when gold surged more than $20 to over $785 before gradually giving up those gains in early trading in London.
Gold Gold was down again yesterday and fell to new 11 month lows at $742. Gold recovered in afterhours electronic trading and in Asian and early European trading today it has risen to over $755/oz. The dollar has fallen from recent highs against the euro of 1.3879 to less than 1.41 and oil has risen again on fears that Hurricane Ike may do more damage than expected to oil production facilities in the Gulf of Mexico.
Gold Gold's sell off continued yesterday and despite mounting concerns about the health of the U.S. financial system, gold has fallen to 11 month lows. After closing below recent support at $780, gold continued to fall in afterhours electronic trading before a slight recovery in Asian and early European trading.
Gold After initial falls, gold has rallied in morning trade in London as the dollar has given up some of its recent sharp gains. Gold's rise comes despite the further fall in oil prices but gold remains firmly in its recent narrow range between $780 and $840. The disconnect between the leveraged futures market and the physical bullion market continues with many wholesalers and retailers finding it hard to source and supply bullion coins and bars in the US and internationally.
Gold Gold surged at the open in Asia with news of the de facto nationalisation of the US’ mortgage giants in what amounts to the largest bailout in world financial history. It has since given up some of these gains in early trading in Europe due to more counter intuitive dollar strength which looks increasingly overbought. Gold and silver remain very oversold, especially after last week’s fall in prices. Both are now screaming buys on value terms. Silver particularly so - however it has suffered significant damage technically and may fall further in the short term.
Gold Gold was flat in New York yesterday despite the increasingly bullish macro environment.
Gold Gold fell in early trading in London on further falls in oil prices ($108.24 a barrel - Light Sweet Crude Oil Future - Combined - OCT08) and on the continuing rally in the dollar (reached 1.4386 to the Euro) but gold has recovered some of its early losses. Concerns regarding the outlook for corporate profits internationally and for the health of the global economy is weighing on stock markets and should lead to safe haven demand for gold as it did in the first year of the credit crisis. Also
Gold In light Labour Day trading yesterday, gold fell as Hurricane Gustav did not impact the Gulf of Mexico as severely as had been expected. Gold has continued to fall in trading in London as oil prices have continued their recent slide and are down nearly 5% to near $105 a barrel (Light Sweet Crude Oil Future - Combined - OCT08) and the dollar has risen to a 7 month high against the euro (below $1.45) and the US dollar index has risen to a 10 month high. International gold demand remains very s
Gold Gold surged at the open in Asia (from $830/oz to just over $836/oz) but has given up some of the early gains in volatile trade.
Shortages of certain bullion products is possibly the most important issue facing the gold and silver markets today. The sole maker of South African Krugerrands, Rand Refinery Ltd., largest gold refinery in the world, today ran out of the iconic bullion coin after an 'unusually large' order from an unnamed buyer in Switzerland. Rand Refinery has delivered more than 46m blank coins over the years since it opened in 1967. [caption id="" align="alignleft" width="360" caption="South African Krugerrand"]
Gold Gold has flatlined and is marginally higher this morning with the dollar marginally lower and oil marginally higher on continuing concerns about the possible impact of tropical storm Gustav. Gold has been gradually edging higher for the last two weeks and appears to be ready to rally in the seasonally strong autumn months due to the strong fundamentals.
Gold Dollar weakness, firm oil and continuing tension in the Caucasus are leading to gold remaining well bid this morning. Warnings from NATO to Russia to stay out of Ukraine and calls for the European Union to be ready for "hard headed engagement" with Moscow are not doing much to help confidence in already nervous markets. Besides increasing geopolitical risk - the risk that mother nature and weather can pose is being felt again.
Gold Gold finished trading in New York yesterday at $822.40, up $3.10 and silver was up 22 cents to $13.58. Gold and silver rallied in Asian and in early European trading this morning.
Gold Gold finished trading in New York on Friday at $819.30, down $7.60 and silver was down 14 cents to $13.36. Gold and silver traded sideways in Asian trading prior to a sell off in early European trading this morning. Gold is trading at $811.30/811.70 per ounce (1030 GMT). Gold has fallen this morning on a sharply stronger dollar on weak European data (rose from above EUR/USD 1.47 to as high as 1.4595 in a matter of minutes) and lower oil prices. The dollar remains near six month highs against the euro.
Gold Gold finished trading in New York on Friday at $827.00, down $6.30 and silver was down 26 cents to $13.50 after a very strong week. Gold and silver fell in Asian and in early European trading this morning. Gold is trading at $821.30/821.70 per ounce (1030 GMT). Gold has fallen this morning on flat oil prices, a stronger dollar (EUR/USD 1.4743) and profit taking after last week's more than 5% gain.
Gold Gold finished trading in New York yesterday at $833.30, up $23 and silver was up 73 cents to $13.76. Gold and silver remained firm in Asian trading and have given up some of the gains in early European trading. Gold is trading at $831.30/831.70 per ounce (1100 GMT). Gold surged yesterday on concerns regarding Russia - NATO tensions, surging oil and commodity prices and confirmation that the US Mint is suspending sales of American Eagle gold bullion coins (1 ozt) due to an inability to meet surging demand (see News and Commentary).
Gold Gold finished trading in New York yesterday at $810.30, down 50 cents and silver was down 10 cents to $13.03. Gold and silver then rallied in Asian trading and early European trading. Gold is trading at $821.30/821.70 per ounce (1045 GMT). Gold is finding favour again with the dollar having weakened again (as low as 1.4829 to the euro) and oil prices rising (London Brent Spot has surged 3.45% to over $113).