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Gold & metals

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bsiong 15-Feb-2013 08:54
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February 14, 2013 - 07:37:29 PST

The Price of Gold in the Cold-Gold War

Russia & China are stockpiling gold as fast as they can in anticipation of a coming currency crisis triggered by the... read more

bsiong 15-Feb-2013 08:52
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Gold Breaks Downward Sloping Channel

Daily Bars eliottWaves_gold_body_gold.png, Gold Breaks Downward Sloping Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.” The break below channel support is enough to turn bearish for what may be the beginning of a larger breakdown.

Commodity Trading Strategy: Short against 1690.

LEVELS: 1563 1590 1626 1652 1673 1686

bsiong 15-Feb-2013 08:43
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Closing Gold & Silver Market Report – 2/14/2013

by Brandi Brundidge February 14, 2013

GOLD FEELS EUROZONE’S HEARTACHE ON GDP NEWS

The eurozone is facing difficult times as its recession continues to worsen. In the fourth quarter of 2012, the zone’s Gross Domestic Product (GDP) dropped 0.6 percent from the previous three months, which is the worst drop since the collapse of Lehman Brothers in early 2009. “The outlook for 2013 remains subdued,” Peter Vanden Houte, an economist at ING Group NV in Brussels, said. “While a gradual improvement of the world economy is likely to support European exports, domestic demand is bound to remain very weak as fiscal tightening and rising unemployment will take their toll on household consumption.”

Gold felt the eurozone's pain today as its price dropped on Europe’s pessimistic news. “That basically hurt the euro today, which in return weighed on Gold given the positive correlation,” HSBC Bank USA’s Precious Metals analyst Howard Wen said. “You also have a slight selloff in equities and all the other risky assets, so today was pretty much a dollar-strength, long-dollar day.”

At 5:11 p.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,635.70, Down $10.40.
Silver, $30.44, Down $0.48.

bsiong 15-Feb-2013 08:42
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Morning Gold & Silver Market Report – 2/14/2013

by Geoffrey Varner February 14, 2013

CENTRAL BANKS BUY RECORD AMOUNTS OF GOLD

The World Gold Council (WGC) said today that world banks, led by Russia, Brazil and Iraq, purchased a record 534.6 metric tons of Gold last year, the most since 1964. This accounted for 12 percent of the overall demand for Gold as compared to a 10 percent share in 2011. Central banks have been net purchasers of Gold since the second quarter of 2009. The WGC went on to report that India was again the worlds largest consumer of Gold last year, taking in 864.2 metric tons, followed by China with 776.1 metric tons. The two countries combined generated 56 percent of global jewelry demand and 43 percent of overall Gold demand.

Jobless claims came out this morning and U.S. jobless claims fell more than expected last week. Applications for new benefits fell more than expected but it’s not certain if this is due in part to the massive snowstorm that hit the northeast last week.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,648.80, Up $2.70.
Silver, $31.05, Up $0.13.

bsiong 14-Feb-2013 14:09
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bsiong 14-Feb-2013 14:07
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February 13, 2013 - 06:51:38 PST

Richard Russell - History About To Repeat - Hang On To Gold

My advice is to hold all gold positions and wait patiently for the correction to end. Just before the huge 1979-80 surg... read more

bsiong 14-Feb-2013 09:44
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February 13, 2013 - 14:33:24 PST

Gold To Explode As A Percentage Of Global Currency Reserves

The Chinese and other countries are competing now to accumulate gold on price drops. This is why gold remains firm, eve... read more

bsiong 14-Feb-2013 09:43
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February 13, 2013 - 17:13:07 PST

Blackrock World's Largest Asset Manager - Where Will Gold Be in Three Months?

Headquartered in New York City, Blackrock Portfolio Manager Catherine Raw discusses the price of gold moving higher. read more

bsiong 14-Feb-2013 09:42
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February 13, 2013 - 16:49:25 PST

The Number 1 Reason to Own Gold - Casey Research

Discussion why Gold & Silver are not moving Yet, and whats going to cause it. read more

bsiong 14-Feb-2013 09:39
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Gold Remains Pinned to Channel Support

Daily Bars eliottWaves_gold_body_gold.png, Gold Remains Pinned to Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.” The rebound from near term channel support highlights why it’s important to wait for a break of the January low before turning bearish.

Commodity Trading Strategy: Flat

LEVELS: 1590 1626 1639 1654 1685 1697

bsiong 14-Feb-2013 09:37
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Closing Gold & Silver Market Report – 2/13/2013

by Ted Prince February 13, 2013

INCREASED 2013 SILVER PROJECTIONS INVESTORS QUESTION RECOVERY

Gold and Silver prices are down slightly as investors remain noncommittal ahead of the much anticipated G20 meeting later this week. “Although people are not expecting anything dramatic to be said at the G20 meeting, there is still some uncertainty, which may see short-term investors cover their short positions in coming sessions,” Societe Generale analyst Robin Bahr said. Though Gold and Silver have slipped from previous highs off mildly optimistic economic reports over the last few months, analysts remain optimistic about the future of Precious Metals. While many experts predict a Gold rally in the second half of this year, many are also promoting the purchase of Silver as HSBC has increased its price forecast for the metal in 2013, predicting the metal to advance 7 percent.

The Dow Jones Industrial Average is down again today as equities markets cool down following a rally that lifted stock indexes to their highest levels in five years. As markets have stalled, investors now await further movement as many wonder if the recent boost is a sign of true recovery. “The fear is that equities have extended beyond what the fundamentals are. People are taking a wait-and-see attitude to see if the economic data is supporting a fundamentally cyclical recovery,” Wayne Lin, fund manager at Baltimore-based Legg Mason Inc, said.

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1643.70, Down $6.90.
Silver, $30.82, Down $0.25.

bsiong 13-Feb-2013 22:07
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Morning Gold & Silver Market Report – 2/13/2013

by Ryan Schwimmer February 13, 2013

CONSUMER SPENDING UP SLIGHTLY, MARKET LOOKING FOR DIRECTION

Gold and Silver prices recovered from early losses and stock futures held onto gains after the release of January’s retail report. Retails sales grew just 0.1% in January, suggesting that tax increases at the beginning of the year stifled consumer spending. Analysts had expected the 0.1% increase. After a revision to November’s report, retail sales showed a 4.4% increase in all of 2012, beating the inflation rate for the same year.

MKS’ head of trading Afshin Nabavi said of Gold, “The market is looking at anything for direction for the time being and players are awaiting the [Group of 20 meeting] at the end of the week as something that could provide it.” Sharps Pixley said in a note, “Given China is on holiday this week to celebrate the Lunar New Year, physical Gold demand on the Shanghai (Gold) Exchange is expected to slow down after a year-on-year jump of 10 percent in January and February.”

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,653.20, Up $2.60.
Silver, $31.18, Up $0.11.

bsiong 13-Feb-2013 14:29
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Gold Reverses at Channel Support

Daily Bars eliottWaves_gold_body_gold.png, Gold Reverses at Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: “Gold’s rebound from the 61.8% retracement of the rally from 1522 and former resistance (June-August 2012 highs) is constructive but the near term picture is defined by roughly 1650 and 1700. A break of that zone will present the next directional opportunity.” The rebound from near term channel support highlights why it’s important to wait for a break of the January low before turning bearish.

Commodity Trading Strategy: Flat

LEVELS: 1600 1626 1639 1660 1685 1700

bsiong 13-Feb-2013 14:27
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Closing Gold & Silver Market Report – 2/12/2013

by Nicholas Wilsey February 12, 2013

GOLD PRICE SLIGHTLY HIGHER AT CLOSING

At the start of business today, the price of Gold dipped to a six week low. By the end of the day, the yellow metal had made a comeback to end the day on a positive note. A major reason for the rise in the Gold price came with the message of continuing monetary policies that have caused devaluation of the world’s leading currencies. " It was an extremely quiet day in gold," said Frank McGhee, head precious metals trader at Chicago's Integrated Brokerage Services. " The market tried a couple of times at least to get past the $1,638 high, but there was no follow-up buying."

One of the driving factors of the global economy as of late has been the leading central banks’ willingness to continue their easing programs. Many investors wonder if all of these actions by the central banks will help or hinder economic growth in the long term. There have been positives to all the easing. “All asset classes have an upward bias now — precious metals, stocks, bonds, real estate, art. That upward bias is robust and we have not experienced anything like it in our lifetimes," said David Kotok, chief investment officer at Cumberland Advisors. " The limit to which those prices can rise is beyond our normal imagination. It's huge." However, many investors are leery of the consequences of continued easing. " The world is riskier the longer and longer it goes on," said Scott Mather, managing director and head of global portfolio management at Pimco. " Periods of calm will be interrupted by periods of roiling prices. You can't make the case that we're on a stable trajectory." Only time will tell the true effect of the policies being played out by the central banks around the globe.

At 5:00 pm (EDT), the APMEX precious metals spot prices were:

Gold, $1652.50, Up $2.40.
Silver, $31.15, Up $0.20.

bsiong 13-Feb-2013 14:25
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Morning Gold & Silver Market Report – 2/12/2013

by Ryan Schwimmer February 12, 2013

NUCLEAR TEST, G7 ANNOUNCEMENT MOVE GOLD PRICE

Gold and Silver prices are mostly flat this morning as Platinum and Palladium prices increase. The U.S. dollar is falling after an announcement by the Group of Seven industrialized countries that they would allow exchange rates to be determined by the market without interfering. Platinum and Palladium, the industrial metals, continue to have a strong outlook as the economy improves and supply concerns mount.

The Gold price received a slight bump in overnight trading as North Korea conducted its third nuclear test, but the bump didn’t last. This could be a sign that Gold’s safe haven appeal is taking a back seat to the aforementioned currency trading scene. Historically, investors flock to safe havens when geopolitical issues arise, and it appears that was the initial reaction of investors overnight. In a statement, a North Korean official said, “If the U.S. continues to be hostile until the end and complicates affairs, we cannot but consecutively take high-level secondary and third measures.”

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,649.00, Down $1.10.
Silver, $30.90, Down $0.05.

bsiong 12-Feb-2013 10:07
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Closing Gold & Silver Market Report – 2/11/2013

by Brandi Brundidge February 11, 2013

ECONOMISTS HAVE HIGH HOPES FOR U.S. RECOVERY

Gold fell today as investors became concerned with the metal’s year to date performance. Also, the Lunar New Year began this week, taking major Asian markets out of trading to celebrate. “There is less liquidity in the market this week, with fewer traders due to the Asian holidays and also absence in some parts of Europe like Germany, where there are Carnival celebrations this week,” Commerzbank’s Head of Precious Metals Trading Adrien Biondi said.

The forecast for the U.S. economy appears to be positive with high expectations for job growth and the housing market. “I think we're really on the verge of this becoming a self-sustaining recovery,” Richard Moody, chief economist at Regions Bank, said. Economists expect a monthly average of 171,000 new jobs while seeing the unemployment rate drop from 7.9 percent to 7.5 percent by year’s end. The housing market is rebounding and the stock market is performing at its best so far this year, allowing investors to have a substantial return on investments.

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,649.60, Down $18.30.
Silver, $30.99, Down $0.50.

bsiong 12-Feb-2013 10:06
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Gold Breaks Below 1650, Real Test Comes at January Low

Weekly Bars eliottWaves_gold_body_gold.png, Gold Breaks Below 1650, Real Test Comes at January Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Trading Strategy: Gold is below 1650 so shorts may be taken in the near future. A drop below the January low would warrant a bearish breakout entry.

LEVELS: 1600 1626 1642 1660 1685 1700

tanglinboy 12-Feb-2013 07:54
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I read somewhere that gold is not the safe haven it is made out to be..

bsiong 12-Feb-2013 00:54
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Morning Gold & Silver Market Report – 2/11/2013

by Geoffrey Varner February 11, 2013

DOW STARTS STRONG ASIAN NEW YEAR SLOWS GOLD SALES

The U.S. economic calendar is clear today as investors look forward to President Barack Obama’s State of the Union address Tuesday night. Ahead of that and Wednesday’s release of January retail sales data, the market is starting strong. Rockwell Global Capital’s Chief Market Economist Peter Cardillo expects the Dow industrials to close at 14,000 today. He goes on to say, “Until we see a real strong reversal, the technical outlook is looking pretty good. I’m quite bullish for this quarter.”

A strong economy and a stronger dollar have helped push the Gold price lower Monday. Asian markets, including China, Japan and Korea, are closed this week for the Lunar New Year. Standard Chartered analyst Dan Smith said, “Gold is going to be pretty range bound in the days ahead with Asia absent.” Long term, Gold could come back as an inflation hedge, as evidenced by speculators raising their net long positions. In addition, analysts are noting an easing in Gold’s relationship with global equities. This may point to a resurgence of Gold’s investor appeal as the safe haven aspect becomes less attractive with an optimistic world view.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

Gold, $1,650.60, Down $16.80.
Silver, $31.12, Down $0.36.

bsiong 11-Feb-2013 01:35
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February 08, 2013 - 13:56:42 PST

Gold – A Brief Technical Update

Something interesting is happening in gold lately – namely, the action in it has become totally uninteresting. Daily tra... read more