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Gold & metals
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bsiong
Supreme |
21-Mar-2011 09:02
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, March 21 (Reuters) - Spot gold firmed a touch on Monday following increased tensions in Libya after western forces launched a military campaign, while investors continued to watch the unfolding nuclear crisis in Japan. FUNDAMENTALS * Spot gold gained nearly half a percent at $1,426 an ounce by 0032 GMT. * U.S. gold futures rose by 0.7 percent at $1,426.40. * Spot silver climbed 2.1 percent at $35.79 an ounce. * Tensions in the Middle East and North Africa heightened after western nations pressed ahead with a campaign of air attacks in Libya, supporting the sentiment in the precious metals market. * Holdings in the world's largest gold-backed, exchange-traded fund, SPDR Gold Trust , rose to 1,226.395 tonnes, their highest since Feb. 9. * Japan continues the battle to avert a deadly nuclear disaster, planning to start testing the power supply to the quake-damaged reactors at the Fukushima nuclear plant soon. |
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tankuku
Master |
20-Mar-2011 14:31
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Silver to play a major role in Japan recovery
TOKYO (Commodity Online) : Silver, which fell marginally along gold Thursday, is going to play a significant role in Japan’s efforts to steady its economy, experts believe. Silver in particular is going to capitalize on the unfortunate situations in Japan, world’s third largest economy, they said. Japan requires heavy investments to maintain its infrastructures and silver is going to play a role in it though not like that of steel and some other metals. Silver isn’t just a precious metal, it is also one of our main industrial metals. One of the most conductive substances known to man, it’s used in everything from photography, to compact discs, to semi-conductors, to medical equipment. Basically, if something is high-tech, it contains silver and Japan is a high-tech country. Japan may require lot of the white metal to make damaged electrical lines and other related items especially in areas where radiation threats are high. The wonderful electrical conductive ability of silver is used in producing electrical switches, electrical circuits. As silver has a long lasting ability even in high temperatures, they are used for producing certain moving items and ball bearings. Silver is also utilized to manufacture brazing and soldering metal items due to its ability of withstanding corrosion, large tensile power, antibacterial property and conductivity. The white metal is able to disturb the cellular actions of bacteria which are necessary for their living. Hence, several hospitals are using silver coated surgical devices and other materials to eliminate any contamination. Silver ions are also used for purifying water in many water pool, spas, hospitals etc, which Japan desperately required at the moment. At present, silver extended losses, following its glittering cousin gold on speculative selling by some traders fearing escalating Japan troubles. However both silver and gold will bounce back to attract the safe-haven buying once the over- leveraged longs have finished unwinding their positions, analysts said. The white metal hitting an intraday low $33.70 before recovering to $34.02 an ounce. Analysts said investors prefer other commodities over silver and gold and sold metals to cover losses.They added that both silver and gold look vulnerable to further selling. |
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bsiong
Supreme |
20-Mar-2011 12:03
Yells: "The Greatest Wealth is Health" |
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Price forecasts from CEOs to Experts run the gamut. |
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bsiong
Supreme |
20-Mar-2011 11:48
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
19-Mar-2011 11:58
Yells: "The Greatest Wealth is Health" |
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(Kitco News) - The unrest in the Mideast is flaring again, sharing the news spotlight with the tragedy in Japan, and that is expected to underpin gold prices going into next week. Sterling J. Smith, commodity trading adviser and market analyst with Country Hedging, said after gold’s break earlier this week on the devastation in Japan, the market is ready to rebound. Gold did not act as a safe-haven during the Japanese earthquake, tsunami and nuclear worries. Prices fell during the early part of the week and analysts attributed the break to investors selling gold to raise cash in order to shore up positions in other markets that were falling after the news in Japan. By Friday, gold rebounded with other markets. “There’s a little bit more risk appetite coming back into the macro theater and gold is benefitting from that,” Smith said. April gold futures prices on the Comex division of the New York Mercantile Exchange settled at $1,416.10 an ounce, down 0.4% on the week. May silver settled at $35.058 an ounce, down 2.44%. “We’ve come back nicely. We went down to $1,380 and people are willing to buy breaks. It’s still a bull market, although a more mature bull market,” said Frank Lesh, futures analyst at FuturePath Trading. The most supportive factor for gold has been the unrest in the Middle East, Lesh said. Gold prices saw an uptick after the United Nations Security Council authorized Thursday a ”no-fly” zone in Libya that included “all necessary measures” to enforce the decision. By Friday morning U.S. time, Libyan leader Moammar Gadhafi declared a cease-fire on its attacks on rebels seeking out oust him from more than four decades of power. Following the announcement, gold prices slipped from earlier levels. Even though there is a cease-fire in Libya, violent protests have broken out in Yemen, where the government has declared a state of emergency, and Smith said there are plenty of other events for gold to help “fill the void.” “With the tensions in the Middle East, it’s like playing ‘Whack-a-mole.’ (Tensions) settle in one region, only to pop up in another,” he said. Currency volatility also underpinned gold, Lesh said. Central banks intervened jointly to stop the rise of the Japanese yen, the first time in 10 years, a move that was expected. Meanwhile the dollar has turned back down, supporting gold and other commodities. “People are still using gold as an international currency,” he said. Over the course of the month, Smith expects gold to rise to the $1,470 to $1,480 level. Goldman Sachs said Friday in a research note that the pullback in gold prices following the devastation in Japan offers investors a chance to buy the yellow metal at lower prices. They said gold prices should continue to rally and they are maintaining their three-month target of $1,480. Rich DeFalco, president, West Cooper Asset Management, also is looking for $1,480 in the next three months, calling himself “totally bullish right now.” “Gold is still a good investment…. Why? Real interest rates in the U.S. are still negative,” he said. For platinum group metals, though, Goldman said much depends on how Japan quickly can recover. PGM prices fell sharply this week because automotive manufacturing in Japan was curtailed. Goldman noted Japan is key to the global auto production. “Not only does Japan account for 12.6% of global automobile production, it also accounts for a large share of global industrial PGM consumption: 16.4% for platinum and 18.1% for palladium in 2010,” the bank said. On the U.S. economic calendar for next week are new and existing home sales, durable goods and revision to fourth-quarter gross domestic product. Smith said there should be little here to affect metals. While he is bullish on gold, silver is giving him some concern. “The (gold/silver) ratio is tightening to an area that I’m not comfortable with,” he said. The ratio is around 40 and represents the number of ounces of silver it takes to buy an ounce of gold. When the ratio falls it’s because silver is outpacing gold. He said silver’s price might be “overheating” and he cites action in copper for this view. Silver can be used as both a precious and industrial metal while copper is mostly used in fabrication. Recent price gains for both have reflected a rebound in global manufacturing, analysts said. However, copper prices tumbled over the news from Japan and Smith pointed out the Chinese central bank said Friday lenders must raise reserve requirements. That will help slow down China’s high-growth economy and could curtail its commodity usage. “We’re looking at a summer slowdown in copper use and it could go back down under $4 (a pound) to maybe the $3.70s. Heaviness in copper will weigh on silver,” he said. He said he’s not necessarily looking for silver to correct, but said it might show more “sideways” action. Resistance for silver is seen between $35 to $35.50 and then around $36. |
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bsiong
Supreme |
19-Mar-2011 11:48
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/18/2011March 18, 2011At 4PM (CT) the APMEX precious metals spot prices were:
COMMENTARY: Precious metals added to gains today and continue to recover from losses suffered earlier this week. Internationally, the situation in Libya doesn’t seem to be improving, despite the U.N. calling for a no-fly zone and Gaddafi ordering an immediate ceasefire. Investors doubted the sincerity of the ceasefire, and it appears they had good reason: Gaddafi forces continue to push toward the rebel stronghold at Benghazi. President Obama spoke on the situation today, declaring that “All attacks against civilians must stop.” He also said Gaddafi needs to pull back from other towns that have been taken back by the government troops and establish water, electricity, and gas supplies to all areas. He added, “Let me be clear, these terms are not negotiable… If Gaddafi does not comply … the resolution will be enforced through military action.” Yemen became the second country in its region to declare a state of emergency this week, as rooftop gunmen shot and killed 42 protesters at an anti-government rally today. President Ali Abdullah Saleh stated that police were not present and did not open fire. The state of emergency bars citizens from bearing arms in public. There have not been any recent breakthroughs during the day regarding the nuclear crisis in Japan. Domestically, stocks are up for a second day, but ended down from the day’s high due to the aforementioned uncertainty overseas. The U.S. dollar is down compared to a basket of six currencies (even including the weakened yen). Gold is up $14.50 on the day. Silver is up $1.02. Platinum is up $16.70. Palladium is up $14.00. |
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bsiong
Supreme |
18-Mar-2011 17:56
Yells: "The Greatest Wealth is Health" |
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SINGAPORE (Commodity Online) : Gold prices set to end the week on a higher note, following oil, as regional stocks climbed and panic selling eased. Unrest in the Middle East and Japan’s nuclear crisis also boosted demand for the metal as a store of value. Spot gold was seen trading at $1411.97 an ounce at 12.30 p.m while April-delivery contract for bullion futures was at $1,412.80 an ounce. Silver also climbed to $34.84 an ounce, paring this week’s loss to 3 percent. Palladium for immediate delivery strengthened 1.9 percent to $722.50 an ounce, recovering from a three-month low and trimming its weekly loss to 4.9 percent. Platinum gained 0.8 percent to $1,713.50 an ounce, falling 3.8 percent this week. Analysts said the precious metal is likely to remain higher on sustained buying from bargain hunters. Stronger crude oil price also offer a strong lift to gold, as higher oil prices are seen as inflationary, and investors usually purchase gold as a hedge against inflation, they added. Gold also received some support as protests in Bahrain and tensions in Libya raised further concerns about the stability of the Middle East, prompting safe-haven flows into the precious metal. Fears over the escalating nuclear crisis in Japan prompted gold price slump to 1,380.70 dollars per ounce on March 15, the lowest since Feb. 17, as investors flocked to sell assets to raise cash and protect their portfolio through these disastrous events. On Thursday, Gold for April delivery added $8.10, or 0.6% to $1,404.20 an ounce on the Comex division of the New York Mercantile Exchange. |
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bsiong
Supreme |
18-Mar-2011 11:33
Yells: "The Greatest Wealth is Health" |
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x 0
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  gold & silver on the rise again.... |
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bsiong
Supreme |
18-Mar-2011 10:24
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, March 18 (Reuters) - Gold rose more than half a percent on Friday after equities markets regained strength and oil firmed on rising tensions in the Middle East and North Africa, but Japan's nuclear crisis was likely to cap gains. FUNDAMENTALS * Spot gold added $7.56 an ounce to $1,409.96 an ounce by 0041 GMT. Bullion was still below a lifetime high around $1,444 struck last week. * U.S. gold futures for April rose $6.8 an ounce to $1,411 an ounce. * Japanese engineers raced on Friday to restore a power cable to a crippled nuclear power plant in the hope of restarting pumps desperately needed to pour cold water on overheating fuel rods and avert a catastrophic release of radiation. * Japanese shares jumped 3 percent and the dollar surged against the yen on Friday after the G7 group of rich nations agreed on joint intervention to curb the Japanese currency's rise, showing its support as the country struggles with a nuclear crisis. Declines in equities had prompted speculators to sell bullion to cover losses earlier this week. * The United Nations authorised military strikes to curb Libyan leader Muammar Gaddafi on Thursday, hours after he threatened to storm the rebel bastion of Benghazi overnight, showing " no mercy, no pity" . MARKET NEWS * ICE Brent crude rose more than a dollar on Friday on fears of further escalation of geopolitical tension in the Middle East and North Africa. Brent crude for May climbed to an intraday high of $116.50, up $1.60. * The Japanese yen fell more than 2 percent on Friday after the Group of Seven (G7) finance ministers and central bankers agreed to join a yen-selling intervention after an emergency teleconference. * Premiums for gold bars rose further to as much as $2 an ounce in Tokyo, doubled from earlier this week, as a record-high yen triggered interest in purchasing gold and supply tightened following last week's massive earthquake and tsunami. * Commodities roared back on Thursday as fears over the impact of the nuclear crisis in Japan receded and as unrest in the Middle East boosted oil, setting a key index on course for its largest daily gain in 19 months. |
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bsiong
Supreme |
18-Mar-2011 09:20
Yells: "The Greatest Wealth is Health" |
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x 0
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Disaster Demand In Precious Metals  Richard Zimmerman The Bullion Report 16 March 2011  Past performance is not indicative of future results. ***chart courtesy Gecko Software  Past performance is not indicative of future results. ***chart courtesy Gecko Software The initial catalyst for investment in commodities is likely to come following this round of sell-offs, which seems more liquidity based than fundamental in nature. It appears as though the sparks to this flight from stocks and commodities was struck as investors sought cash. However, a shift is probably just around the corner as the traditional haven status of markets like gold takes hold. To bolster this move, it is also possible (and I should emphasize that I am not advocating profiteering during tragedy) that the rebuilding of Japan could hold more potential for another bull run in commodities, especially precious metals. The so-called commodity super-cycle was already underway, fueled by the urbanization of countries like China and India. That additional consumption and commodity demand was only weakly met by increased yields and production for certain commodities. Sure, economic slowdowns might have put a stopper in some of these markets, but where that bearish argument dead ends, a bullish argument for the investment side of the same commodities picks up. Investors who were uncertain about the future of some stocks and some currencies sought an alternative asset in gold and bonds as a means of potential asset preservation. Does that dry up when disaster strikes? Perhaps initially it will, but there is a long road ahead for Japan and the world markets. While certain things like oil and perhaps even precious metals will have a neutral to negative demand in the devastated nation, the potential gains in consumption on the path to recovery and after have historically balanced that picture. Consider the following ideas. Japan is one of the world's largest economies. They also have a huge industry in electronics, which means certain physical metal demand. What demand? Components for electronics, laptops, and cell phones all require metals, including highly (electric) conductive gold and silver. Even without direct demand from Japan initially, analysts are forecasting that China will ramp up their production (and therefore metals consumption) of electronics and electronic components. Their demand has already been higher, led by stronger jewelry and investment sectors so a manufacturing boost would likely require another increase in gold and silver consumptive demand. The automotive industry in Japan might be likewise hobbled, and damage assessments are still ongoing. This means that whichever producers pick up the slack will have increased needs for automotive catalysts and components and - you guessed it - PGMs like platinum and palladium. Is current damage to products and parts unlikely to leave things salvageable? Also possible. That means replacement stock when factories get up and running again. And don't forget other rebuilding efforts. Many lives have been lost, and again I do not want to downplay that, but there will be a lot of basic building demand and that could result in an influx of cash into the commodities markets as a whole: copper, aluminum, oil, natural gas, etc. Don't forget that there could even be a boost to alternative energy sources on the heels of severe nuclear reactor failures. That might mean natural gas as well as solar power. Silver is a big part of the solar cell side of that industry, owing to its efficiency in absorbing the sun's energy. Harnessing new power technologies is a real possibility. Summary It is likely to take weeks or even months to get the full impact of the crisis in Japan. The initial spike in volatility will probably pave the way for particular opportunities in precious metals and beyond. Whatever trading is not boosted by fears of the complete score of the disaster will be carried by any momentum coming from a renewed interest in commodities as the nation rebuilds. It might not happen right away, but the world's third largest economy will renew itself like a phoenix and until then there is potential in these markets. Maybe not an increase in jewelry purchases or anything that might be deemed a frivolity, but investment demand and supply building ahead of the demand renewal could add a lot of support to these markets and more. |
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bsiong
Supreme |
18-Mar-2011 09:17
Yells: "The Greatest Wealth is Health" |
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x 0
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Let's look at Silver for the moment...... TOKYO (Commodity Online) : Silver, which fell marginally along gold Thursday, is going to play a significant role in Japan’s efforts to steady its economy, experts believe. Silver in particular is going to capitalize on the unfortunate situations in Japan, world’s third largest economy, they said. Japan requires heavy investments to maintain its infrastructures and silver is going to play a role in it though not like that of steel and some other metals. Silver isn’t just a precious metal, it is also one of our main industrial metals. One of the most conductive substances known to man, it’s used in everything from photography, to compact discs, to semi-conductors, to medical equipment. Basically, if something is high-tech, it contains silver and Japan is a high-tech country. Japan may require lot of the white metal to make damaged electrical lines and other related items especially in areas where radiation threats are high. The wonderful electrical conductive ability of silver is used in producing electrical switches, electrical circuits. As silver has a long lasting ability even in high temperatures, they are used for producing certain moving items and ball bearings. Silver is also utilized to manufacture brazing and soldering metal items due to its ability of withstanding corrosion, large tensile power, antibacterial property and conductivity. The white metal is able to disturb the cellular actions of bacteria which are necessary for their living. Hence, several hospitals are using silver coated surgical devices and other materials to eliminate any contamination. Silver ions are also used for purifying water in many water pool, spas, hospitals etc, which Japan desperately required at the moment. At present, silver extended losses, following its glittering cousin gold on speculative selling by some traders fearing escalating Japan troubles. However both silver and gold will bounce back to attract the safe-haven buying once the over- leveraged longs have finished unwinding their positions, analysts said. The white metal hitting an intraday low $33.70 before recovering to $34.02 an ounce. Analysts said investors prefer other commodities over silver and gold and sold metals to cover losses.They added that both silver and gold look vulnerable to further selling. |
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bsiong
Supreme |
18-Mar-2011 08:57
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/17/2011+March 17, 2011At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: Silver prices will be something to keep an eye on once Japan is past this nuclear crisis and begins to rebuild. Although silver offers some safe haven qualities like gold, it is also heavily used for industrial purposes. Silver is one of our most conductive substances and it is used in everything from photography, to compact discs, semi-conductors and medical equipment. In short, for many high-tech products. Think of high-tech products and you will think of Japan. When Japan rebuilds, silver could be in high demand. The US Stock Market rose 161 points today offsetting a portion of yesterday’s losses. Positive economic data overcame the continued uncertainty in Japan. However, the uncertainty does remain as a crew of 100 Japanese workers battle to keep six nuclear reactors from melting down. Unfortunately, it is being reported that weapons at their disposal are largely low-tech and improvised. The United nations is poised to vote on implementing a no-fly zone in Libya and President Gaddafi appears intent on pressing them on this issue.The fear is that such military action will have short and long term risks to the entire Mediterranean region. Gold spot price is up $7.90 – Silver price is down 24 cents – Platinum spot price down $2.10 – Palladium price up $5.80 |
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bsiong
Supreme |
17-Mar-2011 23:29
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 3/17/2011March 17, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: This may be one of the most volatile markets we have seen seen in decades. Global equity markets have taken hit after hit since last Friday's earthquake. The Japanese Yen was expected to go down because of cash infusion expected from the Bank of Japan, but instead, the Yen has unexpectedly climbed dramatically. One would expect gold to rally in these dire circumstances, but the need for cash largely driven by margin clerks, has kept gold prices down. We would expect that this market will remain volatile and uncertain until the nuclear reactor situation draws to a conclusion. Let’s hope it is a good conclusion. Last night, gold spot price was trading down as low as $1,392, so it has rallied $10. Palladium price was as low as $688, so it is up $25. Silver spot price has shown similar gains and is up 3 cents on the day. Platinum price is down 50 cents, but still well off morning lows. The US is interpreting the Japanese nuclear crisis differently than the Japanese government and are advising our citizen in Japan to move at least 50 miles away. Japan has advised its citizens to move 12 miles.The information coming out of Japan is being viewed from the international community as not particularly forthcoming, but it is apparent they are stepping up efforts to avoid a meltdown. February’s Core CPI numbers (excluding food and energy) came in slightly higher than expected at 0.2%. The Fed is downplaying this rise, but said they did say they would monitor inflation expectations. Jobless claims also came in as expected, staying below 400,000 for the third week in a row. |
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bsiong
Supreme |
17-Mar-2011 09:08
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/16/2011March 16, 2011At 4PM (CT) the APMEX precious metals spot prices were:
COMMENTARY: Gold and silver continue to move up today whereas platinum and palladium have moved down. The day began with prices dropping on the continued push to raise cash, but turned around as investors began to move in a buy on the dip. “I still think there is still room to get in on gold,” comments Scott Redler, chief strategic officer for T3Live.com, who trades the SPDR Gold Shares, “I think…it’s going to make new highs this year and it’s something you should have.” The DOW is down 242 points today on fears of further issues with the four Japanese nuclear plants. It was reported today that there may be more layoffs ahead despite lower unemployment numbers. Also, news that China is continuing to cut back on exports of precious metals despite the continuing demand has the potential to drive up prices, along with the lack of exports from Japan due to recent events. All of these events could spur demand for safe haven investments like gold and silver. Britannia gold and silver coins have just recently been released as well as some new commemorative coins for tomorrow’s St. Patrick’s day! Gold spot price is up $6.10. Silver is up $0.11. Platinum is down $10.50. Palladium is down $5.60. |
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bsiong
Supreme |
17-Mar-2011 09:07
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, March 17 (Reuters) - Gold dropped to stay below $1,400 on Thursday as Japanese equities resumed a downtrend on fears the country's nuclear crisis triggered by last week's devastating earthquake could hurt the global economy. However, a rise in ETF holdings suggested weaker bullion prices had attracted fresh interest from investors. FUNDAMENTALS * Spot gold fell $7.05 an ounce to $1,392.25 an ounce by 0042 GMT, having risen slightly in the previous session. Bullion was below a lifetime high of around $1,444 struck last week. * U.S. gold futures for April lost $3.0 an ounce to $1,393.1 an ounce. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings edged up to 1,217.295 tonnes by March 16 from 1,212.745 tonnes by March 15, which was their lowest since May of last year. * Japanese stocks tumbled 4 percent on Thursday after a surge in the yen to a record high stoked fears that a stronger currency would compound the economic hit from a worsening nuclear crisis. Declines in stock markets often prompt investors to cash in gold to cover losses.MARKET NEWS* U.S. oil prices slipped as much as 1.4 percent to below $97 on Thursday, as the worsening nuclear crisis in Japan offset intensifying clashes in the streets of Bahrain.* An early rebound in commodities markets melted away on Wednesday as concern about widening unrest in the Middle East that spurred gains in oil failed to offset worries about Japan's nuclear crisis. |
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bsiong
Supreme |
16-Mar-2011 22:50
Yells: "The Greatest Wealth is Health" |
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x 0
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Morning Gold & Silver Market Report –3/16/2011March 16, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Gold spot price is up $9.50 – Silver price is up 52 cents – Platinum spot price is up $20.40 – Palladiums spot price is up $14.60 It would appear that the race to liquidity has slowed, so the downward pressure on gold and silver has diminished, allowing these metals to react more to world events than to margin calls. This could of course change, if a nuclear catastrophe would to occur in Japan. There were reports yesterday of radiation leaks reaching Tokyo, along with fires burning in reactors, but the information coming out of Japan is not consistent so it is difficult to know for sure the situation. Today, they are focusing on the number three reactor. Portugal's debt rating took another hit from Moody’s as it was downgraded another two notches. It is currently three notches away from “junk bond” status. |
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bsiong
Supreme |
16-Mar-2011 16:39
Yells: "The Greatest Wealth is Health" |
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Gold recovers in Asia, ETF holdings dipSINGAPORE (Commodity Online) : Gold prices edged up in Asian trade Wednesday on bargain hunting while ETF holdings dropped to ten month low. Gold for immediate delivery was seen trading at $1396.74 an ounce at 1.00 p.m Singapore time while U.S. gold futures for April rose $4.5 an ounce to $1,397.3 an ounce. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings fell further to 1,212.745 tonnes by March 15, their lowest since May of last year, from 1,213.655 tonnes on March 14. Analysts however said the precious yellow metal remained highly volatile as physical markets eased after bargain hunting resurfaced at lower levels, putting pressure on premiums. Japan crisis will influence the gold at least for two weeks as another fire broke out on Wednesday at the Fukushima nuke plant, suggesting the crisis may be slipping out of control, they added. Gold is also reeled under pressure as the greenback gained more momentum on Tuesday, applying pressure on dollar-denominated assets like gold and silver, they said. The nuclear crisis Japan is facing has triggered an avalanche of panic selling in many markets such as equity and commodity, and the precious metal also felt the pinch, as much of the selling in gold has been intended to raise cash to meet margin calls in other markets. On Tuesday, gold futures lost the most in ten weeks on Tuesday, as the sharp drop in world equity markets prompted some investors to sell bullion for cash. Silver and platinum both ended sharply lower. The most active gold contract for April delivery tumbled $32.1 , or 2.3 percent, to $1,392.8 per ounce. |
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bsiong
Supreme |
16-Mar-2011 10:32
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, March 16 (Reuters) - Gold regained strength on Wednesday after falling to a 1-month low in the previous session, but declines in ETF holdings to their lowest in 10 months suggested that speculators could still sell bullion to raise liquidity if equities extend losses. FUNDAMENTALS * Spot gold added $3.04 an ounce to $1,396.99 an ounce by 0034 GMT, having fallen as low as $1,380.90 an ounce on Tuesday, its weakest since mid-February. Gold was trading below the 25-day moving average around $1,403. * U.S. gold futures for April rose $4.5 an ounce to $1,397.3 an ounce. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings fell further to 1,212.745 tonnes by March 15, their lowest since May of last year, from 1,213.655 tonnes on March 14. * The Nikkei share average rose more than 6 percent in early Wednesday trade, recapturing about half of its heavy loss the previous day that was spurred by an escalating safety crisis at a quake-stricken nuclear power facility. MARKET NEWS * The yen stood within a whisker of a record high against the dollar early in Asia on Wednesday, while the Swiss franc held at all-time highs as jitters about Japan's nuclear crisis kept investors on edge. * A key commodity index posted its second-biggest fall in two years on Tuesday as the nuclear crisis in Japan sent fear rippling through financial markets, driving investors toward safer assets. * Brent crude prices tumbled 4.5 percent on Tuesday, the biggest drop in 13 months, as Japan's escalating nuclear crisis sparked risk aversion across markets, outweighing concerns about turmoil in Bahrain and Libya. |
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bsiong
Supreme |
16-Mar-2011 10:29
Yells: "The Greatest Wealth is Health" |
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By Jim Wyckoff (Kitco News) - Comex gold futures prices ended sharply lower Tuesday and hit a fresh three-week low, as investors worldwide are keenly focused on the potential for nuclear reactors in Japan producing catastrophic meltdowns. This high anxiety has caused most markets worldwide to sell off, save for U.S. Treasuries. Investors are looking to liquidate positions and move to the sidelines or into cash. Comex April gold last traded down $31.70 an ounce at $1,393.20. Spot gold last traded down $35.40 at $1,394.00. Japan’s stock market dropped by around 11% Tuesday as liquidity in many markets worldwide appeared on the verge of getting seriously tight in very early trading Tuesday. The crisis in Japan has spilled over into extreme anxiety and uncertainty in most markets worldwide. “When in doubt, get out” is the old trading adage that investors invoked Tuesday, as they moved out of perceived riskier assets and to the sidelines or into cash and U.S. Treasuries. The U.S. dollar index is traded solidly higher early Tuesday, but then backed off by the end of the day to trade near unchanged. Given the decline from the highs Tuesday it can be argued that the dollar index had been overdone on the downside recently and was due for just a good upside corrective bounce. Key for the dollar index is whether it can show important follow-through strength the rest of this week. At present, dollar index bears still have the overall technical advantage, which continues to be an underlying overall bullish factor for the precious metals markets. Comex Gold slumps as investors liquidate to cash on Japan nuclear crisis |
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16-Mar-2011 09:42
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Closing Gold & Silver Market Report - 3/15/2011March 15, 2011At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: The US stock market recovered about half of their losses, but still finished down in the triple digits. Precious metal prices recovered, but only marginally. Gold spot price was down $29.00 – Silver spot was down $1.58 – Platinum spot price was down $51.30 – Palladium price was down $39.40 The same forces that have been in play ever since the Japanese earthquake on Friday continue. Global stock markets are being battered. Oil went from the mind set of a short supply issue in a growing global economy to a short demand issue with falling global economic outlook. Platinum and palladium get pounded because of their relevance to automobile manufacturing, and silver and gold get sold to raise liquidity and cover margin calls. US stock markets did come back after today’s Fed meeting. It was announced that they would continue with QE2 and they would keep interest rates near 0 for an “extended period.” All eyes continue to be on Japan and if there were hopes for some good news, it has not happened yet. There was a new blast at the nuclear reactor and another aftershock measuring 6.0. The Japanese people are still on high alert. In Bahrain, the violence continues. On Tuesday, the King declared martial law. |
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