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Gold going up this year?

ozone2002
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14-Aug-2011 13:00

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Time to take some profit off gold when it is reaching new highs..

PRECIOUS METALS: Gold Prices Ease After Wild Week

--Comex Dec gold down $9.40, or 0.5%, at $1,742.10/troy oz

--Gold slips in quiet trade ahead of the weekend

--Investors cash in recent gains after CME margin hike

By Tatyana Shumsky

Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--Gold oscillated near unchanged Friday as traders balanced their positions after a volatile week.

The most actively traded contract, for December delivery, was recently down $9.40, or 0.5%, at $1,742.10 a troy ounce on the Comex division of the New York Mercantile Exchange. The contract had set a string of records throughout this week, rising above $1,800 for the first time and gaining 6% since last week.

Thinly traded August-delivery gold was down $8.80, or 0.5%, at $1,740.00 a troy ounce.

Gold prices wobbled around the unchanged line in quiet trade ahead of the weekend. After a volatile week marked by frequent 400 point gyrations in the Dow Jones Industrial Average and 3% upswings in gold many traders were relieved to see a calmer day emerge.

" The market is quietening down a little bit and dramatic price action will be more likely on the down- then on the up-side," said Sterling Smith, analyst with Country Hedging, adding that a decline to $1,650 was likely in coming days.

Gold prices have struggled to make fresh gains in the wake of higher trading collateral requirements, known as margins, announced Wednesday. CME Group Inc., which owns Nymex, increased the amount of deposit required to trade its benchmark 100-troy-ounce contract by 22%, in rules that came into effect after the market closed Thursday.

The rule change gave pause to gold's record-breaking rally and some investors took the chance to cash in recent gains in both futures and physical gold-backed exchange-traded funds. The world's largest gold ETF, SPDR Gold Trust (GLD), saw gold holdings decline 3% to 1,272.89 metric tons from this week's high of 1,309.92 metric tons, and well below the record 1,320.44 metric tons set June last year.

" Some ETF investors clearly view the recent gold's sharp price rally as exaggerated and have taken profits, as financial markets calm. Even so, the persisting uncertainty among market players should prevent a stronger fall in gold prices in our view," said analysts at Commerzbank.

A weaker dollar kept also supported gold prices. The greenback slipped against a trade weighted basket of currencies, with the ICE Dollar Index falling to 74.433 recently, from 74.63 late Thursday in New York.

Dollar-denominated gold futures appear cheaper to buyers using foreign currencies when the dollar weakens.

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ozone2002
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05-Aug-2011 16:34

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Remember the Golden Rule: He who has the gold makes the rules!

The smart money has been accumulating physical gold for some time now. The sheeple are still pretty much asleep. By the time they wake up, the stampede will have started and the sheeple will once again be caught buying at exorbitant prices near the top! Gold is going to at least US$10,000/oz ! Silver US$300/oz ! The flight from fiat currencies to hard asset gold has started. Worldwide currency debasement is the order of the day!
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Emerging world buys $10 bln in gold as West wobbles
By Amanda Cooper, Reuters
* Thailand adds nearly 19 T to reserves in June -IMF
* Russia buys, Kazakhstan makes third buy of 2011
LONDON, Aug 3 (Reuters) – Central banks of emerging market countries such as Korea and Thailand have added more than $10 billion of gold to their reserves this year in a sign of waning faith in the West’s benchmark bonds and currencies like the dollar and the euro.
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International Monetary Fund data for June on Wednesday showed Thailand bought gold for the second time this year, raising its reserves by nearly 19 tonnes to over 127 tonnes, while Russia bought another 5.85 tonnes, bringing its reserves to 836.7 tonnes, the world’s eighth largest official stash of the metal.
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So far in 2011, emerging market central banks have bought nearly 180 tonnes of gold, more than double the roughly 73 tonnes purchased by central banks globally in the whole of 2010.
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The spot price of gold has risen by more than 17 percent this year to a record $1,672.65 an ounce, driven chiefly by investor concerns over the impact on the developed world’s economy of its debt burdens and sluggish growth.
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Mexico has been the largest buyer of gold in the year to date, with $5.3 billion worth of purchases, or 98 tonnes of gold, followed by Russia, which has bought 48 tonnes, worth $2.6 billion at current prices. Earlier this week, Korea confirmed it had bought 25 tonnes of gold in June and July.
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“Central banks evidently do not regard the price level as too high and are diversifying their currency reserves. This was the first purchase of gold for the Korean central bank in over ten years,” said Commerzbank metals analyst Daniel Briesemann.
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Central Banks Join Rush to Gold
by Liam Pleven, Se Young Lee and In-Soo Nam, http://wsj.com/
Central banks are ramping up their gold buying as they seek to diversify their reserves away from the dollar and other beleaguered currencies. South Korea became the latest government to disclose a big bullion purchase, saying Tuesday that it recently bought 25 metric tons – more than doubling its holdings to 39 metric tons. Mexico, Russia and Thailand have also been major buyers in 2011.
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This year, governments have almost tripled their net gold purchases, increasing their holdings by 203.5 metric tons this year, up from a 76-metric ton rise last year, according to the World Gold Council, an industry group backed by miners.
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The demand marks a major shift in central banks’ thinking about gold. Increasingly, they see bullion as protection against risks posed by declining paper currencies and global economic upheaval, and their vast resources and conservative bent make them a powerful force in the gold market.
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While gold is an asset that does not generate income, that shortcoming is less glaring among historically low interest rates. Before 2010, governments had on balance been shedding their bullion for two decades, during which gold was seen by some as a relic. According to data from GFMS Ltd., a metals consultancy, 1988 was the last year that official holdings increased.
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“We definitely have seen a sea change” in central bank attitudes toward gold, said David Greely, chief commodities strategist at Goldman Sachs Group. Central bank buying provides “longer-term support for gold prices,” he said.

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ozone2002
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04-Aug-2011 11:36

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Gold Soars, Stock Market Plunges

Lou Scatigna

on August 3rd, 2011 | Permalink | No Comments

On Tuesday the price of gold soared to a new all-time record of $1,657 an ounce as investors worldwide sought protection from volatile stock, bond and currency markets. Contrary to many market watchers who thought there would be a relief rally in equities after a debt-cieling agreement, stocks tumbled 266 points on Tuesday. The economy is clearly contracting at an alarming rate and another financial crisis may be right around the corner. Technically, the U.S. stock market has broken key support levels and looks very dangerous at this time.

The U.S. government has become an embarrassment and is totally dysfunctional. The much celebrated debt ceiling agreement is a farce and does nothing to reign in meaningful spending. Although the government now can borrow $600 billion immediately, spending cuts won’t happen until 2013 at the earliest. The typical Washington game of “kicking the can”. There is no doubt in my mind that we have entered an uncertain and dangerous time. The Federal Reserve will have no choice but to continue Quantitative Easing (money printing), who else is going to buy the next $2.4 trillion in U.S. debt? It’s not going to be the Chinese based on recent anti-American statements by Chinese economic officials. Gold and silver are a must in any financial portfolio given the precarious times in which we are now living.-Lou

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ozone2002
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03-Aug-2011 13:11

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Gold hits record on global growth worries, Europe debt

Gold necklaces are displayed for customers at a jewellery shop in Seoul August 2, 2011. REUTERS/Truth Leem

By Rujun Shen

SINGAPORE | Wed Aug 3, 2011 12:40am EDT

(Reuters) - Gold hit a record high on Wednesday as investors made a beeline for bullion to shelter from the impact on financial markets of the deteriorating outlook for the global economy and Europe's worsening debt crisis.

Spot gold rose to an all-time high of $1,661.14 in early Asian hours, hitting its ninth record in 16 trading sessions and up nearly 17 percent so far this year. It was trading at $1,657.88 by 0424 GMT, little changed from the previous close.

U.S. gold gained nearly 1 percent to $1,660.6. It rose to a high of $1,664.2, just 30 cents off the record set on Tuesday.

Gold priced in sterling and euro also reached historical highs.

U.S. politicians completed a last-gasp deal to avoid a default on Tuesday, but there was little relief for markets as investors focused instead on how tighter fiscal policy could constrict growth of the world's largest economy.

The size of the U.S. debt remained a concern for ratings agency Moody's. Moody's retained its triple-A rating for the United States' but assigned a negative outlook to it, underscoring the threat of a future downgrade that would drive up the cost of borrowing and could slow future growth.

" People are gravely concerned over government credit and the fact that the U.S. doesn't seem to be offering satisfying measures to assure fiscal positions and there is the sense that it will ultimately have some kind of real consequences in the markets," said a Singapore-based trader.

" We are seeing a fairly large scale of capital flight not just out of the dollar, but out of other currencies as well. The precious metals market has emerged as an instrument of default, no pun intended."

Gold jumped 2.6 percent in the previous session, its biggest gain since early November just after the U.S. Federal Reserve launched a second round of government debt purchases, or quantitative easing.

Technical analysis suggested that gold's bull run might extend to $1,679, said Reuters market analyst Wang Tao.

South Korea's central bank said on Tuesday it spent more than $1 billion in its first gold purchase in more than a decade, joining the trend among central banks to diversify their foreign reserves amid global growth uncertainties.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, jumped 1.4 percent to 1,281.76 tonnes, highest since end of last year.

" The momentum in gold in the short term will continue to run strong, supported by worries about global economic growth, gold purchase by South Korea's central bank announced yesterday and rising in SPDR Gold Trust holdings," said Li Ning, an analyst at Shanghai CIFCO Futures.

Li expected gold to test $1,680 in the short term.

The latest weak data from the United States, following a batch of dour manufacturing surveys on Monday, added to fears over a deteriorating global economy. U.S. consumer spending dropped in June for the first time in nearly two years and incomes barely rose.

Concerns about spreading sovereign debt crisis in the euro zone underpinned gold's strength.

" It seems to me that it hasn't reached the peak, and what the authorities have tried to do is postponing rather than preventing what the markets want to do with government credit in euro zone and maybe in the U.S.," said the Singapore-based trader.

Italy found itself dragged deeper into the euro zone debt crisis on Tuesday, prompting emergency consultations in Rome and among European capitals.

Yields on Italian and Spanish bonds hit their highest levels in 14 years, with five-year Italian yields reaching the same level as Spain's in a sign Rome is overtaking Madrid as a key focus of investors' concern about debt sustainability.

(Additional reporting by Manolo Serapio Jr. in SINGAPORE Editing by Himani Sarkar)

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ozone2002
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25-Jul-2011 17:28

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smile smile smile to the bank..for those gold holders

PRECIOUS-Gold hits record with U.S. debt talks deadlocked

On Monday 25 July 2011, 17:14

* Fear of U.S. default drives investors to gold

* Volatility seen as U.S. debt talks deadline approaches

* Speculators increase bullish bets on gold (Updates throughout, changes dateline, pvs SINGAPORE)

By Jan Harvey

LONDON, July 25 (Reuters) - Gold prices hit record highs on Monday after negotiations to lift the U.S. debt ceiling hit stalemate over the weekend, raising fears over a possible default and boosting the appeal of bullion versus U.S. assets like Treasuries and the dollar.

Democrats and Republicans in Congress are bitterly divided over plans to cut the U.S. deficit, a necessary move before the debt ceiling can be raised.

With the Aug. 2 deadline for a resolution fast approaching, the world's largest economy is facing an unprecedented debt default. If this happens, investors could dump the dollar and U.S. Treasuries.

While most investors believe a deal will be done, nervousness ahead of the decision is still pressuring the dollar, lifting U.S. Treasury yields and benefiting gold.

" This has reminded people of the risks involved in government bonds," said Mitsubishi analyst Matthew Turner. " For some investors, gold is a competitor as a safe-haven asset."

" If a deal is done, as I expect, the gold price will come down," he said. " It might go higher first, though."

Spot gold hit a new peak at $1,622.49 an ounce and was up 1.2 percent at $1,618.40 an ounce at 0849 GMT.

It has reached record highs in each of the last five consecutive quarters, and is on track for its biggest monthly gain since April this month on concerns over euro zone debt levels as well as the U.S. negotiations.

The stalemate in Washington led to safe-haven German Bunds outperforming U.S. Treasuries on Monday, as risks of a U.S. default outweighed worries over euro zone debt. U.S. Treasury yields rose and European shares opened lower.

The dollar dipped against a basket of currencies, while the Swiss franc, often seen as a safe haven for investors, rose sharply against the euro and the U.S. unit. The euro slipped after Moody's downgraded Greece by three notches.

" With little optimism on U.S. debt talks at the moment, the gold price acutely reflects investor nervousness that limited progress will be made before the Aug. 2 deadline," said UBS in a note. " This nervousness is in many ways justified as the threat of a U.S. ratings downgrade is very real."

" S& P has threatened that a ratings downgrade is possible even this month, if progress on the negotiations is insufficient. With just a few days left in the month, it is increasingly likely that investors will continue to buy gold as a defensive trade."

Rating agency Standard & Poor's last week reiterated that there was a 50-50 chance the U.S. AAA credit rating could be cut within three months.

SPECULATORS PROVE BULLISH

Hedge funds and other large speculators last week boosted their bullish bets in U.S. gold futures to the highest in nearly two years as gold rallied on the euro zone's debt crisis and uncertainties around the U.S. debt talks.

Managed money in COMEX gold added 16,135 lots in the week ended July 19, boosting their net long position to 238,319 lots, which marked the highest holding for the key speculator group since the week of Oct. 18, 2009.

U.S. gold futures for August delivery were up $16.90 an ounce at $1,618.40, off a high of $1,624.30.

" The stumbling block for gold is the relatively large size of Comex specs," said UBS.

" These are of course not normal times, so the extension in the Comex gold book can continue for a while longer. But the danger is that positive headlines out of the U.S. debt ceiling discussions could prompt recent gold specs to liquidate."

Among other precious metals, silver was bid at $40.66 an ounce against $40.02, tracking gains in gold.

The gold:silver ratio -- the number of ounces of silver needed to buy an ounce of gold: eased back below 40 on Monday as silver ourperformed, approaching last week's two-month low.

Spot platinum was bid at $1,785.24 an ounce versus $1,793, while spot palladium was at $803.97 an ounce against $804.25. (Reporting by Jan Harvey Editing by Alison Birrane)

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niuyear
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25-Jul-2011 10:53

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Gold is not money, it is a 'weapon' of double edge that could kill us all..

ozone2002 ( Date: 23-Jul-2011 14:47) Posted:

Is gold money?

That’s a good question and one that Rep. Ron Paul asked Fed Chairman Ben Bernanke last week at a hearing on the US economic outlook and monetary policy.

Bernanke’s answer: “No.”

Rep. Paul followed up with another good question. “Why do central banks hold gold?”

Bernanke’s befuddled answer: “It’s tradition.”

Why gold is not money…yet

A writer, R.A., in The Economist speaks to this exchange and reminds us that gold isn’t technically money anymore since you can’t take it to the store and use it to buy goods.

The writer goes on to say, “But while gold is not money, it shares a very important characteristic with money: its value (apart from limited industrial uses) is derived from the market's perception that it has value. This is the nugget of truth in Mr [sic] Paul's comments.”

Fiat money works the same way. Dollars have value because people have deemed them to have value. But as the writer in The Economist points out, dollars can be printed easily and at will, devaluing them quickly. Gold on the other hand has an intrinsic scarcity to it.

“But that's precisely the way that fiat money works. People believe the flimsy pieces of paper we call dollar bills are worth some basket of real goods only because everyone else believes the same thing. The crucial difference in the perception of value is that new gold can only be obtained at great difficulty while new bills can be produced by the truckload at virtually no marginal cost.”

Presently, the reason that gold isn’t money in the way most people think of money is because people still think that paper dollars are money.

The writer concludes that dollars will always be money going forward because people have decided to be content with them with money. And regarding gold? The writer says, “What I don't understand is the argument for gold that falls back on the mystical, 6,000-year old Law of Economics that shiny yellow metal is somehow special.”

All currency goes to zero

Though the writer seems to think it’s an impossibility, indulge me for a second. What happens when people no longer want to accept paper dollars as money? What happens if the Fed prints so many dollars, because it’s so simple and an infinite amount can be printed, that no one cares to use them as money any longer? Then what will be money?

Throughout monetary history, all fiat currencies—currencies that are given value solely based on an authority’s claim of value—have fallen to zero. The writer in The Economist conveniently forgets to share this fact.

And throughout history, societies have always resorted back to gold as money. As the writer in The Economist points out, this has gone on for 6,000 years. The writer can call this mystical if desired, but I call it a hell of a track record.

The dollar is toast

As I wrote about last week (“Time Ticks Away”), the US is currently in a battle over the debt ceiling. If the US defaults on its debt, the dollar will be toast, and savers will be losers.

If the US defaults on its debt, many people will wish they’d saved some of the money known as gold. Because just like has happened many times over the last 6,000 years, people will turn to it as the repository of value again.

But perhaps the US will fix its debt problems. If so, then the dollar will live on—for a time. But like all fiat currencies before it, the dollar will eventually fall to zero. No matter what, the dollar is toast. It just could be later rather than sooner.

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ozone2002
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25-Jul-2011 10:43

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Gold Aug. 2011 contract $ / troy ounce	Floor	1,601.50		+14.50	+0.91%	1,314 Today\|\|\| 1,608	Jul 22
Gold Aug. 2011 contract $ / troy ounce	Electronic	1,612.50		+11.00	+0.69%

Gold is a stored value of wealth.. money is just paper where it can be printed over n over again...it holds no intrinsic value..not backed by anything except the decree that it is legal tender by the government..

good luck to those holding paper money..when inflation hits..the value will decrease..

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Salute
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23-Jul-2011 22:15

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if you are worrying that paper money is not recognised anymore, what can gold be good at, there are so many people in the world, those who don't have gold, are they destined to die. I said long ago, the best is to use your money when it's still recognised(if you are so doomed mind) to go abroad to buy a house with at least the same size of lawn and build a tall wall like the one Osama built in the desert so that no one can come and get your " agriculture" and plant some henna's component spices if you still like to look good....................:)

the world is so crazy, it's the fruit of capitalism. The macro economy theory is hard to apply in this messy or lying world but there are still people go get master degree. People are worrying that money can't buy anything and forgot that the essential factor for live is food. when food is not durable, buying a little piece of land lah.

Ok, a little gossip here......sorry nothing related to gold rush.......

People keep piling up money and wealth(some too abundant) but they forgot that they can't bring them along. Like SaiBaBa(spiritual leader) (sorry, don't know how to spell it, never mind afterall he passed away) dead with so many Billionsss left and disappointed those followers bcs they must be thinking why he didn't bother to distribute to the poor in India. Same, all those chief leaders just disguised so many things and try to get advantages for oneself(their own country) and not solving problem earnestly, then others suffer and they are sitting in the good income and wealth..............If only they know how to be contended, the world would not be that messy.

真没眼见这世界的真面目 ,乱七八糟

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ozone2002
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23-Jul-2011 14:47

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niuyear
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19-Jul-2011 11:07

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You 'could have' used your US$ to buy into gold related....

andreytan ( Date: 16-Jul-2011 21:04) Posted:

I hope you don't mind,I think you read too much of these American gold bugs who call for worse case scenario, to buy physical gold. I had read abt them at kitco.com. Most of them are doomsday sayer.

If that day come, we want to buy food, not gold. Did not they call us to buy gun and bullet as well.

NO..NO...NO...the dollar will not die so fast. just play along and ride the trend, and profit from the gold rise.,it is a BBB game.

if the US dollar become worthless, and gold are denominated in dollar,

does that means your gold is worthless as well. China got 3T of it, Jap got 1T of it. Do u think they want to see their dollar go to zero.

Now if you got US dollar deposit, do you want to see them go to zero.

The dollar status will only diminish to abt 60% of the world reserve.

Just China and Jap alone 4T. they got no mean to sell or dispose all at once without shooting their own feet.

long the dollar. Open a dollar deposit.

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niuyear
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19-Jul-2011 11:05

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Cheong arhhhhhhhhhhhhhhh....................super good stock!

ozone2002 ( Date: 19-Jul-2011 11:05) Posted:

SELL on CHIONG...buy on dip..

Gold sets record, hits US$1,600

by Rachel Adrienne Kelly

04:45 AM Jul 19, 2011

SINGAPORE - Gold prices reached a record high yesterday, hitting the US$1,600 per ounce mark for the first time.

Prices were pushed up as United States politicians failed to reach an agreement on raising the debt ceiling and amid continued concerns over Europe's sovereign crisis.

And analysts said that the precious metal is likely to see more upside this week as market sentiment remains cautious.

" Investors are increasingly looking to gold as a safe haven as the US dollar, pound sterling and the euro continue to devalue against stronger currencies such as those of Canada, Australia, Norway and Switzerland," Sector Investment Managers chief executive Angelos Damaskos, told Reuters.

A note by Phillip Capital also noted that banks were in the spotlight last Friday as the European banking authorities released widely anticipated stress test results. Eight banks failed a test of their ability to withstand a long recession and would have to raise €$2.5 billion (S$4.28 billion) of capital.

Meanwhile in the US, talks to raise the debt ceiling continued without signs of a compromise with ratings agencies warning of downgrades to the US triple A rating.

" Amidst an environment of uncertainty, gold continues to benefit as a safe haven asset. A sustained breach of US$1,600 could see gold surge higher for the 11th consecutive session," added Phillip Capital.

More bullish, MF Global said in a report yesterday that it sees gold possibly hitting US$1,662 to US$1,680 per ounce.

Already, a steady stream of customers are turning to pawn shops to realise a quick and tidy profit.

ValueMax Bullion, the wholesale gold component of a pawn shop here in Singapore, said it has bought on average 30 per cent more gold in comparison to daily purchases six months ago with some customers even walking in with gold bars.

ValueMax operations manager Yeah Lee Ching added: " It's only when there is a sudden spike in the price that there is a sudden selling off of gold in the market, but a lot of people are still holding back their gold because they believe it will appreciate further."

So far, spot gold prices have risen around 7 per cent.

Sounding a note of caution is Ms Ong Yi Ling, an investment analyst at Phillips Futures, who believes that much depends on how the global economy performs.

" In the event that the US economy starts to recover and interest rates start to increase, I think that could take some of the momentum off some of gold's rally - an increased interest rate increases the opportunity cost of holding gold," she said.

She added that going into next year and beyond, gold could continue to rise but perhaps not at the rapid pace seen in 2010 and 2009 where the price of gold actually rose more than 20 per cent for each year.

According to Standard Chartered, gold prices may soar to as high as US$5,000 an ounce by 2020 on slowing production growth and increasing demand from China and India.

" We are looking for the gold price to reach about US$2,000 by 2014," Mr Yan Chen, Hong Kong-based head of metals and mining for Standard Chartered, told Bloomberg. With agency reports

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ozone2002
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19-Jul-2011 11:05

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SELL on CHIONG...buy on dip..

Gold sets record, hits US$1,600

by Rachel Adrienne Kelly

04:45 AM Jul 19, 2011

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17-Jul-2011 01:34

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Yells: "Isnt Human center of the universe???"

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LOLX.... ok i know now .. thanks for the info

i go buy gold coin for the future....

i think silver also important cause gold difficult to be use as currency

Cheer

ozone2002 ( Date: 16-Jul-2011 18:32) Posted:

BUY PHYSICAL GOLD...anything else is just toilet paper

July 15, 2011, 11.57 pm (Singapore time)

Gold hits fresh record as eurozone debt crisis deepens

LONDON - Gold was the stand-out performer on commodity markets this week, striking a record high close to US$1,595 as investors sought its traditional safety amid an escalating eurozone debt crisis.

Fears of a debt default in Greece and perhaps other struggling eurozone members were compounded by growing concern that politicians in Washington are unable to hammer out a deal to allow a rise in the government's borrowing limit.

The eurozone debt crisis, which has already dragged down Ireland, Greece and Portugal, spread this week to Italy and Spain, whose stretched public finances sent their borrowing costs sharply higher, turning the screw on governments scrambling to hold the line.

Gold rocketed to a record high of US$1,594.45 an ounce on Thursday, topping the US$1,577.57 that was set on May 1.

'Gold hit a new all-time high as investors continue to fret over the European sovereign debt situation,' said analyst Ian O'Sullivan at trading firm Spread Co.

'With Italy, Spain, Ireland and Portugal worries intensifying and now the (US Federal Reserve) ... suggesting some members were thinking about the need for additional easing, investors have just hit the panic buy buttons this week.

'We think that gold may top out here for a while and pull back to US$1,520-1,540 before an assault on the US$1,600 level,' he added.

EU governments are scrambling to fight debt contagion threatening Italy and Spain amid mounting sentiment that Greece could default on its debt despite a massive EU-IMF rescue for Athens.

'The heightening of sovereign debt uncertainty in Europe has provided a boost to gold prices despite the seasonal weakness in demand,' Barclays Capital analyst Suki Cooper said.

Gold also won found support after US Federal Reserve chairman Ben Bernanke said on Wednesday that the US central bank was prepared to renew its stimulus efforts if the American economy remains feeble.

By late Friday on the London Bullion Market, gold jumped to US$1,587 an ounce from US$1,541.50 the previous week.

Silver rallied to US$38.17 an ounce from US$36.28.

On the London Platinum and Palladium Market, platinum advanced to US$1,760 an ounce from US$1,740.

Palladium increased to US$777 an ounce from US$750. -- AFP

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andreytan
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16-Jul-2011 22:39

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Correction...shd be tg px of 2060 and not 2600.

andreytan ( Date: 16-Jul-2011 22:22) Posted:

I think we hold our gun first, gold will correct once more time to 1350. I think we wait and see first, dont jump in now,

There was an expert i read ( Alfred) who is a EW expert on gold, he is betting gold to correct to 1350, before it hit a tg px of 2600.

And i see that his EW is on the spot. Let wait out awhile first. I think this debt ceiling crises may be the downfall for gold. Dollar will soar sky high, if debt ceiling is not rise.

Let see, patient is the key, dont be afraid of miss opportunity, there are always opportunity. Let wait awhile and see.

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andreytan
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16-Jul-2011 22:22

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andreytan
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16-Jul-2011 21:09

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I forgotten to call to suggest we buy silver,, it is going to be more profitable than gold.

Previously it was whack down, but going forward, it is going to be very profitable, buy some before it soar.

Silver will outrun and outclass Gold, many times over.

andreytan ( Date: 16-Jul-2011 21:04) Posted:

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andreytan
Veteran

16-Jul-2011 21:04

andreytan About Contact Quote this Post!

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ozone2002
Supreme

16-Jul-2011 18:32

ozone2002 About Contact Quote this Post! Style: Technical

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BUY PHYSICAL GOLD...anything else is just toilet paper

July 15, 2011, 11.57 pm (Singapore time)

Gold hits fresh record as eurozone debt crisis deepens

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alexchia01
Elite

14-Jul-2011 21:11

alexchia01 About Contact Quote this Post! Style: Combined Mood:

Yells: "Catch The Stars And Ride With Them"

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You have already mentioned it... " As long as the contact is binding"

What happen if there is nobody to ensure the contract is blinding?

Gold Futures Contract is as good as a Delivery Order.

As long as the Gold is not in your hands, it's not in your hand.

If tomorrow, there is a worldwide computer crash, all Futures Electronic Data are loss and we are all throw back into old ages.

Do you think you can bring a copy of your Gold Future Contract, goes to your local department store and Buy stuffs using it?

Only Real Physical Gold can do that.

iPunter ( Date: 14-Jul-2011 20:54) Posted:

For the purpose of speculation,

isn't a Gold Futures Contract as good as

the physical thing? After all a contract is a

contract as long as it is binding... Smiley

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iPunter
Supreme

14-Jul-2011 20:54

iPunter About Contact Quote this Post!

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For the purpose of speculation,

isn't a Gold Futures Contract as good as

the physical thing? After all a contract is a

contract as long as it is binding... Smiley

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