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bsiong
Supreme |
02-Feb-2011 12:08
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
02-Feb-2011 12:07
Yells: "The Greatest Wealth is Health" |
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SINGAPORE, Feb 2 (Reuters) - Gold barely moved on Wednesday as rising equities and hopes for further economic recovery in the United States prompted some investors to shift to riskier assets, but lower prices could spur bargain hunting from jewellers. The safe-haven appeal of gold was also dented by easing tensions in Egypt after President Hosni Mubarak said he would surrender power in September, offering a mixture of concessions and defiance to Egyptians who marched a million strong to demand his 30-year-rule end immediately. Investors awaited the release of the ADP Employer Services report at 1315 GMT, which could be supportive for U.S. stocks and the dollar if the numbers were better than expected. Most recent U.S. indicators have suggested the economy is picking up steam. Spot gold hit a low around $1,337 an ounce before steadying at $1,340.70 by 0243 GMT -- well below a lifetime high around $1,430 struck in December. Trading slowed to a trickle in Asia ahead of the Lunar New Year celebration. " If we see employment and job creations start to pick up, it will add on to the prevailing sense of economic optimism in the market," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore. " So gold could come under some pressure as investors move into other risk assets like equities and industrial metals. I think I will look at first support for gold at about $1,325 and the next level will be about $1,300." The Nikkei was on track for its biggest daily jump in two and a half months on Wednesday after global markets rallied on strong manufacturing data, robust U.S. earnings and easing concerns about the Middle East. ADP Employer Services report later in the day is expected to show U.S. private employers added 145,000 jobs in January. Forecasts from economists polled by Reuters range from 75,000 to 250,000. U.S. gold futures for April added $1.7 to 1,342 an ounce, having settled around $5 higher on weaker U.S. dollar. Spot gold may resume its downtrend this week and fall to $1,290-$1,280, as it is unable to break above an upper channel line resistance at $1,346, according to Wang Tao, who is a Reuters market analyst for commodities and energy technicals.In the physical market, dealers noted buying interest from several buyers in Asia, keeping premiums for gold bars steady at their highest levels in at least seven years in Singapore and Hong Kong." Things have slowed down but we receive orders from clients from Thailand and India. Premium remains at $1.90 at my end," said a dealer in Singapore.Gold imports in India, the world's largest consumer of the precious metal, rose 18 percent in January to 40 tonnes provisionally, and next month's wedding season could further boost demand, head of a trade body said.In India, which accounts for 20 percent of global demand for jewellery, gold is widely given in religious celebrations and weddings.The euro rose to its highest level in nearly three months, extending gains on rising investor risk appetite. The euro rose to $1.3853 , its highest level since early November. |
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bsiong
Supreme |
01-Feb-2011 18:50
Yells: "The Greatest Wealth is Health" |
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Here is how and when Gold will begin its bubble February 01, 2011 at 14:30Jordan Roy-Byrne, CMT The bull market in Gold is in its 12th year (globally it began in 1999) but has yet to exhibit any “bubble-like” conditions. In fact, we still see many people referring to this bull market as “the Gold trade,” as if its an aberration that needs to be reversed or corrected. That aside, we know that Gold is under-owned as an asset class. The very well respected BCA Research estimates that globally only 1% is allocated to Gold and that fits with some of the charts that I’ve shown in the past. Institutional accumulation began in 2009 (e.g. Paulson, Einhorn) and we know that phase lasts at least a few years before a bull market gives birth to a bubble. Part of the problem for Gold has been the solid performance of other asset classes through most of the Gold bull market. Stocks performed very well from 2003 to 2007 and from 2009-2010. Commodities performed well from 2001-2002 and in the first half of 2008. If stocks are doing well or if commodities such as oil and agriculture are performing well, it detracts from Gold. Gold performs its absolute best when the other asset classes underperform or don’t perform too well. Let me explain the conditions and setup that will facilitate the birth of a bubble and Gold going mainstream. First, stocks are going to peak in Q2 of this year and enter a mild cyclical bear market. The chart below details the previous three secular bear markets and the template that each follows. After the mid-point crash (i.e 1907, 1938, 1974 and 2008) the market rallied significantly over the next one to two years. After that rally stocks went into a mild cyclical bear market for several years. Those periods were associated with rising commodity prices, rising interest rates and rising inflation. Sounds like history could repeat again. In the next year there is a good chance that we’ll see stocks and bonds in a bear market, simultaneously for the first time since the late 1970s. It is at that point that hard assets will emerge and mainstream managers will no longer be able to ignore that barbarous relic. This could begin as early as Q2 of this year or as late as 2012. It is hard to say but we think it begins somewhere in the middle. Here is why the backdrop will ultimately support Gold and not stocks or bonds. Economic growth is simply too low and too meager to put any dent into debt to GDP ratios. The economy is recovering but the debt load is growing larger. Two trillion dollars was added to the national debt in FY 2010. The CBO just came out and projected a deficit of $1.5 Trillion in FY 2011. This is why monetization will not only continue but it will be more frequent and in larger amounts. We already see the effects. Inflation is rising and interest rates may be in a new cyclical uptrend. These are the factors and not deflationary conditions, which will cause the next mild bear market and mild recession. We say mild because the private sector was in recession for three years of the last decade. The survivors are better able to handle any current difficulties. In fact, the credit markets and the global economy have improved. After a recession like 2007-2009, there tends to be a slow but arduous period of recovery for the private sector. Slowing economic growth and a mild recession can give bonds a boost to some degree but it won’t reduce the need for monetization. Remember, from 2004-2007 we had a housing boom, strong global growth and the budget deficit declined. With no housing recovery in sight, the likelihood of higher interest rates and more of the budget devoted to interest expense, the reality is continued monetization. This doesn’t include the potential for bailouts to states and municipalities, which also comprise a part of GDP. No bailouts there and the economy will be affected. In the early 1980s, we had the ability to raise interest rates and defeat inflation. This time around, there is no realistic and hope and no legitimate solution other than a new monetary regime. We all know the economy cannot grow out of this mess. Furthermore, we know that higher rates will only lead to eventual bankruptcy. Debt levels in the US, Japan and Europe are already too large. Higher interest rates will raise debt service costs and this will eventually lead to default or hyperinflation. Huge government debt wasn’t a problem 30 years ago. Gold itself looks different as it has been leading the rest of the complex the same way it did in 1929-1930 and the 1970s. Note how its acceleration began in late 2005 and then again at the 2008 low. A move beyond channel 4, which halted the recent advance could engender a stronger acceleration than the one we’ve seen in the last 24 months. Conclusion Precious metals have been in a steady bull market for almost 11 years. During most of that time, stocks and bonds have performed reasonably well. Thus, mainstream advisers and managers could avoid precious metals and still generate reasonable returns. An example is 2009-2010. We expect this to change within the next 12 months. Stocks are very likely to enter a mild cyclical bear market while bonds are at risk of a new bear market. Certainly, without the massive monetization by the Federal Reserve, bonds would be in a bear market and rates would be higher. If and when stocks and bonds enter a bear market it will be the first time they are in a bear market simultaneously since the 1970s. As the entire precious metals complex continues its upward climb, mainstream pundits and fund managers will be forced to buy in due to the other asset classes (stocks, bonds, real estate) being in bear markets. With a global allocation to Gold of only 1%, one can see clearly where things are headed. We are years away from a true bubble, but 2011-2012 could serve as the beginnings of a precious metals bubble as 1994 was for the technology sector. |
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bsiong
Supreme |
01-Feb-2011 18:42
Yells: "The Greatest Wealth is Health" |
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LONDON, Feb 1 (Reuters) - Gold rose on Tuesday and a rise in ETF holdings for the first time in a week suggested some investor support for the precious metal despite the improving tone of U.S. economic data. PRICES * Silver XAG= was at $28.16 from $28.04. * Platinum XPT= at $1,797.40 from $1,791.50. * Palladium XPD= at $819.20 from $811.97 DATA/EVENTS * German Markit/BME Manufacturing PMI for January, 0853 GMT * Euro zone Markit manufacturing PMI for January, 0858 GMT * German Jan unemployment data, 0900 GMT * Euro zone unemployment rate for December, 1000 GMT * ECB's Trichet at ceremony, Milan, 1500 GMT * U.S. ISM for January, 1500 GMT * ECB'S Nowotny, SNB'S Jordan in panel discussion, Vienna, 1630 GMT * U.S. January vehicle sales * South African Coal Exports Conference 2011, Cape Town MARKET NEWS * The euro crept back near a two-month high on Tuesday after a jump in euro zone inflation fuelled expectations of a rate hike and as worries about unrest in Egypt abated slightly. to a five-month low, signalling demand may not rise as quickly in the world's second-largest oil user, while Egypt's social upheaval kept Brent crude firmly above $100. * Financial bookmakers predicted gains for the leading European benchmark indexes on Tuesday, with the focus seen shifting back to the economic outlook and company earnings from the political unrest in Egypt. FUNDAMENTALS * The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust (GLD), said its holdings edged up to 1,227.153 tonnes
by Jan 31 from 1,224.118 tonnes on Jan 28 -- the first rise
since Jan 21. * Premiums for gold bars soared to their highest in more than two years in Tokyo on Tuesday as steady shipments to other bullion trading centres in Asia led to a tight supply, dealers said on Tuesday. * Canarc Resource Corp (CCM.TO) said it is not proceeding
with acquisition of relief canyon gold mine but will proceed
with $300,000 convertible debenture and purchase of relief
canyon assay laboratory. TECHNICALS * Gold support at $1,300 an ounce, resistance at $1,380 an ounce and 14-day RSI at 45.97. * Platinum support at $1,738 an ounce, resistance at $1,849 and 14-day RSI at 52.44. * Silver support at $26.40 an ounce, resistance at $28.80 and 14-day RSI at 54.23. |
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bsiong
Supreme |
01-Feb-2011 18:38
Yells: "The Greatest Wealth is Health" |
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Precious Metal positions liquidates, Gold retreats from top February 01, 2011 at 16:00 AHMEDABAD (Commodity Online): If Tunisia made a major blow to Hosni Mubarak's regime in Egypt, this revolution has made a major impact on various commodities across the horizon. Dollar, Gold and Crude have always been among the first causalities of geopolitical tensions and this time too, the scene is no different. Gold prices on Comex fell by approximately 0.5 percent on Monday. Speculators started buying gold on last day of previous week as a safe haven asset because of ongoing issue of Egypt. Fund houses are liquidating their positions in Gold and Silver as fears over global economy recovery easing and investors are returning to risk sensitive assets like equities and other commodities to get better returns than gold. However, Gold prices are still on short term downtrend and likely to test 1300-1290 levels within next few trading days. Gold in international markets last traded at 1337 USD an ounce. The prices traded higher during Asian session tracking strength from other metals. Strong China PMI data of Janaury month supported the industrial metals. However, despite the strength in other metals, gold prices are not likely to stay at higher levels and may fall to test levels below 1300 USD mark. Gold prices are facing strong resistance near 1350 and 1375 levels. While support levels for the gold are seen at 1305 and 1270. Gold prices are likely to fall further on technical selling and could touch 1295-1280 levels within next few trading days. Traders are hesitating to take fresh positions in gold ahead of China’s lunar New Year holidays. Gold prices are likely to hover between 1300-1350 lack of fresh cues. Gold has already discounted ongoing tension in Egypt. Traders are advised to sell gold on rise. Selling pressure from hedge funds dragged bullion prices to recent lows and it is expected that fund houses may continue its selling in bullion in the short term and hence gold and silver prices seen falling further. |
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niuyear
Supreme |
01-Feb-2011 12:45
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What is the Tell tale sign when Gold is going to be in bubbles ? Anyone has its story or experience to tell, kindly share here, thks. Am holding this gem and must get ready to let go before i call it a day. :) |
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bsiong
Supreme |
01-Feb-2011 11:07
Yells: "The Greatest Wealth is Health" |
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Gold bounces after 1st monthly loss since JulySINGAPORE, Feb 1 (Reuters) - Gold regained strength on Tuesday on bargain hunting and a rise in ETF holdings, having posted a monthly decline in January -- its first in six months -- on strong U.S. factory data and fading worries about the euro zone debt crisis. FUNDAMENTALS * Spot gold added $2.15 to $1,334.05 an ounce by 0027 GMT after falling as low as 1,322.90 on Monday. * U.S. gold futures for April rose $1.5 to $1,336 an ounce, having settled around $7 lower after data showed factory activity in the U.S. Midwest hit a 22-1/2 year high in January and another report showed consumer spending ended 2010 on a firmer footing. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings edged up to 1,227.153 tonnes by Jan 31 from 1,224.118 tonnes on Jan 28 -- the first rise since Jan 21. * Precious metals-backed exchange-traded funds were on track for record-breaking outflows in January as a run of well-received economic data prompted investors to sell gold and silver in favour of other assets. MARKET NEWS * The euro headed for its second consecutive monthly advance against the dollar on Monday and more gains could be in store after a jump in euro zone inflation bolstered the view interest rates in the region could rise more quickly than in the United States. * Japan's Nikkei rose on Tuesday on expectations for strong earnings and with oil prices helping resource stocks. |
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bsiong
Supreme |
01-Feb-2011 10:48
Yells: "The Greatest Wealth is Health" |
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x 0
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Marc Faber: Gold is not in a price bubble January 31 2011 12:05 GMT NEW YORK (Commodity Online): Global economic analyst Marc Faber says that the recent fall in gold price should not be taken to create fear among the investing community that the yellow metal is in a bubble. Faber, who correctly predicted the 1987 economic crash, said in an interview toBloomberg that he is bullish on commodities, especially on gold. Faber, editor and publisher of The Gloom Boom & Doom Report, stated that he still “likes gold” and does not believe it is in a bubble. Terming the recent weakness in gold prices as a pure correction, Faber said that “from the top to the bottom the correction could be 20%.” While Faber did not provide a longer-term target price for the yellow metal in this interview, he predicted a 10% drop in the S& P 500 over the shorter-term, noting the historically high levels of bullish sentiment as a contrary indicator. When asked what he believes would be a better economic policy, Faber said that that “I think what should happen in the U.S. is for the president to tell the U.S., you have to tighten your belts." " We have to go through hard times for five years to repair the damage that was committed over 20-25 years by the Federal Reserve, by the Treasury, by the politicians, and somebody has to tell the truth. But the politicians keep on fueling the illusion that you can spend yourself out of the misery, and that by printing money you will improve the economy, which is not the case,” he said. //// |
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bsiong
Supreme |
01-Feb-2011 10:06
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report –1/31/2011January 31, 2011At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metals are down slightly from the mid-day commentary (save silver) in spite of the continued negative news coming out of Egypt. Richard Bove, banking analyst at Rochadale Securities, says that“In general, American banks tend to be very landlocked…the only bank with some exposure would be Citigroup.” Thus, he feels the U.S. will not be very affected by Egypt’s turmoil. However, Moody’s Investors Service downgraded Egypt’s government bond ratings from Ba2 to Ba1 and their outlook was changed from stable to negative. He said that the change was “prompted by the recent risk and concern that the policy response could undermine Egypt’s already weak public finances.” Is it only a matter of time before people realize the severity of the situation and run back the safe-haven of precious metals? On a lighter note, better-than-expected news of the U.S. economic data helps boost confidence in the market, especially after the U.S. stocks close higher on this final day of the best January since 2007. It was also announced that there was a rise in consumer spending in December that was higher than the forecast predicted. Could our economy actually be seeing some healing? Gold spot price is down $8.00 from the mid-day commentary – Silver spot is up 11 cents – Platinum spot price is down $9.00 – Palladium spot is down $1.90 |
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bsiong
Supreme |
01-Feb-2011 01:37
Yells: "The Greatest Wealth is Health" |
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x 0
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Morning Gold & Silver Market Report – 1/31/2011January 31, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: I must confess I am surprised by early market indicators already discounting the news coming out of Egypt. I suppose it gets boring watching the rioting footage day after day and people are ready to move on to the next story. The unrest must be quieting down and things will soon be under control and getting back to normal. What I do not see is any creditable news analyst expressing any level of comfort on how this is going to turn out. Precious metal prices are falling in early morning trading. Is it because the Egyptian crisis is causing concerns about global food inflation? Perhaps they are declining because investors worry this may spread throughout the Middle East? Nouriel Roubini speaks about the geopolitical risk being on the rise, which will cause negative growth or inflation.Neither of which will be good.Of course I am speaking tongue in cheek. Precious metal prices should be moving up on this news and I would advise all investors to keep a watchful eye on this situation. Gold spot price is down $15.10 – Silver price is down 10 cents – Platinum spot price is down $21,50 – Palladium spot price is down $10.00 |
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bsiong
Supreme |
29-Jan-2011 10:25
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Watch Cramer on CNBC |
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bsiong
Supreme |
29-Jan-2011 10:18
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Gold Prices Get Safe-Haven Boost01/28/11 - 02:46 PM EST NEW YORK (TheStreet) -- Gold prices soared Friday as the crisis in Egypt exploded and as traders jumped into gold as equities corrected. Gold for April delivery was up $21.90 to $1,341.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,348 and as low as $1,309.10. The spot gold price recovered from Thursday's selloff up nearly $30 throughout the day, according to Kitco's gold index. |
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bsiong
Supreme |
29-Jan-2011 10:11
Yells: "The Greatest Wealth is Health" |
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Cramer: Egypt Speaks to Gold's ImportancePublished: Friday, 28 Jan 2011 | 3:47 PM ET The social unrest in Egypt, as people take to the streets to protest current president Hosni Mubarak, has put a floor in declining gold prices, Cramer said Friday. He had predicted the precious metal would pull back throughout January before resuming its climb higher, but Egypt has served to stop that fall a few days early, as investors seek out the precious metal in such times of volatility. “I really think that Egypt is another reason why we remember why gold is an important currency,” Cramer said, “and a commodity.” |
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bsiong
Supreme |
29-Jan-2011 10:07
Yells: "The Greatest Wealth is Health" |
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x 0
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Closing Gold & Silver Market Report –1/28/2011January 28, 2011At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: The protests going on in Egypt were the big game changers today and they do have the attention of the world. The fear is not only the awkward position it puts the West, as we are caught between our need for strategic alliances and our democratic principles, but also the fear of contagion. These riots began in Tunisia and spread to Egypt. If they continue to spread, could it potentially destabilize the Middle East? Jim Cramer says that this event will effectively put a floor on gold prices and should remind us as to why we need to own gold. No big surprise that investors ran away from stocks and jumped back into safe havens such as precious metals.Gold spot price was up $18.00 after starting the morning down over $5.00 and Silver price rebounded from a negative start all the way to 92 cents on the plus side.Platinum spot price was down $6.30, while Palladium continued up $2.50 |
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bsiong
Supreme |
28-Jan-2011 23:22
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
For your weekend reading pleasure ..... Private gold demand surging in China January 28, 2011 at 14:45Does it make a difference to the price if a central bank chooses to Buy Gold at the mine-head or from the open market? Private demand for gold is increasing rapidly in China, and this is likely to continue in line with the growth of the Chinese middle classes. We do not know for sure how much the People's Bank of China took into its reserves in 2010, and are only likely to know in two years' time, if it chooses to announce figures in line with recent patterns. But China currently produces 340 tonnes of gold from its domestic mines each year. This may increase by up to 100 tonnes a year or more. It also imported 210 tonnes in 2010. Russia meantime produces around 250 tonnes of gold from its mines per annum. It increased its reserves by 152 tonnes in the year to January 2011. These two nations present different requirements from the local and international gold markets. But does it make a difference where the gold is bought? China's central bank, the People's Bank of China, does not disclose the annual amount it purchases for its reserves, but uses an agency to make these purchases on its behalf. Every five years, this agency delivers the gold bought to the bank, which then announces its increase. The last time it did this was three years ago and it reported an increase of 454 tonnes, averaging out to 91 tonnes a year. If this amount had been bought from local Gold Mining production, it would equate to the total amount of local production over those five years. And as the People's Bank of China does not want to disclose how much gold is bought locally and how much, if any, is bought in the international market, we will never be sure. Russia, on the other hand, produces in the order of 250 tonnes (an approximation for 2010, up 38% from 184.49 tonnes in 2009). Russian central bank purchases have been rising steadily – by 25% per annum – over the last two years, but not as fast as local Gold Mining production. There is therefore scope for the central bank to increase the volume of local mine-supply purchases, and keep it at 50% of local production or more.Vladimir Putin, Russia's prime minister (but the power behind President Medvedev's throne) has previously stated that Russia would be buying on the international market. One of the Deputy Chairmen of the Russian central bank has said the bank had bought its added reserves from local production. Is one right and the other not, or are both right? Some 90% of the world's physical gold sales in the international market take place in London, transacted through the big bullion banks that quote prices and store metal for the professional wholesale market. The two daily Gold Fix prices account for the vast majority of these deals, taking place at 10.30 am and 3.00 pm London time. Each of the bullion banks has their own clients and does their best to hide their identity from outsiders. But experienced dealers can sense the presence of a central bank in the market. One of the ways they can tell is by the way the banks deal in gold for them. A central bank does not want to chase prices, so will Buy Gold offered to it, rather than make a large offer, which may well drive prices up. A Chinese central bank official made the comment some time ago that it is difficult for a central bank to Buy Gold in the international market. But a central bank will do it if the amount purchased or sold is not sufficient to affect prices. If it is a large amount, then sales or purchases will be spread out over time so as not to affect prices unduly. This may hide the presence of a central bank. The moment it gets out that a central bank is in the international market prices will rise or fall more than is usual. This is the deterrent to China in particular, which is very concerned with its privacy. The international gold market is the place to source large amounts of gold, but the People's Bank must work to hide its actions. Any amounts needed above locally produced volumes must come from this market or direct from refiners such as the Rand refinery in South Africa. Purchasing gold outside a nation requires foreign currency from foreign exchange reserves and not the local currency. With a tonne of gold around $45 million apiece, using local currency can be inflationary (it requires the injection of that currency into the local economy). Where a dealer is able to guard its client's identity and purchase large volumes of gold, central banks will do better to use the London gold market, even if it has local production, for it does not have to wait for the local gold to be available. Buying Gold from local production involves a local miner and the central bank, with a price set for each transaction only by reference to international prices, no matter how large the volume of gold involved. There is little to no immediate impact on international prices as the international market does not 'see' the transaction. The only way local deals impact international prices is through the absence of that local supply from the international market. Local production is a certain source of supply. When supply is tight in the international market buyers will have to raise prices to bring out additional supplies. Even when international markets have a tight supply situation local production remains on tap to a central bank. In the case of China where local supply is insufficient to supply the retail & institutional market as well as the central bank, central banks can ensure that they manage their purchases well when they buy locally and leave the retail & institutional buyers to get the balance of their purchases from the international markets via imported gold. As you can see it generally pays a central bank to Buy Gold from local production if it is there. It is easier, private and more manageable in terms of prices. China in particular appreciates the control it retains over the disclosure of purchases. JULIAN PHILLIPS – one half of the highly respected team at GoldForecaster.com /g x f c / |
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bsiong
Supreme |
28-Jan-2011 23:17
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
China 2010 gold output hits new record at 340.8 tons January 28, 2011 at 14:30 BEIJING (Commodity Online) : World’s largest gold producer China said its gold output in 2010 totaled 340.876 tons, up 8.57 percent year on year. According to China Gold Association, country's gold output has been the world's largest since 2007, when it surpassed that of South Africa. China's gold output recorded only 4.07 tons in 1949 and rose to 13.8 tons in 1975. China started to invest heavily in the gold industry since the 1970s. In 1995, China's gold output exceeded 100 tons for the first time and reached 200 tons in 2003. Stimulated by the upward trend of gold prices, the gold output increased by 11.34 percent in 2009. Currently, gold producing has become a major industry and an important source for fiscal revenues in over 100 counties. Shandong, Henan, Jiangxi, Yunnan and Fujian were the top five gold producing provinces in 2010. The average gold price in the international market in 2010 was 1224.53 U.S. dollars per ounce, 25.6 percent higher than 2009. Gold demand in China's domestic market was also strong. Over 510 tons of gold were purchased for jewelry, industrial utility and investment. The transaction volume on Shanghai Gold Exchange totaled 6064.064 tons, up 28.48 percent year on year. /gxfc/ |
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bsiong
Supreme |
28-Jan-2011 23:15
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Investors park wealth in Precious Metals |
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bsiong
Supreme |
28-Jan-2011 23:11
Yells: "The Greatest Wealth is Health" |
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x 0
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Gold prices ready to rebound to new high January 28 2011 11:25 GMTBy Shyamal Mehta MUMBAI (Commodity Online): Gold prices saw heavy corrections in the recent days. From its unquestionable number uno position, it fell slightly putting investors to panic. But technical indicators are showing sufficient signs that it will have a rebound. In International markets, Gold future prices went down by more than one percent on Thursday on technical selling. Gold in international markets last traded at 1316 USD per ounce. Gold prices have corrected by more than seven percent from its peak but is likely to fall further on technical selling and could touch 1295-1280 levels within next few trading days. Gold prices are likely to make a short term bottom near 1310-1260. Gold prices seen rising further after it make a platform near 1260-1300. Positional traders can buy Gold near 1260 keeping a stop loss of 1245 and can book profit near 1320-1370. Gold prices could touch 1600 mark by the end of current year 2011. ////gxfc/ |
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bsiong
Supreme |
28-Jan-2011 22:52
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Morning Gold & Silver Market Report – 1/28/2011January 28, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: The economy grew at a slightly less than expected 3.2% in the fourth quarter. It was supported by the largest gain in consumer spending in over four years. However, the unemployment picture remains bleak especially for the millions of unemployed. It will take much stronger growth to put a dent in the unemployment. Precious metal prices have been down so far in 2011 as a result of upbeat economic data. Those who feel strongly that the economy is recovering, may be shifting safe haven investments to riskier positions. Those who still see this as an on going fragile situation are adding to their positions. No matter what you feel, gold is an insurance policy that needs to be part of your portfolio. The US has taken many actions that could greatly devalue the dollar. Today, the Chinese rating agency is making this accusation and blames the US for a credit war. Gold spot price is currently down $3.40 – Silver price is down 16 cents – |
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bsiong
Supreme |
28-Jan-2011 18:32
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Jan 28 (Reuters) - Gold was little changed in Europe on Friday, having earlier hit its lowest in nearly four months as a better economic outlook in the United States and Europe fuelled selling of the metal in favour of other assets.
PRICES * Spot gold XAU= was at $1,313.75 an ounce at 0731 GMT compared with $1,312.24 late in New York on Thursday. * Silver XAG= was at $26.70 from $26.88. MARKET NEWS * The dollar firmed 0.2 percent versus the euro, recovering after eight straight sessions of losses, but was near an 11-week low versus a currency basket on expectations the Fed will lag some other central banks in hiking interest rates. * U.S. crude futures fell to a near two-month low on weak economic data and talk of OPEC raising output to cool prices, while a rosier outlook for Europe supported Brent. * Asian stocks fell in a broad wave of profit-taking, giving up much of this week's gains, while a ratings cut gave investors an excuse to reduce theirJapanese share holdings. * European stock index futures pointed to a flat open, with investors reluctant to take large positions ahead of U.S. gross domestic product data due later in the session. FUNDAMENTALS * The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust (GLD), said its holdings fell to 1,226.546 tonnes on Thursday, their lowest since late May, from 1,229.581 tonnes a day before. * Holdings in the world's largest silver-backed ETF, the iShares Silver Trust (SLV), fell to 10,426.43 tonnes on Thursday from 10,447.70 tonnes. * Newmont Mining Corp (NEM.N), the world's No. 2 gold producer, expects gold prices to rise in 2011 as a hedge and on demand from emerging countries such as China, its chief executive said on Friday. [ID:nWLA3909] TECHNICALS * Gold support at $1,315, resistance at $1,360, 14-day RSI at 25.5. * Silver support at $26.40, resistance at $28.00, 14-day RSI at 30.7. |
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