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bsiong
Supreme |
18-Jan-2011 07:30
Yells: "The Greatest Wealth is Health" |
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Mid-Day Gold & Silver Market Report – 1/17/2011January 17, 2011At 12PM (CT) the APMEX precious metal prices were:
COMMENTARY: On one hand, renewed concerns on the European debt crisis are causing a flight to safety, which will boost gold prices. On the other hand, it also depreciates the Euro dollar causing the US Dollar to go up, thus suppressing gold prices. In the end, gold and other precious metals are relatively flat. The European Central Bank announced that the Estonia Central Bank has joined their gold agreement. The agreement started September 27,2009 and limits gold sales to 400 tons a year for 5 years. As Central banks have been net buyers of gold as of late, thus competing for supply, this act would seem more symbolic than anything. Reminder: the precious metal markets will be closed from 12:15 PM (CT) until 5PM (CT). |
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bsiong
Supreme |
18-Jan-2011 00:02
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 1/17/2011January 17, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: In recognition of today’s holiday, the precious metals markets will close at 12:15 PM (CT) and then re-open at 5PM (CT). Gold prices are stabilizing and may gain as Greece’s downgrade could boost demand for safe assets. On January 14, Greece had its credit ratings cut to junk by Fitch Ratings, following similar ratings by Moody’s and Standard & Poor's. Dong Tao, economists at Credit Suisse AG, says gold is likely to see $1500 an oz in the first quarter and climb to more than $2000 in the next five years as inflation will enter into the picture. Chinese leader HU Jintao will be courted in Washington,D.C. this week. The USA and China continue to probe for ways to foster better relations. Not much is expected in regards to China changing trade or currency policies. Why would they move to USA economic philosophy instead of their own, when theirs is working and ours is not? Hu said, “ the current international currency system is a product of the past”, but does feel it will be a fairly long process before the Chinese renminbi will become the international reserve currency. Gold spot price is down $1.20 – Silver spot is down 9 cents – Platinum spot price is down $9.20 – Palladium price is down 50 cents |
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bsiong
Supreme |
17-Jan-2011 21:56
Yells: "The Greatest Wealth is Health" |
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Gold steadies, dollar restricts gainsLONDON, Jan 17 (Reuters) - Gold steadied around $1,360 an ounce on Monday, stabilising after posting a second successive weekly fall last week, as a stronger dollar tempered some of the gains made from consumer demand for bullion. The gold price has retreated by more than 4 percent since the start of the year, driven lower by declining investment, renewed optimism over the U.S. economic outlook and a more robust dollar, which undercuts gold's appeal to non-U.S. buyers. Holdings of gold in the world's largest bullion-backed exchange-traded fund fell to their lowest since June 3 on Monday, while speculators cut their holdings of U.S. gold futures to their lowest since April 2010 last week. Spot gold XAU= was last little changed on the day at $1,360.00 by 1155 GMT, having touched a one-week low of $1,354.99 on Friday and having fallen by more than U.S. gold futures GCG1 were down 0.1 percent at $1,359.80. CHINA IN FOCUS China's central bank raised lenders' required reserves on Friday for the fourth time in just over two months, stepping up the fight against inflation that it has vowed will be a top priority for the year. Market players are awaiting a suite of data from Beijing due on Thursday, including December inflation and fourth-quarter economic growth, which might give clues on how much tightening would be needed in the next few months. But economic conditions in the U.S. and Europe will be a more decisive factor behind gold prices, some analysts said. Physical demand stayed robust ahead of the Lunar New Year celebrations in early February, and bargain hunting materialised in the Asian market after prices dropped and spot supply remained tight, dealers said. But the combination of a stronger dollar, weaker investment interest and rising bond yields, especially in the United States, have undermined some of the positive sentiment that |
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bsiong
Supreme |
16-Jan-2011 11:00
Yells: "The Greatest Wealth is Health" |
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Gold could possibly bounce next week January 15, 2011 at 09:20 By Allen Sykora and Debbie Carlson (Kitco News) - After spending the first two weeks of the year weaker, gold prices could be ready for a bounce, especially if the markets return to worrying about European debt. February gold futures prices settled at $1,360.50 an ounce on the Comex division of the New York Mercantile Exchange, down 0.6% on the week. March silver futures settled at $28.32 an ounce, a fall of 1.2% on the week. Several successful bond auctions this week by economically shaky southern European countries – Portugal, Spain and Italy – temporarily eased some of the fears about sovereign debt among peripheral nations. That took away some of the safe-haven demand for gold, said Adam Klopfenstein, senior market strategist with Lind-Waldock. Further asset allocation as investors finished rebalancing commodity indexes also caused some movement out of gold. China’s central bank announced a rise in the reserve-ratio requirement, due to take effect on Jan. 20, which also pressured prices on Friday. But once the impact of the Chinese move fades, the market could start worrying again about the longer-term European structural debt problems. This is likely to become a background factor offering support again, Klopfenstein said. “That’s going to give gold more flight-to-quality buzz. I think gold is going to approach $1,400 next week,” Klopfenstein said. “Anything from there will be based on market momentum. But I do think we’re going to have a strong rally next week.” He described this week’s European bond auctions as “delaying the inevitable,” or further crises. “Until we get a clear resolution of the European debt situation…that will be in the backdrop,” Klopfenstein said. “And as long as that is the case, gold will be well supported. I don’t expect a major drop below $1,350.” Spencer Patton, president and founder of Steel Vine Investments, also doesn’t see the European debt situation going away anytime soon. “There’s never been an unsuccessful auction in the past, but rates are still too high to be sustainable. Even in countries that got bailed out, auctions are successful, but rates are unsustainable to float debt,” Patton said. Charles Nedoss, senior market strategist with Olympus Futures, looks for gold to bounce next week on technical-chart factors, since the market is range-bound but currently closer to support underneath the market than the resistance above. Furthermore, he said the dollar index looks technically negative, and further declines would be supportive for gold. February gold has been turned back lately from chart resistance at the 10-, 20- and 50-day moving averages, which all lie roughly in the area from $1,384.50 to $1,388.50, he said. But at the same time, the metal is showing signs of holding support on the basis of a weekly chart, Nedoss said. This includes last week’s $1,352.70 low, which roughly coincides with the 20-week moving average around $1,350. “I think we’re starting to get to the low end of the range here and start to work higher next week,” Nedoss said, although there might be a “fight” once it gets back to the daily moving averages currently in the $1,380s. “I think eventually – maybe not next week but over the course of the next couple of weeks – we’ll take those levels out and we’ll see the dollar (index) take out the 79.00 level.” Patton is keeping an eye on a possible head-and-shoulders formation on February gold charts. He said it’s not a perfect technical chart pattern, but he points to two left shoulder tops from October and November, the head being the high from early December and the right shoulder the late-December/early-January highs. The neckline of that asymmetrical pattern comes in around $1,360. If that is broken, Patton said prices could fall to $1,300. Beneath that level trendline support is at $1,280. Those would be good buying opportunities, if prices fell that far, and he expects buying to come in if a break like that occurred. Silver’s short-term outlook is a little more tenuous, he said. Currently it’s holding above chart support around the $28.20 to $28 area. “I’m more concerned about silver than I am about gold. The charts seem to suggest a topping pattern – maybe it’s a window into gold,” he said. Patton said support for silver does not come in until around $25, a level where it broke out of resistance. That means silver could fall further if downward momentum were to pick up. Trendline support comes in at $21. “Silver is more volatile than gold and it could fall another 10% - I think it could test $25,” he said. “If it does, it would be a good buying opportunity.” By Allen Sykora and Debbie Carlson of Kitco News asykora@kitco.com dcarlson@kitco.com Courtesy: www.kitco.com |
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bsiong
Supreme |
16-Jan-2011 10:48
Yells: "The Greatest Wealth is Health" |
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Jim Rogers: Gold price is not in a bubble January 15 2011 05:25 GMTBy Debbie Carlson (Kitco News) - Gold prices are not in a bubble because not everyone is buying yet, but that doesn’t mean that prices for the yellow metal can’t take a “rest” for a while, said Jim Rogers, noted commodities investor. Gold prices gained nearly 30% in 2010 and hit record nominal price levels, which has prompted some market observers to warn that the precious metal is in a bubble and could burst, sending prices down sharply. “When there’s a bubble, everybody is buying something and it’s going up every day. You cannot say that about gold,” Rogers said. He said jewelry shop windows have signs that say “We buy gold” and that most money managers still do not have gold holdings in their portfolio. When jewelry stores have signs up saying “we sell gold” and have lines outside to buy, when everyone owns gold that will be the sign of a top. “Those days are not here yet…. But this is absurd - you can’t have a bubble until everybody owns something,” he said. Rogers spoke to Kitco News on the sidelines of the annual economic outlook discussion sponsored by The Executives’ Club of Chicago. Gold prices have come off the all-time highs set in late 2010, and given that gold has risen annually for the past 10 years he wouldn’t be surprised if the metal takes “a rest.” But that doesn’t mean he’s predicting that will happen. “I own it, I’m not selling it, but the way markets work, it’s certainly overdue for a rest. I don’t know if it’s going to rest or not,” he said. He said he is not buying any gold right now, just watching. If prices fall, he said he’d probably buy more, but wouldn’t say if there is an attractive area. “I’m not a trader. I don’t pay that much attention. If I’m paying attention and if there’s an opportunity I hope I’m smart enough to take advantage of it,” he said. In 1973 Rogers co-founded the Quantum Fund with George Soros and is the author of Hot Commodities among other books. He has advocated many times that investors seek real assets, saying that the world is changing from valuing financial centers to areas where goods are produced, and suggesting that college students are better off getting degrees in agriculture and mining than MBAs. Long-term Rogers is bullish on commodities, but short-term the volatility in commodity prices can be contrary to long-term positions. Risk management is as important to commodity markets as it is in other financial vehicles and he said selling short is one way to do it. “Selling short is the best way I know to hedge yourself. Throughout my investment career I’ve nearly always had some shorts – I’m short some things, long others. That doesn’t necessarily mean you’re safe. I’ve had it where my shorts go up and my longs go down, so I’ve lost money on both sides,” he said. He wouldn’t suggest what allocation an investor should have devoted to commodities in their portfolios. Instead he said people should never invest in something they don’t know and stick to what’s familiar. “You should have 100% of your money in things you know about. You should have none of your money in things you don’t know anything about. Don’t listen to people like me, make your own decisions and know your own stuff and once you know it then put a lot of money in it,” he said. |
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bsiong
Supreme |
16-Jan-2011 10:45
Yells: "The Greatest Wealth is Health" |
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Yuan drives Chinese gold demand January 15, 2011 at 16:30 By Julian D.W. Phillips Chinese gold demand also set to surge as Yuan currency goes international. While China is taking a greater portion of our financial attention on a daily basis, it seems to us that the sheer size of China and its continued growth has not been factored into the world economic perspective, even now. One of the consequences of profit-driven capitalism in the past was the relocation of manufacturing from high-cost, developed countries to the lower cost country of China. US corporations that did that, have enjoyed better-than-ever profits, but in the process have educated new, Chinese, lower-priced competition that will overwhelm us all in the future. The enrichment of China and its arrival on the world scene will surpass the US as the largest world economy by 2020 at the latest (we would not be surprised if this happened even before 2015). This will trigger a financial tsunami that will change they way we think and invest. We here at the Gold Forecaster have been following the steady progress of the internationalization of the Yuan since it began. The goal that seems likely to be reached sooner rather than later will be for the Yuan to be a competing global reserve currency. Now watch the rush. We don't believe that those who do it hoping to experience an appreciation of the Yuan will see that. But such investor objectives will create a huge demand for the Yuan. China is doing this as part of a long-term plan to make the Yuan become a fully-convertible competing global reserve currency. Many sovereign nations are holding Yuan in reserve instead of just Dollars, and Chinese cross border settlement is now frequently being transacted in Yuan instead of Dollars because of new clearing and settlement platforms that have been established in Hong Kong. After Yuan exchanges are established in the US, Europe will be next. Then as we forecast, China will price its goods in the Yuan and then pay in Yuan. Please note that each seven Yuan purchased will replace one US Dollar on the international foreign exchange. Each contract priced in Yuan will replace the previous use of the US Dollar in those transactions. We believe the change will be rapid now. The belief that the Yuan should be stronger than the Dollar and will be some day will accelerate the move to the Yuan. The potential switch will look more like a tsunami than a flowing tide. The concept that this will take a decade is far off the mark. China must have prepared itself for this day very carefully and prepared its banking system for this flood to swamp the world's foreign exchanges. Do not be surprised if by next year we will all be familiar with the Yuan in our own lives. Taking this further, the impact on the US Dollar exchange rate has to be bad, for the Dollars no longer used in international trade will come home and add to the home money supply. Maybe there will be no need for QE3? As to the growth of the Chinese foreign exchange reserves, the more the Yuan replaces the Dollar, the slower the flow of Dollars into Chinese reserves. It won't be a huge step for European trade to by-pass the Dollar either. We believe that the attrition, the real reduction of the role of the US Dollar as the sole global reserve currency, has now begun! Brace yourself for a major set of changes in the global economy going forward. There are many ramifications that we have not covered here, because of lack of space, but will cover in our newsletters for subscribers in future issues. In particular, we have previously discussed the way Chinese gold demand will impact the Gold Price via imported gold. Even we have underestimated that demand. Right now, the demand for physical gold in China is surging. The premiums for Gold Bars for spot delivery jumped to their highest levels in two years there. China is also experiencing food inflation in particular, as well as rising levels of general inflation. If this is a consequence of urbanization taking productivity away from the countryside, we expect the government will rectify that quickly without using monetary means. But overall gold demand is not a response to inflationary pressures there, but the rising capacity as well as rising numbers of middle class investors turning to one of the two prime investment mediums, bank deposits or gold. We expect this to rise rapidly in this country of 1.4 billion people who are rapidly being enriched. JULIAN PHILLIPS – one half of the highly respected team at GoldForecaster.com – began his career in the financial markets back in 1970, when he left the British Army after serving as an Officer in the Light Infantry in Malaya, Mauritius, and Belfast. |
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bsiong
Supreme |
15-Jan-2011 10:45
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Report – 1/14/2011January 14, 2011At 3:15 PM (CT) the APMEX precious metal prices were:
COMMENTARY: The brighter outlook of the euro zone debt crisis, due to the successful bond bids of Portugal, Spain and Italy, and the Chinese monetary reserve requirement to reduce inflationary impact are leading to an overall better global economic outlook. The positive outlook is tempering the safe haven appeal of precious metals. However, according to Julian Phillips of GoldForecaster.com the news has not truly changed the euro zone sovereign debt problem. Mark O’Byrne of GoldCore also adds that this seems to be “a typical period of correction and consolidation as gold continues to climb the wall of worry in typical ‘two step forward, one step back’ bull-market fashion.” Gold spot price is down $25.60 – silver price is down 78 cents – platinum price is down $4.20 – palladium price is down $15.60 |
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bsiong
Supreme |
15-Jan-2011 00:51
Yells: "The Greatest Wealth is Health" |
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China raises bank reserves again(Reuters) - China's central bank raised lenders' required reserves on Friday for the fourth time in just over two months, stepping up the fight against inflation that it has vowed will be a top priority for the year. By forcing banks to lock up more cash with the central bank, Beijing hopes to drain excess money from the economy and tame rising prices, which it worries may stir social unrest. The move, well anticipated after China's top leaders planted the task of taming inflation at the top of their agenda, underscores the central bank shift to "prudent" monetary policy in December, from its previous "moderately loose" stance. With inflation expected to stay elevated in coming months, barring a temporary dip in December from 28-month highs [ID:nTOE70B062], analysts believe more tightening is on the cards. "The rise is within market expectations, showing that the central bank is really concerned about inflation," said Dong Xian'an, chief economist at Industrial Securities in Beijing. "We expect the central bank to raise interest rates once or twice more in the first quarter, and we expect two more RRR rises in the same period." The 50-basis-point increase, effective January 20, will raise the reserve requirement ratio (RRR) for China's biggest banks to a record high of 19.5 percent. |
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bsiong
Supreme |
15-Jan-2011 00:10
Yells: "The Greatest Wealth is Health" |
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bsiong
Supreme |
14-Jan-2011 23:06
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 1/14/2011January 14, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metals are trading down this morning on news of a higher U.S. dollar and optimism that the euro zone debt crisis may soon be over. China is raising its reserve requirement for lenders, which allowed the dollar to rebound against a basket of six other currencies. Since gold carries a negative correlation to the dollar typically, prices are down on that news. However, most analysts agree that the physical demand for gold in Asia will still underpin the precious metal. Gold gets a lot of attention in the precious metals market, but Marketwatch has a great article that gives five reasons silver may be an even better bet than gold. Gold spot price is down $22.60 – Silver is down 58 cents – Platinum is down $6.20 – Palladium is down $16.90 |
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bsiong
Supreme |
14-Jan-2011 17:49
Yells: "The Greatest Wealth is Health" |
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it's in correction phase, likely would touch 1350 or lower according to T.A. Most of the experts has predicted 1600 by year end: "" By Daniela CamboneTORONTO (Kitco News) -- Gold will likely suffer a setback in the first few months of the year with prices moving materially higher towards the summer, possibly hitting $1,600 by late 2011, the consultancy GFMS said Thursday in its Gold Survey 2010. GFMS expects gold to approach $1,500 mid-term and even breach $1,600 by late 2011. Low interest rates, the elevated level of government debts in Europe, the United States and Japan, and the QE2 and its ramifications for the dollar will all play a role in gold's rise, it said. The survey is its latest report on the gold market. Philip Klapwijk, chairman of the independent metals research consultancy unveiled the group's forecast in Toronto. ""
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bsiong
Supreme |
14-Jan-2011 17:30
Yells: "The Greatest Wealth is Health" |
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LONDON, Jan 14 (Reuters) - Gold rebounded on Friday as the euro lost strength despite better-than-forecast debt auctions by Spain and Italy, while purchases from jewellers and investors offered additional support. PRICES * Silver XAG= was at $28.86 from $28.67. * Platinum XPT= at $1,814 from $1,799.99. * Palladium XPD= at $805.72 from $803.75.MARKET NEWS* Brent crude steadied above $98 on Friday after earlier this week approaching triple-digit figures for the first time in more than two years, outpacing U.S. benchmark prices, which were dragged down by an increase in the country's jobless claims.* The euro succumbed to light profit-taking on Friday, a day after staging its biggest surge in six months on solid debt sales by Spain and tough talk on inflation by the chief of the European Central Bank.* European stocks were set to dip on Friday, tracking losses on Wall Street and in Tokyo, with heavyweight resource-related shares |
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bsiong
Supreme |
14-Jan-2011 17:25
Yells: "The Greatest Wealth is Health" |
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Closing Gold and Silver Market Report – 01/13/2011January 13, 2011At 4 PM (CT) the APMEX precious metal prices were:
COMMENTARY: The stock market is down for the day amid news of unemployment claims rising after the holiday vacation and large developer Merck halting some of their studies having an adverse affect on the market as well. Italy and Spain, both having looked to ease the concern over their own debt fears, as well as an improved economic outlook from U.S. Federal Reserve Chairman Ben Bernanke looks to have hindered the price of gold for the day. However, platinum and palladium were bolstered by investment demand and a higher auto industry demand, palladium in particular hitting its highest price point since March of 2001. Gold spot price is down $12.90 – silver is down 84 cents – platinum spot price is up $3.50 – palladium is up 80 cents\ |
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niuyear
Supreme |
14-Jan-2011 12:15
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Tks for keeping informed . Whats the movement next few weeks?
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bsiong
Supreme |
13-Jan-2011 00:48
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 1/12/2011January 12, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Platinum and palladium are off to a strong start this morning, likely thanks tooptimism in the auto industry. Such optimism off of the Detroit Auto Show will increase demand for these metals. Gold is having an interesting morning so far, as it is trading fairly flat. This could be due to a successful auction of Portugal’s debt, which affects the safe-haven appeal of gold. Paolo Pizzoli, an economist at ING Bank, explains that the “auction shows that, for the time being, Portugal is still able to access financial markets, if at a price.” Transversely, India, the world’s biggest bullion consumer, is expected to announce a record for gold imports in 2010 specifically on its safe-haven appeal. Normally the assumption with India is that most of its importing is due to demand on the jewelry side, however, Ajay Mitra of the World Gold Council explains that “while jewelry is a form in which a lot of consumers do buy in India, the core proposition really is security for the future, which is the investment angle for buying into gold.” Gold spot price is down $3.20 on the day – Silver price is up 15 cents – Platinum price is up $26.20 – Palladium price is up $21.30. |
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bsiong
Supreme |
12-Jan-2011 09:20
Yells: "The Greatest Wealth is Health" |
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Gold firms in thin trade, euro debt crisis persistsBy Lewa Pardomuan SINGAPORE, Jan 12 (Reuters) - Gold edged up in thin trade on Wednesday, with sentiment supported by high oil prices and lingering worries about the severity of the European debt crisis. FUNDAMENTALS * Spot gold rose $2.31 an ounce to $1,382.76 an ounce by 0026 GMT. Gold was well below a historical high of around $1,430 struck in December. * U.S. gold futures for February fell $1.5 an ounce to $1,382.8 an ounce, having settled $10.2 higher on Tuesday. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings slipped to 1,271.467 tonnes by Jan 11 from 1,272.682 tonnes on Jan 10.MARKET NEWS* U.S. oil prices steadied above $91 on Wednesday following a sharp rally the previous session, supported by the shutdown of two North Sea oil fields and the continued outage of a key Alaskan pipeline.* The euro struggled to advance against the greenback early in Asia on Wednesday after posting two straight days of gains, with little upside potential seen in the short term as caution set in ahead of debt sales from highly indebted euro zone members. [USD/* The Nikkei stock average rose to a fresh eight-month high on Wednesday, helped by gains in U.S. stocks and a slightly weaker yen. |
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bsiong
Supreme |
12-Jan-2011 09:17
Yells: "The Greatest Wealth is Health" |
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Closing Gold and Silver Market Report – 1/11/2011January 11, 2011At 4 PM (CT) the APMEX precious metals prices were:
COMMENTARY: The stock market looks to have found some higher ground for the day as the earnings season’s optimism is buoyed by the news of Japan buying part of the European debt along with China. However the concerns over Portugal and a potential European Union bailout are causing investors to retreat to the safe haven appeal of gold. “Where you have governments that are overindebted and need to get themselves out of that problem ... they can try to inflate their way out of difficulty, which is where you'd want to be holding gold instead, or can go down a route of fiscal retrenchment," said Natixis commodities analyst Nic Brown. Gold spot price is up $7.20 - silver price is up 68 cents – platinum price is up $28.20 – palladium is up $35.40 |
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bsiong
Supreme |
12-Jan-2011 09:07
Yells: "The Greatest Wealth is Health" |
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Gold Must Top $2,000 to Be Viewed as Bubble, Deutsche Bank Says 2011-01-11 11:56:57.620 GMT By Tony C. Dreibus Jan. 11 (Bloomberg) -- Gold would have to exceed $2,000 an ounce to be considered in a bubble, and the metal will gain this year on investment in exchange-traded funds and central-bank buying, Deutsche Bank AG said. Gold will "perform strongly" on investor demand and low real interest rates in the U.S. , Michael Lewis, London-based head of commodities research at Deutsche Bank, said in a report today. A bubble may form because investors are buying gold as a hedge against both inflation and deflation, he said. "Given these risks, we believe gold will continue to compete aggressively for investment capital," Lewis said. "On our estimates, the gold price would need to move above $2,000 to represent a bubble." Bullion for immediate delivery climbed $6.43, or 0.5 percent, to $1,382.10 an ounce at 11:45 a.m. London time. Prices rose yesterday, ending a string of five declines, on concern that Europe 's sovereign-debt crisis may worsen. Gold for February delivery climbed 0.6 percent to $1,382.20 on the Comex in New York . Expanding emerging-market economies will help to boost commodity prices this year, Lewis said, along with Federal Reserve efforts to stoke U.S. growth, containment of European sovereign-debt risk and tighter inventories. He pointed to metal, energy and agriculture futures as a way to gain emerging- market exposure and hedge against higher inflation. |
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bsiong
Supreme |
11-Jan-2011 22:47
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 1/11/2011January 11, 2011At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metals prices are back on the rise this morning amid deepening worries about the spread and severity of the European debt crisis. Portugal has a “make-or-break” debt auction Wednesday, and Spain follows Thursday. The declining gold prices of the last week have spurred interest in the metal from consumers in China, driving up the demand and also boosting the price. With gold hitting all-time highs recently, there has been some talk of gold being considered “in a bubble.” Deutsche Bank AG says that gold would have to exceed $2,000 an ounce to be considered in a bubble. They are also predicting that gold will gain this year and perform strongly thanks to expanding emerging-market economies (China), the Federal Reserve trying to stoke U.S. growth, the aforementioned European sovereign-debt risk, and lower supply. Gold spot price is up $9.20 on the day – Silver price is up 78 cents – Platinum price is up $16.90 – Palladium price is up $24.30 |
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bsiong
Supreme |
11-Jan-2011 08:55
Yells: "The Greatest Wealth is Health" |
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$134.12  0.54 | 0.40%Today's Range: 133.24 - 134.20 GLD Avg. Daily Volume: 16,467,300 01/10/11 - 4:00 PM ET |
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