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bsiong
Supreme |
16-Dec-2010 23:10
Yells: "The Greatest Wealth is Health" |
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Morning Gold & Silver Market Report – 12/16/2010December 16, 2010At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Gold prices are down this morning not so much on news, but more likely the result of profit taking and balancing positions. “The trend is up” according to Wallace Ng, executive director at ABN Amro Bank NV in Hong Kong. He stated that just because metals may test low sides, the fundamentals that have been driving it up for the past ten years have not changed. George Milling-Stanly of the World Gold Council, stated in a CNBC interview this morning that the supply side issues are currently being overlooked,but they will come into play. He pointed out that Central banks, who are normally net sellers of gold, thus adding to supply are now net buyers or gold, thus competing for demand. He also pointed out that the emerging economic powers of China and the Far East do notcurrently maintain high per cent ages of gold in their reserve currencies, but they will most certainly bring this up significantly to match the amounts held by most Western countries. Gold price is currently down $11.50 – Silver spot is down – 30 cents – Platinum price is down $5.20 –Palladium price - $9.20 |
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bsiong
Supreme |
16-Dec-2010 13:38
Yells: "The Greatest Wealth is Health" |
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Forecasts for gold, silver, copper for 2011Montréal (Kitco News): Average gold and silver prices will rise in 2011 as investors continue to turn to precious metals as a hedge, while copper may rise in the New Year but be volatile, particularly with a new physically backed copper exchange-traded product, said a monthly metals report Wednesday from the consultancy VM Metals and ABN AMRO, a Netherlands-based bank. As problems with the U.S. economy and European debt issues linger, investors have continued to invest in gold, the report said. “Since mid-November ETF inflows have risen by 1% to 64.9 Moz (million ounces), just short of its record high of 65.1 Moz,” the report said. “The U.S. ETFs led the advance, increasing by 7% over the same period….” Gold has been heavily influenced by the U.S. Federal Reserve, as prices have increased 60% since the Fed announced its “money printing” campaign on March 18, 2009, the report said. As long as the Federal Reserve continues to stimulate the economy, gold will continue to rise on investment demand, analysts said. The monthly ABN AMRO/ VM Group report raised its previous average 2011 gold forecast by $35 to $1,459, up from $1,424 in November. The 2010 average was listed at $1,225. Silver has been benefitting from strong investment demand via both bullion and ETFs this year. “In the month of November, 4.2 (million) silver eagles were purchased by U.S. Mint dealers, topping the previous record of 3.69 (million) set in December 1986,” the report said. “ETF inflows have also risen sharply in November, with global holdings growing by 5% to a record high of 477 Moz.” Industrial activity in China has also helped drive the price of silver, with an increase of silver imports into China, the report said. The analysts raised their average 2011 silver price forecast by nearly $2 to $29.63, up from $27.66 in November. The 2010 average was listed at $20.13. A new physically backed copper exchange-traded product was introduced Friday and will almost certainly help drive copper prices higher, the report said, but suggesting that copper prices will be volatile throughout the year. “Even tepid investor interest in the new copper ETP will see prices reach more than $10,000 (per metric ton) in 2011,” VM Group and ABN AMRO said. “But the journey will be volatile if the copper-backed ETPs attract short-term bets.” China will also be affected by the new ETPs, the report said. The country’s imports rose for the time in three months during November, by 29%. However, worries remain with Chinese inflation and money supply, the report said. The average 2011 three-months copper price forecasts was raised by $210 to $8,833 per metric ton, up from $8,623 in November. The 2010 average is $7,537. By Alex Létourneau of Kitco News |
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bsiong
Supreme |
16-Dec-2010 10:42
Yells: "The Greatest Wealth is Health" |
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Lunch Time Reading ... Gold forecast to rise; buyers have multiple investment options By Allen Sykora of Kitco News The 2011 gold outlook from most analysts, simply put, is higher. But for new investors wanting to join the gold rush, there is still some homework to do. They might want to familiarize themselves with the many ways in which they can invest--from coins to exchange-traded funds to mining stocks--to decide which are most suited for them. Gold has been in a decade-long bull market, rising from roughly $250 an ounce to a recent record of $1,431. Many look for still more gains. BNP Paribas has forecast an average of $1,500 in 2011, while Goldman Sachs has a 12-month target of $1,690 (but also cautioned that gold could peak in 2012). Gold is likely to benefit as the U.S. dollar loses purchasing power due to factors such as spending deficits and a rising debt load, said Jeff Clark, editor of Casey Research’s Big Gold newsletter. “Gold is priced in U.S. dollars. So as the dollar loses value, gold must go up almost by default.” The metal has been viewed as the “ultimate currency,” often rising even on days when the dollar strengthens, said Bill O’Neill, one of the principals with LOGIC Advisers. This frequently occurs when European debt concerns rattle investors. “There is no great desire from large investors in particular to hold any currency,” said O’Neill, who looks for $1,600 gold next year. Many central banks are adding gold to their reserves, he said. Also, governments and central-bank moves to pump money into the economy have fueled fears of inflation, which supports gold. Just as investors should diversify overall portfolios, Clark and O’Neill suggested some diversification for the portion in gold, since there are pluses and minuses for each alternative. Coins Among Easiest Ways To Invest In Gold “Owning one-ounce coins, especially the popular versions, are the easiest and simplest and perhaps the best protection you can have for what gold is designed to do,” Clark said. Widely recognized bullion coins can be bought and sold readily, O’Neill said. They can also be easily stored someplace such as a safe-deposit box. Some may prefer bullion bars, which can be cheaper than coins per ounce. However, most investors then take on storage costs. Also, there is the chance potential buyers may question the authenticity. To avoid this, Clark recommended bars stamped by reputable refiners. Holding physical gold is not risk-free. “One of the issues is security,” said Jeffrey Christian, managing director of CPM Group. Risks include theft or a catastrophe that destroys one’s home. Investors can purchase a safe or store metal elsewhere, such as a vaulted service or depository. Such decisions could hinge in part on why an investor buys gold in the first place. Those who fear a complete financial or political apocalypse may want the gold in their possession. O’Neill cautioned that coin buyers understand the difference between bullion coins, in which the value is based mainly on the gold content, and numismatic coins, in which a higher cost is also based on scarcity, beauty and other factors that increase demand among collectors. Investors can make money on numismatic coins but it takes extra expertise. Exchange-Traded Products Rapidly Grow In Popularity A new form of gold investment rapidly grew since its advent in the last decade—ETFs. There are many around the world, but they are largely based on the same concept. Metal is put into storage to back shares that trade like a stock but track the price of the commodity, minus a management fee. This lets investors quickly participate in the market without incurring costs such as assaying, storing or insuring metal. ETFs let investors buy into the gold market in smaller increments than might be the case for other alternatives, said Bart Melek, global commodity strategist with BMO Capital Markets. Yet, some of the largest hedge funds in the world also use ETFs. One concern might be if a company holding an ETF’s gold should fail, Clark said. Also, in the event of a big price break, there is potential for ETFs to decline at a rapid pace, similar to the futures markets, O’Neill said. Virtually no ETFs give investors access to physical metal, as they do with coins. “What you’re buying with an ETF is exposure to the gold price,” Christian said. “There’s a big difference.” Futures Markets Offer High Returns But Great Risk Futures contracts are agreements to buy or sell a commodity at a specified price at a later date. These markets are highly leveraged, with only 5% to 15% of the total value needed to be put in as collateral. Moves in favor of a trader’s positions can make a lot of money, but moves against could mean not only does the trader loses his principal, but he could be responsible for an entire loss. “If you’re not used to trading futures in general, I would tend to shy away from it,” O’Neill said.”Futures are not for people who are risk-averse.” Mining Stocks Often Move More Than Gold Analysts say stocks of mining companies often outperform gold in bull markets. For starters, as gold rises, so do company earnings. A producer’s stock will fare even better if the company can hike output during high prices. “Quite a few of them are now paying a dividend, especially senior producers, so you’re also getting a yield,” Melek said. However, analysts said, mining shares also tend to fall faster than gold in bear markets. Gold producer stocks have other risks. Gold might rise, but the company fails to meet production targets due to a strike or flood, or have high mining costs. Depending on location of mines, there might also be a political risk to output. Clark encouraged diversification within mining stocks. “You can own several companies, or the easy, couch-potato way to do it is to own a (gold) mutual fund.” Gold-Jewelry Investment Value May Vary By Region In some Far and Middle East nations, denizens buy gold jewelry as an investment just as much as adornment. There tends to be a low mark-up above the value of the gold, in part because of low labor costs there, Melek said. In the Western world, however, jewelry often has a mark-up well above the value of the gold, meaning most buy it for beauty and to wear rather than make money reselling it. “You’ve found people in the last few years who were shocked because they went to sell their gold jewelry and found out the gold content was a third of the value of the jewelry itself,” Christian said. By Allen Sykora of Kitco News; |
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bsiong
Supreme |
16-Dec-2010 09:37
Yells: "The Greatest Wealth is Health" |
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Gold flat on steady dollar, EU summit eyedBy Rujun Shen SINGAPORE, Dec 16 (Reuters) - Spot gold was steady on Thursday as the dollar held onto gains after upbeat U.S. data and ahead of a European Union summit to find solutions for the region's sovereign debt crisis. FUNDAMENTALS * Spot gold was flat at $1,380.49 an ounce by 0042 GMT. * U.S. gold futures inched lower 0.3 percent to $1,380.9. * U.S. industrial production rose at its fastest pace in four months in November, implying a self-sustaining recovery is now entrenched, but a mild gain in consumer prices indicated still abundant slack in the economy. * The European Union leaders start a two-day summit on Thursday, hoping to find a solution to the region's sovereign debt crisis. * But the endeavour could be in vain, leaving the euro vulnerable to further declines, after the single currency took a hit on Tuesday when Moody's put Spain on a review for a possible downgrade. * Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , edged down less than one tonne on Dec 15. MARKET NEWS * U.S. stocks suffered a third straight late-day sell-off on Wednesday, suggesting it may be difficult to chalk further gains as the year comes to a close. (GMT) DATA/EVENTS 0858 EZ Markit mfg PMI Dec 1000 EZ Inflation-f Nov 1330 U.S. Initial Claims Weekly 1330 U.S. International trade mm Q3 1330 U.S. House starts mm: change Nov 1500 U.S. Philly Fed index Dec 1530 U.S EIA natural gas stocks Weekly 2200 U.S. Semi Book/Bill Nov :: EZ Start of two-day EU leaders summit in Brussels RELATED NEWS > Spain receives debt warning before EU summit > Wall Street slips in another late sell-off > US production data points to sustained recovery > EU hopes to seize debt crisis initiative at summit > Obama administration sues BP, others on Gulf spill > US Senate passes Obama's $858 bln tax-cut plan > Ireland passes bailout package despite opposition > UK jobless total rises for first time in 6 mths > Oil gains on US inventory draw, economic data > US eyes 'robust outcomes' in China trade talks > Japan business mood worsens, BOJ seen holding > Canada factories, housing on steady growth track > NZ consumer confidence at 18-mo low in Q4-survey PRICES Precious metals prices at 0042 GMT Metal Last Change Pct chg YTD pctchg Turnover Spot Gold 1380.49 0.04 +0.00 25.99 Spot Silver 28.90 0.11 +0.38 71.72 Spot Platinum 1689.99 -5.51 -0.32 15.20 Spot Palladium 746.72 0.00 +0.00 84.15 Euro/Dollar 1.3224 Dollar/Yen 84.23 (Reporting By Rujun Shen) |
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bsiong
Supreme |
16-Dec-2010 09:34
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Closing Gold & Silver Market Report – 12/15/2010December 15, 2010At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: The US Dollar rose .90%, which caused precious metals to slide and profit takers to step in. This is not new information, but it continues to drive the market today. The Canadian currency also went up, as the recent reviews of Spain’s debt were not positive. Gold spot price was down $23.30 – Silver spot was done 94 cents – Platinum spot price was down $15.80 – Palladium price was down $18.70 |
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bsiong
Supreme |
15-Dec-2010 23:24
Yells: "The Greatest Wealth is Health" |
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Dec 15 (Reuters) - Gold prices eased in Europe on Wednesday as the euro wilted after credit rating agency Moody's said it may downgrade Spain's debt, although underlying demand for the metal as a haven from risk prevented a larger correction. For latest market report, see [GOL/]
PRICES * Spot gold XAU= was at $1,390.05 an ounce at 0730 GMT compared with $1,395.61 late in New York on Tuesday. * Silver XAG= was at $29.19 from $29.40. * Platinum XPT= at $1,692.70 from $1,704.24. * Palladium XPD= at $750.93 from $757.97.
DATA/EVENTS * Euro zone Q3 employment data, 1000 GMT. * Two-day European Central Bank Governing Council and General Council meeting begins. * U.S. CPI/core CPI for November, 1330 GMT. * U.S. real earnings for November, 1330 GMT. * U.S. New York Fed Dec. Empire State survey, 1330 GMT. * U.S. Oct. net cap inflows/foreign treasury buys, 1400 GMT. * U.S. industrial production/cap use for November, 1415 GMT. |
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bsiong
Supreme |
15-Dec-2010 23:21
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Morning Gold & Silver Market Report – 12/15/2010December 15, 2010At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metal prices are falling this morning in reaction to the Fed decision yesterday to maintain their current level of bond buying. There had been speculation that they would increase from current levels. The US Dollar has increased moderately on the announcement . Rick Santelli, CNBC On-Air Editor, states that the recent Fed statement was virtually the same as the last Fed Statement. He goes on to say that the Fed action has not been successful and that the only sure probability is inflation. Gold spot price is down $15.20 – Silver price is down 71 cents – Platinum spot price is off $11.80 – Palladium price is off $17.40 |
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bsiong
Supreme |
15-Dec-2010 14:40
Yells: "The Greatest Wealth is Health" |
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x 0
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Gold moves little ahead of holidays, dollar weighs
* SPDR Gold Trust holdings drop * Spot gold technically neutral By Rujun Shen SINGAPORE, Dec 15 (Reuters) - Spot gold was little changed on Wednesday as the market entered consolidation mode ahead of the year-end, but a rebound in dollar put pressure on the bullion. The dollar edged up against a basket of major currencies early in Asia on Wednesday on upbeat U.S. retail sales data that prompted economists to lift their growth forecasts for the fourth quarter. However, the U.S. Federal Reserve on Tuesday offered only a cautious nod to the economy's improving prospects as it put a spotlight on lofty unemployment and reaffirmed its commitment to buy $600 billion in bonds.[ID:nN14232588] "It's really nothing new. Gold recently hit a record high, and has been under some profit-taking pressure. It would need fresh impetus to go higher, but there isn't any around," said Hou Xinqiang, an analyst at Jinrui Futures in China. "We see consolidation in the short term, but the overall trend is still pointing up." Spot gold was little changed at $1,395.15 an ounce by 0312 GMT, after hitting a one-week high of $1,407.70 in the previous session. U.S. gold futures slipped 0.6 percent to $1,395.8 an ounce. Spot gold is technically neutral as it trades sideways between $1,394 to $1,408 per ounce, said Reuters market analyst Wang Tao. For a 24-hour gold technical outlook: Trading interest was low as funds and traders wind down their positions in the last few weeks of the year. "Everybody is waiting for the holidays. They don't want to buy," said a Hong Kong-based dealer. "Things will be quiet in the market, and prices range between $1,380 to $1,410 until the year end." Gold is expected to enter another bullish year in 2011, as uncertainties in the global economy and inflation anticipation continue to lure people to park their value in gold, traders and analysts said. Holdings in the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, continued to slip, down 3.036 tonnes to 1,286.794 tonnes, its lowest level so far this month. In contrast, holdings in the iShares Silver Trust , the world's largest physically backed exchange-traded fund, rose to an all-time high of 10,964.14 tonnes. Spot silver edged up 0.3 percent to $29.49 an ounce.
Precious metals prices at 0312 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 1395.15 -0.46 -0.03 27.33
Spot Silver 29.49 0.09 +0.31 75.22
Spot Platinum 1700.24 -4.00 -0.23 15.90
Spot Palladium 757.72 -0.25 -0.03 86.86
(Reporting By Rujun Shen; Editing by Himani Sarkar) |
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bsiong
Supreme |
15-Dec-2010 09:41
Yells: "The Greatest Wealth is Health" |
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x 0
x 0 Alert Admin |
Gold steady as Fed reaffirms stimulus, dollar rebounds
SINGAPORE, Dec 15 (Reuters) - Spot gold held steady on Wednesday, after the Federal Reserve reaffirmed its commitment on monetary easing, but a dollar rebound is expected to weigh on prices. FUNDAMENTALS * Spot gold edged down 0.2 percent to $1,393.49 an ounce by 0024 GMT, after reaching a one-week high of $1407.7 in the previous session. * U.S. gold futures slipped 0.7 percent to $1,395.2. * The U.S. Federal Reserve on Tuesday offered only a cautious nod to the economy's improving prospects as it put a spotlight on lofty unemployment and reaffirmed its commitment to buy $600 billion in bonds.[ID:nN14232588] * This came as data showed U.S. retail sales rose for a fifth straight month in November, showing that the recovery gathered steam in the fourth quarter. [ID:nN14261708] * The dollar edged up against a basket of major currencies early in Asia on Wednesday in the wake of upbeat U.S. economic data. * Holdings in the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, continued to slip, down 3.036 tonnes to 1,286.794 tonnes, its lowest level so far this month. * Holdings in the iShares Silver Trust rose to an all time high of 10,964.14 tonnes. * Spot silver gained 0.1 percent to $29.44 an ounce. MARKET NEWS * U.S. stocks cut gains to end mostly flat after a late-day sell-off on Tuesday as yet another cautious statement from the Federal Reserve on the economy offset strong retail sales data for November. |
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bsiong
Supreme |
15-Dec-2010 09:38
Yells: "The Greatest Wealth is Health" |
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x 0
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Closing Gold & Silver Market Report – 12/14/2010December 14, 2010At 4PM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metal prices settled as the Federal Reserve announcement was basically the same old same old. It begs the question, is this latest gold rally for real? We think prices are poised for another breakout, but you need to be the judge. A BofA Economist thinks there may be even more fed easing…QE3? Gold spot price was off $1.50 – Silver price down 9 cents and both Platinum and Palladium continued to climb – Platinum up another $10.60- Palladium price up $8.60 |
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bsiong
Supreme |
14-Dec-2010 22:35
Yells: "The Greatest Wealth is Health" |
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x 0
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News affect gold price Bank of India to raise base, lending ratesOn Tuesday 14 December 2010, 22:20
MUMBAI (Reuters) - Bank of India said on Tuesday it will raise its base rate to 9 percent per annum from 8.5 percent effective Dec 15. |
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bsiong
Supreme |
14-Dec-2010 22:27
Yells: "The Greatest Wealth is Health" |
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x 0
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LONDON, Dec 14 (Reuters) - Gold rallied to its highest in a week on Tuesday, as a dip in the dollar ahead of a U.S. policy-setting meeting and ongoing concern about the health of the global economy encouraged investors to buy bullion. The Federal Reserve gathers for a one-day rate-setting meeting on Tuesday at which policy makers are expected to assess the central bank's $600 billion bond-buying plan, but are not forecast to signal any shift or change in the programme. The euro EUR= rose for a second day, shaking off the possibility that the European Central Bank might consider asking for an increase in its capital to help cope with the rising cost of fighting the euro zone debt crisis. [ID:nLDE6BC1GS] Spot gold XAU= rose to a one-week high of $1,407.70 an ounce, before easing to $1,405.25 by 1232 GMT, up 0.9 percent from the previous close. U.S. gold futures GCG1 rose 0.6 percent to $1,406.90. The dollar remained under pressure after losing almost 1 percent against a basket of major currencies on Monday, pushing the euro EUR= to three-week highs. As long as concern persisted over the outlook for growth in the United States and the euro zone, gold will likely remain on an uptrend, analysts said. |
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bsiong
Supreme |
14-Dec-2010 22:22
Yells: "The Greatest Wealth is Health" |
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x 0 Alert Admin |
Morning Gold & Silver Market Report – 12/14/2010December 14, 2010At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Gold spot price rose over $1400 in early morning trading, but has since retreated below that “psychological” barrier. Traders and investors will be closely watching the federal Reserve Board meeting today. The Fed officials will assess their latest $600 billion bond buying program, but will they send any new signals? Will the recent tax cut announcement affect their view on the method and amount of QE2? At least one Federal Reserve committee member, Thomas M. Hoenig, continues to express his pessimism that QE2 was a good decision. Another interesting note, some readers might be aware that JP Morgan has taken criticism for their “short” positions in silver. Betting that the price of silver will go down. It appears they have reduced their positions in the silver futures market. Gold spot price is up 80 cents – Silver price is down 22 cents – Platinum spot price is up $5.60 - Palladium price is up $3.60 |
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krisluke
Supreme |
14-Dec-2010 14:46
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Gold (safe haven) largest importer China and India. Silver (beside copper) favs by western countries (ang mios). Crude Oil (unrefined & unprocess resource) link to economic health. Somehow can figure out the co-relationship in between.... |
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bsiong
Supreme |
14-Dec-2010 14:35
Yells: "The Greatest Wealth is Health" |
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Lunch Time Reading..... Why people buy gold and silver December 14, 2010 By Greg Hunter I am hearing more and more questions about how to buy gold and silver: How do you buy it? Why should I buy gold and silver? What kind of gold and silver should I buy? What is the difference between numismatic and bullion coins? Which of these should I buy? Where can I buy gold and silver? Including the following important questions: Will the government confiscate my gold and silver? Can the government make owning gold illegal? How do I know if my gold and silver dealer is reputable? Do buyers get some kind of confirmation that what they are buying from these shops is real and certified? These are just some of the questions I will try to answer in this post. Why You Should Own Gold and Silver First off, why should you own precious metals? Read this: “In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves. This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the “hidden” confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.” Who do you think this was written by? If you guessed former Fed Chief Alan Greenspan, you would be correct. It is titled “Gold and Economic Freedom,” and it was originally published in 1966. After reading this, it is hard to believe he was the Chairman of the Federal Reserve for nearly 20 years. Gold is the antithesis of the Federal Reserve Note. Greenspan’s article is the time tested reason for owning gold. For more current reasons, look no further than “The Seven “Ds” of the Developing Disaster,” written by gold expert Alf Field. In short: Deficits Dollar Devaluations Debt Demographics Derivatives (this is the big one) Devolution The above are the reasons why Field says gold and silver are bound to rise over the long term. Courtesy of Greg Hunter’s USAWatchdog.com |
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bsiong
Supreme |
14-Dec-2010 14:16
Yells: "The Greatest Wealth is Health" |
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Gold edges up on weak dollar December 14, 2010 at 11:35SINGAPORE (Commodity Online) : Gold climbed above the coveted $1400 an ounce mark in Asian trade Tuesday mainly after the dollar dropped against major currencies. Gold for immediate delivery was seen trading at $1402.14 an ounce at 12.30 p.m Singapore time while U.S. gold futures for February delivery was at $1,404.2 an ounce on the comex in New York. The dollar remained weak after slumping on Monday as U.S. deficit concerns resurfaced, while the euro hovered near three-week highs against the dollar. Analysts however said trading volumes dropped ahead of year end .Investors are watching the Federal Reserve meeting later today, as well as for signals on monetary policy moves in China, to gauge the health of the world's top two economies. Traders cited buying from Chinese banks behind the strength in the bullion, but said the volume was very light as most funds and traders avoid risks toward the year end. The Federal Reserve policy board meets later Tuesday and is expected to reaffirm its quantitative easing policy even while acknowledging the better run of data recently, just before a European Union summit later this week. On Monday, gold futures rebounded as the last weekend saw no interest rate increases in China as anticipated while silver and platinum both rallied. The most active gold contract for February delivery jumped $13.1 , or 0.9 percent, to $1,398.0 per ounce. Silver futures for March delivery climbed $1.019 , or 3.6 percent, to $29.624 per ounce. January platinum rose $22 , or 1.3 percent, to $1,697.3 per ounce. /happy trading/i came iread iposted/ |
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bsiong
Supreme |
14-Dec-2010 09:54
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 12/13/2010December 13, 2010
COMMENTARY: Precious metals prices held their early morning gains throughout the day. The driving force was the Chinese decision not to raise interest rates. A weaker US Dollar also factored in to today’s trades. Bailing out Greece and Ireland is one thing, but the real concern is Spain. If it gets to that, and there are many who think it will, go long gold! Gold spot price is up $10.30 – Silver spot is up 98 cents – Platinum spot price is up $25.00 – Palladium price is up $25.30 |
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bsiong
Supreme |
13-Dec-2010 23:50
Yells: "The Greatest Wealth is Health" |
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x 0
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Morning Gold & Silver Market Report – 12/13/2010December 13, 2010At 8AM (CT) the APMEX precious metal prices were:
COMMENTARY: Precious metal prices are soaring in early morning trading. Gold spot price is up $13.10 – Silver price is up $1.03 – Platinum spot price is up $25.50 – Palladium price is up $29.30. This strong upsurge is in reaction to Chinese authorities refraining from raising interest rates over the weekend. The Euro zone debt concerns continue to factor in as well, and there is a noticeable increase in the amount of physical gold being purchased. |
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bsiong
Supreme |
13-Dec-2010 23:48
Yells: "The Greatest Wealth is Health" |
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Dec 13 (Reuters) - Gold edged back above $1,390 an ounce in Europe on Monday, supported by solid physical demand after last week's price dip, and by lingering concerns over the outlook for the U.S. economy and the health of the euro zone.
PRICES * Spot gold XAU= was at $1,391.85 an ounce at 0731 GMT compared with $1,383.15 late in New York on Friday. * Silver XAG= was at $29.16 from $28.55. * Platinum XPT= at $1,689.50 from $1,665.10. * Palladium XPD= at $741.50 from $718.28.
DATA/EVENTS * OECD publishes its latest Economic Survey of the Euro area, 0900 GMT. * European Central Bank Governor Jean-Claude Trichet gives dinner speech at a journalists' meeting in Frankfurt, 1830 GMT.
MARKET NEWS * The dollar edged up on Monday, supported by higher Treasury yields after improving U.S. data late last week, while the euro slipped, under steady pressure in recent weeks from concerns over debt levels in peripheral euro zone states. |
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For Your Weekend Reading Pleasure .... Precious metals may drop if China rates hikeBy Debbie Carlson of Kitco News http://www.kitco.com (Kitco News) - As the end of the year starts to approach ever closer, some market watchers expect precious-metals prices to start to trade in sideways fashion, especially after gold moved to make new highs this week and was unable to gather further momentum. Gold prices rallied to a fresh record this week, with the February Comex gold contract rallying to $1,432.50 an ounce on Tuesday, but were unable to sustain the push. Several market watchers said it’s likely that traders were looking to take out pre-placed buy orders – known as buy stops – resting at higher levels. But the move came on low volume, a red flag for veteran market watchers, and the next day prices started to crumble and continued to drift back under $1,400. February gold on the Comex division of the New York Mercantile Exchange settled at $1,384.90, down 1.5% on the week. March silver settled at $28.605 an ounce, down 2.2%. “The push didn’t bring in any momentum (buyers) and the volume wasn’t there. That was a big indicator gold was not going to hold its levels. We drifted back to where we ought to be,” said Frank Lesh, futures analyst at FuturePath Trading. Lesh said barring any unforeseen circumstances, he expects gold will likely hold in a fairly narrow $50 trading range between $1,350 and $1,400 between now and the rest of 2010. Analysts at Commerzbank echoed that idea. “Gold should remain well supported at its current level as long as the debt crisis in eurozone peripherals continues to simmer and make gold look attractive as a ‘safe haven.’” Lesh said it’s likely a lot of the major players have closed most if not all of their books for the year, taking handsome profits. Once the New Year starts, it’s likely they’ll return to the market. He said the events that will support gold are not going away: problems with the eurozone, central bank buying, concerns about debt levels and fiat currencies. Looking at technical charts, gold has strong support at $1,375, said Ralph Preston, senior market analyst with Heritage West Financial. Preston also thinks that gold will need some sort of new catalyst to push it out of its current range, something beyond what’s in the news now.He said it looks as if gold might be trying to build another head-and-shoulders pattern on daily technical charts, with the left shoulder the highs from November and the head the high of this week. If gold trades in a sideways pattern, that could be a sign this chart pattern is forming. “We have to let the numbers direct us,” he said. If gold either closes below $1,375 or trades under $1,350, it could take a trip down to $1,315, Preston said. On the upside, if gold can close over $1,410 it could try to test the recent high. A close over $1,426 could mean a test of $1,460. However, Preston said that a rally is less likely because of the lack of fresh news and the fact that it is the end of the year, which can also mean less trading volume. The markets next week will likely focus on two items: what China might say in regards to its monetary policy this weekend and debate over tax levels in the U.S. This weekend China will release a slew of economic data including producer and consumer price index, retail sales, industrial production and other reports. It’s expected Chinese authorities will have an announcement regarding monetary policy as well. Overnight, China said it is raising the reserve requirement for banks by 50 basis points, effective Dec. 20. This is the sixth time China has done so this year and the second in the last month. “The PBoC (People’s Bank of China) is expected to follow this up with its second rate hike since October, perhaps as soon as this weekend. The official China Securities Journal said as much as this on Tuesday, saying that the central bank may move rates around the release date of November inflation data, which are due out tomorrow (Saturday). Inflation has become a problem for China,” said analysts at Brown Brothers Harriman.Tom Pawlicki, precious metals analyst at MF Global, said a rate hike in China could be bearish for gold and other precious metals as it “would diminish the ability of Chinese consumers to use excess income on investments like gold as well as their ability to buy other commodities. If the price of necessities like oil falls as a result, gold could suffer secondary reverberations from the perceived lack of inflation. A hike in policy would be justified given China’s currency peg to the dollar, which enables them to import accommodative monetary policy.” Next week, the U.S. Congress is likely to restart talks about keeping the Bush-era tax cuts. President Obama and Republicans are in favor of extending all the cuts for two years, although some Democrats gave a symbolic thumbs down. Both Lesh and Pawlicki said they believe the tax-cut extension will be approved. |
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