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Alex Stanczyk (January 7th, 2009) Writes:
The safe haven status of gold is starting to shine brighter and brighter, according to Jurg Kiener, CEO of Swiss Asia Capital. He explains his bullish outlook on the precious metal to CNBC’s Oriel Morrison.
Click here to watch the video on CNBC.com
Contrarian Profits (January 6th, 2009) Writes:
Dollar touches fresh 3-week high versus the euro… ETF Securities reports 2 pct rise in gold ETF holdings… Platinum, palladium rise to multi-week highs…
Gold fell more than 2 percent on Tuesday as a stronger dollar dented the precious metal’s appeal as a currency hedge, but the platinum group metals rallied as investors hunted for bargains.
Spot gold was quoted at $846.50/848.10 an ounce at 1444 GMT, down from $858.90 late in New York on Monday. However, it lifted off an earlier low of $838.55 as the dollar trimmed gains against the euro after a raft of U.S. data at 1500 GMT.
U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange were down $10.10 at $847.70.
VM Group analyst Matthew Turner said investors were looking to the currency markets for direction. “A lot of news on physical
...Contrarian Profits (January 5th, 2009) Writes:
Dollar rises to 3-week high vs euro on stimulus hopes… Oil prices fail to hold gains above $48 a barrel… Abu Dhabi Dec gold sales fall 40 pct month on month.
Gold slid more than 3 percent in Europe on Monday as the strengthening dollar knocked the metal’s appeal as a currency hedge, and oil prices retreated from highs.
Other precious metals tumbled in gold’s wake, with silver falling 8 percent, platinum 3 percent and palladium 6 percent.
Spot gold was quoted at $851.65/853.65 an ounce at 1445 GMT, down from $873.20 an ounce late in New York on Friday, having touched a session low of $843.50.
U.S. gold futures for February delivery on the COMEX division of the New York Mercantile Exchange were down $26.60 at $852.90 an ounce, having earlier touched a low of $843.50.
“The dollar is the critical factor today,”
...Alex Stanczyk (December 31st, 2008) Writes:
New GCC single currency agreed, will it include gold?
Filed under: Gold & Silver, Inflation, Oil Prices, UAE Revaluation, UAE Stocks, US Bonds, US Dollar — peterjcooper @ 8:56 am
Gulf Cooperation Council leaders yesterday concluded their 29th annual summit meeting in Muscat, Oman with a final approval for the creation of a single currency for the six-nation economic bloc, still targeted for 2010.
Saudi Arabia is the largest economy in the GCC and boasts substantial gold reserves. But whether gold will be included in the currency basket has not yet been decided. Golden opportunity
GCC assistant secretary-general Mohammad Al Mazroui told Gulf News: ‘We first have to decide on the location of the Central Bank, then the Central Bank and Monetary Council will have to decide on the gold reserves for the Central Bank’.
The creation of the GCC single currency - likely to be known as the Khaleeji which means Gulf in Arabic
...Contrarian Profits (December 29th, 2008) Writes:
Gold was firmer on Monday, tracking a climb in crude oil prices on the back of burgeoning tensions in the Middle East, although it retreated from earlier highs as oil gave up some of its gains.
Weakness in the dollar is also supporting gold, while a slide in the value of sterling to a record low versus the euro helped to take the precious metal to a new all-time high when priced in British pounds, according to Reuters data.
Spot gold reached a session high of $889.55 an ounce, its strongest level since Oct 10, but eased to $875.20/877.20 by 1422 GMT from $866.80 late in New York on Friday.
In sterling terms, gold hit a new all-time high of 605.07 pounds an ounce, up from 592.40 pounds on Friday. U.S. gold futures for February delivery climbed $6 to $877.20.
“Gold is following
...Alex Stanczyk (December 24th, 2008) Writes:
GoldDrivers 2009 – Extraordinary Bullish Outlook for Gold
By: Eric Hommelberg ldSeek.com
Dollar topping out Physical demand skyrocketing Supply chain shutting down COMEX Gold Manipulation exposed Gold shares on the move againIt sure has been a brutal year for gold and its shares and many may wonder if the $1030 top clocked in March 2008 marked the top for the gold bull market that started in April 2001. Despite the fact that many analysts want you to believe that gold has failed to act as a
...Contrarian Profits (December 15th, 2008) Writes:
Dollar weakens to two-month low versus euro… Oil climbs nearly 7 percent; OPEC supply cut expected
Gold rose more than 2 percent in Europe on Monday as the dollar slipped to a fresh two-month low versus the euro, boosting interest in the precious metal as a currency hedge.
Gold was held below $830 an ounce for much of the day by technical resistance, but stops were triggered as the rising euro pushed prices higher, leading to a spike to a two-month high of $842.15 an ounce.
Spot gold was quoted at $840.05/842.05 an ounce at 1533 GMT, against $819.90 an ounce in New York late on Friday.
Traders are awaiting an announcement on interest rates from the U.S. Federal Reserve on Tuesday, which will have a significant impact on the foreign exchange market, and consequently on gold.
“On the currency side, the high
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Sean Brodrick (December 15th, 2008) Writes:
Contrarian Profits (December 8th, 2008) Writes:
As per usual lately, there was little action in gold in Far East trading on Friday. The ‘top’…such as it was…was at the London a.m. fix. From there, it was downhill all the way…with the real damage coming on the Comex open…again, as per usual. The bottom was in shortly after the London close. From there, a respectable rally cut the losses on the day to only eleven bucks. The silver chart was similar, but this precious metal made it all the way back to virtually unchanged from its inter-day low yesterday. However, the HUI managed to finish slightly positive on the day.
Gold open interest on Thursday fell another 891 contracts to 263,295. Silver o.i. actually rose 794 contracts to 83,297.
The Commitment of Traders report was a huge surprise…and not what I was expecting at all. After the monster price drops on Monday and all the other declines in
...Contrarian Profits (December 8th, 2008) Writes:
Gold surge fuelled by inflation fears… Deflation seen short-lived… Platinum boosted, helped by auto sector optimism
Gold surged on Monday, helped by higher oil prices, a lower dollar and investor concern about inflationary pressures given the large amounts of money being pumped into the global economy.
Autocatalyst material platinum jumped more than 6 percent to $840 an ounce, while palladium gained more than 11 percent to $178 on growing optimism about a rescue for the auto industry in the United States.
Spot gold rose nearly 3 percent to $776.70 an ounce and was up at $773.90/775.90 at 1030 GMT from $754.60 in New York late on Friday, when it fell to $740.40, the lowest since November 20 in a commodities-wide sell-off.
To some, talk of inflation is premature given the world is currently grappling with the prospect of deflation, but forward looking investors are
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