Chinese Checkers with <b>Gold Prices</b> | Euro Pacific Capital |
- Chinese Checkers with <b>Gold Prices</b> | Euro Pacific Capital
- Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Gained $14.6 or 1.1 Percent <b>...</b>
- Does the <b>Gold Price</b> reflect true gold Demand and Supply? :: The <b>...</b>
- Silver and <b>Gold Prices</b>: Today the <b>Gold Price</b> also Closed Above its <b>...</b>
- Silver and <b>Gold Prices</b> Have Posted Their Lows with Gold Closing at <b>...</b>
- Lack of interest sees <b>gold price</b> back below $1,300 | MINING.com
| Chinese Checkers with <b>Gold Prices</b> | Euro Pacific Capital Posted: 10 Apr 2014 09:25 AM PDT For decades many of us in the hard money world have speculated that cloak and dagger activity by large financial interests has played a large role in determining performance in the gold market. The focus of this alleged manipulation is believed to be in the London market, and has been widely referred to as "The London Fix." However those who have blown the whistle have been dismissed as alarmists, gold bugs, conspiracy theorists or worse. But recent revelations should bring us closer to the truth. On March 11, 2014, the Wall Street Journal reported that AIS Capital Management had filed a class action suit, against a number of large banks including, Barclay's PLC, Deutsche Bank, HSBC, and many others, alleging that the banks conspired to manipulate the price of gold for their own gain. This suit comes on the heels of official investigations in the UK and in Germany. Like the London Inter Bank Offered [interest] Rate (LIBOR), the London Gold price forms a benchmark for the spot price for major gold metal transactions throughout the world. The LIBOR scandal rocked the financial world. But Germany's senior financial regulator declared possible gold manipulation as "worse than LIBOR". These words appeared to give new meaning to the word 'fix'. To get at the truth, it helps to try to follow the international flows of gold, to see who is buying, who is selling, and where the gaps may appear. Major gold trading has long been shrouded in mystery. Despite returns required by the IMF, trading in the Far East is difficult to trace accurately. In 2009, China's central bank disclosed that its gold holdings had increased by 75 percent from 600 to 1,054 tonnes, or metric tons. According to Wikipedia, this made China the world's sixth largest holder. Gold Field Mineral Services (GFMS) estimates the world's total gold production for 2013 was 2,982 tonnes. With an annual production of some 428 tonnes, according to Forbes Asia, China is the world's largest producer. But, like Russia, China exports no gold. If China's last three years annual assumed production is aggregated, China's 2009 declared holdings of 1054 tonnes should have increased since by some 1,284 tonnes, for a total of some 2,338 tonnes. This would make China one of the world's largest holders. But the story does not end there. China imports massive amounts mainly via Hong Kong and Shanghai. According to Forbes Asia, the China Gold Association showed that China's gold consumption increased by 41 percent over 2012 to 1,176 tonnes in 2013. (China does not publish official numbers so discrepancies range in the hundreds of tonnes) Adding these imports to China's domestic production of 428 tonnes indicates that China accumulated at least 1,604 tonnes last year. India's imports, as reported by Bloomberg, were 978 tonnes last year. Therefore, China and India together accumulated 2,582 tonnes or over 86 percent of total worldwide production of 2,982 tonnes. Furthermore, combining China's aggregate domestic production and apparent imports indicates that she has now over 3,514 tonnes. Assuming the U.S. still owns all the gold held by the Fed, this would make China the world's second largest national owner. In addition to China and India, Indonesia, Saudi Arabia and Thailand increased their gold holdings in 2013. As gold is a widely recognized representation of wealth, this represents a massive transfer of 'real' wealth from West to East. Clearly, the massive Eastern demand for physical gold has made it much more difficult for Western central banks' mission to lower the market price of gold. That is unless Western central banks have been leasing out gold secretly to market buyers, who have been 'encouraged' politically, like Germany, not to take physical delivery? When, at the beginning of 2013, Germany asked for the repatriation of just 300 tonnes of its holdings of 3,396 tonnes, the Fed asked for a five-year delayed delivery. By year's end, the Fed had sent Germany only 5 tonnes. Although privately owned, partly by bankers, the Fed is audited only partially. Could it be that a large portion of the Fed's published gold holdings of 8,133.5 tonnes is now actually the property of other nations, like Germany? Is China already the world's largest 'owner' as opposed to 'holder' of gold? If so, China, with a mature financial center in Hong Kong, already is further along the path than most have predicted towards challenging the vital reserve currency status and international credibility of the U.S. dollar. Clearly the recent price rise in gold owes something to inflation fears, repressed interest rates and to the Ukrainian situation. In the meantime, a growing awareness of a possible serious and increasing shortage of physical gold and a decline in the power of western central banks to suppress the price, point to a resumption of the fundamental bull market in gold, despite a possible increase in fears of recession. John Browne is a Senior Economic Consultant to Euro Pacific Capital. Opinions expressed are those of the writer, and may or may not reflect those held by Euro Pacific Capital, or its CEO, Peter Schiff.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Gained $14.6 or 1.1 Percent <b>...</b> Posted: 10 Apr 2014 03:24 PM PDT
The GOLD PRICE is behaving as it should, climbing today through the next resistance level, about $1,318. The SILVER PRICE, frankly, stank. It rose to 2040c (above the magic 2015c) and poked its head through the downtrend line, then fell back to close below the 20 DMA (2015c). What giveth? MACD just shouted "BUY!" for both today. Proving once again there the world holds even BIGGER fools than a nacheral born durned fool from Tennessee, the Greek government's bond auction today raised about $4 billion, $500 more than the original target, and bids for $23.6 billion were received. I reckon they sold it at the 5.3% they wanted to pay, but didn't see that reported. Buying these bonds nearly equals, but is not nearly as good as, loaning a clubhouse full of drunks money to buy cases of whiskey. Blood flowed on Wall Street today, spurting in bright red arterial bursts. Russell 2000 plunged 2.78%, Nasdaq tumbled 3.1%, Nasdaq-100 sank 3.13%, Dow dropped 1.62% and S&P500 lost 2.1%. Dow closed at 16,170.22, 266.96 points lighter than yesterday and turning decisively down. Not up, down. S&P500 lost 39.1, a massive 2.1%. This is moving past puking in the wastebasket and on to contemplating diving out a window. Dow closed a gnat's whisker above the 50 DMA (16,168.79) and not far from the long term uptrend line it threw over in November. S&P500 closed below its 50 DMA (1,843.34). This could easily reach 1,800. Dow measured in precious metals today resumed its downward plunge. Closing at 12.25 oz (G$253.23 gold dollars), the Dow in Gold capsized beneath its 20 and 50 DMAs (12.43 and 12.32 oz), locking in its downtrend. Ending at 804.85 oz (S$1,040.21 silver dollars), the Dow in Silver tripped its 20 DMA (811.21 oz). Both have signaled SELL in their MACDs. The US dollar index has gushed over the cliff with a five (5) day cascade. Closed today down another 0.14% to 79.47. A close below 79 sends it much lower. Dollar's weakness most likely comes from the market's apprehension interest rates will stay low. Euro has shot back nearly to its last peak ($1.3958), and today closed up another 0.25% at $1.3888. Shows you don't have to be healthy at all to be rented if you're the only horse in the livery stable able to stand. Yen continues to gain, up another 0.45% today to 98.52 c/Y100, but needs to gain a tadge more to break out upside Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Does the <b>Gold Price</b> reflect true gold Demand and Supply? :: The <b>...</b> Posted: 11 Apr 2014 10:50 AM PDT
The Gold FixDespite the furore surrounding the Gold Fix [unfairly, we believe] it is a singularly determined attempt amongst commodities to set a twice daily price that does reflect demand and supply of gold, at those moments. To understand this we have to see what happens at the Fixing sessions. The five banks involved in fixing the morning and afternoon Fix of the gold price open a conference line to each other at 10.30a.m. and at 3.00p.m. in the afternoon. At the same time each bank opens their lines to contact their main clients, who could include mining companies, refiners of gold, jewellers, gold dealers and all the main professionals in the gold market. In turn these professional open their lines to their main clients which could also include central banks as well as wealthy individuals and other gold markets. These then react to a price put up by the Chairman of the Fix, representing his bank. This price is sent down the lines and each participant states the amount they are net buyers or sellers of. Each bank 'nets out' the demand and supply among his own clients before passing on the net order to the Fixing. At each price, orders down the line change and the price adjusted accordingly. Once the market is agreed upon a particular price all transactions are done at that price. Bulk of Gold contractedHowever, the amounts dealt do not include all the gold bought and sold in the market at that time. Many dealers, miners and jewellers refer to the Fixing price of gold and contract to deal at a price that reflects, usually, the afternoon Fix. This is deemed to be the most reflective of global demand and supply, at that particular moment, in time. But the fact that amounts of gold are dealt outside the market, with reference to the Fixing price, tells us that much of the world's gold and supply does not go through the London market. The claim that 90% of gold's demand and supply goes through the London market is therefore conjecture, not fact. It is impossible to say just how much gold is priced by reference to this Fix and not dealt in the market place, but it is substantial. Outside the main marketsFor instance, we believe that the bulk if not all of China's internal gold production does not pass through the Shanghai Gold Exchange, but is sold directly to the agency that buys gold for the People's Bank of China. This is around 430 tonnes per annum currently. These miners, it is thought are paid in the Yuan equivalent of the Gold Fixing price. Refiners selling directly to clients [who can be central banks dealing directly with them, banks taking stock, for delivery to markets elsewhere, large jewellers seeking a reliable, regular, source of gold, etc.] will follow the same practice. Most gold-backed U.S. exchange-traded funds use the London afternoon gold fix to calculate their net asset value, which in turn is used by ETF custodians to calculate their fees. The U.S. Mint and Royal Canadian Mint also price their products based on daily London p.m. gold fixes, or average weekly fixes. Many miners are active listeners to the fixing process as sellers. Reflecting Marginal Demand and Supply of GoldTherefore, as it the case with most commodity markets, the amount of gold actually bought and sold during the Fixing may well reflect the marginal demand and supply that falls outside the large contracts due to unforeseen changes in demand and supply. It is also where speculators who deal in physical gold buy and sell often to support their positions in the futures and Options markets on COMEX in the U.S. COMEX, while a huge financial gold market only sees around 5% of these contracts result in a physical movement of gold. That's after one party or the other gives notice that he wants physical delivery or supply. Such manipulation of gold prices is most frequently seen just ahead of the month end when contracts mature. Manipulated?Charges that insider trading goes on in the Fixing, we believe are false. What does happen is that clients accessing the Fixing process then deal in the gold market on COMEX on the basis of the process. Add to this high frequency trading and you can see where the profit opportunities are. But we believe that few of these operators would risk dealing in physical gold in the Fixing, as that may work against them, increasing their risks. More profit lies in dealing in Futures and Options, on the side, we feel. What is transparent to all involved in the Fixing [who have an interest in that price] are online in the Fixing, so see a very transparent process going on in which they can partake. Those not involved but with a need to reference the price in their dealings, usually do not deal at the Fixing, but wait for the price to be Fixed before finalizing prices. ConclusionHence the changing daily prices at the Fix, while not representing the total amount of gold bought and sold are the only reasonable reflection of the current gold price. We therefore expect that price to be treated as a reliable reflection of the current demand and supply of gold. Hold your gold in such a way that governments and banks can't seize it! Enquire @ admin@StockbridgeMgMt.com Gold Forecaster regularly covers all fundamental and Technical aspects of the gold price in the weekly newsletter. To subscribe, please visit www.GoldForecaster.com
By Julian D. W. Phillips Copyright 2014 Authentic Money. All Rights Reserved. What is Gold-Authentic Money all about ? Our business is GOLD! Whether it be trends, charts, reports or other factors that have bearing on the price of gold, our aim is to enable you to understand and profit from the Gold Market. Disclaimer - This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Gold-Authentic Money / Julian D. W. Phillips, have based this document on information obtained from sources it believes to be reliable but which it has not independently verified; Gold-Authentic Money / Julian D. W. Phillips make no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Gold-Authentic Money / Julian D. W. Phillips only and are subject to change without notice.
© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver and <b>Gold Prices</b>: Today the <b>Gold Price</b> also Closed Above its <b>...</b> Posted: 08 Apr 2014 04:42 PM PDT
Sorry I missed y'all yesterday, all the more since it was a near perfect day for silver and GOLD PRICES. The GOLD PRICE rose today $10.70 (0.8%) to $1,308.70 while silver held its hand and rose 15.1 cents (0.8%) to 2004.2c. Gold price's little correction yesterday was picture perfect. Friday it broke through resistance at $1,295 after several tries, but closed below $1,305 resistance at $1,303.20. Yesterday it closed down at $1,298, lower but still holding solidly above $1,295 support, and closed ABOVE $1,305 resistance at $1,308.7. May I warble further? Today the gold price also closed above its 200 DMA ($1,296.90) and, yet there is more. Gold has now rallied out of the Dec-February upside down head and shoulders, broke through the neckline of that formation in a rally to $1,392.60, corrected back to the neckline for a final kiss good-bye last week, and now 'tis climbing again. THIS would be the place to buy. Although I have not yet decided yet whether the correction is complete, or whether we will see one more up and down, but I doubt any later leg down will drop lower than what we have seen. Above the 20 DMA lurks at $1,319.82. Crossing that will bring out many more of gold's fair weather friends. The gold price has seen its bottom for a while. The SILVER PRICE stands a gnat's eyelash from flashing an MACD buy signal, the full stochastic is turning up, rate of change is rising, AND (I'm almost out of breath) it bounced off its post-April 2013 downtrend line at end March. Yet for all in its favor, silver must yet close above 2015c. We ought to witness that tomorrow. By the way, silver's performance yesterday was as good as gold, with a retreat to support at 1975c and bounce back today. GOLD/SILVER RATIO today ended at 65.298, and is not dropping from its March peak as quickly as I would like, but what would I do with without something to fret about? On to stocks, yesterday the Dow dropped only ten points while the S&P500 plunged a massive 20.5 (1.1%). That trashed the S&P500 chart. A two day waterfall took it from 1897.28 to 1845.04. This also was a completed key reversal. Today it cut into but closed above the 50 DMA (1,840.57), and flopped back 6.9 (0.38%) to 1,851.96. The S&P is breaking down. Thus sayeth its position on the chart thus screameth its key reversal. Unless Wall Street's friends in the Plunge Protection Team, the Nice Government Men, step up quick the blood will be flowing up to the horses bridles. Off a new all time intraday high on Friday, a push into new high territory, the Dow closed much lower, nearly 1%. That key reversal was confirmed yesterday with another drop and close below the 20 day moving average at 16,245.87. Today it bounced like a dead cat off the pavement, up 10.27 (0.06%). As with the S&P500, the MACD indicator has flashed a big red SELL signal. Much lower prices like ahead. Dow in Gold has plunged in the last three days and today closed at 12.42 oz (G$256.74 gold dollars). This hints but does not confirm that the correction that began mid March has peaked. DiG is about to cross below its 20 and 50 DMAs. Close below 11.62 oz (G$240.21) takes it below the low of the Dec-March fall. Dow in Silver dropped 0.93% today to 810.38 oz (S$1,047.76 silver dollars). It hovereth above its 20 DMA (805.93), first tripwire of a decline. MACD has turned down, and full Stochastics are confirming a downturn. Today currency markets overthrew expectations. The Bank of Japan, contrary to the market's expectation, vowed it would hold off on monetary easing -- central-bank-speak for "inflating" -- in the short term. All the folks short yen promptly puked in their wastebaskets and splurted out orders to cover their short positions. Yen gapped up massively, above its 20 and 50 DMAs, from 97 to 98.5 at the widest. Closed up 1.34% at 98.29 cents/Y100. Dollar took this news like a rockhammer in the teeth. Dropped a huge 50 basis points or 0.62% to 79.83, wiping out all its gains since mid-March. Considering how the US Dollar has struggled since bottoming in March, and now crashes through its 20 and 50 DMAs, it hath little hope for the future. It appears to have successfully transformed a nascent rally into Waterloo. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver and <b>Gold Prices</b> Have Posted Their Lows with Gold Closing at <b>...</b> Posted: 09 Apr 2014 04:27 PM PDT
Yes, yes, markets and the FOMC conspired to leave me with egg all over my face. Or did they? Silver fell 28.7 cents to 1975.5c while the GOLD PRICE lost $3.20 to $1,305.50. But isn't that the durndest thing: gold's now trading in the aftermarket at $1,314.10 (as I expected) and silver at 1991c. Can anybody spell paint-the-tape? How did it play out? About New York opening somebody sold lots of gold, driving the price down form $1,308 to $1,301. Traded sideways from 9:00 to 3:00 p.m, gapped down from $1,305 for an instant, then gapped above $1,306 and shot clean to $1,315. Then it backed off but held above $1,310. SILVER PRICE? Ditto. GOLD/SILVER RATIO today rose to 66.085, not a helpful sign, and silver persists in lagging behind and not closing above 2015c. Ahh, but today silver's low at 1960c painted a double bottom for the move with an earlier low at 1958c. In fact, silver has four times defended this level. That could be good OR bad. Still I am persuaded that silver and GOLD PRICES have posted their lows and, once silver gets into gear, will rise. Closes below $1,277 or $1,960 would gainsay that interpretation and open the door to lower prices. On the remote chance I might be right, y'all ought to buy a little silver and gold. Today near Pittsburgh a high school student with two kitchen knives stabbed 20 other kids before the principal tackled him. This brings to mind a number of questions: How long before the Obama administration acts to outlaw kitchen knives and end tragic incidents like this forever? Why do people need those assault-style butcher knives in their kitchens anyway, since an ordinary dull table knife will cut everything but meat? Why do people need more than one sharp knife to run a kitchen? Why do knife-nuts need so many knives? Are serrated knives EVER safe? It also raises another line of questioning: Were there no chairs in that high school that someone could pick up and throw at the knifer? Were the students so trained to call 911 that nobody knew how to protect himself? Was the principal the only person trained to tackle knifers? Finally the third set of questions, along the "Is it real or Memorex?" line. Did this really happen? If it did really happen, what sort of psychotropic drugs was the knifer taking? What other important thing happening in the world did this event distract our attention from? If all this weren't crazy enough, ponder this: Greece, yes, the Greek government which is bankrupt from now until, oh, about a.d. 2255, is about to re-enter the bond market to sell 2.5 billion Euros worth of bonds. Top that: they are looking for an interest rate of 5.3% or less. Mean as I sound, I have to say it: any loony who buys those bonds deserves what he will get, which will be another default. The market is not benevolent. Minutes of the last FOMC meeting were released today and showed that all the members agreed to jettison any objective standards for action. That is, they would keep on tapering and suppressing interest rates until, well, I reckon until it FEELS good. Why this should make stock investors more optimistic -- to learn that the pilot has no idea where he is going and won't know to land when he gets there -- I could not say, but stocks did rise today, although they may have risen for propitious astrological signs, for all I know. Listen, I know that a 1.1% increase in the Dow (up 181.04 to 16,437.18) and the S&P500 (up 20.22 to 1,872.18 makes everybody feel rich, but today hasn't changed the charts. I'm not saying they won't change and turn up, but this alone didn't do it. It did close both above their 20 DMAs, but still below relevant resistance and coming off a downward key reversal. Dow in Silver jumped up 2.6% to 831.42 (S$1,074.97). Remains above the 20 DMA but the MACD has signaled sell. Dow in gold rose 1.28% to 12.59 oz (G$260.26 gold dollars). Trying to roll over downward. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lack of interest sees <b>gold price</b> back below $1,300 | MINING.com Posted: 07 Apr 2014 03:21 PM PDT The price of gold fell back below the 1,300 an ounce level after traders booked profits on Friday's brief post US jobs-numbers rally. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery in late afternoon trade exchanged hands for $1,296.90 an ounce, down close to $7 compared to Friday's close. Volume was noticeably thin with 70,000 contracts traded, compared to average daily volumes on the exchange of around 200,000. Reuters quotes Jonathan Jossen, a COMEX gold options floor trader, as saying "investors are not taking any interest in the precious metals right now, and gold and silver are definitely in tight trading ranges." Shanghai's gold exchange was also closed on Monday for the Qingming public holiday. On Friday data showed the US economy created fewer jobs than predicted – the Fed's key measure in deciding interest rates – meaning that the Fed's economic stimulus program could stay in place longer than anticipated. Monetary expansion across developed economies, particularly since the financial crisis, has been a massive boon for the gold price, burnishing the metal's reputation as an inflation hedge and storer of wealth. Gold was trading around $830 an ounce when previous chairman Ben Bernanke announced QE1 in November 2008. Ross Norman, CEO of bullion brokers Sharps Pixley, one of the original members of the London Gold Fix, on the sidelines of the Dubai gold conference predicted a rise in the gold price on the basis of the ratio between crude oil and the yellow metal. |
In short, no it doesn't! We will look at why not, in this article.
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