Today's <b>Gold Prices</b> and Gold Investing News - Money Morning |
- Today's <b>Gold Prices</b> and Gold Investing News - Money Morning
- Gold Correction Isn't Over, But <b>Gold Price</b> Heading to $20,000 :: The <b>...</b>
- SHORT SQUEEZE: <b>Gold price</b> spikes $40 | MINING.com
- US Fed Decisions To Bust <b>Gold</b>, Silver <b>Price</b> Forecasts For 2014 <b>...</b>
- China, <b>gold prices</b> & US default threats — RT Op-Edge - RT.com
Today's <b>Gold Prices</b> and Gold Investing News - Money Morning Posted: 04 Nov 2011 04:32 AM PDT Why gold is up today: Gold prices on Tuesday morning staged the biggest advance since mid-October. Gold prices ended Tuesday's session sharply higher, hitting a three-week high. February gold gained $28, or 1.5%, at $1,262.20 an ounce. Spot gold added $22.70 to reach $1,263.50 an ounce. To continue reading, please click here...It's been another painful week for the precious metal amid what's been one tough year for gold bulls. Gold futures ticked up Friday, following a two-day dip that left gold prices at levels not seen since early summer. To continue reading, please click here...Ever since humans realized the intrinsic value of gold, we've constantly searched for - and perfected - ways to find more. From early methods like panning and trenching, to lode prospectors hunting for rock outcrops and veins, to the invention of drill bits... In modern times, we use increasingly sophisticated tools and techniques, such as seismic sensors, magnetometry, and gravimetrics to help locate potential gold deposits. But, after thousands of years of digging for gold, the low-hanging fruit's already been picked. Most remaining deposits are becoming increasingly difficult to find, and increasingly low grade. Now, a surprising, brand-new gold prospecting tool may be in the offing - one that's far less technologically demanding, and much less invasive. It seems nature itself has found a way to extract gold from the ground. Take a look at this picture...The latest gold news out of China is yet another bullish development for investing in the yellow metal... Increasing gold demand in China has put the Asian nation on track to become the world's biggest consumer of the precious metal. According to the World Gold Council, China's gold consumption is on pace to increase to a record 1,000 tons this year, up 29% year over year, surpassing India as the leading global user of gold. Imagine what this will do to the price of gold over the next few years...We all know that, so long as the Fed keeps the printing presses on, the risk of a worldwide currency crisis gets even higher. Gold, of course, is the timeless hedge here - for all the reasons you and I know. But are we truly prepared for a currency crisis? Much of the gold in the United States is owned by big institutions: the Treasury, the Federal Reserve, and bullion banks. So, if a currency crisis hits, their 8,900-ton hoard won't do us a bit of good. But there is one country whose "democratic" approach to gold ownership will allow its people to survive a currency crisis, literally, in fine style. Not only that, but this country's people are giving their government a whopping black eye for its heavy-handed ways in the process. Here's what's going on there...Gold prices are the honey badger of precious metals right now. As 2011's very popular YouTube video showed us, the honey badger makes moves that don't make sense - it "don't care." And neither does gold. Like the honey badger, gold prices just don't seem to care that the world has teetered on the brink of destruction all year. They just keep heading lower. Here's what's been dragging gold down...Gold moved sharply higher Tuesday thanks to a weaker-than-expected September jobs report - and our country's employment situation is yet another reason why gold prices are up today and will resume their climb... Perhaps anticipating a weak number, gold prices began moving higher shortly before the jobs report. Gold moved up $5 to $1,320.80 two minutes before the release. Following the report, gold surged. To continue reading, please click here...Gold prices in 2013 haven't performed as well as the previous few years - but Washington continues to give us plenty of reasons to buy the yellow metal. This week showed us how sensitive the price of gold can be to news from Washington. On the heels on the down-to-the-wire U.S. government budget and debt ceiling deal, gold prices moved abruptly higher and soared above the key $1,300 level. Here's why the next round of budget battles will be good for gold...It's been a volatile year for those investing in gold and silver. Gold is down some 20% year to date, and silver has lost more than 30%. The yellow metal tumbled more than 30% in the three quarters to June as fears mounted of an early end to the U.S. Federal Reserve's bond-buying program. But the stars are aligning for better times ahead. Following a record 23% drop in Q2, in which gold suffered a two-day carnage (April 15-16) that took prices down some $225 an ounce, gold gained nearly 9% in Q3. The gains ended gold's longest quarterly losing streak since 2001. Silver prices fared even better in the latest quarter, bouncing 10.5%. To continue reading click here...Gold prices seem to have stabilized today, trading once again above the $1,300 an ounce mark. This follows a tumble yesterday of more than $40 an ounce to as low as $1,284 an ounce. That price was nearly a two-month low and put the precious metal down 23% in 2013. At that level, gold was trading more than $50 below its 50-day moving average. To technical analysts, this confirmed the downtrend in the precious metal, bringing about a wave of selling by those who strictly follow the charts. However, there were factors at play in gold's selloff other than technical selling. To continue reading click here... |
Gold Correction Isn't Over, But <b>Gold Price</b> Heading to $20,000 :: The <b>...</b> Posted: 10 Dec 2013 12:39 PM PST Gold Correction Isn't Over, But Gold Price Heading to $20,000 Commodities / Gold and Silver 2014 Dec 10, 2013 - 09:39 PM GMT By: Casey_Research |
SHORT SQUEEZE: <b>Gold price</b> spikes $40 | MINING.com Posted: 04 Dec 2013 11:07 AM PST Gold shorts may be losing the courage of their convictions ahead of D-day on Friday. The gold price briefly touched a fresh 5-month low in brisk, volatile trade on Wednesday before turning sharply higher after the release of strong US jobs numbers. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,251.50 an ounce during early afternoon dealing, up $40 from the $1,210.80 low struck shortly after the opening. Silver tracked gold's trading pattern, jumping more than 4% to a day high of $19.89. The precious metal has been under pressure as markets believe a recovering economy – and specifically an improved labour market – could prompt the US Federal Reserve to slow the pace of its $85 billion in monthly bond purchases as soon as December. The market got its first taste of the state of US employment today, with the November ADP non-farm payroll number coming in at 215,000 jobs added, easily beating the 172,000 forecast and the 184,000 reading in October, which was also revised upwards from 130,000. A strong number usually leads to a sell-off in gold as it strengthens the hands of Fed members who are eager to start unwinding the near $4 trillion the central bank has taken onto its balance sheet since QE1. The Fed first embarked on its quantitative easing program in December 2008 when gold was trading around $830 an ounce. The reaction of gold traders to the news was typical, but the rapid reversal after the initial slump shows just how finely poised the gold market is at the moment and how much uncertainty there is about future prices. Friday's official jobs numbers would be the best indicator of the Fed's direction when it meets December 17–18 and large gold investors have been positioning themselves in anticipation of the closely watched data. Standard Bank in its daily research note points out that shorts – bets that the price is going lower – are building in the gold and silver futures market with Comex gold shorts jumping to a 4 month high ahead of Friday's US employment data: We believe one can interpret the way the market is trading in one of two ways: Either the gold price behavior is a signal that the market knows best and the employment number will most likely be a good print; Or, Friday's employment number may not necessarily beat expectations, but this is irrelevant to participants as the majority looks through the noise towards the end goal, i.e. tapering and a slow normalisation of US monetary policy which is coming closer by the day. Judging by Tuesday's rapid price reversal, gold shorts may be losing the courage of their convictions ahead of D-day on Friday. |
US Fed Decisions To Bust <b>Gold</b>, Silver <b>Price</b> Forecasts For 2014 <b>...</b> Posted: 06 Dec 2013 10:01 AM PST By Taras Berezowsky Looks like the biggest drop in gold prices in several months permeated the precious and PGM markets - nearly every single price point in gold, silver, platinum and palladium markets tracked by the MetalMiner IndX℠ fell last month, as the monthly Global Precious Metals MMI® dropped 5.3 percent to a value of 90 in December. 2013 has seen our gold, silver, platinum and palladium price index fall - and stay - below the baseline of 100. Because a broader recovery in the US economy (with a revised GDP up 3.6 percent) pushed investors to reallocate money from gold to equities, and many expected an eventual quantitative easing pullback from the Fed, gold was the big story for the mainstream media. The yellow metal experienced its biggest monthly drop since June (and its worst November since 1978!), losing around 6 percent for November and down a quarter of its value so far this year; it's on track to post its first annual loss in 13 years, according to Reuters. However, there are competing viewpoints on the gold price forecast. "We think current strong negative sentiment towards the gold price is overdone," according to Nick Brooks, head of research and investment strategy at ETF Securities. "The gold price should rally if US growth disappoints and thus it provides a good risk hedge if optimistic consensus growth forecasts prove to be wrong." UBS Investment Research (UBS) is on the other side of the gold coin, having downgraded its 2014 forecast for average prices, from $1,325/oz to $1,200/oz. "The…forecast reflects the view that the gold market will fluctuate widely as it faces the crosscurrents of an improving macro backdrop, the changing landscape of physical demand and, ultimately, the implications on mine production," according to the bank. (Key: if the US dollar stays strong and real interest rates rise, expect more downside for gold.) So the obvious question is: where will the global economy go? Brooks thinks that the revised China growth figures moving forward - more 7-8 percent, less 10-12 percent - have been already figured into most price expectations. But according to Eurostat's recent growth figures, the EU economy is losing steam. Watch physical demand from India and China closely, which by all accounts remains strong. Silver Prices and Forecast: The Bigger Story?Silver prices in the US, Japan and India showed the biggest singular drops on MetalMiner's monthly precious metals index. UBS "lowered its average price expectations for silver from $25 previously to $20.50/oz for 2014 and from $24 to $21 in 2015," according to the most recent Precious Metals Note. For silver and gold, much will depend on the US Federal Reserve's moves in the coming weeks. The Fed's "Beige Book" showed an improved US manufacturing economy (as we've seen from record PMI figures, etc.) over the past 1.5 months, among other sectors, and based on that, the bank will decide at a Dec. 17-18 policy meeting whether to begin pulling back its $85 billion-a-month bond-buying program. Higher PGM Price Rises: Best Bet?Nothing has dissuaded us from the view that platinum and palladium will continue their longer-term luster. Principally on the macroeconomic side, the results of Beijing's Third Plenum bode well for continued industrial demand there. US auto sales have been comparatively awesome, good for end-use PGM consumption. And on the supply side, platinum and palladium are still running supply deficits (the biggest in 14 years for platinum). Key Price Drivers of Precious Metals Index:US silver prices dropped by 10.2 percent this month. The price of Japanese silver closed after dropping 12.7 percent. Following a 6.6 percent decline in price, US platinum bar finished the month down as well. US gold bullion prices fell 6.4 percent, while a 5.6 percent decline hit Chinese gold bullion. Chinese platinum bar was down 5.3 percent for the month. The price of Japanese gold bullion fell 3.2 percent. After rising the previous month, US palladium bar prices dropped 2.7 percent. Japanese platinum bar prices fell 2.7 percent after rising the previous month. Chinese palladium bar prices dropped 2.5 percent. |
China, <b>gold prices</b> & US default threats — RT Op-Edge - RT.com Posted: 21 Oct 2013 03:50 AM PDT Published time: October 21, 2013 10:50 In the very days when a deep split in the US Congress threatened a US government debt default, the gold price should normally jump through the roof, yet the opposite was the case. It is worth a closer look why. Since August 1971, when US President Richard Nixon unilaterally tore up the Bretton Woods Treaty of 1944 and told the world that the Federal Reserve 'gold window' was permanently closed, Wall Street banks and US and City of London financial powers have done everything imaginable to prevent gold from again becoming the basis of trust in a currency. On Friday, October 11, when there was no sign of any deal between US Congress members and the Obama White House that would end the government shutdown, the Chicago CME Group, which operates Comex - the Chicago Commodity Exchange, where contracts in gold derivatives are traded - announced that at 8:42am Eastern time the trading was halted for 10 seconds after a safety mechanism was triggered because a 2-million-ounce (56.7 million grams) gold futures sell order was executed. Something rotten in gold marketThe result of that huge paper gold sale was that at just the time when a possible US government debt default would send investors in a panic rush to the safety of buying gold, instead, the price plunged $30 an ounce to a three-month low of $1,259.60 an ounce. Market insiders believe the reason was direct market manipulation. David Govett, head of precious metals at bullion broker Marex Spectron, calls the sudden huge futures sale suspicious. "These moves are becoming more and more prevalent and to my mind have to either be the work of someone attempting to manipulate the market or someone who really shouldn't be trusted with the sums of money they are throwing around. There are ways of entering and exiting a market so that minimum damage is caused and whoever is entering these orders has no intention of doing that," Govett said. UBS gold trader Art Cashin echoed the suspicion. "…if that happens once it could be an accident of technology, or it could be a simple error. But when it happens five times over a period of months, it does raise questions. Is it being done purposefully? Is somebody trying to influence the market?" That 'someone' market sources believe is the Obama White House, in league with the Federal Reserve and key Wall Street banks that would be ruined were gold to really rise. In March 1988, five months after the worst one-day stock market plunge in history, President Ronald Reagan signed Executive Order 12631. Order 12631 created the Working Group on Financial Markets, known on Wall Street as the 'Plunge Protection Team' because its job was to prevent any future unexpected financial market panic selloff or 'plunge'. The group is headed by the US Treasury Secretary and includes the chairman of the Federal Reserve, the head of the Securities & Exchange Commission, and the head of the Commodity Futures Trading Commission (CFTC) which is responsible for monitoring derivatives trading on exchanges. Numerous times since 1988, reports have surfaced of secret interventions by the Plunge Protection Team to prevent a market panic selloff that could threaten the role of the US dollar. Former Clinton White House staff chief George Stephanopoulos admitted in 2006 that it was used to support the markets in the 1998 Russia/LTCM crisis under Bill Clinton, and again after the 9/11 terrorist attacks in 2001. He said, "They have an informal agreement among major banks to come in and start to buy stock if there appears to be a problem." Clearly stocks are not the only thing the government manipulates. Gold these days is a prime focus. The price of gold in recent years—since the eruption of the US dot.com IT stock bubble in 2000—has exploded from around $300 an ounce to a recent record high above $1,900 in August, 2011. Gold rose an impressive 70 percent from December 2008 to June 2011, after the Lehman Brothers collapse and the start of the Greek crisis in the eurozone. Since then, with no clear reason, gold has reversed and lost more than 31 percent, despite the fact that talk of a unilateral Israeli military strike on Iran and the US financial debacle combined with a euro crisis, and now, threat of US government default, created overall huge demand for investment in gold. This past April 10, the heads of the five largest US banks, the Wall Street 'Gods of Money' — JPMorgan Chase, Goldman Sachs, Bank of America and Citigroup — requested a closed door meeting with Obama at the White House. Fifteen days later, on April 25, the largest one-day fall in history in gold took place. Later investigation of trading records at Comex revealed that one bank, JP Morgan Securities, was behind the huge selloff of gold derivatives. Derivatives are pieces of paper or bets on future gold or other commodity prices. To buy gold futures is very inexpensive compared with gold but influence the real physical gold price, largely because the US Congress, under lobby influence from Wall Street, since 2000 and the Commodity Trading Modernization Act, has left gold derivatives unregulated. The President's Plunge Protection Team was at work now as well, clearly. China smiles & buysIn effect a war, a financial war, is underway between the Wall Street giant banks and their close allies, including the major City of London banks and banks like Deutsche Bank on the one side, using paper gold derivatives trading in the unregulated COMEX, with covert support of the US Treasury and Fed. On the other side are real investors and Central Banks who believe that the world financial system, especially the dollar system, is teetering on the brink of disaster and that physical gold is the historical best safe haven in such a crisis. Here, the recent buying of gold reserves by several central banks including Russia, Turkey and especially China, are notable. The short-term derivative gold price manipulations by JP Morgan and Goldman Sachs are creating smiles at the Peoples' Bank of China and the Russian Central Bank among other buyers of physical gold. Since 2006 Russia's central bank has increased its gold reserves by 300 percent. Now, the Chinese central bank has just revealed data showing that China imported 131 gross tons of gold in the month of August, a 146 percent increase compared to a year prior. August was the second highest gold importing month in its history. More impressively, China has imported more than 2,000 tons of gold in the past two years. According to a 2011 cable made public by WikiLeaks, the Peoples' Bank of China is quietly seeking to make the renminbi (the yuan) the new gold-backed reserve currency. Hmmmm. According to unofficial calculations, the Peoples' Bank of China today holds about 3,500 tons of monetary gold, surpassing Germany, to make it number two in the world after the Federal Reserve. And there are grave doubts whether the Federal Reserve actually holds the 8,044 tons of gold it claims it does. The former International Monetary Fund director, France's Dominique Straus-Kahn, demanded an independent audit of the Federal Reserve gold after the US refused to deliver to the IMF 191 tons of gold agreed to under the IMF Articles of Agreement signed by the Executive Board in April 1978 to back Special Drawing Rights issuance. Immediately before he could rush back to Paris, he was hit by a bizarre hotel sex scandal and abruptly forced to resign. Straus-Kahn had been shown a secret Russian intelligence report prepared for President Vladimir Putin in which 'rogue' CIA agents revealed that the US Federal Reserve had no gold reserves and only lied that it did. The stakes for Washington and Wall Street in depressing the gold price are staggering. Were gold to soar to $10,000 or more, where many believe current demand-supply pressures would find it, there would be a panic selloff of the dollar and of US Treasury bonds. China now holds a record $3.7 trillion of foreign currency reserves and the US Treasury bonds and bills are about half that. That selloff would send US interest rates sky-high, forcing a chain-reaction of corporate and personal bankruptcies that have been avoided since the financial crisis broke in 2007 only owing to record near-zero Federal Reserve interest rates. That selloff, in turn, would be the end of the US as the world's sole superpower. Little wonder the Obama Administration is manipulating gold. It cannot last very long at this pace, however. The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT. |
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