Demand from china sends <b>gold prices</b> higher: weekly gold etf update |
- Demand from china sends <b>gold prices</b> higher: weekly gold etf update
- Silver and <b>Gold Prices</b> Have Been Rising for Twelve Days Straight
- <b>Gold Prices</b> soar despite Bearish Reports from most Major Banks <b>...</b>
- <b>Gold Price</b> In Rands Set To Make All-Time Highs? - Fin24 blogs
| Demand from china sends <b>gold prices</b> higher: weekly gold etf update Posted: 15 Feb 2014 06:36 PM PST Gold had a fantastic week as the spot price jumped 4.09 percent. While gold made a steady climb, advancing through each of the five trading sessions, Although gold prices had been expected to suffer from the tapering of the of the Federal Reserve's bond-buying program, the spot price of gold has risen 9.47 percent since January 1. The quantitative easing program is credited with pushing gold prices to record highs during 2011. The weakening of the dollar which resulted from quantitative easing had enhanced gold's status as a "safe haven". As a result, the phase-out of QE had been seen as a threat to gold prices. A review of the chart for gold's spot price demonstrates that when the price rose above $1,237 per ounce on January 3, it broke the neckline of December's bearish head-and-shoulders pattern on the chart. Nevertheless, the spot price must reach $1,321 per ounce before it reaches the neckline of the October 17 – November 11 head-and-shoulders pattern in order to break its curse. With Friday's closing price of $1,318.90, that moment could come at the next trading session. Gold has benefited from a bullish, inverse head-and-shoulders pattern which formed on its chart after January 24, signaling the likelihood of a further advance. The chart below depicts the trading activity in the SPDR Gold Trust ETF (NYSEARCA:GLD) during the past 180 days (Chart courtesy of Stockcharts.com). As with the spot price of gold, an inverse head-and-shoulders pattern formed on the GLD chart, since January 24, signaling the likelihood of a further advance. Friday's close at $127.15 per share brought GLD above its 200-day moving average (currently $126.47). If GLD can extend its advance after Friday's 1.32 percent rise, the next overhead resistance level for GLD will be the neckline of the head-and-shoulders pattern running from October 16 through November 8: $127.50. After hitting a high of $127.38 on Friday, GLD could break that neckline on Tuesday. GLD's Relative Strength Index rose to 71.74 from last week's 57.38. Most investors consider a Relative Strength Index above 70 as an "overbought" signal. The MACD is rising above the signal line, suggesting that GLD could continue its advance during the immediate future. The following is a summary of how precious metal spot prices and ETFs performed from the close on Friday, February 7 until the close on Friday, February 14: Gold ETF Update:Gold Spot Price: $1,318.90/oz, +4.09% .Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector's Disclaimer, Terms of Use, and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.  | ||||
| Silver and <b>Gold Prices</b> Have Been Rising for Twelve Days Straight Posted: 18 Feb 2014 05:09 PM PST Gold Price Close Today : 1324.70 Change : 5.70 or 0.43% Silver Price Close Today : 21.888 Gold Silver Ratio Today : 60.522 Silver Gold Ratio Today : 0.01652 Platinum Price Close Today : 1422.90 Palladium Price Close Today : 736.95 S&P 500 : 1,840.76 Dow In GOLD$ : $251.71 Dow in GOLD oz : 12.177 Dow in SILVER oz : 736.95 Dow Industrial : 16,130.40 US Dollar Index : 80.060 Whooo! I hope y'all had a good time yesterday on Generic Presidents Day. Markets were closed so the prices you see below are compared to Friday's closes. Both silver and GOLD PRICES have reversed against stocks, and should continue to outperform them
Both the silver and gold price have been rising twelve days running leaving both overbought and begging for a correction. However, "overbought" can get a LOT MORE overbought before the rally's over. I fall back on rational rules. We buy breakouts, and both the silver and gold price have proven breakouts above their since-April downtrends. Gold has completed and pulled away from an upside down head and shoulders. Buy any correction. And if you were waiting to buy a breakout, buy now. Today I spent a long time gazing on charts of what the Federal Reserve hath done to the money supply since 2008, and I interviewed a friend who worked 20 years for several Federal Reserve banks as a lawyer and economist. "Renewed optimism" was not the outcome of my meditation. With its unlimited money creation the Fed has climbed up for a ride on a tiger. They have no safe way to dismount, and like an alcoholic, no more imagination than to keep drinking the same rotgut whiskey every day while expecting a different result. 'Twill end in unspeakable pain. Meanwhile the yankee government continues seizing control of the rest of the economy, what ears and tail the Fed doesn't already control. O'Bama's generous philanthropy raising the federal minimum wage (CBO says) will raise 900,000 people out of poverty but -- whoops-- put 500,000 people out of work. What's a communist to do? You have to hurt the poor to help the poor, I reckon. They're all the same, communists and socialists: they love all mankind but no man. That's why they can kill 60 million people to save mankind. But look on the bright side: once their stupidity, regulations, and greed (don't forget Wall Street, feeding off the corpse of the nation) has brought the economy to collapse, we'll get a chance to rebuild a just, stable, and prosperous one -- without them in charge! On to markets! Ya'll remember how the Dow in January signaled the big drop coming by falling when the other indices were rising? Well, it's repeating that act. Dow today lost 23.99 (0.15%) to 16,130.40 while other indices rose slightly. S&P500 added 2.13 (0.12%) to 1,840.76. Since 1997 stocks have been building a deadly Megaphone or broadening top pattern. The last highs took the Dow to the very top boundary. 'Tis possible it could make a marginally higher high, but look at the previous two touches (2000 and 2007) and see what you think. Looks about to reverse toward the earth's core. Meanwhile the Dow in Gold and Dow in Silver continue to roll downhill. Dow in gold today lost 0.56% to close at 12.18 oz. It has now traversed about half the distance between its 20 DMA above and 200 DMA below. But the excitement today comes from the Dow in Silver. Whoa! Sank 15.28 oz (2.03%) to end at 736.62 oz, BELOW the 200 DMA (739.51). Those Nice Government Men better get busy earning those fat paychecks and manipulate the US Dollar Index back up into the sky. It fell again today 12 basis points (0.16%) to 80.06. One more day lower puts it in danger of crashing through 79.50 for a freefall. Ultimately, the dollar index will lose another 50% of its value. It makes no sense at all -- but in the age of government run markets, nothing makes sense anyway -- to see the euro rise today 0.49% to $1.3759. Yet who am I to argue? Who am I to protest that their sovereign debt is bigger than the US's, their banks sicker, their social cohesion weaker? It's nuts. Yen lost 0.48% to 97.70 cents/Y100. May be the Nipponese NGM are trying to send it lower. Argentum et aurum 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. | ||||
| <b>Gold Prices</b> soar despite Bearish Reports from most Major Banks <b>...</b> Posted: 18 Feb 2014 01:28 AM PST Gold prices surged last week smashing through several key resistance levels including the psychologically important $1300 an ounce level. Gold prices continued to advance last Friday for an eighth session in a row, gaining almost 5% for the week, fuelled by a combination of increased physical demand, technical buying and economic jitters. And, on Monday, the price of spot gold hit $1329.70 per ounce, a 3-1/2 month high. Market sentiment towards gold has been positive since the beginning of the year as weak U.S. economic data, and emerging market jitters have taken a toll on global equities, spurring demand for bullion – often seen at times of uncertainty as a safe haven. Gold is up 10% this year after a 28% drop in 2013, while silver has gained more than 12%. The price of the yellow metal has broken well above its 50 day moving average, has traded above the 100 day moving average and has also closed above the 200 day moving average as well as the key resistance of $1,300/oz. These positive signs suggest that the upside could continue. The price of gold began last week on a firmer note and then after vacillating for most of the day on Tuesday, prices rallied after Federal Reserve Chair Janet Yellen pledged to continue to maintain the monetary policies set by her predecessor Ben Bernanke. In her first testimony before Congress, Yellen said. "His leadership helped make our economy and financial system stronger and ensured that the Federal Reserve is transparent and accountable." When speaking about the economic recovery, monetary policy and the financial systems Yellen expressed optimism about developments in recent months, but also made it clear work must be done to meet the Federal Open Market Committee's objectives for the economy. With regard to the poor employment figures released last month as well as the month before that, she acknowledged that recovery in the labour market was "far from complete." Echoing Bernanke's insistence that the FOMC is looking to a 6.5% unemployment rate as a threshold rather than a trigger, Yellen added. "The unemployment rate is still well above levels that Federal Open Market Committee (FOMC) participants estimate is consistent with maximum sustainable employment. Those out of a job for more than six months continue to make up an unusually large fraction of the unemployed, and the number of people who are working part time but would prefer a full-time job remains very high. These observations underscore the importance of considering more than the unemployment rate when evaluating the condition of the U.S. labour market." Looking to the upcoming FOMC meeting in March, Yellen, said she and other members will take time to assess these reports, as well as the February jobs numbers and other data when determining their next move on asset purchases. Only a "notable" change in outlook would cause the FOMC to pause the current course and only a "deterioration" in outlook would cause it to increase the amount purchased. On the subject of policy, Yellen reaffirmed her support of current strategy. "Accommodative financial conditions," she said, "support consumer spending, business investment, and housing construction, adding impetus to the recovery." Assuming labour markets and inflation continue improving at their present pace Yellen said the FOMC will likely continue cutting its purchases of agency mortgage-backed securities and longer-term Treasury securities by a combined $10 billion per month. Noting that purchases are not on a pre-determined course she added, "the Committee's decisions about their pace will remain contingent on its outlook for the labour market and inflation as well as its assessment of the likely efficacy and costs of such purchases." Meantime, last week, Bank of England, Governor, Mark Carney, pledged to keep interest rates at a record low in a recasting of forward guidance to combat persisting slack in the British economy. "The first phase of guidance gave businesses confidence that bank rate would not be raised at least until jobs, incomes and spending were growing at sustainable rates," Carney said. "As guidance evolves, that remains the case: the Monetary Policy Committee will not take risks with the recovery." In its report, the BOE said it expects fourth-quarter GDP growth will be revised up to 0.9% from the 0.7% estimated by the statistics office. It forecast a similar pace of expansion this quarter. For the full-year 2014, it raised its projection to 3.4% from 2.8% in November. The pound rallied strongly against the US dollar after the bank released its forecasts. While the BOE offered an upbeat outlook, saying it expects the recovery to become "more entrenched and more broadly based," it added that any rate increases are likely to be gradual. "The legacy of the financial crisis and the persistence of economic headwinds mean that interest rates may need to remain at lower levels for some time to come," the BOE said. "Even when the economy has returned to normal levels of capacity and inflation is close to the target, the appropriate level of bank rate is likely to be materially below the 5% level set on average by the committee prior to the financial crisis." On inflation, the BOE lowered its projections throughout the forecast period, reflecting smaller-than-expected increases in utility prices and a stronger pound. Sterling has risen about 6.5% against the dollar in the past six months. "The inflation environment is more benign than we had anticipated," Carney told reporters, citing subdued global prices, falling commodity costs and a strengthening of the pound. "All of these developments will hold back imported inflation pressures that have to a great extent explained the above-target inflation over the past five years." The BOE sees inflation slowing to as low as 1.7% in the second quarter of 2015, based on market interest-rate expectations. It will gradually accelerate after that, reaching 1.9% in 2016 and staying around that level. Once again, when it comes to gold, news from China portrays a very positive outlook for the yellow metal, unlike reports published in most of the Western media. In an article published on Wednesday, February 05, in the Hong Kong Standard, the Chinese Gold and Silver Exchange stated that they expect the price of bullion to stable in the first half this year as the pace of tapering by the US Federal Reserve is still slow. "The price of gold would not move significantly as the pace of the Fed's scaling down of bond buying is slow and there are uncertainties in emerging markets' currency policies," said Haywood Cheung Tak-hay, president of the society. Cheung expects gold to be traded between US$1,200 and US$1,400 per ounce, possibly going to $1600 an ounce. The Society launched Renminbi Kilobar Gold in 2011, making it the first offshore yuan gold product in the world. Cheung said he expected daily turnover to reach HK$30 billion to HK$40 billion, but it recorded only HK$8 billion to HK$9 billion, which was disappointing. The society has paid close attention to the development of the Shenzhen Qianhai area. It is in talks with mainland authorities to set up a warehouse for gold and silver and it is expected to be built in two years. "There are 3,000 to 4,000 gold and jewellery manufacturers in Shenzhen now, so it is necessary to build a warehouse," said Cheung. "I also hope to bring the bullion trading platform to Qianhai." He also recommended that the Shanghai Free Trade Zone should cooperate with Hong Kong and Shenzhen Qianhai, enabling daily gold trading volume to reach hundreds of billions of yuan. Despite calls for lower prices from practically every major bank, the price of the yellow metal is now up by around 10% from the beginning of the year. Gold has now broken above the $1300 for the first time since November last year. This is an important turning point for the yellow metal, and I urge you to consider adding to your portfolio. If you have been waiting to buy your first physical gold, now is a good time to start, as I believe the bull market is making a comeback. If you already own gold, but have been waiting for the right time to add to your position, now is the time. Do not wait any longer. Add physical gold to your investment portfolios. | ||||
| <b>Gold Price</b> In Rands Set To Make All-Time Highs? - Fin24 blogs Posted: 15 Feb 2014 09:36 AM PST South Africans have been generally getting poorer with the recent fall in the value of the Rand. Investing in gold has traditionally been the best way to hedge against the destruction that a falling Rand can cause. Will gold continue to provide South Africans an excellent way to hedge against falling Rand values, as well as, the falling values of paper currencies (like the US dollar and British pound) in general? Currently, the chart for gold as priced in South African rand looks very interesting, and shows that we have reached a key moment. Price is likely to either continue to rise significantly, or fall significantly, from here. The fundamentals for gold (I previously wrote extensively about Gold's bullish fundamentals) clearly suggest that in the medium to long – term gold will rise significantly. However, the short-term can be very volatile and mostly unpredictable. Below, is a 3-year gold chart as priced in SA rands: On the chart, I have indicated how price has been consolidating over a 2 ½ - year period , since making a new all-time high in 2011. Often, when price goes past a significant all-time high, it tends to consolidate for a period before continuing its rise. During this consolidation it can often go as low as tracking back to the previous all-time high (R10 000 in this case). It does not always go as low as the breakout area. (at the previous all-time high), in fact, when the market is real bullish it does not go as low as that previous all-time high. The SA rand gold price chart actually has a history of not tracking back all the way to the previous all-time high. However, on the flip side, there is a head-and-shoulder pattern, which suggests that price could fall significantly over the next couple of months. I have marked the pattern with two S's(shoulder) and an H(head, If this pattern succeeds then price has to fall lower than the blue line, which in turn would mean that price is likely to fall to as low as R10 000, since that is the minimum target price for the pattern. My view is that price is likely to rise significantly from here. If you would like to know more about why I think so, then visit www.hubertmoolman.wordpress.com Warm regards Hubert "And it shall come to pass, that whosoever shall call on the name of the Lord shall be saved" |
Tuesday and Friday brought the biggest gains. Tuesday's jump was primarily fueled by demand from China, after the nation's demand for gold reached its highest level since May.
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