Gold price | The <b>Gold Price</b> Added $3.60 Today for a Comex Close at $1284.20 |
- The <b>Gold Price</b> Added $3.60 Today for a Comex Close at $1284.20
- Silver and <b>Gold Prices</b>: The <b>Gold Price</b> Lost $7.40 Today and Closed <b>...</b>
- Dave Kranzler reports on the latest manipulation of the <b>gold price</b> <b>...</b>
- <b>Gold Price</b> In Ukraine 75% Higher In 2014 | Gold Silver Worlds
- Sliding Chinese currency takes blame for <b>gold price</b> weakness <b>...</b>
- ABG delivers higher Q1 gold output, lower <b>gold price</b> drags revenue <b>...</b>
| The <b>Gold Price</b> Added $3.60 Today for a Comex Close at $1284.20 Posted: 23 Apr 2014 04:17 PM PDT
The GOLD PRICE added $3.60 today for a Comex close at $1,284.20. Silver closed Comex up 7.9 cents to 1943c. Ranges today were tiny, the GOLD PRICE range was $8.70 and the SILVER PRICE range was 17 cents, but their gains bring little comfort. The overlapping trading simply doesn't depict a rally, but correction without much conviction or direction. I'm still guessing that the downside risk for the gold price probably isn't more than $14 from here. Silver on 15 April made a low at 1922c, and another on 21 April at 1923c. That might have fulfilled the downside thrust, but we might still witness a V-move to 1900c. In any event, all that is my anticipating, since neither market has yet flashed a signal it is turning up. Be patient here, but don't go to sleep. I bought a good bit today to balance my own position. I don't think there's too much downside risk here, and I certainly don't want to be short. Markets are drifting, without much conviction one way or the other. Like a torpid snake, though, that can change any time. On narrow ranges today stocks turned down, slightly. Dow abdicated 12.72 (0.08%) to a 16,501.65 close. S&P500 dropped 4.16 (0.22%) to close at 1,875.39. Since markets don't make triple tops (or bottoms) but usually break through that barrier to continue higher, we can probably expect a higher top in stocks. However, the charts don't speak unequivocally. As they rise in seniority from Nasdaq Comp to S&P500 to the Dow, they look better. First two are in downtrends, Dow has moved sideways, yet the overall uptrend says they will move yet higher, unless a breakdown is confirmed. That would require universal closes below the 200 day moving averages. Dow in gold inched down 0.19% to 12.85 oz (G$265.63 gold dollars). Dow in Silver hooked down 0.232% to 848.94 oz (S$1,098.91 silver dollars). That probably does not mark the top, although yesterdays 851.70 oz was awfully close to the 853.66 oz (S$1,103.72) December 2013 high. Yet the high lieth not far away. US DOLLAR INDEX fell 4 basis points, nothing really, but it has been repulsed trying to climb above the 20 and 50 day moving averages, to its shame revealing its weakness. One of these days the dollar will do something, but probably not tomorrow. Drifting sideways. Euro rose a little today, 0.8% to $1.3817, but not enough to break above its downtrend line. Not enough to sneeze at, in fact. Yen is tippy-toeing back and over its 50 DMA. Rose 0.1% to 97.57 cents per Y100, going nowhere. - 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>: The <b>Gold Price</b> Lost $7.40 Today and Closed <b>...</b> Posted: 22 Apr 2014 05:10 PM PDT
Since I took off during Holy Week and Easter Monday, I'll give y'all a report today for the last week, which may set our minds straight for the rest of the week. The GOLD PRICE lost $7.40 today and closed Comex at $1,280.60. Silver gained -- get ready -- one cent to close at 1935.1 cents. Silver and gold price momentum is down, clearly, but without a lot of conviction. That is, they are running out of downward steam. A ratio today at 66.177 shows that the SILVER PRICE has played the weak sister. I expect the GOLD PRICE might hit $1,270 before it turns and silver 1900c. Dow below silver must not drop below 1890c nor gold below $1,260. Clear rally confirmations occur when gold betters $1,331.40 and silver 2050c. Think of silver and gold (and stocks) as a huge bus turning -- it's a slow, tedious business. Unless prices gainsay it, my operating interpretation remains that the June - December lows constituted a double bottom, and silver and gold won't again drop below those prices. Before I start on markets, I've got to hack up a bone. This morning I was driving from my home (The Shoe) to the office torturing myself by listening to National Pompous Radio, a.k.a., National Proletarian Radio. As I listened to their advertisement ( it couldn't properly be called a newscast) for extending early childhood education, a.k.a., pre-pre-pre-kindergarten, I realized that every single clause was a propaganda lie. Yes, it was all outright lies, presented as if it were truth. They claimed that institutionalizing little children at an earlier age would somehow pay "benefits." (Remember how much you liked going to school as an intimidated six year old? Imagine how much more fun that would be as a 4 year old.) They called these expenditures of tax funds extorted at gunpoint from citizens "investing." They called all this "free" when clearly somebody must pay for it. Every claim was manifestly untrue as a matter of fact. All this is presented without every asking, indeed, to avoid enabling anyone to ask, the threshold question, Is any of this necessary? Is public education (really "state-run child indoctrination force-paid by taxpayers") really necessary? Why is it a crime for private people to kidnap children and indoctrinate them, but not for the state? Then to pour salt in my bleeding intellectual wounds, they call this "democracy." But then again, maybe that's the ONLY true thing they said. Hack, hack! Okay, that bone's out of my throat, let's move to markets. Stepping back form the charts a little, the silver and gold rally that began the year has cycled downward and stocks that were falling have turned up. Play this out against the backdrop of a probable double bottom (June 2013 - Dec 2013) closing the long correction in silver and gold, and a 300 year cyclical top coming in stocks probably in May. In monetary terms the Fed since 2008 has roughly quadrupled the US money supply, but has managed to (1) make the banks balance sheets whole, the true aim of Quantitative Easing and (2) quarantine most of the inflation out of consumer prices and into asset prices (stocks) and bank reserves. By manipulating stocks higher by inflation, the Fed has set the stage for a worse crash to come, and enormously higher silver and gold prices. Currency markets are drifting sideways in broad ranges, which probably reflects the terror of the Nice Government Men and central bank criminals. Above all things, they want stability. But the trump card in the reasoning process that tries to make sense of all this is, WHAT HAS CHANGED? WHAT IS ABOUT TO CHANGE? What voice of reason is calling for economic, government-budget, monetary, or financial market reform? Where is that Solon who will straighten this out? He ain't in the US congress, and he ain't in the European parliament, and if he's anywhere he's sure enough well camouflaged. As long as a cause continues, it begets the same outcome. The causes have not changed, so the outcome will not change. That puts the world's strongest powers -- governments and central banks -- squarely on the side of silver and gold investors, because they have proven through crisis after crisis that they will inflate until they die, and inflation drives silver and gold higher. Now in the shorter term . . . After a brutal correction stocks are approaching again their last highs. May could see them exceed those old highs, but the end of stocks draweth nigh, and 'twill be bloody. In the last week the Dow rose 1.5%, the S&P500 2%. Dow today rose 65.12 (0.4%) to 16,514.37. S&P500 climbed 7.66 (0.41% to 1,879.55. The last week's stock strength and metals weakness has played hob with the Dow in Gold and Dow in silver. Thanks to lagging silver the Dow in Silver has risen nearly to its high for the move seen at December's end, 853.15 oz. Today it closed at 851.70 oz (s$1,101.19 silver dollars). It appears to be in the last leg of its rise, and could easily rise to a new high for this move, say, 870 oz (S$1,124.85). Dow in Gold chart offers a different pattern. From December to the March low, the Dow in gold fell from 13.8 oz to 11.62, then recovered by 1 April to 12.92, about 2/3 of the fall before. It fell again, to 12.16 oz in mid-April, and now has rallied today to 12.87 oz (G$266.05 gold dollars). I expect it will rise a bit further, but not to a new high. In the last 12 days the US dollar index has fallen nearly to the last low, then recovered. Right now it's stymied at the confluence of the 20 and 50 day moving averages (80.07 and 80.06), staring at 'em like a calf staring at a new gate. After rising six trading days, the dollar fell back today 5 basis points to 79.99. Basically the buck has been range-trading since August, but in the last two months the range has narrowed and weakened. The manic-depressive euro has been Range-trading, too, but hasn't been able to make good its upside escape. Today at $1.3805 it's above its 20 and 50 DMAs, but within a downtrend of lower highs and lower lows. Nothing to cheer about there. Yen has been perfectly range bound, 99.24 - 96.05, in a slightly declining channel since 1 February. Presently it is crumpling yet again. Recall that all the central banks' and the US government's grand plans hang upon one slender hook: suppressed interest rates. 10 days ago it looked as if the 10 year treasury note yield would break down, but it caught and scrabbled its way out of danger. Today it closed 2.726%, up 0.18%. Last June it broke out to the upside, and although it lapsed into a consolidating range the rest of the year, the longer trend points up. Higher interest rates will tear all those grand plans off the hook and shred them. - 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dave Kranzler reports on the latest manipulation of the <b>gold price</b> <b>...</b> Posted: 15 Apr 2014 12:26 PM PDT Copyright .© Paul Craig Roberts 2014.- Please contact us for information on syndication rights. This site offers factual information and viewpoints that might be useful in arriving at an understanding of the events of our time. We believe that the information comes from reliable sources, but cannot guarantee the information to be free of mistakes and incorrect interpretations. IPE has no official position on any issue and does not necessarily endorse the statements of any contributor. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> In Ukraine 75% Higher In 2014 | Gold Silver Worlds Posted: 21 Apr 2014 09:56 AM PDT As we have repeated over and over again, gold should primarily act as an insurance policy which protects your purchasing power during a currency crisis. And despite the fact that most economic pundits want us to believe there is an economic recovery, the truth of the matter is that the recovery is very weak; the economy remains fragile. Apart from that, a global currency crisis is playing out and it will probably hit most of the currencies in the years ahead. Recently, in the heat of the emerging market crisis, we wrote Gold Price Exploding In Emerging Markets. The charts in the article show the explosive price action in local currencies of the emerging markets that were hit hardest. That's the insurance policy in action. Another "real time" example of the inverse correlation between currency and gold is Ukraine. Their currency, the Hryvnia, has been in free fall in 2014. It is the world's worst performing currency this year. The following chart shows how the Hryvnia has been devalued significantly against the USD in 2008/2009, from 0.22 to 0.12. It remained rather stable until 2014, as the currency collapsed from 0.12 to 0.08 since the start of this year. At the same time, the price of gold in Hryvnia went from 4,000 to 8,000 in 2008/2009. Since the beginning of this year, Hryvnian gold exploded from 10,000 to 17,444 last week. One could easily observe that this is an example of runaway inflation, even hyperinflation. In such a situation, gold is known to hold its value. It proves that people do not hold gold to have more value in terms of a currency. Rather, one holds gold as monetary insurance to preserve its purchasing power when things turn out bad. Those owning gold in Ukraine can make use of it in the coming months to buy the same amount of products like food and fuel as before. Some could use this crisis as an opportunity and buy land or businesses to generate future income. The irony in this story is that Ukraine had doubled their official gold reserves, from 20 tonnes to 40 tonnes, over the course of the past decade. With the recent tensions between Russia and Ukraine, the United States stepped in and "rescued" the gold reserves of Ukraine. Some weeks ago, pro Russian newspaper, reported that orders were given by one of the "new leaders" of Ukraine to transport all the gold reserves of the Ukraine to the United States. Or, as Zerohedge observes rightfully, "the best source of validation, and refutation, of this story would be the people of Ukraine, alas since not even Americans are entitled to observe how much gold is in Fort Knox, somehow we doubt that the Central Bank of Ukraine will be any more lenient in providing visiting and viewing hours for its much more compact gold inventory. Especially since the local population is far more busy celebrating its "liberation" by western powers." | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sliding Chinese currency takes blame for <b>gold price</b> weakness <b>...</b> Posted: 18 Apr 2014 03:03 PM PDT The price of gold ended the holiday-shortened week below the psychologically and technically important $1,300 level, losing almost 2% since Monday. The sell-off was blamed on an easing of tensions between Russia and the West over Ukraine after marathon diplomatic talks on Thursday. The gold price was also hurt by renewed profit-taking ahead of the Good Friday long weekend when many markets in the West are closed for trading. Investors continued to pull money out of the SPDR Gold Trust (NYSEARCA:GLD), the world's largest physically-backed gold ETF accounting for some 40% of total holdings in the industry. A new report suggests there may be other reasons for the recent weakness in the yellow metal: The slide in the value of the Chinese currency, the yuan, to levels against the US dollar last seen in February. Copper being used in China as collateral for loans and to bypass the country's capital control regulations has long been a staple of the industry. With the tight credit conditions inside the country, the practice has spread to iron ore and gold. Some estimates put the the portion of copper stockpiles used in finance deals as high as 80%, while 40% of iron ore inventories could be tied up for trade credit. This week a report by the World Gold Council said Chinese firms could have locked up as much as 1,000 tonnes of gold in financing deals. DailyFX explains the dynamic of how this could push down the gold price: "The highest USD/CNY fixing rates in months may have forced the unwinding of some extremely overleveraged positions. Although the systems of financing are often complex as we saw with copper, gold has been used for some even more complex and lucrative structures surrounding the skirting of capital controls. "In regards to the depreciating Yuan, political pressure continues to build with Treasury officials warning the Chinese not to weaken the Yuan for their economic benefit. Meanwhile, the daily reference rates out of the PBoC continue to move higher toward the ominous 6.25 mark. That is said to be the level where a large concentration of leveraged financial vehicles may experience some serious stresses." Another indication that there may be lots of gold on offer in China is the disappearance of premiums paid on the Shanghai Gold Exchange. From premiums that topped out at $37 when gold was trading around $1,200 last year, traders are now offering gold at a discount or a couple of dollars above to the quoted London spot price. Driven in part by a weakening yuan discounts on gold in China widened to as much as $9 an ounce below when the price were headed towards $1,400 in March. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ABG delivers higher Q1 gold output, lower <b>gold price</b> drags revenue <b>...</b> Posted: 24 Apr 2014 12:43 AM PDT JOHANNESBURG (miningweekly.com) – London-listed gold producer African Barrick Gold (ABG) says it has started the new financial year stronger, with the first quarter of 2014 delivering higher production and lower all-in sustaining costs. The Tanzania-focused group on Thursday reported gold output of 168 375 oz during the quarter under review – an 18% rise on the first quarter of 2013. The achieved all-in sustaining costs of $1 131/oz during the quarter was 3% lower than the fourth quarter of 2013 and 28% lower than the first quarter of 2013. "We have delivered another strong set of results … [and] remain on track to achieve our guidance of [between] 650 000 oz [and] 690 000 oz of gold production at all-in sustaining costs an ounce of between $1 100 and $1 175," ABG CEO Brad Gordon said. However, while the 159 384 oz of gold sold during the period was 10% higher than the corresponding quarter last year, a 19% lower average realised gold price of $1 303/oz resulted in a 12% drop in revenue to $216-million and a 21% decline in earnings before interest, tax, depreciation and amortisation (Ebitda) to $65-million. Net earnings for the first quarter increased 8% to $22.4-million, or 5.5c a share, compared with the first quarter of 2013, and after sustaining capital, ABG generated cash flow from operations of $13.3-million. ABG also cut total capital expenditure 47% to $55.7-million during the three months to March 2014. "As a result of our continued cost discipline, we generated positive cash from the operations during the quarter and continue to expect to be cash-flow positive for the full year," Gordon said. The group ended the quarter with a cash position of $254-million. "We remain committed and on track to deliver against the $185-million cost-saving target as previously set out and reflected in our all-in sustaining cost guidance," Gordon added. Further, he pointed out that ABG was progressing the ongoing review of its core mining areas, which was expected to deliver further efficiencies and cost savings "throughout 2014 and beyond". Meanwhile, the gold producer on Thursday approved the next step in optimising production levels at its Bulyanhulu operation, in Tanzania, through the acceleration of mining from the Upper East zone. "One of our key aims for this year is to demonstrate the potential that exists at Bulyanhulu and to ensure that the production base is more representative of the scale of the reserve base," Gordon said. The company would inject about $15-million to deliver initial production from the zone within three months. Gordon noted that the zone would produce 1.7-million ounces of gold – averaging 60 000 oz/y – over 25 years at all-in sustaining costs of $900/oz. The first phase of development comprised the ordering and mobilisation of the equipment required for the underground development to start in the first half of 2014, with first ore expected to be mined soon thereafter. The second phase, expected to kick off in 2015, would see the start of a $20-million process plant expansion to increase plant capacity from 1.1-million tonnes a year to 1.3-million tonnes a year by 2016. Further, ABG would, in 2017, embark on the two-year construction of a box cut over the shallower portion of the Upper East zone. "The box cut will be the location [of] a second decline [and] will be developed to open up the shallower reserves on Reefs 1 and 2," explained Gordon. ABG would also continue, throughout the second quarter of 2014, commissioning the carbon-in-leach expansion at the mine, which, together with the acceleration of the Upper East zone and the mined grade improvement, would provide "a clear path" to increase output from Bulyanhulu to over 350 000 oz/y by 2015. Edited by: Creamer Media Reporter To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now. |
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