The <b>Gold Price</b> Eased Off One Dollar to Close $1294.60 on the Comex |
- The <b>Gold Price</b> Eased Off One Dollar to Close $1294.60 on the Comex
- The <b>Gold Price</b> Traded as High as $1304.50 Closing Up $8.30
- <b>Gold Prices</b> Today Fighting for Higher Close - Money Morning
- <b>Gold Price</b> Doesn't Fall Despite Dollar Rally – Finally a Show of <b>...</b>
- <b>Gold Price</b> Long-term Forecast Using Statistics & Technical Analysis <b>...</b>
- Putin, Yellen wind <b>gold price</b> bulls | MINING.com
| The <b>Gold Price</b> Eased Off One Dollar to Close $1294.60 on the Comex Posted: 13 May 2014 07:40 PM PDT
The GOLD PRICE eased off one thin paper dollar to $1,294.60 on Comex. Silver emerged victorious with one-quarter cent between its teeth to close at 1950.4c. Silver's range was a colossal 26 cents. Gold ran into selling at its 200 DMA ($1,299.86) but refused to fall lower than $1,289.10. Gold will explode one way or the other soon. What appears to be no interest is more likely balanced force on either side. When one or the other gives way, 'twill move far. The SILVER PRICE spent a day inchworming sideways in a tiny range. It remained today above its 20 DMA (1946c), and continues to trade in a narrow range of 1990c to 1900c. Here, too, silver is coiling for a big move one direction or another. Because both silver and GOLD PRICES keep edging up and pop back every time they are slammed down, my money says they will break out to the upside, and soon. Complacent investors are missing one of this century's magnificent buying opportunities. Today was about like yesterday, only more so, & my concentration is waning because of the rambling roses and my dear wife. Stocks continued to levitate today. Dow and S&P500 both made new highs. Dow rose a tee-tiny 19.97 (0.12%) to 16,715.44 while the S&P500 added an infinitesimal 0.8 (0.04%) to 1,897.45. Meanwhile the Nasdaq Comp, Russell 2000, & Wilshire 5000, nowhere close to all time highs, all fell. Participation is not, as they say, "across the board." This breakout so far does not prove itself as a breakout, and could easily stop here -- or the Dow might add another 100 points. Ultimate high will likely be seen this week or next. I make no prediction, I only watch. Dow in gold rose marginally, up 0.17% to 12.91 oz (G$266.87 gold dollars). This changeth not the chart. Dow in silver rose 0.03% to 855.14 oz (S$1,105.64 silver dollars), but changed nothing there, either. Jumping my bar for confirmation, the US dollar index today leapt 24 basis points (0.30%) to close at 80.19, well above the last high and internal support/resistance. Next barrier is 80.40. Weak economic news from Germany and rumors the German Bundesbank (the former German central bank) would support the ECB in easing sent the euro tanking 0.4% to $1.3689, gapping down again. Methods mentioned to further inflate the euro were paying banks negative interest rates on reserves (in other words, the ECB charging banks to hold reserves) & massively buying packages of bank loans. We suspicious, non-bank yokels recognize this as a method to move rotten loans off the banks' books & onto the ECB's books. I want y'all to push back a minute, take a deep breath, roll your eyes at the ceiling, and think about these ECB easing measures. These are actually adults (chronologically, at least), talking seriously about performing these loony acts with the money supply of a continent. Nothing but goofs & adolescents in charge. Teenagers with nuclear weapons & car keys. Speaking of goofs & adolescents, Little Timmy Geithner has published a book explaining how the 2008 crash was everybody else's fault & his part as O'Bama's pretend Treasury Secretary was perfectly executed. Now little Timmy never worked a day in his life (unless you count a high-level government job working), never met a payroll, never ran a bank, but because he had worked for Henry Kissinger & then Bob Rubin & Larry Summers as a Step-and-Fetch-It in the Treasury Department, was appointed head of the NY Fed just in time to ignore the Big Banks' shenanigans that spawned the 2008 global financial crisis. Little Timmy never noticed anything wrong on Wall Street, imagine that! And Little Timmy was responsible for the "Too-Big-To-Jail" policy that ensured none of his cronies got prosecuted for their roles in the frauds that brought on the 2008 crisis. To such doafs is entrusted the financial well-being of your family. Ain't central banks and government economic control jus' grand? I took my wife Susan to her cardiologist at Vanderbilt in Nashville yesterday because after two heart surgeries (2008 & 2012) she still is plagued with atrial fibrillation, a very fast heartbeat in her heart's upper chambers. Drugs have not solved the problem, so we left yesterday with the verdict that she must either go to the Big Bertha of drugs, amiodarone, or have an ablation. In an ablation they cut the firing fibers in the heart which solves the atrial fibrillation but leaves her dependent on her pacemaker. Better make sure that battery's good. This morning her cardiologist called to tell her that she had called a pacemaker expert who allowed that reprogramming her present pacemaker might give Susan some relief. That she has performed tomorrow. I deeply appreciate your prayers for Susan -- please don't stop yet! Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. © 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.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| The <b>Gold Price</b> Traded as High as $1304.50 Closing Up $8.30 Posted: 12 May 2014 04:31 PM PDT
Today the GOLD PRICE traded as high as $1,304.50, but fell back at Comex close to $1,295.60, up only $8.30. Silver added 42.3 cents to 1950c. Over the weekend the gold price traded down to $1,277.70, but began recovering and today climbed steadily to a $1,304.50 high. Thrice now gold has validated the bottom boundary of an even-sided triangle (forming since mid-April.). If the GOLD PRICE closes above $1,315.80 (last low), it will break out of this triangle. The SILVER PRICE pattern over the last three days followed gold's, with a 1905c low over the weekend and a 1967c high today. Silver has now walked through its downtrend line and closed today above its 1949c 20 day moving average. Most frustrating part of my job is watching investors. Why? Because they love to buy a rising market, especially after it's been rising a long, long time -- precisely when they shouldn't buy. And they hate to buy a low market, especially if it's been low a long time, like silver and gold prices. But the road to riches is not "buy high and sell low," but just the opposite. And nowhere are the nerves wracked more or more courage needed than to buy when it's low, based on your own knowledge and analysis. So I sit here watching investors shun gold and silver at precisely the instant they ought to be buying. I reckon that goes with the territory. Expect silver and gold prices to grind higher through May. Stocks are topping now, although they may make additional marginal new highs. Watch for it. As I've been expecting, Stocks made a new high here in May. Dow today posted a new all time high close at 16,695.47, up today 112.13 or 0.68%. S&P500 joined in, up 18.17 (0.97%) to 1,896.65. But if I owned stocks I would be sore distressed about the non-confirming Russell 2000 and Nasdaq Composite and Wilshire 5000, all many furlongs from new highs. It is instructive for my Tennessee hick mind to gaze upon the Bank Stock Index ($BKX) divided by the S&P500 ($SPX). Lo, since 2011 late Bank Stocks have outperformed the S&P500, yea, even these very scoundrel, bankrupt, Too-Big-To-Fail- Too-Big-To-Jail banks. A clearer sign of faith in the financial system would be impossible to imagine than faith in these parasitic behemoths. Behold! the spread broke down early in April, or, in English, the S&P500 began outperforming the Bank Stock Index. Lo, also instructive to my benighted mind, which lives so far back in the woods that I have to order sunlight from Sears and Roebuck: Divide the Bank Stock Index by Gold. Since (as you would expect) the gold peak in August 2013 bank stocks have outperformed gold as faith in the (preposterous, ridiculous, jerry-built, predatory, corrupt) financial system solidified. That trend went into high gear in 2013, but turned and broke down in January 2014. It remains in an overall downtrend, and within that downtrend is -- get this -- trending down. What can it all mean? That investor confidence in the financial system is turning down and shifting to gold, and, ultimately that implies, from financial to tangible assets. In case you're wondering, the BKX has turned down against silver as well. But what do I know, a durned nacheral born fool from Tennessee? What's my hick opinion against all them Wall Street Smarties? Last Thursday the head criminal at the European Central Bank (ECB) one Mario Draghi (look for his picture coming in post offices soon) announced he would begin inflating the euro more. As usual, he announced no real move but only jawboned, but that was enough to break the euro's back. Friday the US dollar index shot up 45 basis points to end at 79.93. The euro's uptrend was crushed. The Yen was indifferent. Today the US dollar index rested quietly in a narrow range and rose only 2 basis points to 79.95. The euro fell another 0.1% to $1.3757, while the Yen dropped slightly (0.25%) to 97.92. Dollar should remain strong for several months, although technically it must still close above 80.20 to confirm its reversal. Before we turn from stocks, let it be noted that in spite of new all time highs in the Dow and S&P500, the Dow in silver did not rise but fell. The Dow in Gold rose only 0.2%, and is nowhere near its all time high (13.80 oz or G$285.27 gold dollars). 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Prices</b> Today Fighting for Higher Close - Money Morning Posted: 09 May 2014 10:02 AM PDT Global central banks and geopolitical concerns guided gold prices this week - mostly lower. Yellow metal prices bucked the trend Friday and were modestly higher in morning trading.
Should gold prices finish higher today (Friday), it would be the first positive session for the yellow metal in the last four trading days. The week didn't start out too punishing for gold, with prices slipping just $0.70 to $1,308.30 on Tuesday. But, selling gained momentum Wednesday, thanks to U.S. Federal Reserve Chair Janet Yellen. Gold Prices React to Fed - AgainThe mid-week slide came as Yellen presented an overall optimistic assessment of the U.S. economy in her testimony to Congress. The Fed Chief also reaffirmed the central bank's commitment to continue winding down quantitative easing (QE) measures, which have been a catalyst for gold prices since 2008. "As long as we continue to see improvement in the labor market and we believe the outlook is for continued progress, and as long as we continue to believe and see evidence that inflation will move back up over time to our 2% longer-run objective, we anticipate continuing to reduce the pace of our asset purchases in measured steps," Yellen said. Following Yellen's comments that economic data suggests a rebound in consumer spending and business production, "putting the overall economy on track for solid growth in the current quarter," the gold price fell below the key $1,300 level and stocks (risk-on trades) ticked higher. June gold, the most active yellow metal contract, dropped $19.70, or 1.5%, to $1,288.90 an ounce Wednesday. Gold prices have been pressured over the last several weeks amid the ongoing taper, which sets the stage for an eventual interest rate increase sometime next year. Gold, an alternative asset, struggles when interest rates rise and interest-bearing investments are more appealing to income seekers.That pressure hung around Thursday, with gold futures ending lower for a third consecutive session. After trading as high as $1,295.50, and as low as $1,284. 80, gold for June delivery finished Thursday's session in New York down $1.20, or 0.1%, to $1,287.70 an ounce. Weighing on gold prices Thursday were comments from European Central Bank President Mario Draghi that a "moderate recovery" is continuing in the euro area. Real gross domestic product rose 0.2% in the region's 2013 final quarter, marking the third consecutive quarter of increases. Moreover, recent indicators suggest the recovery continued in Q1 of 2014 and the start of this year's second quarter. As a result, the ECB left its benchmark interest rate unchanged at 0.25%. There had been speculation the central bank was going to trim rates or announce a round of bond buying with inflation tame (0.7% in April) and the euro rising. Either move would have been bullish for gold. Standard practice to keep a lid on inflation is to raise interest rates. With Europe however facing deflation, not inflation, one solution could be big purchases of government bonds or other assets. Last month, Draghi said the ECB was prepared to engage in assets purchases, akin to QE. "The strengthening of the euro in context of low inflation and still low levels of economic activity is a cause for serious concern in the view of the governing council," Draghi said Thursday. He added "the governing council is comfortable acting next time," but didn't say what action might be taken at the next policy meeting on June 5. Also taking some of the shine out of the gold price this week is a somewhat calmer, yet still simmering, situation in Ukraine. In a meeting in Moscow on Wednesday with Swiss President Didier Burkhalter, Russian President Vladimir Putin said Russian troops have been pulled back. But, Putin noted they've been yanked back to training grounds and secure locations for "regular exercises." Tensions in the region heated up some Thursday when pro-Russian militants in eastern Ukraine opted to go ahead with Sunday's referendum on autonomy, in spite of Putin's call for a postponement. In response to defying the request, Putin presided over military exercises that Russian news agencies said "replicated a massive retaliatory nuclear strike in response to an enemy attack." Friday, Putin arrived in Crimea as the key Ukrainian city held its first Victory Day commemorations since Russia's takeover in late March. Gold's safe-haven status is likely to pick up over the next several weeks with Ukraine's presidential election set for May 25. The presidential vote is vital for national reconciliation after former President Viktor Yanukovych, a Kremlin ally, was toppled in February by pro-Western protesters. There's another, bigger factor that will move gold prices higher in 2014: China. Go here for the details, outlined by guest writer and U.S. Global Investors CEO Frank Holmes. Related Articles: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Doesn't Fall Despite Dollar Rally – Finally a Show of <b>...</b> Posted: 14 May 2014 01:02 PM PDT By: P_Radomski_CFA
Yesterday was another day during which the precious metals sector didn't really decline (just a little) despite a move higher in the USD Index. Let's check if the situation is bullish now (charts courtesy of http://stockcharts.com). Starting with gold, we saw a small move lower, which might appear slightly bullish given that the move materialized on low volume. This might have been a suggestion that the move lower was not the true direction in which the market was moving, but that was not really the case. The above is the case, in general, for an opposite situation – if a given market moves higher on very small volume, then it indicates that the buying power is drying up and that prices are about to move lower. The situation is not symmetrical, because the price doesn't stay at the same level when there are no buyers and no sellers – it declines. In short, yesterday's price-volume action is only slightly bearish. What's more interesting is that the first 2 days of this week are quite similar to the first 2 days of the last week. We saw a sizable decline after this 2-day action last week, so we can say that it's a quite bearish pattern on its own. There was only 1 situation similar to the last 2 days, so the implications are not strongly bearish, but the closeness of the situation and the level of similarity make it bearish. We can actually see a similar kind of 2-day pattern in the GDX ETF. Again, the implications are rather bearish. The mining stock sector is close to the March and April lows, and with each local high being lower than the previous one, it seems that we might finally see a breakdown this month. The precious metals sector usually declines in the middle of May, so we have bearish implications also from this perspective. On the other hand, the bullish fact is that the above-mentioned small-volume decline materialized when the USD Index moved higher and was already after a sizable rally. We previously commented on the USD Index in the following way: The US dollar moved higher in the past few days and it's about to take out the important declining resistance line that stopped the previous rally earlier this year. Once it moves above it, we are likely to see a strong upswing, which could translate into a big decline on the precious metals market. It seems quite likely in our view. The USD Index moved higher and above the declining resistance line. It's now more or less as much above it as it was during the previous attempt to move lower. Since the previous move failed, it seems to us that traders are waiting for some kind of confirmation that this breakout is a sustainable one. As such, it might not have had a bullish impact on the precious metals market just yet. It doesn't mean, however, that we won't see any in the coming days. There have been cases when precious metals' reaction was simply delayed. This could still be the case, and we are not yet convinced that metals are showing true strength here. The short-term USD Index chart reveals that there is one additional resistance lvel that needs to be taken out before the USD can rally much higher – the declining line based on the February and April highs. Once we have the USD Index above this line and the breakout is confirmed, traders should become convinced that the next move in the U.S. dollar is up, and that's when we might see metals and miners finally respond to the USD Index' strength (by declining). Summing up, the outlook for gold, silver, and mining stocks remains bearish, but not extremely bearish, which means that we don't increase the size of the short position just yet. To summarize: Trading capital (our opinion): Short positions (half) in: gold, silver, and mining stocks with the following stop-loss orders: - Gold: $1,326 Long-term capital (our opinion): No positions You will find details on our thoughts on gold portfolio structuring in the Key Insights section on our website. As always, we'll keep our subscribers updated should our views on the market change. We will continue to send them our Gold & Silver Trading Alerts on each trading day and we will send additional ones whenever appropriate. If you'd like to receive them, please subscribe today. Thank you. Przemyslaw Radomski, CFA Founder, Editor-in-chief Tools for Effective Gold & Silver Investments - SunshineProfits.com * * * * * About Sunshine Profits Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and best silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing. Disclaimer All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
© 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Long-term Forecast Using Statistics & Technical Analysis <b>...</b> Posted: 14 May 2014 01:09 PM PDT By: Chris_Vermeulen
Since the top in gold in 2011 gold has selling off. Depending on how you analyze the market, this 3 year sell off could be seen as consolidation within a major cyclical bull market or that it's in a bear market. But know this, either way, the outlook is bullish, and all gold has to do is find a bottom here and rally above the $1400 per ounce level. This would kick start a major feeding frenzy of gold buying. Gold bear market in the past have on average corrected 33% and lasted a total of 550 days. So if we look at the stats of the current pullback in gold it has dropped 38% and about 700 days long. Time for a bottom and bull market? It sure seems like it. You can see my recent report on the US Dollar and gold forecast. Gold Prediction Technical Outlook:Gold remains in a down trend, but looks to be starting a possible stage 1 basing pattern. Technical analysis is pointing to strength as the MACD moving higher, relative strength, and the down trendline show price and momentum being bullish. A few weeks ago the chart completed a Golden Cross. This is not shown on the chart, but it is when the 50 SMA crosses above the 200 SMA. Investors tend to look at this as a major long term buy signal, although I do not use it for any of my analysis or timing of the market. If historical data, statistics, and technical analysis prove to be correct we can expect gold to rise. My gold prediction is for price to reach $2300 – $2500 per ounce within 24 months. Gold Prediction Conclusion:The average gold bull market last roughly 450 days and posts a gain of 95%. So with the current correction which is beyond these levels already, expect price to firm up this year and complete the stage 1 base. Note that until gold breaks out of its Stage 1 Basing pattern, I will remain bearish/neutral on the metal. There is a huge opportunities else where unfolding… Join my email list FREE and get my next article which I will show you about a major opportunity in bonds and a rate spike – www.GoldAndOilGuy.com Chris Vermeulen is Founder of the popular trading site TheGoldAndOilGuy.com. There he shares his highly successful, low-risk trading method. For 7 years Chris has been a leader in teaching others to skillfully trade in gold, oil, and silver in both bull and bear markets. Subscribers to his service depend on Chris' uniquely consistent investment opportunities that carry exceptionally low risk and high return. This article is intended solely for information purposes. The opinions are those of the author only. Please conduct further research and consult your financial advisor before making any investment/trading decision. No responsibility can be accepted for losses that may result as a consequence of trading on the basis of this analysis. © 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Putin, Yellen wind <b>gold price</b> bulls | MINING.com Posted: 07 May 2014 11:36 AM PDT The gold price fell $20 on Wednesday, hurt by a combination of renewed confidence in the strength of the US economy from the Federal Reserve and a conciliatory tone from Russia over the conflict in Ukraine. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,286.60 an ounce in early afternoon dealings, at the lows of the day and down $20.00 from yesterday's close. Gold's status as a hard asset and safe-haven during times of turmoil was tarnished after Russian President Vladimir Putin assured NATO and the Pentagon that the country had withdrawn its soldiers from the border with Ukraine: "We're always being told that our forces on the Ukrainian border are a concern. We have withdrawn them. Today they are not on the Ukrainian border, they are in places where they conduct their regular tasks on training grounds," Putin said. Putin's words were met with widespread skepticism, but gave traders an excuse to take some profit in gold which touched a three week high on Monday. US Federal Reserve Chairman Janet Yellen delivered another body blow to gold when in testimony to the US Congress on Wednesday, she said the US economy was on track for "solid growth" during this quarter after weather affected Q1, signalling that interest rates may start to rise sooner than thought. Yellen also said that the world's largest economy still needs "high degree of monetary accommodation" referring to the central bank's stimulus program. The Fed is in the process of winding down the program by the fall after flooding markets with in excess of $4 trillion of easy money. Better yields from US government securities prompts investors to move out of gold which produces no income. A stronger US economy also attracts dollar buying and diminishes gold's allure as a hedge against inflation and storer of wealth. Investors also continued to pull money out of the SPDR Gold Trust (NYSEARCA:GLD), the world's largest physically-backed gold ETF accounting for over 40% of total holdings in the industry. Holdings in GLD continued to slide in May after 24 tonnes worth of net redemptions in April. Holdings now stand at 782.85 tonnes or 25 million ounces, the lowest level since January 2009. After an atrocious 2013 when GLD recorded only 17 days of inflows and almost 540 tonnes left the fund, the tide seemed to have turned early in 2014. But after peaking at 821 tonnes in March, GLD investors started taking profits after the gold price hit a wall around $1,380 an ounce. Buying of gold ETFs trust – fondly referred to as the people's central bank – since 2003 when the first of its kind was launched in Australia played a huge part in gold's 12-year bull run. Gold bullion holdings in global ETFs hit a record 2,632 tonnes or 93 million ounces in December 2012. But last year the world's more than a 50 physically-backed exchange-traded gold funds and scores more gold futures-based trusts experienced outflow of some of 880 tonnes collectively. As gold declined 28% over the course of 2013 precious metals investment vehicles suffered depreciation in value of close to $80 billion. |
As has been the case over the last several weeks, precious metal traders took long positions ahead of what could be a volatile weekend in Ukraine. At last check, June gold was quoted higher by $5.50 at $1,293.30 an ounce. Spot gold was up $1.80 to $1,292.60.
Briefly: In our opinion speculative short positions (half) are justified from the risk/reward perspective in gold, silver, and mining stocks.
Here is my gold prediction (silver and gold mining stocks, should be the same) looking forward 24 months.
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