The <b>Gold Price</b> Shot Skyward, up $17.10 to Close at $1316.70 |
- The <b>Gold Price</b> Shot Skyward, up $17.10 to Close at $1316.70
- <b>Gold Price</b> Biggest Down Day of 2014 | Gold Silver Worlds
- <b>Gold Price</b> Sharp Consolidation :: The Market Oracle :: Financial <b>...</b>
- <b>Gold prices</b> surge after Malaysian Airlines flight MH17 shot down <b>...</b>
- <b>Gold Price</b> Dips 3.2% to Rs 29190/10 Gram in 2013-14 - NDTV Profit
| The <b>Gold Price</b> Shot Skyward, up $17.10 to Close at $1316.70 Posted: 17 Jul 2014 04:17 PM PDT
Before y'all go to jubilatin' and opening bottles, let me caution that these safe haven rallies last only about as long as the crisis dominates the headlines. More to the point, most corrections play out in an A-B-C wave counter to the main trend. If a market is correcting a rally, the correction will drop sharply ("A"), then rally, often as high as the point where the rally began ("B" waves can be stronger than a garlic milkshake), then finish the correction with one more fall ("C") usually to a lower low. As I said above, "cause" here should really be called "catalyst" for a move already in the market. It's sort of like my dear wife: if she wants to eat out, she will FIND a reason. So today's rally was a B-leg in a correction. It took the SILVER PRICE above its 20 DMA (2106c), good, good, but it remains in a downtrend until it climbs higher than 2163c (last peak). The GOLD PRICE punched through its 20 DMA on the way up, hit its downtrend line from October 2012, then backed off to close just below that 20 DMA ($1,319.77). Again, a close higher than $1,346.80 (last peak) is necessary to call the correction over. Of course, if today's events precipitate World War III, all bets are off and you'd better buy all the gold, silver, ammo, and dehydrated food you can afford. A Chinese proverb says, "When the pupil is ready, the teacher appears." Of markets we might also say, "When the market is ready to turn, the cause appears." At least, that's what "technicians" argue against "fundamentalists," namely, that everything the market knows is already in the price, so for a market ready to turn, almost any old cause will do. Lo, I am not that radically given to technical analysis, but the Dow today furnishes a case in point. "Overbought" does not even begin to describe the state of stocks, and they have been for a long time. Yesterday to the cheers of the unthinking, the Dow rose again and I reckon everybody tucked himself in bed thinking tomorrow would be like today, only more so. Only, it wasn't. Today was the day a market looking for a cause to turn down (Stocks) met a cause sufficient (Malaysian Airlines plane shot down by a missile over the Ukraine). Stocks sank like your Rolex watch into the Greers Ferry Lake over the side of the bass boat. Dow lost 161.39 (0.94%) to end at 16,976.81, giving back almost all the last three days' gains, closing at the bottom of the day's range, and almost but not quite breaking through the 20 day moving average. S&P500 lost 23.45 (1.18%) to 1,958.12. Along the way it punctured both the 20 DMA (1,967.14) and closed through the top boundary of that rising wedge it left behind since may, AND closed below the bottom border of its upward trading channel wherein it hath dwelt since mid June. Altogether a demoralizing performance. Every indicator I watch is pointing stubbornly down, down. Today's stock tumble helped the Dow in Metals. Dow in gold fell 2.2% to 12.29 oz (GS254.05 gold dollars), below the 50 DMA (13.00 oz or G$268.73) and through internal support at 12.91 oz (G$266.87). 20 DMA stands at 12.85 oz (G$265.63), easily close enough to be crossed tomorrow. Dow in silver dropped 2.37% to 803.29 oz (S$1,038.60 silver dollars), also below its 20 DMA (805.06 oz or S$1,040.89). I want to see this confirmed before I say itfinally has turned down again. I reckon not a single Nice Government Man anywhere in the world got any peace today. They were all staring at computer screens and sweating bullets trying to keep the currency markets from going wild after that Malaysian Airliner was shot down. US dollar index ended at 80.58, down just 4 basis points, nothing. Euro, which stands to lose most by a shooting war next door in Ukraine, actually rose 0.01% to $1.3526. It's still hanging over Grand Canyon by low-test fishing line. Yen benefitted more than the other rotten, nasty, corrupt, wicked fiat currencies. It rose 0.5% to 98.45 and is bumping the top boundary of that old even-sided triangle I've been writing about. Japan is a long ways from Ukraine. In a terrible shoot out in California today, three of four bank robbers were killed along with two of three hostages. You really have to wonder how anybody could be stupid enough to rob a bank. Banks have no money. For the last 40 years, they haven't kept much currency on hand, either, rarely as much as $10,000. I had a customer who panicked half his state a few years ago when he went into the bank and told 'em he wanted every bit of his $300,000 right there on the counter. He was told they didn't keep that much on hand, and they'd have to order it from the Fed. Fine, he said (he's pretty feisty), order it! I still laugh when I think how those bankers' faces must have looked. 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 Price</b> Biggest Down Day of 2014 | Gold Silver Worlds Posted: 14 Jul 2014 02:30 PM PDT The price of gold experienced today the sharpest price decline of 2014. Although it was usual to see these corrections last year, they have been scarce in 2014. Gold futures in USD closed 2.18% lower on the day while silver futures in USD declined 2.24%. The encouraging news for precious metals bulls is that gold and silver declined to the same extent. If silver would lead gold lower, it would have been worse. The hourly price chart shows today's waterfall decline. The gains built up over 3 weeks have been lost in a matter of hours.  The hourly gold chart shows the cascading fall of today, July 14th The daily price chart is shown below. Purely from a chart perspective, it is interesting to note that gold was able to rally past the (minor) peaks of mid-April and early May. However, the rally, for now, stalled between the April and March high, approximately at the November 2013 peak. A head-and-shoulder pattern could be in the making, but given the solid chart formation it is more likely that gold will move higher in the weeks ahead, at least challenging the April 2014 peak.  Daily gold chart shows no technical damage yet If gold would be able to get past the September 2013 highs, close to 1450 USD, we could be sure of a new bull market. Only time will tell if and when that will be the case. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Sharp Consolidation :: The Market Oracle :: Financial <b>...</b> Posted: 18 Jul 2014 10:28 AM PDT By: Alasdair_Macleod
This negative action occurred at the same time as a new banking crisis was developing in Portugal, with Banco Espirito Santo getting into financial difficulties. For many gold traders, this suggested these large sales were price intervention to maintain confidence in the financial system. For this to be true, Open Interest would have expanded on Comex reflecting new opening bear positions. As the chart below clearly shows this cannot have been the case. With Open Interest contracting, the only conclusion has to be these large sales were speculators taking profits. This is an extremely important signal, because the sales are evidence that big speculative money is now accumulating gold positions on price dips instead of shorting gold on price rises. While there can be little doubt that the sales were done in such a way that they drove the price lower, what we did not see was the gentle accumulation of long contracts that preceded them. And why would these speculators drive the price lower? To accumulate long positions again. It does not appear to have been a bullion bank, because bullion banks have been going short in recent weeks: we know this from the Commitment of Traders reports. More likely it was a managed fund, which I expect will be confirmed on the Commitment of Traders numbers tonight in UK time. I shall tweet the evidence on @goldmoneynews when available. This being the case, we can expect growing numbers of speculators and hedge funds to accept that the trend has finally turned bullish, so we can climb the "wall of worry" that is the early stages of a decent bull market. The developing bull-run looks like turning into a squeeze on the bullion banks themselves. The non-US banks, according to the last Bank Participation Report, were net short 62,099 contracts, which compares with a record of 78,564 in October 2012. They got away with their short exposure then, but conditions are very different today and they may be forced to cover. This morning initial price movements for gold and silver are weaker at the European opening, while most other markets have steadied. If my analysis is right, then we can expect prices to steady during the day, with buyers looking to buy into the dip. One key metric to watch will be the USD/JPY rate, with a dip below ¥101 putting adverse pressure on carry trades. Monday. No material announcements scheduled. Tuesday. Japan: All-Industry Activity Index, Leading Indicator. UK: Public Borrowing. US: CPI, Retail Sales, Existing Home Sales. Wednesday. UK: BBA Mortgage Approvals, CBI Distributive Trades. Eurozone: Flash Consumer Sentiment. Japan: Customs Cleared Trade. Thursday. Eurozone: Flash Composite PMI. UK: Retail Sales. US: Initial Claims, Flash Manufacturing PMI, New Home Sales. Japan: CPI. Friday. Eurozone: M3 Money Supply. UK: GDP (3rd est.) Alasdair Macleod Head of research, GoldMoney Alasdair.Macleod@GoldMoney.com Alasdair Macleod runs FinanceAndEconomics.org, a website dedicated to sound money and demystifying finance and economics. Alasdair has a background as a stockbroker, banker and economist. He is also a contributor to GoldMoney - The best way to buy gold online. © 2014 Copyright Alasdair Macleod - All Rights Reserved © 2005-2014 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold prices</b> surge after Malaysian Airlines flight MH17 shot down <b>...</b> Posted: 17 Jul 2014 09:02 AM PDT The price of gold has risen more than $20 since the first reports that a plane was shot down in Ukraine by a surface-to-air missile, killing 295 passengers and 15 crew.  gold intraday chart Gold, bonds and the yen are the traditional safe havens in times of geopolitical fear. That's exactly what we're seeing now. The initial reaction is always a flight to safe assets while the details are sorted out. The question traders are asking now is: What are the consequences? Does it put more pressure on Russia? Is that a good thing to end the separatist conflict? How will Malaysia, NATO and the US respond? Normally, I always like to fade fear but there are some legitimate reasons to be fearful and stay in safe assets here. Categories: All, Americas, Gold, Regions | Tags: Gold, malaysian airlines | Permalink  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold Price</b> Dips 3.2% to Rs 29190/10 Gram in 2013-14 - NDTV Profit Posted: 11 Jul 2014 03:07 AM PDT New Delhi: The average price of gold has eased by 3.2 per cent on an annual basis to Rs 29,190 per 10 gram in 2013-14, Parliament was informed today. In the current fiscal, gold price has come down to Rs 28,738/10 gm in May from Rs 29,329/10 gm in April, said Minister of State for Finance Nirmala Sitharaman in a written reply to the Lok Sabha. Silver prices too fell by 19 per cent from Rs 57,602/kg in 2012-13 to Rs 46,637/kg in 2013-14. "The yearly average price of gold in India decline by 3.2 per cent from Rs 30,164/10 gm in 2012-13 to Rs 29,190/10 gm in 2013-14," she said. Besides, silver prices in May stood at Rs 42,116/kg, down from Rs 43,606/kg in April. "The movements in the domestic price of gold and silver are broadly in tandem with movements in international markets," Ms Sitharaman said. In order to curb gold imports the government had hiked customs duty on it to 10 per cent and imposed certain restrictions on its imports. In view of the measures taken by the government, the value of gold and silver imports fell by 40.1 per cent from $55.8 billion in 2012-13 to $33.4 billion 2013-14. In a separate reply, Ms Sitharaman said the number of cases of gold smuggling went up from 462 in 2011-12 to 2,348 in 2013-14. So far this fiscal, 1,229 cases of smuggling has been detected. |
Before yesterday's (Thursday) rise in bullion prices, precious metals were in corrective mode this week after recent rises. There were two big stand-out sales of gold contracts on Monday, estimated to be about 5,000 contracts at the European opening, and 15,000 on the US opening. The combination of the two sales drove gold down over $30, and on Tuesday a further sale of 15,000 contracts drove the price down to a low of $1293 for a total fall of $45.
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