Gold price | Silver and <b>Gold Prices</b>: <b>Gold Price</b> has Traded Out into the Nose of <b>...</b> |
- Silver and <b>Gold Prices</b>: <b>Gold Price</b> has Traded Out into the Nose of <b>...</b>
- Is The Technical Gartley Pattern Guiding The <b>Gold Price</b> to $1260 <b>...</b>
- Russia's Polyus Gold Roars Back to Profit Despite Falling <b>Gold Price</b> <b>...</b>
- China Becoming Global Gold Hub And <b>Gold Price</b> <b>...</b> - Zero Hedge
| Silver and <b>Gold Prices</b>: <b>Gold Price</b> has Traded Out into the Nose of <b>...</b> Posted: 22 Aug 2014 03:34 PM PDT
Sorry week for silver and GOLD PRICES, strong week for stocks and the US dollar. White metals suffered this week, too. The GOLD PRICE found buyers and rose $4.90 (0.38%) to $1,278.60. The SILVER PRICE went sideways, losing 2.9 cents (0.15% to 1936.10, a low perch it has become accustomed to this week. I can say little from Gold's performance today. Yes, it rose, but so what? Yesterday it fell $19.70 and traders who were profitably short would have closed out trades today, putting a little buying pressure on the market. Ended beneath the 200 DMA. More important is that gold turned around at the uptrend from the December low. That offers a little comfort. The gold price has traded out into the nose of an even sided triangle since July. The height of the triangle promises a $90 move, but doesn't hint which way it will break. Only reason to expect higher silver and gold prices next week -- lo, our eyes are sore with watching! -- is that cyclical lows were due today. Next week, however, options expire on Tuesday and that is often the opportunity for the black shirts on the trading floor to run prices down for the day to make sure the call options they've written expire worthless. Mother Yellum at Jackson Hole practiced talking evenly out of both sides of her mouth, but most are convinced the Fed is firmly on a track to raise interest rates by mid-2015, so are climbing on the train before it leaves the station. On the Atlantic's other shore, Ridiculous Chief Criminal of the European Central Bank Mario Draghi hinted more broadly that the bank might do something like Quantitative Easing, and he whine3d that euro governments need to engage in more deficit spending. For this he gets paid the big bucks. I was looking today at pictures of Yellum and Draghi, and something struck me. Have y'all ever noticed that when the media shows pictures of people they like, they never show them digging in their noses for a big booger or dozing off at the banquet table? Rather, they always publish pictures that make them look sober and reflective and intelligent and self-assured. By the rumor, sell the news. Stocks which had been breathlessly anticipating the Epic Prononciamento from the Great Bankeress simply exhaled and sagged. Dow lost 38.27 (0.22%) to 17,001.22, hanging on above the morale-busting 17,000 level. S&P500 dipped 3.97 (0.2%) to 1,988.40. A trend in force remains in force until proven otherwise. That says expect stocks to rise more. To avoid that Double Top Aura, however, stocks must build on these advances next week. Otherwise the entire rise begins to look like no more than a garlic-strong corrective B-wave in an A-B-C correction. Let me de-jargon that for y'all. when upward trending markets correct downwards, they follow a threefold pattern, A-down, B-up, C-down. The B-wave is a trickster that can appear so strong it fools everyone into believing the correction has ended, just in time to reverse and entrap them all for the C-down leg. Dow in Gold and Dow in Silver hooked down today, but nothing you could notice without a microscope. Dow in Silver ended down 0.08% (2/3 of an ounce) at 876.98 oz. (S$1,133.87 silver dollars). Uptrend in force makes me expect at least a double top with 1 June at 892.99 oz (S$1,154.57). Dow in Gold inched down 0.45% to 13.28 oz (G$274.52 gold dollars). Double top for Dow in Gold comes at 13.53 oz (G$279.69). Euro took a 0.28% dive after the chief central banking criminals had their say today. Ended at $1.3245, on its way to $1.3100 or maybe $1.2750. Yen dropped a tiny 0.5% but touched at its 95.98 low below the last low at 96.05 (April). If the yen doesn't turn up soon, it jumps over a cliff with no ledge to land on higher than 94.83. US dollar index's heart was warmed by Mother Yellum so it jumped up 18 basis points (0.23%) to 82.39. Still on track to the targeted 82.75. This sings no love song to gold, but does console us with the thought that it should shortly hit that target and then decline for a while. Interest rates (looking at the 10 year note yield) look as if they want to move higher, but have not yet the strength for it. Y'all go home and hug your spouse and relax. Next week is a new week. On 22 August 1851 gold fields were discovered in Australia. Y'all enjoy your weekend! 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.  | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Is The Technical Gartley Pattern Guiding The <b>Gold Price</b> to $1260 <b>...</b> Posted: 22 Aug 2014 11:53 AM PDT With this week's big bullish move in the US dollar, it's not surprising to see commodities like oil and gold have taken a hit. In particular, gold traded down nearly 30 points over the first four days of the week before stabilizing around $1280 today. That said, a developing bullish pattern suggests that gold could find strong support if the selloff extends toward $1260 next week. Since the start of June, gold has carved out the majority of a Bullish Gartley pattern. For the uninitiated, this formation is named after the author (H.M. Gartley) and page number (222) of the first book to describe it (Profits in the Stock Market) way back in 1935. In essence, it helps traders identify higher-probability turning points in the market from the convergence of multiple Fibonacci levels. In this case, at least four significant levels all converge around $1260:
As a further technical confirmation, traders may want to see if the RSI indicator reaches oversold territory, which would also augur for a bounce. Readers should note that the Gartley pattern does not necessarily suggest we will reach point D, only that strong support is more likely to emerge if prices drop to that zone. Meanwhile, from a fundamental perspective, Janet Yellen's Jackson Hole speech earlier today failed to plow any new ground. While that's hardly surprising, some traders were hoping that her views may have shifted toward the growing hawkish minority of the Fed, as revealed in Wednesday's minutes. Her obstinate adherence to her prescribed script may take some of the luster of the US dollar next week, and in turn, lead to a relief rally in gold. If we do see a bounce from the key $1260 support zone, the Gartley pattern suggests that rates could rally all the way back toward $1310, the 61.8% Fibonacci retracement of the whole ABCD pattern (not shown). Conversely, if the pattern fails and the yellow metal falls below $1250, it would indicate that the selling momentum remains strong and could open the door for a move down to the 7-month low at $1240 next. You can find more of FOREX.com's research at http://www.forex.com/latest-forex-research.html Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that FOREX.com is not rendering investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC) in the US, by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) in Australia, and the Financial Services Agency (FSA) in Japan. Please read Characteristics and Risks of Standardized Options. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Russia's Polyus Gold Roars Back to Profit Despite Falling <b>Gold Price</b> <b>...</b> Posted: 22 Aug 2014 08:17 AM PDT Russia's Polyus Gold swung to a profit in the first half of 2014 from a year-ago loss thanks to higher sales volumes, cost-cutting and a fall in the ruble, which outweighed a fall in gold prices. Russia's biggest gold miner, which is part-owned by businessman Suleiman Kerimov, on Friday reported a net profit of $253 million for the first six months, compared with a net loss of $167 million for January-June 2013, when the company had to record big impairment charges because of a sharp fall in gold prices. Gold sales volumes increased 15 percent year-on-year to 751,000 troy ounces. Revenue declined 2 percent to $1 billion, however, due to lower prices, Polyus said, citing an average price of $1,296 per troy ounce in the first half, down 14 percent from the first half of 2013. Polyus was able to reduce production costs during the first half by 13 percent to $662 per ounce from $757 a year earlier thanks in part to a weaker ruble, the company said. "The company is satisfied with results to date of the cost-cutting initiatives implemented across its assets in 1H 2014, enabling all of the operations to maintain solid profitability despite depressed gold prices", Polyus said in the statement. Earnings before interest, taxation, depreciation and amortization, EBITDA, were down 6 percent to $393 million due to lower gold prices. The net also benefited by comparison with last year, when the company recorded large impairment charges. Polyus added that it remained on track to produce 1.58 million to 1.65 million troy ounces in 2014 and confirmed plans to launch its vast Natalka project next summer. Benchmark gold prices in London reached a two-month low of $1.273.06 this week, hurt by data showing a recovering U.S. economy and by speculation that the Federal Reserve could hike interest rates sooner than expected. See also: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| China Becoming Global Gold Hub And <b>Gold Price</b> <b>...</b> - Zero Hedge Posted: 20 Aug 2014 02:09 AM PDT China Becoming Global Gold Hub And Gold Price Discovery Centre The people asked not to be identified because they aren't authorized to speak to the media. Gu Wenshuo, a spokesman for the exchange, confirmed that the trading system is being tested, without giving further details.
The gold contract will be priced and settled in yuan and the infrastructure is in place for trading to start in the third quarter, Xu said in June. The zone will have a vault capable of holding 1,500 metric tons of gold, which can either be imported into China or be in transit to other markets, Xu said. China is seeking to open up its bullion markets just as domestic demand weakens. Consumption contracted 19 percent in the first six months of the year, according to the China Gold Association. Bullion of 99.99 percent purity traded on the Shanghai Gold Exchange climbed 8.7 percent this year, damping demand which reached a record in 2013.
China and other Asian gold trading centres such as Singapore are calling for more localised pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is being investigated by regulators on suspicion that it may have been manipulated. Standard Chartered (STAN.L), Shanghai Pudong Development Bank (600000.SS) and China Merchants Bank (600036.SS) were given regulatory approval recently to import gold, five sources with direct knowledge of the matter told Reuters. China approached foreign banks, gold producers and refiners to participate in SGE's international bourse, sources told Reuters earlier in the year, to boost its position as a price-discovery centre for gold. It plans to launch three physically-backed gold contracts. The chairman of the exchange said in June that China should have its own pricing benchmark as it is the biggest consumer and producer of gold.
However, an important fact, not realised by most market participants, is that the people of China were banned from owning gold bullion by Chairman Mao in 1950. This means that the per capita consumption of over 1.3 billion people is rising from a miniscule base. This suggests that demand will consolidate at these levels and could again return to record levels - particularly if there are losses in the Chinese property market or stock markets.
Even after the significant increase in demand seen in recent years - Chinese per capita gold ownership remains well below that of the levels seen in India and other Asian countries and indeed below levels seen in more affluent Hong Kong. Culturally, India is known to have the greatest affinity for gold in the world. China had a similar cultural affinity prior to the "cultural revolution" and in time its levels of gold ownership will likely rival those seen in India, Vietnam and other Asian countries. Within the lifetime of many Chinese people living today is the experience of hyperinflation as many middle aged and elderly Chinese people experienced hyperinflation in 1949. Many market participants and non gold and silver experts tend to focus on the daily fluctuations and "noise" of the market and not see the "big picture" or major change in the fundamental supply and demand situation in the gold and silver bullion markets. This is particularly due to investment, store of wealth and central bank demand from China and the rest of an increasingly affluent Asia. Gold Bust (2.8 Kilogramme) of Deng Xiaoping (Reuters/Bobby Yip) It is worth noting that the People's Bank of China's official gold reserves are very small when compared to those of the U.S. and indebted European nations. They are miniscule when compared with China's massive foreign exchange reserves of more than $3 trillion. The People's Bank of China is continuing to quietly accumulate gold bullion reserves. As was the case previously, they will not announce their gold bullion purchases to the market in order to ensure they accumulate sizeable reserves at more competitive prices. They also do not wish to create a flight from the dollar – thereby devaluing their sizeable dollar reserves. Expect an announcement from the PBOC, sometime later this year or in 2015, that they have trebled or even quadrupled their reserves to over 3,000 or 4,000 tonnes. Receive our award winning research here (10 votes) |
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