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- Gold Market Headlines - |
 | Note: US Markets Closed Early Today And Will Be Closed Tomorrow For Independence Day
GoldSeek.com | 03-Jul-Thu |
 Thursday Edition: July 03, 2008 |
Gold Seeker Weekly Wrap-Up: Gold and Silver End Higher on the Week
By: Chris Mullen, Gold-Seeker.com
Gold remained near unchanged in Asia and London before it dropped to $927.55 after Trichet was not as hawkish going forward as most expected in his comments after the ECB’s rate hike, but the yellow metal then rallied back higher into the close and ended about $4 off that low with a loss of 1.37%. Silver dropped to $17.96 before it also rallied back higher and ended with a loss of 0.74%.
Ira Epstein & Company Weekly Metal Report
By: Ira Epstein
What’s important to me is that Gold’s weakest time of year is past, at least on a historical basis. Unless Crude Oil suddenly falls apart, Gold on its own has reason enough over the next 3-5 months to rally, at least from a momentum point of view according the above Seasonal Chart of Gold.
The Worldwide Consumer Shellacking
By: Bill Bonner & The Daily Reckoning Crew
-Investors turn a whiter shade of pale…the dollar is holding on by its fingernails…
-The 19 billion dollar pack of cookies…40 years without a single step in the right direction…
-Central banker hotline still waiting for its first call…a rare appearance by Percy Sledge…and more!
South African Gold Shares – a good place to invest or not?
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
We have been asked whether South African gold shares remain a good investment? Our stock answer will be from now on, yes, in the longer term. How could we say that when it is becoming apparent to all that the political and economic climate of South Africa is decaying and looks likely to continue to decay as far as one can see ahead?
Gold Retreats Following ECB Rate Hike
By: Peter A. Grant, USAGOLD
Gold has retreated into the range after ECB president, Jean-Claude Trichet, took a slightly less hawkish stand following a 25bp rate hike. The bump in the ECB's refi rate to 4.25% was widely anticipated and Trichet was expected to maintain a firm inflation-fighting stance at the follow-on press conference. The euro rose to a new 2-month high above 1.5900 in anticipation. However, Mr. Trichet's comments at the press conference had a more neutral tone than many were expecting.
Soft Commodities: Meats
By: Scott Wright, Zeal Intelligence LLC
As Americans enter the July 4th weekend they have a lot to look forward to. First and foremost is the celebration of this nation’s independence marked by a federal holiday. Then of course are the customary traditions of parades, fireworks, baseball games, and carnivals among the many. But one timeless tradition that nicely ties into the topic of this essay is the almighty barbeque.
Scorched Earth Economy
By: David Galland, Managing Director, Casey Research, LLC
Whatever you do, don’t be complacent at this point. If we are right, then the economic crisis will soon head into its next and most dangerous stage. Certainly, we should feel the heat, and maybe worse, by the end of the year.
Profit From Fed-Catalyzed Crises
By: Deepcaster
The Starting Point for protection and profit is to determine how much of one’s investable assets one wishes to have in a Core Position of Gold, Silver and other Tangible Assets and then to determine investment vehicles in which to hold them. This Core Position is truly a long-term position and should represent a significant portion of one’s investable assets (Deepcaster recommends about 50%).
Gold Retouches Week's Highs as Dollar Loses to Oil, Euros, Soybeans & Copper; Dow Hits Technical Bear Market
By: Adrian Ash, BullionVault
SPOT GOLD PRICES recovered an overnight dip early in London on Thursday, re-touching this week's two-month highs as crude oil broke new all-time records near $146 per barrel and the Dollar fell after the much-expected Eurozone rate-hike.
International Forecaster July 2008 (#1) - Gold, Silver, Economy + More
By: Bob Chapman, The International Forecaster
We are seeing the beginning of a new stage in the credit crisis. Companies do not have cash, they were too busy buying their stock back with cash flow and loans so executives could cash in their option gains, and banks won’t give most of them any more loans. This is the beginning of a second era in the credit crisis.
Global Inflation: The Next Major Obstacle
By: Mary Anne & Pamela Aden
One thing we find truly amazing about the markets is that they’re much more than just investments. Markets provide a way of peeking into the future, if you understand what they’re trying to tell you. These lessons are ongoing but it’s fascinating and like a giant puzzle.
Death by a Thousand Cuts
By: Thomas Tan, CFA, MBA
Overall, for the general stock market, especially the banking sector, the last two months might be qualified as something called "death by a thousand cuts", an ancient form of torture and execution in Imperial China. If you look at the BKX chart, everyday the index has been dropping bit by bit, not drastic enough to have media headlines all over the place like the 1987 crash, but still painful enough for buy and hold investors.
Vaguely Resembling Real Price Inflation
By: Richard Daughty, The MOGAMBO GURU
Mr. Samuelson is also admitting that he is completely ignorant of John Williams and his shadowstats.com, where inflation is calculated the way it was actually measured in 1974, and which shows that price inflation is now HIGHER than it was in 1974…
Fannie Will Test Laissez-Faire
By: Rick Ackerman, Rick's Picks
Ugly. With bullish seasonality ratcheted up to the max, the Dow still managed to fall 167 point yesterday. Perhaps we shouldn’t be too surprised, since the stock market just finished its worst June since 1930.
Asian Metals Market Update for 3rd July, 2008
By: Chintan Karnani, Insignia Consultants
It’s more of a US dollar depreciation story and interest rates for metals and energies than anything else. As long as US dollar continues to fall, crude oil will remain firm and gold will find investment demand on dips.
Wednesday Edition: July 02, 2008 |
Gold Seeker Closing Report: Gold and Silver End Slightly Higher After Earlier Losses
By: Chris Mullen, Gold-Seeker.com
Gold and silver remained near unchanged in Asia before they dropped over 1% in London to as low as $931.45 and $17.868 by a little before 8AM EST, but they then rallied back higher in New York and ended near their highs of $945.52 and $18.33 with gains of 0.21% and 0.96%.
USDollar on Edge, Gold on Verge
By: Jim Willie CB
The USDollar is on the edge of the chasm again. The nonsense has been cast aside about a bank recovery, a housing stabilization, and an economy that can withstand a spillover. How incredible it is to see grown adults accept such marketing and promotional drivel. Wake up and smell the blood! The US financial and economic system has never been so vulnerable in almost a century.
Das Monetary Policy
By: John Browne, Senior Market Strategist, Euro Pacific Capital
On June 25th, the Fed made no changes in its key interest rates and issued a statement that underscored how narrow their room for maneuver had become. Caught between the opposing forces of economic contraction and inflation, the Fed revealed that it was locked in neutral.
The Limited Shelf Life of Dollar Fruit
By: Bill Bonner & The Daily Reckoning Crew
-Looking out the window at a real collapse…banking stocks are the new dotcoms…
-The fruit of selling oil and widgets to U.S. consumers…the 3 major challenges facing the United States…
-"Leaning into the wind" seems more like "spitting"…muddling through a bankrupt government…and more!
How to Multiply Asia's Gains by 230%
By: Adrian Ash, BullionVault
Buying Gold doesn't offer to pay three times Fed funds minus your sister-in-law's birthday divided by the number you first thought of. But Gold owned outright is at least sure to sit free of counterparty and trigger risk. And that's got to be worth buying as banks fight to bamboozle investors with a new raft of complex derivatives...even as the last derivatives bubble continues to blow up.
The Great Panic of 2008 [video]
By: Don Harrold
100 Years Later: The more things don't change, the more they stay the same. [video]
Elliott Wave Gold Update 20
By: Alf Field
The gold market has just completed Large wave II of Major wave THREE. It is currently in the process of commencing Large III of Major wave THREE, which should be a strong upward impulsive wave that could reach to above $1,500 before it is completed.
The Federal Reserve & Central Bank Gold Sales
By: Douglas V. Gnazzo
The long awaited meeting of the Federal Reserve is now history, another page in the annals of monetary debasement is etched into the record, a most hideous and shameful tale, one of wanton destruction to the purchasing power of the U.S. currency or dollar bill, a.k.a. Federal Reserve Note.
Gold Consolidates Recent Gains
By: Peter A. Grant, USAGOLD
Gold is consolidating gains registered earlier in the week. Oil has backed off its highs slightly as well, but the dollar is maintaining a weak tone, which should help to keep the yellow metal underpinned.
Gold Slips as Asian Stocks Make it 7-in-10 Losing Sessions; Credit Spreads Point to "Systemic Risk"; Central Banks to Buy Dollars After ECB Rate Hike?
By: Adrian Ash, BullionVault
SPOT GOLD PRICES ticked lower early Wednesday, giving back half of Tuesday's gains to new 11-week highs as crude oil turned higher but Asian stock markets fell yet again.
Gold Investments Market Update - Geopolitical Risk From U.S. and Israel Militarily Confronting Iran is Real
By: Gold Investments
Gold has succumbed to profit taking with the dollar flat and oil prices down marginally ($141.30 per barrel ). However, geopolitical risk remains ever present and this should result in gold remaining well bid at these levels.
The Presidential Election & Gold
By: David N. Vaughn, Gold Letter, Inc.
A new direction and new ideas? I doubt it. Just increased taxation and a furthering of the separation of the classes in this country. The rich as always will become wealthier and the numbers of poor and financially destitute will grow. But have you noticed that neither of the two major candidates has put together and presented a real program that will solve the major crises affecting the U.S. today?
Gold Thoughts
By: Ned W. Schmidt, CFA, CEBS
Those rushing into the paper oil market and chasing Gold on the latest news need to answer two important questions. Why has Silver not been confirming the move in paper oil and Gold? Why have Gold stocks not been confirming this action? Failure of these two markets, until Tuesday, to have joined in paper oil mania induced market action raises serious concerns about both the price of paper oil and Gold.
More Bats and a Bigger Budget
By: Richard Daughty, The MOGAMBO GURU
Looking furtively about with my beady, rat-like eyes to a route of escape, I was nevertheless frozen to the spot when he said, 'Our nation has come to expect the Federal Reserve to step in to avert events that pose unacceptable systemic risk.'
Asian Metals Market Update for 2nd July, 2008
By: Chintan Karnani, Insignia Consultants
Geopolitical uncertainties have resurfaced with fears that Israel may attack Iran’s nuclear installations before US president George Bush leaves his office in January. Crude oil and gold are rising over these uncertainties.
Tuesday Edition: July 01, 2008 |
Gold Seeker Closing Report: Gold and Silver Gain About 2% and 4%
By: Chris Mullen, Gold-Seeker.com
Gold fell a few dollars to $921.72 in Asia, but it then rose to about $930 in London and accelerated its gains in New York to climb to as high as $945.95 and end with a gain of 1.78%. Silver dropped slightly to $17.36 in Asia, but it also rose rather impressively in London and New York and ended near its high of $18.192 with a gain of 4.13%.
The Magical Debt-Free Sweet Spot
By: Bill Bonner & The Daily Reckoning Crew
-No point in criticizing a retired wrongdoer…squatters and transients in "see through" houses…
-A disturbing headline in the New York Times…a booster shot to foreign economies…
-Abandoned houses of ill repute…what's been done with the family money…and more!
Gold Resource Corporation Intercepts 5m of 45.24 g/t (1.45 oz/t) Gold at El Rey
By: Gold Resource Corporation
Mr. William W. Reid, President of Gold Resource Corporation, stated, "El Rey continues to impress us with 5 meters of 1.45 ounces of gold. Though our main focus has been and will continue to be bringing the Company's flagship El Aguila Project into production, we are evaluating the possibility of blending El Rey's high-grade gold mineralization into our first year's production schedule."
Farewell Address
By: Antal E. Fekete
According to my revisionist theory the Great Depression, far from being caused by overproduction as suggested by Keynes, was caused by wholesale destruction of capital. The ultimate cause was risk-free profits granted to bond speculators through the Fed’s open market operations.
The New Era
By: Theodore Butler & Israel Friedman
We are witnessing a new era of world capitalism and economic development. Over the past few decades, a part of the world has shifted to Western style capitalism from state-controlled communism. This is creating confusion over how we should invest for the future. With this confusion comes both new risks and opportunities.
Second Half of the Year Commentary
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
From mid-to-end August the Indian market revives after their harvest gathering after the monsoons as 70% of gold buyers come from the agricultural sector in India. They then stay present in the market until May the following year. They buy for religious reasons and because gold represents financial security for families.
Gold Pushes to 11-week Highs
By: Peter A. Grant, USAGOLD
Gold is maintaining a firm tone having probed above the midpoint of the $1032.20/$845.50 range. Renewed weakness in the dollar and ongoing strength in crude, along with the resulting inflationary pressures, are seen as supportive for the yellow metal.
Gold Prices Firm on "Third Oil Shock" as Euro Banking Stocks Sink; Bullion Set to "Double or Triple" Says Citi
By: Adrian Ash, BullionVault
GOLD PRICES ticked back towards yesterday's 11-week highs early Tuesday, standing 1.1% above Monday's low as crude oil bounced on the threat of Israel bombing Iran.
The 1973 Model
By: Steven Saville, Speculative Investor
Since early this year we've been using the performances of various markets during 1973 as a rough guide to what we should expect over the course of this year. Using 1973 as a model has made sense to us for a number of reasons. First, the equity, gold and currency markets have appeared to be in similar situations in the present as they were back then.
Funding the Bacchanalian Excess
By: Richard Daughty, The MOGAMBO GURU
The bad news is that today's feasters, gorging themselves at the government trough, are not going to commit suicide. They are going to riot, and elect politicians to continue the feast, regardless of the cost.
A Good Week To Blow Off
By: Rick Ackerman, Rick's Picks
The chart below is a picture of bears baiting each other, and it’s as good an excuse as a trader could find to take the rest of the week off. Yesterday, when a flurry of unpersuasive selling dried up in the first 30 minutes, DaBoyz evidently set their flinty little hearts on the goal of popping the E-Mini S&P above Friday’s peak, a 1291.75 print that was recorded in the dead of night.
Asian Metals Market Update for 1st July, 2008
By: Chintan Karnani, Insignia Consultants
Traders will be gearing for super Thursday. We have the European central bank meeting and US June non farm payrolls. They will be taking their positions accordingly. Thursdays close can set the trend for rest of July for all metals, energies and the US dollar.
Monday Edition: June 30, 2008 |
Gold Seeker Closing Report: Gold and Silver End Slightly Lower After Early Gains
By: Chris Mullen, Gold-Seeker.com
Gold rose to $935.25 in London before it dropped to as low as $918 by about noon in New York, but it then rallied back higher into the close and ended with a loss of just 0.22%. Silver rose to $17.87 and fell to $17.18 before it also rallied back higher and closed with a loss of 1%.
Spooked by a Combination of 'Flations'
By: Bill Bonner & The Daily Reckoning Crew
-Over $140 and climbing…playing hell with all sorts of investments…
-Bond vigilantes emerging from the land of nod…no country for old men with money…
-Letting the undertakers decide when you are ready to die… no such place as 'nowhere'…and more!
New Move In Gold
By: Howard S. Katz
Gold had me worried in the spring as a large and powerful head and shoulders top formed in the weekly basis chart. Had this formation broken its neckline, I would be looking for a pullback in gold to the apex of the giant triangle it formed in 2006-07, which is $670. But on Thursday and Friday, it moved aggressively in the opposite direction and broke its downtrend line.
Above The Law
By: Captain Hook
Above the law – that’s where financial authorities, politicos, and bureaucrats think they are – a farce justified on the premise extreme times justify extreme measures. Moreover, they routinely lie and cheat the public out their savings to protect their own positions, as opposed to living up to oath’s of office and serving the public’s interest.
Fate of Paper Money
By: Mike Hewitt
The first well-known widespread use of paper money was in China during the Tang (618-907 A.D.) dynasty around 800 A.D. Paper money spread to the city of Tabriz, Persia in 1294 and to parts of India and Japan between 1319 to 1331. However, its use was very short-lived in these regions. In Persia, the merchants refused to recognize the new money, thus bringing trade to a standstill. By 1455, after over 600 years, the Chinese abandoned paper money due to numerous problems of over issuance and hyperinflation.
Role Reversals
By: David Coffin and Eric Coffin
In the 1970s, Baby Boomers were swelling job ranks and women were moving out of the home and into the paid workforce in most of the industrialized world. At the same time OPEC pushed crude oil prices through the roof to overturn what it viewed as a predatory system of resource transfer set up by colonial powers.
Common Misconceptions about the Fed and Gold
By: Boris Sobolev, Resource Stock Guide
A common view of the Federal Reserve is that it is some sort of a nearly omnipotent being standing on guard of healthy economic expansion maintaining a delicate balance between growth and inflation in the way of regulating money supply and the cost of borrowing. This view may be correct, but only theoretically so.
Gold Challenges May Highs
By: Peter A. Grant, USAGOLD
Gold has extended to the upside to challenge the 935.30 peak from 22-May. The yellow metal is being supported by a weak dollar and stocks, as well as a relentless rise in oil prices.
Gold Touches 11-Week High as World Policy-Makers Pile Mistake on Mistake & Push Inflation Higher
By: Adrian Ash, BullionVault
THE PRICE OF GOLD BULLION jumped again early Monday, just breaking the May 21st high of $935 per ounce to touch an 11-week high. Crude oil rose to a new record above $143 per barrel, and bond yields ticked higher as prices fell. World stock markets fell slightly overall, dropping for the eighth session in ten.
Some Deflation Predictions…
By: Rick Ackerman, Rick's Picks
The supposed debate between inflationists and deflationists is really no debate at all as far as we’re concerned, and the dialogue we had last week with iTulip founder Eric Janszen should have convinced no one of his thesis that the U.S. economy is headed into some hybrid of inflation/stagflation/hyperinflation.
Gold Investments Market Update
By: Gold Investments
While the dollar has strengthened somewhat, oil has again rallied sharply to new record highs (up 2.4% to over $143.60 per barrel ) and this should result in gold remaining well bid at these levels. Geopolitical risk and continuing tensions in the Middle East and between the U.S. and Iran appear to be part of the driving force behind new record highs and this has led to gold being firm.
Market Wrap Week Ending 6/27/08
By: Douglas V. Gnazzo
Gold had a strong week, rising 27.60 (+3.05%) to close at $931.30 (continuous contract). Below is the daily chart for GLD. It shows nearly the same gain for the week. However, there is a huge upside gap lurking right beneath the recent move up. Gaps love to fill, but they don’t have to; the question is when and from what level if they so decide.
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