Latest Gold & Silver Price News
In his weekly market review, Frank Holmes of the USFunds.com summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,057.98 down $19.90 per ounce (-1.85%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 0.03%. Junior miners outperformed seniors for the week as the S&P/TSX Venture Index climbed 0.14 percent. The U.S. Trade-Weighted Dollar Index gained 0.47 percent for the week.
By Clint Siegner, Money Metals Exchange Precious metals bulls question why metals prices keep falling in the face of what appears to be strong demand and great fundamental reasons for prices to move higher instead. The bears have some answers of course. You can’t eat gold, it’s basically a pet rock, and modern financial systems are doing just fine without anything as antiquated as bullion gumming up the works. The bears are declaring victory and saying the market has spoken. They ought to look a bit deeper into recent developments. Outside of the price action, there is very little to support claims that gold and silver are relics of the […]
All fiats fail, and the only difference this time around is the grossly exaggerated extent to which fiat has managed to survive. It also indicates that once the fiat “dollar” fails, and there are more and more cracks showing up in its ability to maintain its world reserve currency status, the move for physical gold and silver will also be favorably exaggerated to the upside.
Yesterday’s rally was the most promising we’ve seen on the hourly chart in weeks. It surpassed no fewer than four prior peaks without taking a breather; moreover, the pullback has been shallow so far. We’ve been short this vehicle with an 1176 basis, but the current stop-loss at 1093.70 should be closely minded, since even moderate strength on Friday could trigger it. If so, it would give us a theoretical gain of $9300 on the position upon exit. If the rally is for real, bulls should be able to move the futures easily past1086.50 Thursday night.
The answer to many questions often depends upon perspective, whether the questions are; should I buy silver, is the S&P 500 expensive, is huge and unpayable debt a problem, is another World War a bad idea, will eating potato chips and candy bars actually damage my health, and are Republicrats as useless and corrupt as they appear? Many people have suggested that silver prices are hopeless and silver will never go up. This is an overly emotional perspective caused by 4.5 years of declining silver prices and negative sentiment. Consistent with this “hopeless” assessment are: If silver prices ever get back to $20, or $30 or $40, I’ll sell and […]
We come to the key point; if the quantity of money is not the whole truth, then what is? The whole truth is that it’s the quality of money that counts. Gold and Silver have quality that cannot be denied or destroyed. Paper has only an illusion of value. When the Emperor’s spear falters, so does the illusory value of his chits. The Petro Dollar is faltering. The Empire of Chaos is faltering. Change your Fiat paper promises for some real money before it’s too late.
Our conclusion is that we have reached huge support areas in 3 leading assets. Do not forget this rule of thumb: Investors make their biggest gains when buying at secular support levels. Given the stiff correction in gold and commodities, we do not anticipate a raging bull market as of the moment support is reached. Our view? As precious metals were the first asset to correct, we anticipate they will be the first to recover.
Modern currencies float in value against each other hour by hour. In each currency, price charts look a little different—even for the same goods at the same time at a fixed delivery port. The variety of these intangible “monies” and the market effort that goes into balancing them against each other and against the flows between their trade zones belies the claim that these embody the ideal form of money. Foreign exchange market trades, weighing 4.4 billion ounces of gold, must clear every day to align these currencies, fifty five times any one day’s trading in actual gold money.
In one hand we hold gold, which is eternal, beautiful, and valuable everywhere. In the other hand we are stuck with a debt sandwich. That sandwich is a massive slab of debt wedged between an impressive military war machine that spends money like water flowing over Niagara, and a huge welfare system that spends money even more rapidly. Included in the welfare system are Social Security pensions, Disability Income, Medicare, Medicaid, SNAP (food stamps), many more programs, and the salaries, bureaucracy and pensions to support them. You can’t eat gold, but you can’t eat a debt sandwich either. If you choose gold, it is recognized and valued globally and can […]
Will this potential double bottom hold? After the wide range bar decline, 6 bars ago, the last 5 bars have been overlapping, and the closes are almost clustering, both signs for a possible change in price direction. A rally can be expected, but surrounding circumstances dictate it may not last, as explained next.
The Fed’s next move will be towards ease because of the weakness in the US economy. However, it would not happen right away, I expect it in the first quarter of 2016, so perhaps in March or April of 2016 I think the Fed will give some kind of easing. What happened in the last 30 days is exactly what we were expecting, but I think it’s come as a shock to them, because their forecasting models are different. And so they’re beginning to wake up to the fact that we’re going to a global depression and growth depression. But now the Fed is waking up to that, they don’t do anything quickly, it’s going to take a few months to digest all of this, they’re going to hope that things bounce back, but I don’t think that they will. Finally, I expect them by maybe the end of the first quarter of 2016 to ease.
With the dollar having recently risen to a new seven-month high, commodity prices are in retreat. The brown line in Chart 1 shows the CRB Index (of nineteen commodity markets) falling to the lowest level since August (through yesterday). That commodity selling started in mid-October just as the U.S. Dollar Index started rising. A rising dollar almost always results in lower commodity prices (and stocks tied to them). The commodity selloff has been quite broad and includes industrial and previous metals, energy prices, and agriculturals. Several of those markets are testing six-year lows.
For if the futures cannot bounce at least $30 after piercing 1073.70, I’d infer they are on their way down to 1044.50 at least; and thence to an obligatory test of $1000, where they haven’t been for six years. Below this watershed sit two more targets, either of which could mark the end of the bear market begun in August 2011: 971.35 (see inset) or, my worst case, 817.50.
In 1964 Sean Connery starred in the movie “Goldfinger” in which the villain, a wealthy Brit named Goldfinger, attempted to revalue his personal gold hoard higher by a factor of 10. His plan was to detonate an atomic bomb inside Fort Knox making the US gold radioactive for hundreds of years. With the Fort Knox gold hoard, the largest in the world at that time, effectively unavailable the global price of gold would increase at least ten times from the 1964 price of approximately $35.00 per ounce. Bond, James Bond, thwarted the dastardly plot and saved the US gold, the US dollar, and the US government. The current 2015 gold […]