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Gold Prices Could Move Above $1700 after ECB Meeting

Gold Prices Could Move Above $1700 after ECB Meeting

Gold Prices dipped briefly below $1690 per ounce during Wednesday morning’s London trading, remaining close to six-month highs, while stocks and commodities were also broadly flat, ahead of tomorrow’s policy announcement from the European Central Bank. Silver Prices dipped below $32 per ounce before recovering, ending the morning over 1% up on the week so far. “The next resistance is at $1700,” says the latest technical analysis from bullion bank Scotia Mocatta. Spot market Gold Prices briefly touched that level on Tuesday, following the release of the latest ISM purchasing managers index data. The ISM data show US manufacturing activity contracted in August for the third month in a row, prompting further speculation about […]

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Upswing Continues for Silver and Gold Bullion, ECB Bond Buying Wouldn’t Be Money Creation

Gold Bullion traded above $1690 per ounce Tuesday morning in London, in line with where it started the week, while stocks and commodities were broadly flat and US Treasuries fell, as markets looked ahead to this week’s European Central Bank policy meeting. Silver Bullion rose as high as $32.33 per ounce – 1.9% up on the week so far, and the highest level since April. “Precious metals are continuing their upswing,” says Tuesday’s commodities note from Commerzbank. “Silver has made even stronger gains than gold…underpinned by speculative financial investors.” On the Shanghai Futures Exchange, the most actively traded silver contract hit a record high of 6932 Yuan per kilogram, newswire Reuters reports. […]

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Pressure on Central Banks Good for Gold Prices as ECB Urged to Use Bazooka

Pressure on Central Banks Good for Gold Prices as ECB Urged to Use Bazooka

Gold Prices traded just below $1690 per ounce Monday morning in London, close to five month highs hit after Friday’s speech by US Federal Reserve chairman Ben Bernanke, in which he noted the US economic situation is “far from satisfactory”. “Central banks are still hurtling towards more cash-printing,” one Hong Kong dealer told newswire Reuters Monday. “They are under pressure to be doing something actively, which is good for gold.” “Gold has broken through the topside of a large triangle pattern which had resistance at $1655,” adds the latest technical analysis from bullion bank Scotia Mocatta. “The next resistance is the $1790 high from March.” On the gold futures and options […]

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Quanticipation in the Gold Price

| September 1, 2012 | Articles: Insights
Quanticipation in the Gold Price

So here’s a turn-up for the Gold Price, writes Adrian Ash at BullionVault. Today saw the Gold Price rising after disappointment over new Quantitative Easing from the US Fed. Maybe Ben Bernanke’s much-awaited speech at the annual Jackson Hole central-banking symposium wasn’t so disappointing after all. But if so, it fell a long way short of matching 2010’s big promise. The financial media’s first-rush response today was headlined “Bernanke: No more easing, for now”. Ha! So maybe the gold market’s just got its mojo back. Or perhaps this week’s anticipation – the same quanticipation we’ve seen for times this summer – merely put the Gold Price on hold, as the buying already in train took pause. As you can see, the Gold Price hit a […]

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Demand to Buy Gold Continues to Be High But Professional Trading Light Ahead of Jackson Hole

Demand to Buy Gold Continues to Be High But Professional Trading Light Ahead of Jackson Hole

Prices to Buy Gold retreated in London trade back towards yesterday’s 1-week low at $1653 per ounce on Thursday morning, slipping as world stock markets also fell. Silver Bullion held steadier, only 10¢ below last week’s finish at $30.70 per ounce. The US Dollar ticked lower against the Euro and Sterling on the currency market. Iron ore sank yet again, taking its drop since the start of March to 37%. “Bullion trading is still quite light with the market awaiting [Friday’s] Jackson Hole symposium,” says one London market-maker in a note. “Players on the precious metal markets already appear to be exercising restraint ahead of the annual [central-banking] conference this weekend,” agrees Commerzbank’s […]

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Gold Prices Could Correct if Bernanke Disappoints

Gold Prices Could Correct if Bernanke Disappoints

Gold Prices dipped below $1665 per ounce Wednesday morning in London, slightly below where they started the week, while stock markets edged lower, with markets focused on upcoming meetings of central bankers in the US and Europe. Silver Prices fell to $30.76 an ounce – in line with last week’s close – as other industrial commodities also ticked lower, following news that iron ore prices in China had dropped for the 13th day in a row. On the currency markets, the Euro held its ground above $1.25 this morning, with two days to go before Federal Reserve chairman Ben Bernanke gives a speech on monetary policy at the annual Jackson Hole conference […]

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QE3 Discussion Will Push Gold Prices Higher, Eurozone Problems Have Not Disappeared

QE3 Discussion Will Push Gold Prices Higher, Eurozone Problems Have Not Disappeared

Gold Prices traded just above $1660 per ounce Tuesday morning in London, a few Dollars down on last week’s close, while stocks and commodities were also broadly flat on the day and US Treasuries gained. Silver Prices rallied to nearly $31 per ounce, having fallen back through that level a day earlier, before easing back towards lunchtime. “Although in an uptrend, gold does not appear as technically strong as silver,” reckon technical analysts at Scotia Mocatta, a bullion bank. On the currency markets, the Euro climbed back above $1.25, having dropped below that level during Tuesday’s Asian trading, with analysts continuing to speculate on the prospects for a third round of quantitative […]

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The Republicans Return to Gold

| August 27, 2012 | Articles: Insights

A gold commission may be added to Mitt Romney’s Republican Party platform for the November 2012 elections, according to the Financial Times. Such a Commission, writes Adrian Ash at BullionVault, was held under a previous Republican administration, slap-bang between the 1980 and 1984 elections in fact. So let’s compare and contrast the Republican National Convention’s platforms which straddled that Committee. July 1980 – nine years after the United States formerly abandoned the Dollar’s gold peg, and with inflation racing since then to hit untold peace-time rates near 15%, Ronald Reagan’s platform actually make no mention of “gold” by name. Instead, the soon-to-win-office Republicans say that: “One of the most urgent tasks in the period ahead will […]

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Does This Breakout Mean It’s Time to Buy Gold?

| August 24, 2012 | Articles: Insights
Does This Breakout Mean It’s Time to Buy Gold?

Usually I focus on the reasons to Buy Gold rather than the timing, writes BullionVault founder Paul Tustain. I don’t do timing. It is not my normal territory. But as we approach the anniversary of gold’s all-time high, my thoughts turn to ebb and flow of the gold market. Last year, on 6th September 2011, gold hit $1920 per oz. It had shot up from about $1500 at the start of July, making new all-time highs almost daily. Three short weeks later it was back down at $1540. In sterling terms it was almost the same story, £930 at the start of July, up to £1194 and back again to £995. Since then people have left […]

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Gold Prices Hit 3-Month High

Gold Prices Hit 3-Month High

Gold Prices rose to their highest level since early May on Wednesday, hitting $1645 per ounce during this morning’s London trading. Silver Prices also gained, rising to $29.70 per ounce – their highest level since early June. By contrast, European stock markets ticked lower, while commodities were broadly flat and US Treasuries gained, ahead of the publication of Federal Reserve policy meeting minutes later today. A day earlier, Gold Prices jumped 1% in less than three hours Tuesday, hitting the top of the trading range that stretches back to May. “The break above resistance from $1624 to $1629 is bullish,” say technical analysts at bullion bank Scotia Mocatta. “This area should now provide some […]

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Prices to Buy Silver Hit 2-Month High

Prices to Buy Silver Hit 2-Month High

Wholesale market prices to Buy Silver hit a two-month high at $29.09 per ounce Tuesday morning in London – 3.5% up on last week’s close – after extending gains from yesterday’s trading. “This changes [silver’s] posture to bullish,” says the latest technical analysis note from bullion bank Scotia Mocatta. “There was congestion in the $28.00 area and this should provide some support, while the next target is the $29.90 high from June.” Dollar Gold Prices meantime climbed to their highest level so far this month this morning, hitting $1626 per ounce. By contrast, the Gold Price in Euros traded lower, falling to €42,069 per kilo (€1308 per ounce), just below last week’s close, as the Euro […]

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Political Factors to Drive Gold Bullion Market

Political Factors to Drive Gold Bullion Market

Gold Bullion fell back below $1615 per ounce during Monday morning’s London trading, the level at which it closed last week. “The 11 week moving average comes in at $1601,” say technical analysts at bullion bank Scotia Mocatta, pointing out that gold has now ended the week above that level for four weeks in a row. Silver Bullion meantime failed to hold on to gains from Monday’s Asian trading, falling back towards last week’s close at $28.10 per ounce this morning in London. Other commodities were broadly flat, with copper losing some ground, while European stock markets edged higher, with the exception of the FTSE in London, which was slightly down by […]

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Gold Bullion Boosted by Central Bank Hopes

Gold Bullion Boosted by Central Bank Hopes

Gold Bullion prices hovered just below $1620 per ounce during Friday morning’s London trading, very slightly below where they ended last week, while stock markets also gained, amid renewed speculation over central bank stimulus measures. Silver Bullion traded around $28.30 per ounce, slightly up on where it started the week, while other commodities were also broadly flat. The volume of Gold Bullion held by the world’s biggest Gold ETF, the SPDR Gold Trust (GLD), rose to a one-month high of 1263.6 tonnes Thursday, a day which saw gold continue its recovery from Wednesday’s lows. “Hopes that central banks will launch more bullion-friendly stimulus measures boosted the yellow metal [on Thursday],” says a note from Swiss refiner […]

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Gold Prices Need Big Bang to Rouse Quiet Market

Gold Prices Need Big Bang to Rouse Quiet Market

Gold Prices hovered above $1610 per ounce Tuesday morning in London, slightly below where they started the week, while European markets edged higher following news of better-than-expected German economic growth. Silver Prices briefly rallied back above $28 per ounce before retreating, while other commodities were similarly flat on the day. “Despite wide daily ranges for the past few weeks due to thin liquidity, the [gold] market remains pretty quiet,” says a note from Swiss bullion refiner MKS. A day earlier, Gold Prices fell 1% as the Euro edged lower towards the end of Monday’s trading, after news of a second legal challenge to the creation of the Eurozone’s €500 billion permanent bailout fund the European […]

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