RSSCategory: Articles: Gold Silver Prices

Gold price and silver market update: beginning of August 2012

This article provides a short summary of the weekly “The Delaire Report”, by David Levenstein from Lakeshoretrading Gold price update The price of gold is holding $1600 an ounce as a key support level, despite the absence of additional monetary stimulus in Europe and the US. Although Mario Draghi, head of the European Central Bank, announced at the end of July he would do everything to preserve the euro, there are no concrete actions confirmed yet. In the US, the Fed Chairman acknowledged during the FOMC meeting at the beginning of August, that “economic activity decelerated somewhat in the first half of this year.” Interesting fact to mention: only one week earlier, Mr […]

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Looking for a silver lining

Looking for a silver lining

Investing in precious metals hasn’t been much of a fun ride lately. In late April of 2011, silver spiked to its still standing nominal high of $50, last reached over 30 years ago, back in 1980. Afterwards it plunged to about $32, before recovering to around $44 in September. At this time gold – which wasn’t nearly hit as hard in May and rallied to a new high of $1,920 in September – was up for the hammer drop and fell by 20% to $1,530. Expectedly, silver had to be dragged down with gold and got smashed to the $26 level for an almost 50% correction from its April highs. […]

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Gold Prices marking time until Fed Conference

Gold Prices marking time until Fed Conference

Gold Prices eased lower in Friday morning’s London trading, hovering around $1610 per ounce for most of the session, as stock markets also edged lower and US Treasuries gained, after trade data from China provided further signs of economic slowdown. China’s trade surplus fell by 20% month-on-month in July, with both import and export growth slowing, according to official data published Friday. “Monetary policy easing has to be more aggressive in the remainder of the year…[to avoid a] hard landing,” reckons Liu Li-Gang, Hong Kong-based head of Greater China economics at ANZ Bank. “Gold is trading broadly in line with other asset classes this morning as you see disappointment in […]

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Gold right at the Top of its Recent Trading Range

Gold right at the Top of its Recent Trading Range

Gold has pushed to the very top of its recent trading range as it works within the confines of its consolidation pattern noted on the chart below. It either mounts a solid breakout this time around or it will fall back towards $1600 and slightly below once again. I have noted that for the last 5 weeks or so, the lows have been slowly creeping higher hinting at market strength. It simply needs a spark, something to ignite it and push it past the strong selling pressure emerging between $1620 – $1630. Today’s strength is predicated on news out of China showing its economy slowing also. Traders are expecting the […]

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Gold pattern turning more bullish

Gold pattern turning more bullish

The consolidating “Symmetrical Triangle” has now morphed into a more bullish triangle.  An “Ascending Triangle” is the most bullish triangle pattern and we are somwhat in between.  There is a sign of increasing demand in the charts. In the near term the 30 minute chart has a “Concrete Ceiling” at $1,620.  There is a determined seller or sellers here lately.  However each time a resistance level gets tested, it get’s weakened.  The ceiling has cracks, and needs a few more hammers and chisels for this level to become strong support.  Basically from my perspective supply has been getting absorbed, and if the demand continues to deplete it, price will eventually launch. I […]

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Gold has foothold above $1600, China stimulus would be positive for Gold

Gold has foothold above $1600, China stimulus would be positive for Gold

Spot market prices to Buy Gold traded in a tight range around $1615 per ounce for much of Thursday morning in London – marginally above where they started the week – before dipping slightly around lunchtime, while stock markets also edged lower following gains earlier in the week. “Gold seems to have gotten a foothold above the $1600 level and seems to be relatively stable,” says Robin Bhar at Societe Generale “It’s still showing this correlation to riskier assets. We’ve seen a bit of a rally in the oil market and equities, and gold has kept a par with those moves.” Prices to Buy Silver also ticked lower towards the end of Thursday morning, […]

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Gold Buying Enjoying Popularity Again Despite Indian Monsoon Worries

Gold Buying Enjoying Popularity Again Despite Indian Monsoon Worries

Wholesale market prices for Buying Gold rose to $1616 per ounce Tuesday morning in London, their highest level so far this week, as commodity prices and stocks markets also edged higher, with the exception of the FTSE which was hit by allegations that one London-listed bank has hidden “secret transactions” from US regulators. “Gold appears to be enjoying increasing popularity again,” says Commerzbank’sCommodities Daily note. “There would appear to be brisk buying interest on the market below [$1600]…which should provide the price with a safety net.” The US Dollar Gold Price has remained within 3% of $1600 for virtually all of the last two months. “The market as a whole lacks conviction,” says Marc Ground, […]

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Still Room for Fed Easing – CFTC Set to Drop Silver Price Manipulation Probe

Still Room for Fed Easing – CFTC Set to Drop Silver Price Manipulation Probe

Both the gold and Silver Price posted gains Monday morning in London, with theGold Price hitting $1610 per ounce– a few Dollars up on where it ended last week – as stocks and the Euro also rallied, with analysts speculating on whether central banks will conduct further stimulus measures. “There is still room for [Federal Reserve] easing if it is required,” says David Jollie, analyst at Mitsui Precious Metals in London “There is still a perception that it may be required…the question of when that is, with the US elections approaching, makes it difficult to be super bullish on gold.” “We think the likelihood of further central bank moves remains high, particularly in […]

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Weekend Precious Metals Update (Gold and Silver)

Weekend Precious Metals Update (Gold and Silver)

I’m not ashamed to admit it; I took a net loss day trading gold since the breakout of the triangle pattern on the daily chart.  My trade setups were right, and there is ZERO regret.  Looking back I did nothing wrong.  While there is no way to control how much we make on a trade, we certainly can control our losses.  Any trader who thinks they can be right all the time is going to have a tough time with the ego, which leads to a host of psychological issues and down a path toward ruin.  My net loss in gold is less than 3/4 of one percent of the capital in my current trading account.  The potential reward was a […]

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Gold and Silver Continue Marking Time

Gold and Silver Continue Marking Time

Both Gold and Silver remain in consolidation patterns with tightening ranges as speculative HOT money flows which are exiting are being met by value-based buying and accumulation by stronger hands. The loss of speculative interest in the precious metals over the last few months can be seen by the steady decline in overall open interest (the number of contracts open). Generally speaking, whenever speculators are interested in establishing positions in a particular market, the open interest will rise. When they are not, the open interest will fall. Look at the following open interest chart of gold and tell me which of the two above-mentioned possibilities is occuring? Answer – speculative […]

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Gold Bullion Shrugs Off Nonfarms, But Still Records Weekly Loss

Gold Bullion Shrugs Off Nonfarms, But Still Records Weekly Loss

Gold Bullion prices climbed to $1596 per ounce during Friday morning’s London trading, recovering some ground following three days of losses, as stock markets also rebounded ahead of the release of US nonfarm payrolls data later today. Silver Bullion climbed back above $27.30 per ounce, in line with where it closed two weeks ago, while other industrial commodities also edged higher. Heading into the weekend, Gold Bullion looked set for a 1.7% weekly loss by Friday lunchtime in London. Gold Prices fell sharply on Wednesday following a better-than-expected ADP Employment report, a privately-produced precursor to today’s official nonfarms figure. Gold then fell again Thursday along with the Euro, after the […]

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Silver Suffers The Most From Bernanke And What Is Next

Silver Suffers The Most From Bernanke And What Is Next

While the exchange traded funds for gold (NYSEARCA: GLD TRADING –  GLD QUOTE) and copper (NYSEARCA: JJC) fell today due to investors expressing disappoint at the modest response of the Federal Reserve to declining economic growth, it was silver (NYSEARCA: SLV Trading, SLV Quote) that was off the most. SPDR Gold Shares (GLD) fell in trading today by 0.89%.    IPath Dow Jones Copper (JJC) dropped 1.89%.  Plunging the deepest was iShares Silver Trust (SLV), off by 2.14%. Traders were hoping for more aggressive action by Federal Reserve Chairman Ben Bernanke.  But that will not come until after the November elections in the United States.  Remember that Quantitative Easing 2 did not begin until November 2010, […]

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Expectations of Central-Bank Action Driving Gold Investment

Expectations of Central-Bank Action Driving Gold Investment

Wholesale prices for Gold Investment bars struggled just above $1600 per ounce in London on Thursday, after dipping below that level for the first time in a week as the US Federal Reserve left monetary policy unchanged yesterday. “You can say that immediate QE is off the table,” reckons Frank McGhee, head of precious metals trading at Integrated Brokerage Services in Chicago. “I will probably not be surprised to see them not do anything in September either,” he adds. The Bank of England followed the US Fed in leaving UK policy unchanged in its midday announcement today. The European Central Bank was also expected to make no change to its record-low rates […]

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Gold and Silver Breaking Out Before Fed Meeting: Will It Hold?

Gold and Silver Breaking Out Before Fed Meeting: Will It Hold?

Despite the pandemic of negativity recently with regard to economic growth, we should listen to the market rather than the messages of the media.  The equity markets are telling us that despite all of this gloom, one can note positive technical developments.  Let’s look at the tape and resist the bourses function in confusing and misdirecting the investor. Noted with interest is the persistence of the Dow Jones Industrial Average to remain above the 200 day moving average.  Similarly, the 50 day moving average is in a persistent upward converging.  Of all things, the charts indicate the possibility of a constructive technical breakout into new three year highs  Could it […]

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