RSSCategory: Articles: Gold Silver Prices

Today’s Long Term Refinancing Operation is fatter than the world’s biggest lottery El Gordo

The fattest prize in the world’s biggest lottery, El Gordo – the “Fat One” – just keeps getting fatter, according to its promoters. But even the fattest total of prizes to date – some €2.5 billion at Christmas 2011 – looks a tin-ribs next to El Tro, the storm of money now raining down on Europe’s banks. Wednesday’s Long Term Refinancing Operation took the grand total of giveaway money to more than €1 trillion, pumped out by the European Central Bank and known by the acronym LTRO. It is christened El Tro by us here at BullionVault today via the Catalan for “thunder”. Because that’s just what people keep calling it […]

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Gold Drops 3% in 1 Hour After Bernanke Comment

Gold Bullion prices dropped 3.2% to $1727 per ounce in less than an hour Wednesday afternoon in London, after US Federal Reserve chairman Ben Bernanke appeared before Congress. Higher gasoline prices are “likely to push up inflation temporarily while reducing consumers’ purchasing power,” Bernanke told the House Financial Services Committee. Bernanke’s comments “eased speculation the central bank is moving closer to providing more monetary stimulus,” news agency Bloomberg reports. The Fed chairman added however that the Fed’s policymakers judge “that sustaining a highly accommodative stance for monetary policy is consistent with promoting both objectives” of the Fed’s mandate, namely price stability and employment. ORIGINAL REPORT Gold Bullion prices held steady around $1785 per […]

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Silver price at $68-70 in two-to-three months

| February 28, 2012 | Articles: Gold Silver Prices

At long last: the ratings agency Standard & Poor’s has deemed Greece to be in “selective default”. The European Central Bank has temporarily suspended the use of Greek bonds as collateral. However, stocks have been moving higher in trading this morning following the vote in the German Bundestag yesterday to authorise the new 130 billion-euro Greek bailout deal agreed by finance ministers last week. The markets have after all had months to come to terms with the idea of Greek bankruptcy. Moreover, as Jim Sinclair points out at JSMineSet.com: “Only the International Swaps and Derivative Association opines on what is a default as it applies to credit default swaps. S&P carries […]

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Silver: a view from the charts

| February 28, 2012 | Articles: Gold Silver Prices
Silver: a view from the charts

Silver. What a ride it has been for the last 12-14 months! We started 2011 at about $30 and that’s pretty much where we ended. In between, we made a high near $50 and a low of $26. Mr David Morgan, whose opinion I hold in high regard, has said the one thing he expects for the year ahead is volatility. I beg to differ. The volatility has been done with. 2012 will be one nice uptrend. Presented below is my view of silver from a technical perspective. Lets take a more detailed look at the above chart: First comes the wild optimism on the way up to $50 – […]

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Gold Prices Consolidating and Silver Hits 5-Month High

Gold Prices hit $1781 per ounce Tuesday lunchtime in London – 0.3% off last week’s high – while stocks and the Euro gained, as Eurozone leaders postponed a decision on whether to increase the size of the single currency bailout fund. Commodities were mixed, while longer-dated UK and German government bonds ticked higher. Silver Prices meantime moved above $36 per ounce for the first time since last September. “Flow wise it has been a quiet day,” said one Hong Kong bullion dealer this morning. “Silver seems to be the most firm amongst all [the precious metals]” Gold Prices “may be entering a period of consolidation,” says a note from HSBC. “The inability of the market […]

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The Gold-Silver Ratio is strongly favoring Silver

The Gold-Silver Ratio is strongly favoring Silver

See the following chart and the comments therein. Author: Trader Dan  

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Turk: ‘silver price at $68-70 in two-to-three months’

| February 28, 2012 | Articles: Gold Silver Prices

At long last: the ratings agency Standard and Poor’s has deemed Greece to be in “selective default”. The European Central Bank has temporarily suspended the use of Greek bonds as …

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Something Big is About to Happen in Gold & Silver

With gold near $1,770 and silver near $35.50, today King World News interviewed James Turk out of Spain. Turk told King World News the fact that silver is not pulling back is an indication of how strong that market is right now. Turk also the move in oil and gold. Here is what Turk had to say about the situation: “This is a great start to the week for the precious metals, Eric. We need to see this kind of strength to make sure both gold and silver follow through in the next few trading days to confirm the big gains from last week where gold climbed 2.9%, while silver […]

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What To Expect in the Final Week Of February for Gold, Silver, Gold Stocks & Dollar

What To Expect in the Final Week Of February for Gold, Silver, Gold Stocks & Dollar

This morning we are seeing the US Dollar index move higher retesting a short term breakdown resistance level. What this means is that the dollar fell below support and is not slowing drifting back up to test the breakdown level. As we all know once a support level is broken it then becomes resistance. So if that holds true with the current move in the dollar we should see stocks and commodities find a short term bottom and continue higher today or tomorrow from the looks of things. Gold has been pulling back the past couple trading session on light volume which healthy price action. It has done the opposite […]

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Vietnam’s central bank plans new gold regulations

| February 27, 2012 | Articles: Gold Silver Prices

Vietnam’s economy is facing hard times and the communist government is desperately seeking ways to solve the crisis affecting the country. In the past two years the Vietnamese central bank has taken a series of measures aimed at avoiding further capital flight from the country. Measures taken by the government thus far include greater controls on the gold market. According to estimates there are 300 to 500 tonnes of privately held gold in Vietnam. Nguyen van Binh, governor of the Vietnamese central bank, stated in an interview that he wants “to mobilise gold from the public in service of the socio-economic development.” The State Bank of Vietnam is keeping a […]

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Market Taking a Breather from Buying Gold

The Dollar cost of Buying Gold fell to $1764 per ounce Monday morning in London – a 0.5% drop from Friday’s close – while stocks, commodities and the Euro all fell. Germany’s DAX index was down 1.1% by lunchtime, after G20 finance ministers over the weekend said Germany must do more towards solving the Eurozone crisis. Prices for Buying Silver meantime dropped to $35.07 per ounce – a 1.1% fall on last week’s close. “Precious metals are a bit under pressure this morning,” one Hong Kong bullion dealer noted, adding though that “there seems to be some decent size interest in silver”. Prices for Buying Gold “are taking a breather,” agrees […]

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Silver Price Forecast: Silver Market Update of 24 February 2012

Silver Price Forecast: Silver Market Update of 24 February 2012

Silver is currently trading at key resistance levels. See below, a six-year silver chart (all charts generated at fxstreet.com): On the chart, I have drawn a significant upward sloping resistance line (red line). Silver has now reached that line, trying to breach it and stay above it. It has also reached the top resistance line of a big flag pattern. If the silver price gets through these resistance lines, and stays above them, then it is likely to continue its rise, but likely in a more accelerated manner. These resistance areas can be very tricky. Price can often react in a violent manner downwards; however, there are no certainties. What […]

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Strong weekly close in Gold

Strong weekly close in Gold

Gold was able to close the week out on a very strong note, although some traders did decide to cash in some profits ahead of the weekend, after getting a nice run of some $65 off of last week’s close as of Thursday’s peak price. Even in spite of the light round of profit taking, gold still managed to put in a very solid WEEKLY close surrendering only about $15 off its best level of the week and closing within striking range of $1800, the top of the heavy resistance zone noted on the price chart. Take a look at the weekly chart shown below for an intermediate term view […]

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Gold and silver prices benefiting from liquidity flood

| February 26, 2012 | Articles: Gold Silver Prices

For the first time in three years the slowdown in the eurozone is negatively affecting trade with important Asian exporters such as Japan, China, South Korea and Thailand. Owing to last year’s floods, in Q4 Thailand’s economy suffered a 10.7% slowdown in comparison with the previous quarter. Recent factory closures have also caused difficulties for the Thai economy. Meanwhile, Japan’s exports dropped by 9.3% in January – a record monthly fall. Japan’s current account deficit now stands at US$19 billion. In order to boost exports the Bank of Japan recently announced a $130 billion expansion of its bond-purchasing programme. This is designed to weaken the yen. The People’s Bank of China is […]

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