RSSCategory: Articles: Gold Silver Prices

Gold and silver price smack down

$37.48 was yesterday’s silver price high, followed by a plummet down to a low of $34.06 – recovering slightly to just under $35. The story was the same in gold, with a dramatic $100 smack down in the price in late morning trading at the New York Comex. Ostensibly, the reasons for this sharp price drop in precious metals (platinum and palladium experienced similar losses) and commodities more generally were comments from Federal Reserve Chairman Ben Bernanke, who sounded a note of cautious optimism about the US economy during testimony to the House of Representatives Financial Services Committee yesterday. Bernanke noted that the drop in unemployment to 8.3% in January […]

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Graph – Could gold price really go to $ 10,000

Graph – Could gold price really go to $ 10,000

If you are involved with technical analysis, you have undoubtedly heard about the Elliot Wave principles. If we would apply those principles to the gold price, it appears you could get prices of more than 10,000 dollar over the coming years. Check it out on this graph.   Courtesy: Goldchartsrus.com  

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Gold & Silver Smash Temporary, Oil to Super-Spike

With gold at one point trading over $75 lower and silver down over $3, today John Embry told King World News this is nothing more than a temporary smash and he expects both metals to come roaring right back. Embry, Chief Investment Strategist at Sprott Asset Management, also said oil may quickly spike to a number that will literally cripple the global economy. But first, here is what Embry had this to say about silver: “This relates to the massive blowout in open interest in both gold and silver over the last few weeks. The market is always vulnerable short-term in that situation. Central planners can’t announce they are going […]

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Silver Chart Analysis – 29th February 2012

Silver Chart Analysis – 29th February 2012

Following is an 8 hour chart of the front month silver contract (that will be changing to May from March) detailing the technical action. All of the readers know by now that the commodity complex was being targetted by the Fed in today’s comments coming from Chairman Bernanke. Prior to his testimony in front of the House Committee, silver was trading higher recovering from some mild profit taking late in yesterday’s session and into early Asian trading in the evening. This is normal in a market especially after having put in a strong upside breakout on heavy volume from a recent consolidation pattern. Dip buyers came back in taking the […]

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Bernanke tries talking down commodities

Today was Fed Chairman Bernanke’s chance to testisfy before the Congress’ Financial Services Committee. Here is a quick synopsis of his comments as I see them. “The economy is getting better based on what we can see of the employment numbers but it is not growing at a fast enough clip to justify any immediate change in our accomodative monetary policy. The uptick in hiring has been helped by this policy and any change to it at the present time is not warranted. Real Estate is still a concern. Us fiscal condition is dire and faces a serious challenge at the end of this year. Inflation is not a concern […]

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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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