Latest Gold & Silver Price News
Junior Gold Producers 2
It only took eleven years, but in 2011 global gold-mine production has finally returned to pre-bull levels. In fact, with 2011’s volume expected to come in at around 88m ounces, we’ll see a new all-time production high. The latest exploration-and-development cycle is finally starting to bear fruit! This fruit has been hard-earned though, as the miners have had to reverse the course of a brutal production decline that bottomed out in 2008. Incredibly global gold production had fallen nearly 13% in five years from 2003’s high, to a level not seen since the mid-1990s. And needless to say that painted quite an alarming fundamental picture considering demand was on the […]
Bernanke determined to protect US economy
Bullish US retail sales figures for January and “hours worked” stats for the last quarter encouraged further gains in stocks commodities yesterday. The $82bn Glencore/Xstrata merger and the chatter surrounding the Facebook IPO are also helping sentiment, with many no doubt hoping that this is indicates it’s “business as usual” at the financial markets. Precious metals continue to benefit from the move away from the perceived “safety” of the US dollar, with the gold price breaking above resistance at $1,750 and silver temporarily moving above $34. Not coincidentally, the rise in gold and silver yesterday coincided with a press conference given by Federal Reserve Chairman Ben Bernanke, who once again […]
Gold Bulls unable to break through resistance
Today’s payrolls number, something which I might add is more akin to an Alice in Wonderland creation, was the factor responsible for the selling in both gold and in silver. The thinking was that if the economy is gathering steam at such a fast clip as the numbers suggest, then any notion of additional QE3 is a pipe dream. That means no Dollar debasement and little to fear on the inflation front so out came the sellers in the gold market. It also did not help the bullish cause that the market failed at a critical technical resistance level. Between the two developments, longs who have had a nice run […]
Bernanke Lends Support to Gold Prices but strong US jobs data sees Gold slip from 11 Wk High
Dollar Gold Prices fell back below $1750 per ounce while stock markets jumped higher immediately following the release of better-than-expected US jobs data on Friday. The Bureau of Labor Statistics nonfarm payrolls report, published on Friday, shows that the US added a net 243,000 nonagricultural private sector jobs last month. In addition, both November and December’s nonfarm figures were revised upwards. The unemployment rate fell to 8.3%, down from 8.5% the previous month. Silver Prices also fell following the nonfarm announcement, while the US Dollar saw an immediate gain against major currencies such as the Pound, Euro and Yen. Earlier on Friday Dollar Gold Prices hit their highest level in 11 weeks at $1762 per […]
Global Gold Production Stuck in Sluggish Mode
RECENTLY PUBLISHED data from the US Geological Survey show that global Gold Bullion production, after falling every year between 2001 and 2008, finally rose for the past three years, writes Gregor Macdonald. In 2011, production reached 2,700 metric tons. However, in a larger context, the past decade has been quite a poor one for the production of Gold Bullion. The compound annual growth (CAGR) rate has fallen well below the average of the past 110 years. The high cost of marginal supply and the poor production performance of the large cap gold miners fits in nicely to the theme. It also mirrors the experience of “Big Oil” the past decade, […]
Euro Gold comments
Once again, as has been the recent pattern in the gold market, gold priced in terms of the Euro, or “EuroGold”, is putting in a very strong showing in today’s trading session. If you note on the weekly chart, it has moved to within about 32 euros of its former all time high in price. Many traders/investors may be dismissing European Sovereign debt issues, but the gold market certainly has one eye on it.I want to see how this market acts now that we are moving into these regions as this will be a decent barometer of sentiment towards the woes surrounding Europe. Any further escalation of issues associated with […]
Silver Price forecast and the shift to measuring wealth in Gold Ounces instead of Dollars
The debt-based monetary system creates an illusion of wealth. It allows for claims on real goods to significantly exceed the actual amount of real goods. You then have a number of people believing they have wealth, since they have claims (pieces of paper or tokens) showing that they have these real assets, whereas, in reality, if everyone was to claim the real goods, there would not be enough to go around. The high debt levels, in some way, represent the extent to which there are more claims than the actual underlying real assets. During the period of credit extension – that has been for at least 80 years – most […]
Gold Price volatile, Indian & Chinese Gold demand rises
The Gold Price slipped 0.5% from a new 8-week high Thursday lunchtime in London, while global stock markets stalled after a 3-day rise and commodities also pulled back. The Euro fell from $1.32 for the third time this week after chief finance minister Jean-Claude Juncker called new proposals for stemming the currency zone’s debt crisis – only agreed at a summit on Monday – “largely insufficient”. The Gold Price for Euro investors today touched €43,900 per kilo, a level breached only five times during the surge of summer last year. Beijing meantime said China’s full-year Gold Mining output in 2011 – all of which was bought domestically, as exports are banned – hit a record 361 tonnes, […]
The Gold Price Recovery
We know gold is in a historic bull market because: A) Western governments have taken on huge debts and unfunded liabilities that cannot be paid back with sound, honest money (“real money,” gold, rises as a result). And B) the relatively poor countries of Asia are growing richer. They have a centuries-old cultural affinity for gold and silver. And they are buying huge amounts of gold. These “big drivers” have allowed gold to register 11 consecutive years of higher prices. Despite that historic run, there are many skeptics of gold and its bull market. Although these skeptics have been wrong for years, they gleefully claimed the gold bull market was […]
Silver price at $158 in 12-18 months?
The Facebook IPO and the $80 billion Glencore/Xstrata merger are the talk of the markets this morning, with both lending encouragement to equities. North American stock markets had another up day yesterday, with Asian exchanges recording further gains this morning. European markets are however more mixed, with continuing Greek debt talks casting a shadow over the generally bullish mood. April Comex gold futures – the most actively traded month – settled just 50 cents shy of $1,750 per troy ounce. $1,750 is becoming an increasingly significant short-term resistance level for gold. Encouraging news about German and Chinese manufacturing output led to more selling of the US dollar as investors headed back […]
Silver to Break $100 This Year & Gold Bull on the Move
With gold and silver off to an incredibly strong start for 2012, today King World News interviewed acclaimed money manager Stephen Leeb, Chairman & Chief Investment Officer of Leeb Capital Management. Leeb surprised KWN by predicting that silver will hit $100 this year. But first, here is what Leeb had to say about Bill Fleckenstein’s comments on KWN earlier today about the public coming into the gold market: “I think (Bill) Fleckenstein is totally correct. The kind of environment he’s talking about is the one I alluded to a little bit earlier, namely the 1970s, where we did have this kind of stagflation. In the mid 70s we had very […]
Mining Stocks Yet to Go Up Decisively
According to Goldman Sachs, gold provided the best returns of all commodities in the past five years when adjusted for volatility and says the rally will continue as options traders signal no change in the metal’s relatively low risk. The Bloomberg Riskless Return Ranking shows the Standard & Poor’s GSCI Gold Total Return Index produced a 6.5 percent risk- adjusted return in the five years that ended last week, the highest among 24 commodities tracked by S&P, data compiled by Bloomberg show. Silver, the next-best performer, yielded a risk-adjusted gain of 3.1 percent, while a total-return index for all raw materials slipped 0.2 percent. Goldman Sachs forecasts gold will reach […]
Great Deals on Gold and Silver
GoldMoney Founder and Chairman James Turk knows how to find great deals on gold and silver. He claims that the 2012 bottom for gold came during the first week in January. If the year’s low is already history and if his projection that gold will hit the $2,000/oz mark within three months is on target, you do the math. “Gold is way too cheap,” he tells The Gold Report in this exclusive interview. The Gold Report: Given the volatile 2011 market and the fact that gold trades at seasonally lower prices in the summer, James, what led you to say you believe we’ve already hit the low for the gold price in 2012? […]
Gold Chart
Gold bulls breached resistance at $1750 but have been unable to keep the market ABOVE that price. That will be necessary for them to set up a run towards $1775- $1780 where a major upside resistance level is located. There is a bit of weakness in Euro Gold today which is coming off of the rather large rally in the Euro in today’s session. That rally sent the Dollar down below critical support at the 79 level on the USDX but that market has rebounded back above 79 thus far. A close below 78.80 should set the Dollar up for a drop towards 78. It is indeed fascinating to watch […]
