- Gold Up This Morning, But For How Long?
May 23 2013 12:19 PM
Gold is up yet again today. The precious metal is being traded at $1,390.85 this morning. As before, investors are still cautious as they don’t know how long this will last. Since the price of gold plummeted April 15th igniting spot losses across the country and then slowly gaining steam only to fall again. As a result, investors have been wary about the precious metal, some even second guessing investments.
- Gold’s Pivotal Role – The Yuan Sees Freer Convertibility this Year! (Part 1)
May 22 2013 8:29 AM
China has signaled it is going to propose plans this year to allow freer flows of the Yuan both in and out of the nation as part of measures to loosen control over the Yuan and interest rates. It was expected that full and free convertibility after 2022, but it’s clear that the program is moving at an accelerated pace. How far this next phase of convertibility will go has to be seen at the end of this year.
- A Dead Cat Bounce for Gold Prices
May 21 2013 7:44 AM
On Monday, May 13, 2013 we wrote that Gold Prices would Re-Test $1350/oz level and so they did, trading sub $1340/0z at one stage. Gold had fallen for 7 straight days from $1470/oz before the slide was arrested earlier today with a bounce that pushed gold up to $1391/oz. This move correlates inversely with the 7 day winning streak put in by the US$, which also came to an abrupt halt today when it fell 0.50% to close at 83.93 on the US$ Index. As far as we can ascertain there was a few frantic minutes of buying that moved gold higher by around $30.00. Such quick movement suggests that someone who was short wanted to close and close quickly, as gold was climbing slowly but surely at the time. The snap shot below depicts the day’s action:
- Four Things Einhorn, Soros Are Forgetting About Gold Miners ETF
May 17 2013 7:52 AM
Highlighting fourth-quarter 13F filings with the Securities and Exchange Commission, it was noted hedge fund legends David Einhorn and George Soros held sizable stakes in the largest gold miners ETF, the Market Vectors Gold Miners ETF (NYSE: GDX [FREE Stock Trend Analysis]). To be fair to Soros, during the fourth quarter, he pared his stakes in GDX and the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) by 800,000 and 400,000 shares, but he still owned 1.5 million shares of GDX and about two million shares of GDXJ at the end of the quarter.
- Gold Demand Remains Strong As Buying Records Continue To Tumble
May 16 2013 8:06 AM
There are no surprises in the latest World Gold Council Gold Demand Trends report other than the fact that statistics show global demand for gold in Q1 2013 was on the increase before the COMEX raid on April 15th. This is a clear indication that the fundamentals supporting a strong price for gold in the long term remain and also helps to explain why there was such a shortage of gold bars and coins in the weeks after April 15th.
- Chinese Rush To Ghana For Gold, Monopolize Small-Scale Mines
May 15 2013 1:13 PM
The people of Shanglin county in southern China have ventured to an unlikely place to seek their fortunes.
- Gold Prices Continue to Fall
May 15 2013 12:24 PM
Gold is still in trouble as it continues to fall. This morning gold prices are down $12.61 to $1,413.60 an ounce sparking investors to worry that the downward trend will continue.
- South Africa Imports $1 Billion of Unwrought Gold to Meet Global Demand
May 15 2013 8:47 AM
On Tuesday 14th May, workers at Lonmin PLC, the world’s No. 3 platinum producer in South Africa began a wildcat strike. This caused immediate disruption of all mine production and led to concerns that South Africa was yet again to endure violence and disruption in its mining industry.
- Lonmin Workers Walk Out To Protest Shooting Of Union Member
May 14 2013 3:46 PM
National Union of Mineworkers believes the strike against Lonmin is in reaction to the killing of a veteran worker from its rival union.
- Chinese 'Grannies' To Leave Sale Of Their Gold To Their Children
May 14 2013 12:54 PM
Talk about buy-and-hold: Chinese "grannies" appear to have the world's longest time horizon when it comes to gold investing.
- European Union Likely to ‘Bail In’ Large Depositors
May 14 2013 9:07 AM
The European Union will today meet to discuss and move forward the proposal to ‘bail-in’ depositors with savings of over €100,000 as part of future bank wind-downs. It now looks likely that the EU is going to take unprecedented steps to sequester monies from its citizens in the event of future bank failures.
- Gold Prices to Re-Test $1350/oz
May 14 2013 8:25 AM
- When Will Gold Bull Resume?
May 13 2013 3:34 PM
While Gold has seen a decent rebound, Silver and the mining shares (the more speculative side of the complex) have failed to sustain any rebound despite tremendously supportive sentiment amid an extreme oversold condition. Is the failure to rebound bearish? Not really. This is a sector that is completely sold out but there are yet to be enough buyers to generate a sustained rebound. The combination of strength in conventional asset classes (stocks and bonds) and poor performance over the past two years is causing this sector to read like the heart rate monitor of a heart patient. The sellers are gone and the buyers are scant. We believe the bottom is in and a rebound should begin very soon. However, we are more concerned with what will be the driving force for a sustainable rebound which will evolve into a new cyclical bull market.
- Three Reasons to Buy Gold Equities Today
May 13 2013 12:33 PM
That’s why I often say to anticipate before you participate, because gold stocks are historically twice as volatile as U.S. stocks. As of March 31, 2013, using 10-year data, the NYSE Arca Gold BUGS Index (HUI) had a rolling one-year standard deviation of nearly 35 percent. The S&P 500’s was just under 15 percent. I believe the drivers for the yellow metal remain intact, so for investors who can tolerate the ups and downs, gold stocks are a compelling buy. Here are three reasons:
- China’s Consumption of Gold and Acquisition of Gold Mines Continues
May 13 2013 8:53 AM
Driving the sentiment was the report that U.S. jobless benefits decreased to their lowest rate since 2007. Philadelphia Fed President Charles Plosser forecasted that day unemployment will drop to 7% by December 2013 and he favours reducing the Fed’s $85 billion monthly bond purchases next month. Plosser however has no vote on Fed policy this year.
- Gold Decreases, What Does it Mean for Mining Companies?
May 13 2013 8:48 AM
That was until it reached its peak in September 2011 at more than $1,900 an ounce. Compare that to April 15th when prices of gold came crashing down to less than $1,400 an ounce and you’ve got yourself a predicament.
- Abenomics Brings Currency Wars to G7 Talks
May 10 2013 8:52 AM
As the global economic slump continues central bankers, such as Mario Draghi, and politicians have vowed “to do whatever it takes” to get economies back on track. Such policies while having near term benefits are considered extremely risky in the longer run by many commentators as they could beckon runaway inflation or stagflation, with ruinous results.
- Is Mr. Buffet Right about not Holding Gold?
May 09 2013 1:26 PM
Who is Warren Buffet? He’s ‘Yoda’ of the financial world. He is a man brilliantly skilled at making profits with considerable expertise in the U.S. economy and its corporations.
- Lear Capital: Is There Any Among You That Can Challenge the Claim – GOLD WILL DOUBLE AGAIN!
May 09 2013 8:57 AM
I overheard a conversation in the gym last night wherein the comment was made, “The Dow is up from a low of 6500 because of administration policies.” The comment was made in reference to the Dow breaking 15,000, in the context of a recovering economy and in support of the administration. I refrained from making any comment of my own and to instead vent here where readers have the same right to discard my opinion and stop reading just as I stopped listening.
- Gold Stabilizing now $1,467.60/oz
May 08 2013 3:37 PM
Despite falling yesterday, gold once again soared, gaining $18.80 to $1,467.60 according to the New York Mercantile Exchange. The price of gold generally increases when the U..S. dollar decreases and this happened this morning as the U.S. dollar fell in value compared to other currencies such as the euro and pounds.