Gold

March 27 2013 8:50 AM

Spot Gold could start to come under pressure again now. We held just below resistance at 1603 and as expected we did fall back to 1595 but this held the downside. If we break below this support today, as seems likely we look for 1590/1588 with a chance of a bounce from here. However any longs attempted will need a stop loss below 1587 for a test of the next support at 1582/83. A push back above 1604 looks unlikely but if seen could allow gains as far as 1609 where we could attempt shorts with a stop above 1612.

March 26 2013 10:09 AM

AuRico Gold Inc (NYSE:AUQ) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.26%.

March 26 2013 7:47 AM

Spot Gold could start to come under pressure again now. We have resistance at 1603 and failure to push above here risks a slide back to 1595. If we break below this support we look for 1590/1588 with a good chance of a bounce from here today. However any longs will need a stop loss below 1587 for a test of the next support at 1582/83.

March 25 2013 9:05 AM

Silver is trading at $28.78/oz, €22.24/oz and £18.99/oz. Platinum is trading at $1,586.50/oz, palladium at $758.00/oz and rhodium at $1,250/oz. Gold fell $6.80 or 0.42% and closed Friday at $1,607.60/oz. Silver hit a low of $28.52 and finished -1.54%. Gold was +1.01% and silver -0.14% for the week.

March 22 2013 8:52 AM

Something just doesn’t add up. A few days ago it was announced that consumer spending was up 1.1%. Out came the Kazoos and party hats – it was a sure sign the economy was recovering. At the same time reports tell us GDP growth is 2.4%, another sure sign of recovery. Now, ne’er a day goes by that we don’t hear or read something about the $85 billion a month the Fed is pumping into the economy.

March 22 2013 8:01 AM

Spot Gold made it to our 1609/11 target & is pushing on now for 1619/20 resistance. If we can continue higher we run in to 1625 which should cap the rally at this stage. We could exit longs here & try shorts with a stop above 1629. We have good support in the 1612/09 band but below here risks further losses down to 1603. Below here we have good support again at 1600/1599 which should provide a floor if tested but longs need a stop below 1595.

March 20 2013 8:33 AM

With Argentina printing pesos to finance itself, the growth of pesos in the economy has rose 38% in the past year, leading analysts to predict that the currency will depreciate 12.9% through year-end, the highest of currencies tracked by Bloomberg.

March 18 2013 12:35 PM

There are many assets to choose from in the financial system, but “safe” assets are a different story. The U.S. dollar is considered to be a safe-haven due to its world-reserve currency status. It is found throughout many countries, and is backed by the world’s largest economy and military. However, central banks around the globe are making changes to their reserve portfolios.

March 14 2013 10:38 AM

We have seen a great deal in the media about the best place to hold your gold, so would like to address the issue in real terms. So many assumptions are made by investors holding gold and silver that are not based on either real experience or on an understanding of how the monetary authorities work, leaving precious metal investors wide open to losing their gold to their governments, despite what they thought were adequate steps to prevent such an eventuality. If hard-pressed, many of the storage schemes available will admit to their systems being inadequate to halt the various financial agencies from knowing who they are, what they hold, and to preventing these agencies from accessing this gold in ways used in the past.