Precious Metals Hold Gains, Gold Settles at One-Month High
November 19 2012 4:06 PM
Gold and silver futures remained firmly in positive territory on Monday afternoon amid a broad-based rally in commodities and weakness in the U.S. dollar. Precious metals rebounded from last week’s sell-off, with COMEX December gold futures closing with a gain of $19.70, or 1.2%, at $1,734.40 per ounce. In doing so, the yellow metal settled at its highest level since October 18th, just over one month ago.
Gold Price Rises, Silver Outperforms amid Wall St Rally
November 19 2012 12:39 PM
The gold price surged higher on Monday amid a sell-off in the U.S. dollar and a broad-based rally on Wall Street. The spot price of gold climbed by as much as $22.98, or 1.3%, to $1,735.48 per ounce in morning trading. In doing so, the gold price returned to positive territory on a monthly basis, by 0.8%, and extended its year-to-date gain to 11.0%. As for the dollar, which last week reached its highest level since early September, this morning it declined by 0.5% against a composite of the world’s most-traded currencies.
Silver To Climb 38% In 2013 - "Possibly Over $50/oz" Say GFMS
November 16 2012 4:01 PM
Silver is trading at $32.32/oz, €25.48/oz and £20.46/oz. Platinum is trading at $1,554.50/oz, palladium at $624.80/oz and rhodium at $1,095/oz.
Gold and Silver finished the week Strong
November 10 2012 11:33 AM
Precious metals extended Thursday’s gains. The advance came despite a stronger USD index. Gold tapped a pit session high at 1739.40 in morning action and closed at 1731.00 as it pulled-back slightly in the afternoon. The precious Yellow metal gained 3.3% over the week following the re-election of President Obama.
Low Silver price has miners struggling
November 07 2012 8:19 AM
When Silver Wheaton Corp. NYSE: SLW reported Q-3 results Monday, the Silver miner noted that lower sales and lower prices hit both the Top and Bottom lines, down 13% and 11% respectively. A Y-Y drop of 14% in the price of Silver got the blame.
- Morning Silver Market Report 11/06
November 06 2012 12:20 PM
The silver market has started out on a positive track, with silver prices seemingly drafting off positive action in gold and US equities. As in gold, silver might be poised to benefit from an end to US election rancor and the accompanying uncertainty with that process. In other words, silver and a host of physical commodity markets might be poised for a "relief" rally once the election anxiety has run its course. Silver might also increase its track with US equities over the coming 24 hours, as election relief might be allowed to control, before the focus of the trade turns back toward the fiscal cliff. Given the sharp washout in silver prices last week, some measure of the gains this morning might be the result of classic technical short covering buying. In the end, silver is likely to trade in sync with US equities and a long list of physical commodity markets. Comex Silver Stocks were 142.166 million ounces down 300,872 ounces. Silver stocks have declined in 11 of the last 20 days.
- Morning Platinum Market Report 11/06
November 06 2012 11:49 AM
Platinum appears for some traders to be lagging behind the rest of the precious metals markets early today, as gold and silver have posted moderate gains while platinum remains in negative territory. Other traders feel that labor issues in South Africa have been marginalized and that platinum is lagging behind gold and silver because last week's declines in platinum weren't as significant as those seen in gold and silver.
- Morning Platinum Market Report 11/05
November 05 2012 9:27 AM
While platinum extended Friday's selloff during overnight trading, January platinum was able to remain above last week's lows for the move. Despite ongoing turmoil in the South African platinum mining sector, some traders feel that the platinum market seems more concerned about the prospect of slumping demand than of any further supply side problems. At their lows this morning, January platinum prices were roughly $190 an ounce below their October highs.
- Morning Silver Market Report 11/05
November 05 2012 9:26 AM
Like December gold, December silver initially saw a fresh lower low for the move in the overnight action. At the lows this morning December silver was as much as $4.79 an ounce below the October highs! Silver seems to be under some minor pressure this morning, in the wake of weakness in platinum and copper prices overnight but its also possible that weakness in global equity markets and adverse currency market action are also weighing on silver prices. Some traders think that December silver found some technical support on the charts at the $31.00 level, while others think that the late August consolidation lows around $30.29 might be the next critical level on the charts. Unless silver and other physical commodity markets see definitively positive action in equities, or a broad based physical commodity rally unfolds, it is possible that many markets are destined to see a two sided trade until after the US election results are known. Comex Silver Stocks were 142.467 million ounces down 377,885 ounces.
- Morning Silver Market Report 11/01
November 01 2012 9:51 AM
At least in the early going today, December silver seems to have outperformed the gold market, as silver prices in the early going have forged a fresh upside breakout on the charts. With the rise this morning December silver prices reached up to the highest level seen since October 19th and perhaps some of the fresh buying was technical stop loss buying. Like gold, silver probably needs to see something positive from a very active US data schedule today, especially in face of early weakness in equities and a rise in the value of the dollar. Favorable data from the US later this morning could begin to countervail talk that the storm is cutting into already anemic US growth and therefore silver and other physical commodity markets probably need assistance from the US numbers this morning to claw out further gains. Comex Silver Stocks were unchanged at 142.362 million ounces.
- Morning Platinum Market Report 11/01
November 01 2012 9:48 AM
January platinum prices were unable to climb up towards a fresh new high for the move overnight, but prices have remained within close proximity to the prior session's highs. Volume and open interest has remained low during this week's rally, although some traders feel that might be the result of the East Coast super-storm. Like the rest of the metals markets, platinum may need to see a couple of positively received US economic numbers this morning to regain upside momentum, especially since US equities have started off under pressure and the Dollar is stronger.
Barrick Gold's Weak 3Q Reflects Surging Costs
November 01 2012 9:39 AM
The world's biggest gold producer posted its fourth-straight disappointing quarterly report as it struggled with costs that rise more than gold's price.
- Morning Silver Market Report 10/26
October 26 2012 10:24 AM
Like gold, the silver market seems to have started out on a weak footing today on the charts. A recent series of lows around $31.57 might be seen as a critical pivot point today, especially into the US GDP report, which looks to be the main event of the Friday US trading session. Expectations call for a minor climb in the GDP figures, but the question is whether or not that report will be capable of fully shifting an entrench slowing vibe that was put in place from the international market action overnight. Silver didn't seem to draft much support from news that holdings in a silver derivative instrument rose to the highest level since October 2nd yesterday afternoon.
- Morning Platinum Market Report 10/26
October 26 2012 10:21 AM
Platinum prices overnight fell to a fresh new low for the move, and in the process January platinum reached the lowest price level since September 4th. Many traders feel that platinum hasn't been able to find much support from yesterday's news from Anglo American Platinum, who projected declining platinum production and declining capital expenditures that could reduce future output.
- Morning Silver Market Report 10/25
October 25 2012 10:42 AM
As in gold, silver is facing a more supportive overall environment at the start of the Thursday US trade. Higher equities, favorable currency market action and gains in a host of physical commodity markets seems to favor the bull camp to start today and with expectations for scheduled US data to be mostly up beat, the bull camp might expect some additional assistance in the wake of formal economic news flow. Unfortunately for the bull camp in silver, derivative holdings of silver saw a minor decline in yesterday afternoon's release.
- Morning Platinum Market Report 10/25
October 25 2012 10:41 AM
The platinum market has posted moderate gains during the early Thursday US trading session, but January futures contract has been unable to climb back towards the prior session's high. Some traders feel that platinum may have found support from favorable outside market conditions, as well as from news of reduced production and reduced capital expenditures from platinum mining facilities in South Africa.
- Morning Silver Market Report 10/23
October 23 2012 10:26 AM
December silver prices have drifted down toward the prior session's low in the face of mostly bearish outside market action and conditions. In addition to fears of slowing around the globe in the overnight trade, silver is also facing adverse currency market action and what appears to be a risk-off vibe. With a noted deterioration in global economic sentiment overnight, turning up the pressure on platinum and copper, silver is probably seeing some industrial demand based pressures and that in turn could make the Richmond Fed readings later this morning a noted event for the silver trade.
- Morning Platinum Market Report 10/23
October 23 2012 10:24 AM
A large overnight selloff has taken January platinum down to their lowest price levels since September 7th. Some traders feel that fears of global slowing which were generated by negative US corporate earnings and guidance have put pressure on a host of physical commodity markets like platinum. Even though labor tensions have continued in South African gold and platinum mining operations, any threat against supply may have been pushed to a back burner status because of macro economic slowing concerns. With weak global equity markets enhancing fears of slowing, some in the market feel that platinum could be vulnerable to additional pressure until the FOMC statement release on Wednesday.
Gold Prices Appear Set To Resume Ascent: Analysts
October 22 2012 2:56 PM
An array of global economic and financial factors are combining to support the price of gold.
- USD/JPY Weekly Outlook and Trading Idea
October 21 2012 4:56 PM
Last week I said that if we would to see a break above 79.20, that would be the 1st bullish signal here. Well, we saw such a break last week. There was little through buying which means I might have overestimated the importance of this level. But on the other hand, the market has held above this level since it broke above it. So, there is a good chance that the trend on the daily chart has already reversed on the upside. To confirm this view, we need a move abv 79.65 and then abv 80.60.