Comex gold futures prices are modestly lower in early U.S. trading Friday. The market is seeing a corrective pullback from Thursday’s solid gains and is also feeling a bit of downside pressure from a firmer U.S. dollar index. Prices did hit a two-week high in overnight trading. Comex August gold last traded down $4.50 at $1,407.50 an ounce. Spot gold was last quoted down $5.40 at $1,408.75. July Comex silver last traded down $0.28 at $22.41 an ounce.
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Friday, 31 May 2013
Reuters: UPDATE 1-New Gold to acquire exploration company Rainy River
New Gold Inc agreed on Friday to acquire gold exploration company Rainy River Resources Ltd for about C$310 million ($301 million) in a sign of a life for the dormant Canadian small-cap mining sector.
The deal, which will give Vancouver-based New Gold control of Rainy River's namesake gold project in northwestern Ontario, sent New Gold's shares up 36 percent in midday trading.
Juniors in the sector have been hurt badly by the sharp pullback in the price of gold along with budget blowouts and other concerns at their larger peers.
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The deal, which will give Vancouver-based New Gold control of Rainy River's namesake gold project in northwestern Ontario, sent New Gold's shares up 36 percent in midday trading.
Juniors in the sector have been hurt badly by the sharp pullback in the price of gold along with budget blowouts and other concerns at their larger peers.
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Bloomberg: Stocks Retreat With Treasuries, Gold While Dollar Climbs
Stocks slid with Treasuries and gold while the dollar rallied as better-than-forecast data on business activity and consumer confidence fueled speculation the Federal Reserve will scale back its bond purchases. The Standard & Poor’s 500 Index trimmed a seventh straight monthly gain.
The S&P 500 retreated 1.4 percent to 1,630.74, its worst drop in six weeks, and capped its first back-to-back weekly declines of the year. Ten-year Treasury yields increased two basis points to 2.13 percent after surging as much as 10 basis points. The Dollar Index, a gauge of the currency against six major peers, jumped 0.3 percent to 83.27 and surged 1.9 percent in May. The Stoxx Europe 600 Index dropped 0.9 percent. The S&P GSCI gauge of 24 commodities slid for a third day, decreasing 1.1 percent as gold and oil paced losses.
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The S&P 500 retreated 1.4 percent to 1,630.74, its worst drop in six weeks, and capped its first back-to-back weekly declines of the year. Ten-year Treasury yields increased two basis points to 2.13 percent after surging as much as 10 basis points. The Dollar Index, a gauge of the currency against six major peers, jumped 0.3 percent to 83.27 and surged 1.9 percent in May. The Stoxx Europe 600 Index dropped 0.9 percent. The S&P GSCI gauge of 24 commodities slid for a third day, decreasing 1.1 percent as gold and oil paced losses.
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CNBC: 3 Gold Mining Stock Bargains
Mining stocks have been hit by gold's price decline, but a few names are worth a look, Sterne Agee Managing Director Michael Dudas said Friday.
"It's been interesting. The miners have so underperformed the gold price decline," he said. "The GDX has underperformed the S&P by 5,000 basis points. It's been just totally out of favor."
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"It's been interesting. The miners have so underperformed the gold price decline," he said. "The GDX has underperformed the S&P by 5,000 basis points. It's been just totally out of favor."
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Reuters: COMMODITIES-Oil, gold extend losses with May; Fed watch escalates
Benchmark Brent crude oil
futures closed down on Friday, posting a fourth straight monthly
decline, and gold also posted daily and monthly declines as
investors remained uneasy throughout May about whether the
Federal Reserve will end its free flow of easy money.
Arabica coffee fell 6 percent for the month, and
cocoa was down 8 percent in May, the biggest monthly
decline of the year for both soft commodities. Raw sugar
slid 6 percent in May, its biggest monthly decline since August
2012.
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futures closed down on Friday, posting a fourth straight monthly
decline, and gold also posted daily and monthly declines as
investors remained uneasy throughout May about whether the
Federal Reserve will end its free flow of easy money.
Arabica coffee fell 6 percent for the month, and
cocoa was down 8 percent in May, the biggest monthly
decline of the year for both soft commodities. Raw sugar
slid 6 percent in May, its biggest monthly decline since August
2012.
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BBC News: Kyrgyz police move in on gold mine protesters
There have been angry clashes in Kyrgyzstan after hundreds of police moved in to disperse a protest over a valuable Canadian-owned gold mine.
About 1,000 people have been camped out for days calling for a bigger share of the profits from the Kumtor mine, owned by Canada's Centerra Gold group.
The government has now declared a state of emergency around the gold mine.
The mining group says it has paid $1bn (£660m) in taxes since it was formed and spends millions on social projects.
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About 1,000 people have been camped out for days calling for a bigger share of the profits from the Kumtor mine, owned by Canada's Centerra Gold group.
The government has now declared a state of emergency around the gold mine.
The mining group says it has paid $1bn (£660m) in taxes since it was formed and spends millions on social projects.
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Reuters: PRECIOUS-Gold off 2-week high vs dollar, but set for 2nd weekly gain
Gold moved off earlier two-week highs on Friday, as the dollar rose slightly, but was still on track for its second weekly gain after weak U.S. data eased speculation the Federal Reserve could soon scale back monetary easing.
Fears the U.S. central bank could start reining in its $85 billion in monthly asset purchases as early as the summer had sparked a sell-off in gold and a rally in the dollar.
But recent weak GDP and jobs data boosted chances of the Fed continuing its easing policy and keeping interest rates low. Low rates usually encourage investors to put money into non-interest-bearing assets like gold.
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Fears the U.S. central bank could start reining in its $85 billion in monthly asset purchases as early as the summer had sparked a sell-off in gold and a rally in the dollar.
But recent weak GDP and jobs data boosted chances of the Fed continuing its easing policy and keeping interest rates low. Low rates usually encourage investors to put money into non-interest-bearing assets like gold.
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Reuters: PRECIOUS-Gold hits 2-wk top on hopes Fed stimulus will stay
Gold climbed to a two-week
high on Friday as weak U.S. economic data eased fears the
Federal Reserve could soon scale back its bullion-friendly
bond-buying programme.
A rise in gold-backed exchange-traded fund holdings for the
first time in three weeks also underpinned the precious metal,
typically seen as a hedge against inflation. But physical demand
softened with gold set to log its second straight week of gains.
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high on Friday as weak U.S. economic data eased fears the
Federal Reserve could soon scale back its bullion-friendly
bond-buying programme.
A rise in gold-backed exchange-traded fund holdings for the
first time in three weeks also underpinned the precious metal,
typically seen as a hedge against inflation. But physical demand
softened with gold set to log its second straight week of gains.
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Reuters: Barrick's Pascua-Lama gold project frozen for at least 1-2 years: Chile regulator
Barrick's (ABX.TO) suspended Pascua-Lama gold project will likely be reactivated in one to two years at the earliest, given the infrastructure that needs to be built to avoid water pollution, Chile's environmental regulator told Reuters on Thursday.
Barrick's shares initially pared back their 6.14 percent rally after the news to trade 4.77 percent stronger. They then recovered to gain 6.28 percent.
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Barrick's shares initially pared back their 6.14 percent rally after the news to trade 4.77 percent stronger. They then recovered to gain 6.28 percent.
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Bloomberg: China’s Gold Demand to Slow From April Surge: Association
Gold demand in China, the world’s largest consumer after India, may slow in the second half of this year after surging in April, said Zhang Bingnan, secretary-general of the China Gold Association.
“The kind of frenzied buying in late April and early May won’t be repeated,” Zhang said. Some of the jewelry demand earmarked for festivals or weddings later this year may have been brought forward to April and May after prices fell, he said.
Gold has declined 15 percent this year on concern the U.S. Federal Reserve may rein in stimulus that helped bullion cap a 12-year bull run in 2012 and as some investors lost faith in the metal as a store of value. Gold takes center stage in weddings in China in the form of jewelry and other gifts as a promise of a long and happy future together.
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“The kind of frenzied buying in late April and early May won’t be repeated,” Zhang said. Some of the jewelry demand earmarked for festivals or weddings later this year may have been brought forward to April and May after prices fell, he said.
Gold has declined 15 percent this year on concern the U.S. Federal Reserve may rein in stimulus that helped bullion cap a 12-year bull run in 2012 and as some investors lost faith in the metal as a store of value. Gold takes center stage in weddings in China in the form of jewelry and other gifts as a promise of a long and happy future together.
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Reuters: PRECIOUS-Gold gains on hopes Fed stimulus will stay, ETF holdings up
Gold climbed on Friday, hovering near a two-week high hit in the previous session, as
weak U.S. economic data eased fears that the Federal Reserve
could soon wind down its bullion-friendly bond buying programme.
A rise in gold-backed exchange-traded fund holdings for the
first time in three weeks also indicated renewed interest in the
precious metal -- typically seen as a hedge against inflation.
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weak U.S. economic data eased fears that the Federal Reserve
could soon wind down its bullion-friendly bond buying programme.
A rise in gold-backed exchange-traded fund holdings for the
first time in three weeks also indicated renewed interest in the
precious metal -- typically seen as a hedge against inflation.
Read more...
Barron's: Finally, Some Relief for Gold-Mining Funds
For gold-mining stocks, April was the cruelest month. But May is suddenly looking less awful. This week, you could even call things rosy.
The price of gold is at a two-week high Thursday and the Market Vectors Gold Miners (GDX) is ahead by more than 8% on the week, including a 4.4% rise Thursday. Market Vectors Gold Miners (GDXJ) is also enjoying a respite — it’s ahead by 6% as SPDR Gold Trust (GLD) advanced 1.5%.
Reuters
Why? One theory: It’s the end of the month, a good time for short sellers to cash in on recent success. Another: Gold’s price seemed to gain some momentum Wednesday from a cheery World Gold Council report Wednesday
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The price of gold is at a two-week high Thursday and the Market Vectors Gold Miners (GDX) is ahead by more than 8% on the week, including a 4.4% rise Thursday. Market Vectors Gold Miners (GDXJ) is also enjoying a respite — it’s ahead by 6% as SPDR Gold Trust (GLD) advanced 1.5%.
Reuters
Why? One theory: It’s the end of the month, a good time for short sellers to cash in on recent success. Another: Gold’s price seemed to gain some momentum Wednesday from a cheery World Gold Council report Wednesday
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Thursday, 30 May 2013
Reuters: PRECIOUS-Gold hits two-week high as U.S. data quells Fed taper talk
NEW YORK/LONDON, May 30 (Reuters) - Gold rose to a two-week high on Thursday buoyed by a fall in the dollar after weaker-than-expected U.S. economic data boosted prospects the Federal Reserve will keep its monetary stimulus in place.
Speculation the U.S. central bank could start reining in its $85 billion in monthly asset purchases as early as the summer had sparked a sell-off in gold and a rally in the dollar last week.
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Speculation the U.S. central bank could start reining in its $85 billion in monthly asset purchases as early as the summer had sparked a sell-off in gold and a rally in the dollar last week.
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Bloomberg: Canadian Stocks Rise as Gold Producers Rally on Stimulus Bets
Canadian stocks advanced as gold producers climbed on rising bullion prices, offsetting losses among lenders after Royal Bank of Canada reported weaker-than-estimated earnings.
Detour Gold Corp. and Barrick Gold Corp. jumped at least 6.9 percent as the metal touched a two-week high on speculation the U.S. central bank will maintain its bond-purchasing program. Royal Bank slid 1.8 percent after earnings trailed analysts’ forecasts. Talisman Energy Inc. advanced 1.5 percent after saying it may reduce its stake in some properties.
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Detour Gold Corp. and Barrick Gold Corp. jumped at least 6.9 percent as the metal touched a two-week high on speculation the U.S. central bank will maintain its bond-purchasing program. Royal Bank slid 1.8 percent after earnings trailed analysts’ forecasts. Talisman Energy Inc. advanced 1.5 percent after saying it may reduce its stake in some properties.
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Forbes: Gold Mining Hedges: Bad For Gold Investors?
As if gold investors didn’t have enough to worry about, now comes the possibility that gold mining companies, by putting on hedges, will bet against investors’ hopes of recovering this year’s losses.
Gold producers are under pressure to hedge against potential further declines in gold prices, according to recent news reports. That action in itself, which involves pre-selling gold at a set price now, by its nature is rarely conducive to pushing prices higher. But after watching gold plunge some 17% this year alone, some miners want to reduce the risk that prices will be even lower later this year. For example, Petropavlovsk PLC, a Russian-based FTSE-250 miner, is hedging half of its second quarter 2014 production at $1,408 an ounce, according to The Telegraph newspaper.
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Gold producers are under pressure to hedge against potential further declines in gold prices, according to recent news reports. That action in itself, which involves pre-selling gold at a set price now, by its nature is rarely conducive to pushing prices higher. But after watching gold plunge some 17% this year alone, some miners want to reduce the risk that prices will be even lower later this year. For example, Petropavlovsk PLC, a Russian-based FTSE-250 miner, is hedging half of its second quarter 2014 production at $1,408 an ounce, according to The Telegraph newspaper.
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Bloomberg: London Gold Trade Reached 20-Month High After Price Drop
London gold trading jumped to a 20-month high in April and silver volumes surged 25 percent after a plunge in prices for both precious metals spurred an increase in physical buying, the London Bullion Market Association said.
Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since August 2011, the LBMA said in a statement e-mailed today. The total compared with 21.8 million ounces a day in March. Silver volume was 165.2 million ounces a day, up from 132.5 million ounces in the previous month. There were 5,395 gold transactions on average per day, the highest on record, while silver transfers at 1,007 a day were the second-highest ever, according to the report.
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Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since August 2011, the LBMA said in a statement e-mailed today. The total compared with 21.8 million ounces a day in March. Silver volume was 165.2 million ounces a day, up from 132.5 million ounces in the previous month. There were 5,395 gold transactions on average per day, the highest on record, while silver transfers at 1,007 a day were the second-highest ever, according to the report.
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CNN Money: Gold regains some luster
Stocks have been on a roller coaster ride over the past couple of weeks. Bond yields are creeping higher. And it looks like that's created the perfect conditions for gold to regain favor with investors.
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Mineweb: Gold loan companies & banks unfazed by new RBI measures
A day old move by India's apex bank placing restrictions in terms of lending on gold has been shrugged off by both banks and non banking finance companies, who have been brought under the regulator's scanner yet again. The new measure has not rattled the industry, despite shares of gold loan companies sliding by 3% on the bourses. Could this mean that India's RBI is slipping?
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Bloomberg: South Africa Gold Stocks Soar on Weaker Rand: Johannesburg Mover
South African gold mining stocks rose the most in more than a month on a weakening currency and stronger gold price.
The six-member FTSE/JSE Africa Gold Mining Index surged 5.5 percent, the most since March 7 on a closing basis, to 1,434.20 as of 1:56 p.m. in Johannesburg. All the gauge’s component shares rose. Harmony Gold Mining Co Ltd. (HAR) surged 9.4 percent to 38.50 rand, the most since March 2011, clipping four days of declines.
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The six-member FTSE/JSE Africa Gold Mining Index surged 5.5 percent, the most since March 7 on a closing basis, to 1,434.20 as of 1:56 p.m. in Johannesburg. All the gauge’s component shares rose. Harmony Gold Mining Co Ltd. (HAR) surged 9.4 percent to 38.50 rand, the most since March 2011, clipping four days of declines.
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The Financial Post: Mint finds people really want gold — but physical gold only
Executives at the Royal Canadian Mint have joined a chorus of precious metal experts confounded by recent activity in the market.
Two of the Mint’s senior managers on Wednesday pointed out that the demand for its gold and silver coins is soaring through the roof. Yet its exchange-traded receipts (ETRs) have traded at a discount to net asset value this year for the first time, even though they are fully convertible into physical gold and silver.
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Two of the Mint’s senior managers on Wednesday pointed out that the demand for its gold and silver coins is soaring through the roof. Yet its exchange-traded receipts (ETRs) have traded at a discount to net asset value this year for the first time, even though they are fully convertible into physical gold and silver.
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TheEconomic Times: Gold hits 2-week high; demand stays muted
MUMBAI: Gold futures hit their highest level in two weeks on Thursday, following gains in the world market and on a weak rupee, but demand remained weak as a lean season has started in the world's biggest consumer of the precious metal.
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The Street: Kass: The Case to Buy Gold
Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.
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The Times of India: India hopes inflation-linked bonds can curb gold buys
MUMBAI: India will sell inflation-linked bonds next week - something it tried unsuccessfully more than a decade ago - in the hope that eventually they will catch on enough to help wean millions of Indians off gold, their favoured hedge against rising prices.
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Bloomberg: Gold Climbs Above $1,400 as Dollar Drops With Stocks, SPDR Gains
Gold rose to a one-week high, paring a second monthly decline, as the dollar and stocks retreated while holdings in the largest bullion-backed exchange-traded product expanded. Silver, platinum and palladium advanced.
Spot gold gained as much as 1.3 percent to $1,411.27 an ounce, the most expensive since May 22, and was at $1,406.25 at 3:23 p.m. in Singapore, heading for the first back-to-back daily climb in more than three weeks. Prices are still down 4.8 percent this month on speculation that the U.S. Federal Reserve may reduce stimulus as the world’s largest economy recovers.
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Spot gold gained as much as 1.3 percent to $1,411.27 an ounce, the most expensive since May 22, and was at $1,406.25 at 3:23 p.m. in Singapore, heading for the first back-to-back daily climb in more than three weeks. Prices are still down 4.8 percent this month on speculation that the U.S. Federal Reserve may reduce stimulus as the world’s largest economy recovers.
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Business Day: Sibanye Gold to axe 1,110 after new-look deal
SIBANYE Gold management and unions have staved off thousands of jobs cuts at the struggling and fire-ravaged Beatrix West mine, in a fraught mining environment.
The announcement from South Africa’s largest gold producer came a day after Mineral Resources Minister Susan Shabangu said her department was urgently looking at a rescue plan for the troubled gold and platinum sectors.
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The announcement from South Africa’s largest gold producer came a day after Mineral Resources Minister Susan Shabangu said her department was urgently looking at a rescue plan for the troubled gold and platinum sectors.
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The Globe and Mail: On sale now: Canada’s gold reserves
There’s gold and silver on sale on the Toronto stock market, courtesy of an unusual source: the government of Canada.
The Royal Canadian Mint has issued two exchange-traded receipts, one representing a weight of gold, the other a weight of silver, that are currently trading for less than the market value of the precious metals they represent.
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The Royal Canadian Mint has issued two exchange-traded receipts, one representing a weight of gold, the other a weight of silver, that are currently trading for less than the market value of the precious metals they represent.
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New Vision: Uganda losing millions in illegal gold mining
Uganda is losing millions of shillings due to illegal gold mining trade mushrooming across the country, New Vision has established. The reports come at a time when gold exports are dwindling leading to hefty revenue losses to the country.
Uganda’s gold industry has seen a radical increase in gold production. The country produced 7tons of gold in 2000, up from 225kg produced in 1994. Gold appears to be widely distributed throughout Uganda, but has only been exploited by artisinal miners in a few areas near Busia, Buhweju and Kigezi Mubende and more recently, Karamoja in the northeast.
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Uganda’s gold industry has seen a radical increase in gold production. The country produced 7tons of gold in 2000, up from 225kg produced in 1994. Gold appears to be widely distributed throughout Uganda, but has only been exploited by artisinal miners in a few areas near Busia, Buhweju and Kigezi Mubende and more recently, Karamoja in the northeast.
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Wednesday, 29 May 2013
Huffington Post: The 5 C's of White Gold vs. Platinum
Readers of my diamond education blog write to me with all kinds of questions about a diamond's 4 c's, but I also get lots of questions about engagement ring settings. While I tell my readers that my expertise is in selecting loose diamonds and not the aesthetics of ring styles, I am still asked the following question several times a week: should I set the diamond (or other precious stone) in platinum or white gold?
From my experience in the diamond business for over a decade, here are my thoughts about the pros and cons of white gold versus platinum.
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From my experience in the diamond business for over a decade, here are my thoughts about the pros and cons of white gold versus platinum.
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RT: Ukraine is among top 50 world gold holders
Ukraine’s gold reserves are estimated at more than 36.1 tonnes, according to the national bank, and is ranked 47 in world standings.
In March Ukraine was 51 according to the World Gold Council.
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In March Ukraine was 51 according to the World Gold Council.
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Market Watch: Gold futures settle higher after 2-session decline
SAN FRANCISCO (MarketWatch) — Gold futures settled higher on Wednesday as strength in the euro helped prices recoup most of what they lost in the past two trading sessions.
Prices were still headed toward a second straight losing month.
“Gold remains generally consolidative, underpinned by a weaker dollar and a retreat in stocks today and continued evidence of strong physical interest in Asia,” said Peter Grant, chief market analyst at USAGold.
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Prices were still headed toward a second straight losing month.
“Gold remains generally consolidative, underpinned by a weaker dollar and a retreat in stocks today and continued evidence of strong physical interest in Asia,” said Peter Grant, chief market analyst at USAGold.
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Reuters: PRECIOUS-Gold ticks higher as dollar, stocks dip; Fed eyed
Gold rose toward $1,400 an ounce on Wednesday, taking a cue from broad dollar losses and falling stock markets with residual support from Chinese physical buying.
But the root of weakness in wider markets - improved U.S. data suggesting the Federal Reserve might taper its monetary stimulus programme - was also seen as a catalyst to ultimately take bullion prices lower.
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But the root of weakness in wider markets - improved U.S. data suggesting the Federal Reserve might taper its monetary stimulus programme - was also seen as a catalyst to ultimately take bullion prices lower.
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Reuters: Asia gold demand to hit quarterly record, absorb ETF outflow-WGC
Asian gold demand from this April to June will reach a quarterly record as bullion consumers in the region take possession of supply freed up by selling from exchange-traded funds (ETFs), the World Gold Council (WGC) said on Wednesday
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Bloomberg: Gold Climbs as Price Drop Lures Buyers Amid Contraction in ETPs
Gold advanced in New York and London, trimming a second monthly decline, as lower prices lured buyers of the physical metal amid an extended drop in holdings in exchange-traded products. Silver also gained.
The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17 percent more than a year earlier, according to data released yesterday. The agency resumed taking orders for its one-tenth ounce gold coin yesterday, said Michael White, a mint spokesman. Sales were suspended in April while demand surged after prices tumbled. Gold has slumped 17 percent this year in London as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.
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The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17 percent more than a year earlier, according to data released yesterday. The agency resumed taking orders for its one-tenth ounce gold coin yesterday, said Michael White, a mint spokesman. Sales were suspended in April while demand surged after prices tumbled. Gold has slumped 17 percent this year in London as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.
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The Globe and Mail: Kyrgyz protesters step up pressure on Centerra Gold
Hundreds of villagers blocked the only road to Centerra Gold Inc.’s flagship gold venture high in Kyrgyzstan’s Tien Shan mountains on Wednesday, threatening to move in on the mine unless the government tears up its agreement with the investor.
The Kumtor mine, set some 4,000 metres above sea level, has long been the focus of infighting among political forces and regional clans in a nation that has seen two presidents toppled since 2005.
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The Kumtor mine, set some 4,000 metres above sea level, has long been the focus of infighting among political forces and regional clans in a nation that has seen two presidents toppled since 2005.
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Bloomberg: Gold Diverging From Fine Wine as Bullion Investors Lose Faith
Gold and wine prices that tracked each other in the past decade amid demand for alternative assets are now diverging after bullion slumped into a bear market as some investors lost faith in the metal as a store of value.
The Liv-ex Fine Wine 100 Index (LIVX100) tripled in the past 10 years and gold advanced fourfold. The wine gauge rose 5.9 percent this year as bullion slid 17 percent. Credit Suisse Group AG said May 16 that the metal may drop to $1,100 an ounce in a year, or 21 percent less than now. The Wine Investment Fund, which manages about $50 million of assets, expects the Liv-ex gauge to rise by about another 7.6 percent by the end of December.
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The Liv-ex Fine Wine 100 Index (LIVX100) tripled in the past 10 years and gold advanced fourfold. The wine gauge rose 5.9 percent this year as bullion slid 17 percent. Credit Suisse Group AG said May 16 that the metal may drop to $1,100 an ounce in a year, or 21 percent less than now. The Wine Investment Fund, which manages about $50 million of assets, expects the Liv-ex gauge to rise by about another 7.6 percent by the end of December.
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Reuters: PRECIOUS-Gold gains on China demand; ETF outflows persist
* Gold higher after 1 percent drop on Tuesday
* Buying interest in China strong -dealer
* Holdings in biggest gold ETF drops to fresh 4-year lows
Gold edged up on Wednesday,
buoyed by strong demand from China after prices fell 1 percent
in the prior session, but persistent outflows from
exchange-traded funds are expected to cap gains.
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* Buying interest in China strong -dealer
* Holdings in biggest gold ETF drops to fresh 4-year lows
Gold edged up on Wednesday,
buoyed by strong demand from China after prices fell 1 percent
in the prior session, but persistent outflows from
exchange-traded funds are expected to cap gains.
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CNBC: Why People Get So Emotional About Gold
I recently wrote an article for CNBC about why I thought gold was going down. It was a pretty straightforward article, I thought, maybe even a bit dull with its echoes of Economics 101.
Well, I couldn't have imagined the response I got, which were mostly negative and angry. The experience made me wonder: why were so many people so upset with me for trying to explain why gold has been going down?
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Well, I couldn't have imagined the response I got, which were mostly negative and angry. The experience made me wonder: why were so many people so upset with me for trying to explain why gold has been going down?
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Tuesday, 28 May 2013
Reuters: PRECIOUS-Gold down 1 pct as strong U.S. data dents safe havens
* Rising U.S. home prices, consumer confidence gain weigh
* Technical resistance near $1,400 seen capping possible
upside
* U.S. Mint resumes small American Eagle gold coin sales
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* Technical resistance near $1,400 seen capping possible
upside
* U.S. Mint resumes small American Eagle gold coin sales
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Fox News: 23-karat gold chocolate bacon is a real thing
Listen up bacon lovers. The true test of your passion has arrived: gilded, chocolate covered bacon. That's right, 23k gold chocolate bacon is a real thing and you can own it.
The new porcine delicacy is the masterful work of Wesley Klein at the New York food store Baconery, tagline "Bacon meets Bakery. Their love child: Baconery.”
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The new porcine delicacy is the masterful work of Wesley Klein at the New York food store Baconery, tagline "Bacon meets Bakery. Their love child: Baconery.”
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Forbes: Somebody Is Messing With The Gold Market
“Zero Hour” is what I call the moment when the price of real, physical gold starts to break away from the quoted price on the commodities exchanges. That is, the “physical price” becomes much higher than the “paper price” on CNBC’s ticker. The catalyst would likely be when a major metals exchange defaults on a gold or silver contract, settling in cash, instead of metal.
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The Motley Fool: 3 Gold Shares Rising Strongly: Randgold Resources, Kirkland Lake Gold, and Condor Gold
LONDON -- The price of gold made modest gains last week, and gold for immediate delivery ended the week up 2.9%, at $1,386 per ounce.
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CNBC: Strategist: Central Banks Can’t Save Gold
The central banks of Russia, Kazakhstan and Azerbaijan all boosted their gold purchases in April, according to a report on Monday from the International Monetary Fund.
Together, the three countries bought up some 24,125 pounds of gold in the month. And as a whole, central bank net purchases contributed to more than 11 percent of the demand for gold in the first quarter of 2013, according to the World Gold Council.
So can the central banks save gold?
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Together, the three countries bought up some 24,125 pounds of gold in the month. And as a whole, central bank net purchases contributed to more than 11 percent of the demand for gold in the first quarter of 2013, according to the World Gold Council.
So can the central banks save gold?
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Bloomberg: Gold Premiums Tumble From India to Hong Kong as Demand Wanes
Gold premiums have tumbled in India and Hong Kong, signaling that the buying frenzy that followed bullion’s biggest slump in three decades last month has weakened in the largest consumers. Prices fell.
Premiums paid by jewelers to banks in India are being quoted between $3 and $3.50 an ounce over the London cash price, compared with $10 to $12 early this month, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. In Hong Kong, consumers are paying about $3 an ounce compared with $5 to $6 last week, according to Heraeus Metals Hong Kong Ltd.
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Premiums paid by jewelers to banks in India are being quoted between $3 and $3.50 an ounce over the London cash price, compared with $10 to $12 early this month, said Haresh Soni, chairman of the All India Gems & Jewellery Trade Federation. In Hong Kong, consumers are paying about $3 an ounce compared with $5 to $6 last week, according to Heraeus Metals Hong Kong Ltd.
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Business Standard: Should investors still believe in gold?
Gold has dulled a lot lately but investors could still take a shine to it, say experts. Since the start of the year, its price has plunged 16.8 per cent (in dollar terms). Institutional and hedge fund investors sold their holdings for opportune trades in other asset classes or in Japanese markets, even as US Fed Chairman Ben Bernanke hinted at cutting back quantitative easing while the dollar rose against major global currencies.
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Reuters: Hedge fund boss Baha sees gold at $3,000-$5,000
Christian Baha, the head of Austrian fund firm Superfund and representative of the hedge fund industry in Oliver Stone movie Wall Street 2: Money Never Sleeps, is predicting that the gold price could rise to between $3,000 and $5,000 over the next five to 10 years.
Baha, who says he has more than half his personal wealth in gold and silver, either physically or in units in Superfund funds denominated in the precious metals, believes that an unprecedented phase of quantitative easing by central banks is driving a bubble in government bonds, but that gold offers real value.
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Baha, who says he has more than half his personal wealth in gold and silver, either physically or in units in Superfund funds denominated in the precious metals, believes that an unprecedented phase of quantitative easing by central banks is driving a bubble in government bonds, but that gold offers real value.
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R&D News: X-ray laser brings gold exploration to the nanoscale
Pushing gold exploration to the nanoscale, scientists used SLAC National Accelerator Laboratory's Linac Coherent Light Source X-ray laser to produce a series of 3D images that detail a ringing effect in tiny gold crystals. The technique provides a unique window for studying why smaller is better for some specialized materials, including those used in chemical reactions and electronic components, for example.
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Reuters: Gold prices drop on global cues; demand muted
Indian gold futures eased on Tuesday following losses in overseas markets but demand remained weak as buyers were on the sidelines, hoping for a bigger drop.
The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.69 percent lower at 26,263 rupees per 10 grams at 3.26 p.m.
"Retail demand is slowing down. Many potential buyers made purchases earlier this month. Now we are heading towards the lean demand season," said a Mumbai-based jeweller.
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The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.69 percent lower at 26,263 rupees per 10 grams at 3.26 p.m.
"Retail demand is slowing down. Many potential buyers made purchases earlier this month. Now we are heading towards the lean demand season," said a Mumbai-based jeweller.
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The Economic Times: Gold price correction was long overdue: Jim Rogers
EW DELHI: Gold price correction was long overdue and I am not buying or selling the precious metal right now, said Jim Rogers, Chairman of Rogers Holdings. "I will buy gold if prices come down," Rogers told ET Now.
According to Rogers, investors are now getting out of physical gold. "I suggest buying into crude if prices fall sharply," Rogers said. Within the commodity space, Rogers is bullish on nickel, lead in base metals.
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According to Rogers, investors are now getting out of physical gold. "I suggest buying into crude if prices fall sharply," Rogers said. Within the commodity space, Rogers is bullish on nickel, lead in base metals.
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Reuters: PRECIOUS-Gold falls as stocks hold firm; physical demand stays strong
* Gold falls after gains seen on Monday, last week
* Nikkei edges higher in choppy trade
* Physical demand remains strong -Singapore dealer
SINGAPORE, May 28 (Reuters) - Gold fell on Tuesday as Asian
stock markets and the dollar firmed after a turbulent week,
undermining the metal's appeal as a safe haven and prompting
more selling in bullion-backed exchange traded funds.
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* Nikkei edges higher in choppy trade
* Physical demand remains strong -Singapore dealer
SINGAPORE, May 28 (Reuters) - Gold fell on Tuesday as Asian
stock markets and the dollar firmed after a turbulent week,
undermining the metal's appeal as a safe haven and prompting
more selling in bullion-backed exchange traded funds.
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CBC News: Company hopes to usher in new era of Yellowknife gold mining
A junior exploration company — TerraX Minerals — hopes to bring a new era of gold mining to Yellowknife.
The last gold mine close to the city shut down almost a decade ago, and exploration in the Yellowknife gold belt has been stagnant, until now.
In February, TerraX has acquired a site along the lucrative belt, located about 15 kilometres from Yellowknife.
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The last gold mine close to the city shut down almost a decade ago, and exploration in the Yellowknife gold belt has been stagnant, until now.
In February, TerraX has acquired a site along the lucrative belt, located about 15 kilometres from Yellowknife.
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The Globe and Mail: ‘Smart money’ most bullish on gold in five years
Commercial participants in the gold market, also known as “smart money” given that they work in the industry as opposed to being speculative trend followers, are the most bullish on gold in nearly five years.
As prices declined over the last few months, commercials - those involved in the production, processing or merchandising of a commodity - have been busy buying futures contracts and covering short positions, according to data from the Commodity Futures Trading Commission.
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As prices declined over the last few months, commercials - those involved in the production, processing or merchandising of a commodity - have been busy buying futures contracts and covering short positions, according to data from the Commodity Futures Trading Commission.
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The Economic Times: Physical demand of gold declines by 15% in a week; no immediate recovery seen
KOLKATA: The great Indian gold rush witnessed during April and early May has started to taper off. Physical demand has declined by at least 15% in the last one week and bullion dealers and jewellers say that they do not see an immediate recovery in demand as the crop planting season will kick off shortly, which will keep the rural buyers away.
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The Times of India: RBI restricts banks lending against gold
MUMBAI: The Reserve Bank of India said on Monday banks would not be allowed to give loans against units of gold exchange-traded funds (ETFs) and gold mutual funds.
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Monday, 27 May 2013
Reuters: PRECIOUS-Gold gains as equities slip, physical demand remains high
* Gold extends gains after best week in a month
* Asian demand for physical gold remains high
* Holdings at top gold ETF fall to new 4-year lows
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* Asian demand for physical gold remains high
* Holdings at top gold ETF fall to new 4-year lows
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Forbes: EXCLUSIVE INTERVIEW: Gold's Volatility, Part Of Its Tradition: Former Presidential Candidate Ron Paul
Gold’s recent ups and downs are simply keeping with its tradition of being volatile, said former U.S. congressman Dr. Ron Paul in an exclusive Interview with Kitco News.
“It is up and down, and it has been doing that a lot lately,” Paul said. “If (investors) are in gold for a short time to make a quick killing that ought to make them very nervous,” he said of gold’s recent correction in April. Prices plunged 14 percent in the two sessions to April 15, the most since 1983, and hit a low of $1,321.95 an ounce on April 16.
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“It is up and down, and it has been doing that a lot lately,” Paul said. “If (investors) are in gold for a short time to make a quick killing that ought to make them very nervous,” he said of gold’s recent correction in April. Prices plunged 14 percent in the two sessions to April 15, the most since 1983, and hit a low of $1,321.95 an ounce on April 16.
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Reuters: Gold to gain on physical demand, weak rupee
Gold futures in India are likely to edge higher this week, supported by an improvement in physical demand and on expectation of a slowdown in redemption from gold exchange traded funds.
At 5.32 p.m., the actively traded gold contract for June delivery on the Multi Commodity Exchange (MCX) was 0.03 percent higher at 26,415 rupees per 10 grams.
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At 5.32 p.m., the actively traded gold contract for June delivery on the Multi Commodity Exchange (MCX) was 0.03 percent higher at 26,415 rupees per 10 grams.
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Reuters: RBI restricts banks lending against gold
The Reserve Bank of India (RBI) said on Monday banks would not be allowed to give loans against units of gold exchange-traded funds (ETFs) and gold mutual funds.
As these products are backed by bullion and primary gold, the restriction on grant of loan against gold bullion will be applicable to loan against units of gold ETFs and units of gold mutual funds, the RBI said in a statement.
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As these products are backed by bullion and primary gold, the restriction on grant of loan against gold bullion will be applicable to loan against units of gold ETFs and units of gold mutual funds, the RBI said in a statement.
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The Australian: Russia, Kazakhstan and Azerbaijan boost gold reserves in April
RUSSIA, Kazakhstan and Azerbaijan boosted their gold holdings in April, a month that saw prices plunge to two-year lows in a pullback that raised questions over the metal's safe-haven status but also offered an opportunity to buy into the market at lower levels.
The International Monetary Fund today issued its monthly gold-buying report, which represents the activities of almost all central banks and is closely watched by gold investors, showing the three former Soviet republics increased their holdings by a cumulative 75 per cent more in April than they did in March.
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The International Monetary Fund today issued its monthly gold-buying report, which represents the activities of almost all central banks and is closely watched by gold investors, showing the three former Soviet republics increased their holdings by a cumulative 75 per cent more in April than they did in March.
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Reuters: PRECIOUS-Gold rises due to physical demand, weaker dollar
* Gold extends gains after strongest week in a month
* Asian demand for physical gold remains high
* SPDR Gold Trust holdings fall to 4-year lows
By Clara Denina
LONDON, May 27 (Reuters) - Gold rose on Monday, extending its gains after its strongest week in a month, as the dollar slipped and European stock markets steadied, while physical buying remained strong in Asia.
Volumes were likely to remain thin throughout the day as both Britain and the United Sates had public holidays.
Spot gold rose two percent last week, mostly benefitting from a lower dollar and a shift of funds out of equities. It was up 0.5 percent to $1,392.71 an ounce by 1012 GMT.
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* Asian demand for physical gold remains high
* SPDR Gold Trust holdings fall to 4-year lows
By Clara Denina
LONDON, May 27 (Reuters) - Gold rose on Monday, extending its gains after its strongest week in a month, as the dollar slipped and European stock markets steadied, while physical buying remained strong in Asia.
Volumes were likely to remain thin throughout the day as both Britain and the United Sates had public holidays.
Spot gold rose two percent last week, mostly benefitting from a lower dollar and a shift of funds out of equities. It was up 0.5 percent to $1,392.71 an ounce by 1012 GMT.
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Bloomberg: Gold Advances as Central Bank Purchases Counter Decline in ETPs
Gold rose, extending gains after the best week in a month, as buying by central banks and signs of increased physical demand countered continued outflows in investor holdings. Silver, platinum and palladium advanced.
Spot gold gained as much as 0.6 percent to $1,395.38 an ounce before trading at $1,394.15 by 6:18 p.m. in Singapore. Prices advanced 2 percent last week, the best showing since the five days to April 26, on speculation the U.S. Federal Reserve will maintain asset purchases and as China manufacturing slowed.
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Spot gold gained as much as 0.6 percent to $1,395.38 an ounce before trading at $1,394.15 by 6:18 p.m. in Singapore. Prices advanced 2 percent last week, the best showing since the five days to April 26, on speculation the U.S. Federal Reserve will maintain asset purchases and as China manufacturing slowed.
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TNZH: Gold mine goes beneath homes in Waihi
The company behind a proposed underground gold mine beneath homes in Waihi will appeal against parts of the resource consent.
Newmont Waihi Gold was granted permission for the Correnso underground mine in Waihi East, but not for a wider Golden Link project.
General Manager Glen Grindlay said the company had appealed to the Environment Court over parts of the decision for land use consent for Golden Link.
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Newmont Waihi Gold was granted permission for the Correnso underground mine in Waihi East, but not for a wider Golden Link project.
General Manager Glen Grindlay said the company had appealed to the Environment Court over parts of the decision for land use consent for Golden Link.
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Reuters: Gold edges higher on global cues; demand subdued
Indian gold futures edged higher on Monday tracking gains in the overseas market, while demand in local spot markets remained subdued as prices were hovering above 26,000 rupees per 10 grams.
The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.07 percent higher at 26,424 rupees per 10 grams.
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The actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.07 percent higher at 26,424 rupees per 10 grams.
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Wall Street journal: Central Banks Boosted Gold Holdings in April
Russia, Kazakhstan and Azerbaijan boosted their gold holdings in April, a month that saw prices plunge to two-year lows in a pullback that raised questions over the metal's safe-haven status but also offered an opportunity to buy into the market at lower levels.
The International Monetary Fund on Monday issued its monthly gold-buying report, which represents the activities of almost all central banks and is closely watched by gold investors, showing the three former Soviet republics increased their holdings by a cumulative 75% more in April than they did in March.
Read more...
The International Monetary Fund on Monday issued its monthly gold-buying report, which represents the activities of almost all central banks and is closely watched by gold investors, showing the three former Soviet republics increased their holdings by a cumulative 75% more in April than they did in March.
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Reuters: PRECIOUS-Gold prices firm as dollar, stocks slip
Gold prices held firm on
Monday after recording their best week in a month as the dollar
slipped and global stock markets fell on speculation the United
States would soon start to curb measures to stimulate the
economy.
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Monday after recording their best week in a month as the dollar
slipped and global stock markets fell on speculation the United
States would soon start to curb measures to stimulate the
economy.
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Sunday, 26 May 2013
Forbes: The Optimum Asset Allocation to Gold Is Always Zero
Gold ownership has grown in popularity over the past five years. Fearful of monetary or societal failure, many hope that owning gold will bring them peace of mind. Advocates also suggest that some amount of gold is part of a balanced diversified portfolio. Arguments can be made for gold, but its investment properties are not among them. The optimum asset allocation to gold in an investment portfolio is zero.
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TMF: Should You Be Buying Gold Before the Market Crashes?
Many in the investment community have been sounding the warning bells over the future direction of gold, given all that's occurring in the global macroeconomic landscape. Using the SPDR Gold Trust.
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The Standard: Zimbabwe losing millions to gold smuggling: MMCZ
ZIMBABWE is losing over US$50 million worth of gold every month to smuggling activities, according to the Minerals Marketing Corporation of Zimbabwe (MMCZ).
REPORT BY KUDZAI CHIMHANGWA
Owing to the inability of government to financially capacitate the central bank subsidiary, Fidelity Printers, to purchase gold at competitive prices, a large number of gold producers are increasingly opting for foreign markets.
MMCZ director, Tendai Munyoro said the biggest problem with gold smuggling in the country was the absence of Fidelity Printers as a regulator and as a buyer.
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REPORT BY KUDZAI CHIMHANGWA
Owing to the inability of government to financially capacitate the central bank subsidiary, Fidelity Printers, to purchase gold at competitive prices, a large number of gold producers are increasingly opting for foreign markets.
MMCZ director, Tendai Munyoro said the biggest problem with gold smuggling in the country was the absence of Fidelity Printers as a regulator and as a buyer.
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SCMP: Gold faces increased pressure as inflation stays tame
Gold prices are looking even more vulnerable after April's price crash, as rampant inflation expected from successive rounds of monetary easing fails to materialise.
The idea that record-low interest rates would damage paper currencies and boost inflation was a key factor pushing gold to record highs in the wake of the financial crisis.
Ultra-loose monetary policies are still in vogue, but gold prices have slid nearly 20 per cent since the start of the year and are on track for their biggest quarterly drop in more than 15 years.
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The idea that record-low interest rates would damage paper currencies and boost inflation was a key factor pushing gold to record highs in the wake of the financial crisis.
Ultra-loose monetary policies are still in vogue, but gold prices have slid nearly 20 per cent since the start of the year and are on track for their biggest quarterly drop in more than 15 years.
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Trib Live: Is gold’s fall Fed’s doing?
Asked what makes the United States the most powerful country, many readers likely would reply the military. In fact, it is the dollar.
The bill with George Washington's mug on it finances the government, its military and, as the international reserve currency, most of the world's trade. Its value affects the wealth of the United States and other nations.
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The bill with George Washington's mug on it finances the government, its military and, as the international reserve currency, most of the world's trade. Its value affects the wealth of the United States and other nations.
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Saturday, 25 May 2013
The Economic Times: Gold traders bullish after Ben S Bernanke’s stimulus signal
Gold traders are the most bullish in a month after Federal Reserve Chairman Ben S Bernanke signaled record stimulus will continue until the economy improves. Twelve analysts surveyed by Bloomberg expect prices to rise next week, with nine bearish and eight neutral, the highest proportion of bulls since April 26.
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Fox News: Florida man finds mysterious gold treasure during Everglades snake hunt
A Florida man who went hunting for pythons in Florida’s Everglades returned instead with a mysterious treasure: an antique, diamond-studded gold medallion that could date back to the 17th century.
How the handmade, penny-sized amulet got there is a riddle. One theory is it could have been aboard a ValuJet plane that crashed nearby in May 1996 – or that perhaps it was part of the debris field from an Eastern Airlines crash in the same area in 1972. The fact that it is partially melted on one side could support that idea.
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How the handmade, penny-sized amulet got there is a riddle. One theory is it could have been aboard a ValuJet plane that crashed nearby in May 1996 – or that perhaps it was part of the debris field from an Eastern Airlines crash in the same area in 1972. The fact that it is partially melted on one side could support that idea.
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Friday, 24 May 2013
The Economic Times: Gold dips, but 2.15% weekly rise biggest in a month
Gold turned modestly lower on Friday as some players exited positions ahead of a long US weekend, but registered its biggest weekly per centage gain in a month, supported by a drop in stock markets and a softer dollar.
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The Guardian: Gold price collapse hits pawnbroker profits
Shares in largest British high street gold buyer H&T slide as it warns that every 10% fall in the price of gold would wipe about £2m off its profits.
Britain's biggest pawnbroker on Friday warned the collapse in the gold price will knock its profits.
H&T, the largest British high street gold buyer, warned that every 10% fall in the price of gold would wipe about £2m off its pre-tax profits. The stock market warning sent the company's shares tumbling more than 11% on Friday to 224p.
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Britain's biggest pawnbroker on Friday warned the collapse in the gold price will knock its profits.
H&T, the largest British high street gold buyer, warned that every 10% fall in the price of gold would wipe about £2m off its pre-tax profits. The stock market warning sent the company's shares tumbling more than 11% on Friday to 224p.
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Forbes: METALS OUTLOOK: Gold Market To Watch Economic Data, Options Expiration
The gold market will keep an even closer eye on economic data next week, following comments by Federal Reserve Chairman Ben Bernanke on Wednesday regarding the fate of the Fed’s bond-buying program.
Worries that the Fed will taper off its asset purchases to stimulate the U.S. economy have hit gold and other markets, and the results of economic data releases will color traders’ perceptions of what the Fed might do with the program.
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Worries that the Fed will taper off its asset purchases to stimulate the U.S. economy have hit gold and other markets, and the results of economic data releases will color traders’ perceptions of what the Fed might do with the program.
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Business Insider: CITI: Gold Has Never Stayed Below The 'Stairway To Hell' For Very Long
The drop in gold prices since the beginning of the year has broken the spirits of investors seeking it as a safe haven for their wealth.
Short positions are at all-time highs, and the chartists will tell you that there has been "considerable technical damage" done.
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Short positions are at all-time highs, and the chartists will tell you that there has been "considerable technical damage" done.
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Bloomberg: Canadian Stocks Rise as Valeant Jump Offsets Slumps in Oil, Gold
Canadian stocks rose, erasing earlier losses of as much as 0.3 percent to clinch a fifth week of gains, as a surge in Valeant Pharmaceuticals International Inc. (VRX) offset a slump in oil and gold producers.
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Forbes: Gold Survey: Survey Participants Split On Gold Direction Next Week
There’s an even split between survey participants in the weekly Kitco News Gold Survey, with half of participants bullish and half bearish or neutral.
In the Kitco News Gold Survey, out of 36 participants, 28 responded this week. Of those 28 participants, 14 see prices up, while nine see prices down and five see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
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In the Kitco News Gold Survey, out of 36 participants, 28 responded this week. Of those 28 participants, 14 see prices up, while nine see prices down and five see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
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USA Today: Gold: An investment right for the wrong reasons
Barbecue season begins this weekend, and, as all right-thinking people know, North Carolina barbecue is the best on the planet. Which brings us to gold.
North Carolina barbecue and gold are examples of happy outcomes based on faulty assumptions. Carolina barbecue is pure vinegar and pepper goodness. It has no tomato because early settlers thought that tomatoes were poisonous.
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North Carolina barbecue and gold are examples of happy outcomes based on faulty assumptions. Carolina barbecue is pure vinegar and pepper goodness. It has no tomato because early settlers thought that tomatoes were poisonous.
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Bloomberg: Gold Heads for Best Week in a Month as Investors Weigh Stimulus
Gold swung between gains and losses as investors weighed speculation the Federal Reserve will maintain its record stimulus against a continuing decline in investor assets. Prices headed for the best week in a month.
Bullion for immediate delivery rose 0.3 percent to $1,394.80 an ounce at 11:15 a.m. in Singapore after losing as much as 0.3 percent. Prices increased 2.6 percent this week, the biggest advance since the period to April 26. Cash silver was little changed at $22.635 an ounce.
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Bullion for immediate delivery rose 0.3 percent to $1,394.80 an ounce at 11:15 a.m. in Singapore after losing as much as 0.3 percent. Prices increased 2.6 percent this week, the biggest advance since the period to April 26. Cash silver was little changed at $22.635 an ounce.
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Bloomberg: Yuan Gold Trade in Hong Kong Triples as Currency Gains Cut Risk
Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.
Average daily volume was 6.5 billion yuan ($1.1 billion) in the first five months of this year, compared with 1.8 billion yuan for the same period in 2012, according to the Chinese Gold & Silver Exchange Society, the city’s century-old bullion house. That exceeds the 4.9 billion yuan target set when the contracts were introduced in October 2011.
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Average daily volume was 6.5 billion yuan ($1.1 billion) in the first five months of this year, compared with 1.8 billion yuan for the same period in 2012, according to the Chinese Gold & Silver Exchange Society, the city’s century-old bullion house. That exceeds the 4.9 billion yuan target set when the contracts were introduced in October 2011.
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Bloomberg:Gold Traders Most Bullish in a Month After Bernanke: Commodities
Gold traders are the most bullish in a month after Federal Reserve Chairman Ben S. Bernanke signaled record stimulus will continue until the economy improves.
Twelve analysts surveyed by Bloomberg expect prices to rise next week, with nine bearish and eight neutral, the highest proportion of bulls since April 26. Prices rose 58 percent since 2008 as the Fed led central banks in debt purchases. Bullion is poised for its first weekly gain in three and trading and investment company Degussa Goldhandel GmbH said demand this month will be double the first-quarter average.
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Twelve analysts surveyed by Bloomberg expect prices to rise next week, with nine bearish and eight neutral, the highest proportion of bulls since April 26. Prices rose 58 percent since 2008 as the Fed led central banks in debt purchases. Bullion is poised for its first weekly gain in three and trading and investment company Degussa Goldhandel GmbH said demand this month will be double the first-quarter average.
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Forbes: P.M. Kitco Metals Roundup: Solid Gains For Gold On Safe-Haven Demand, Short Covering
Comex gold futures prices ended the U.S. day session sharply higher Thursday. The “risk-off” trader attitudes in world the market place Thursday prompted good safe-haven demand—something the yellow metal has not experienced in quite some time and an indication the gold bulls are showing resilience. Short covering was also featured Thursday. Comex June gold last traded up $23.30 at $1,390.70 an ounce. Spot gold was last quoted up $22.50 at $1,392.75. July Comex silver last traded up $0.048 at $22.52 an ounce.
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Thursday, 23 May 2013
Wall Street Journal: Gold Settles 1.8% Higher
NEW YORK—Gold futures snapped to a one-week high as a slump in global equities markets and the U.S. dollar drew investors in search of a refuge to the precious metal.
The most actively traded contract, for June delivery, rose $24.40, or 1.8%, to settle at $1,391.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
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The most actively traded contract, for June delivery, rose $24.40, or 1.8%, to settle at $1,391.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
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Reuters: PRECIOUS-Gold up sharply as dollar, stocks slide
Gold rose sharply on Thursday as investors sought its safe-haven status after the dollar and equity markets were hit by a slew of weak manufacturing data that indicated stagnant global economic growth. Stock markets around the world fell, extending the previous day's sharp losses, on concerns about global economic growth and the timing of the ending of the U.S. Federal Reserve's stimulus program.
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Yahoo Finance: Gold Skeptics Have Peaked but Gold Prices Haven’t: Paul Schatz
It didn't take much to bring beleaguered gold traders back from the brink. Jitters in Japan and fear over the Fed have stoked a reversal in gold that follows a seven month, 25% slump.
While the most widely traded metal is still only about $25 away from the two and a half year low it hit in April, Paul Schatz, president of Heritage Capital, thinks there's currently a lot more upside than downside in gold.
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While the most widely traded metal is still only about $25 away from the two and a half year low it hit in April, Paul Schatz, president of Heritage Capital, thinks there's currently a lot more upside than downside in gold.
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Business Day: Gold gains as China manufacturing slips
Gold capped the biggest gain in almost a month on signs that Chinese manufacturing will slow in May for the first time in seven months, sparking a drop in global equities and increased demand for bullion as a protection of wealth.
The preliminary reading for a Chinese purchasing managers' index missed analysts' estimates and came in below the level of 50, indicating a contraction. Commodities and stocks retreated, with Japanese equities falling the most since the aftermath of the Fukushima disaster two years ago. Bullion also gained as the dollar declined the most in more than a month against a basket of currencies.
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The preliminary reading for a Chinese purchasing managers' index missed analysts' estimates and came in below the level of 50, indicating a contraction. Commodities and stocks retreated, with Japanese equities falling the most since the aftermath of the Fukushima disaster two years ago. Bullion also gained as the dollar declined the most in more than a month against a basket of currencies.
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Reuters: PRECIOUS-Gold rebounds from losses as China data pummels stocks
Gold climbed off session lows on Thursday after weak Chinese factory activity jolted stock markets in Asia, sending investors back to the precious metal despite expectations the U.S. Federal Reserve will scale back its monetary stimulus.
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Bloomberg: Record Gold Shorts Signal Further Price Swings: Chart of the Day
Hedge funds are making the biggest bet ever against gold prices, signaling continued volatility for the metal after prices entered a bear market last month.
The CHART OF THE DAY shows that gains in so-called short contracts are usually followed by increases in a gauge of price swings for the SPDR Gold Trust, the biggest bullion-backed exchange-traded fund. Yesterday, the value of the SPDR Gold ETF climbed as much as $1.5 billion before ending the day down $418 million.
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The CHART OF THE DAY shows that gains in so-called short contracts are usually followed by increases in a gauge of price swings for the SPDR Gold Trust, the biggest bullion-backed exchange-traded fund. Yesterday, the value of the SPDR Gold ETF climbed as much as $1.5 billion before ending the day down $418 million.
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Bloomberg: Gold Halts Two-Day Decline as Stocks Drop on China Manufacturing
Gold rose, snapping two days of losses, after data showed China’s manufacturing contracted in May for the first time in seven months, boosting haven demand as equities fell. Silver, platinum and palladium declined.
Spot gold gained as much as 0.5 percent to $1,376.98 an ounce and traded $1,376.86 at 2:06 p.m. in Singapore. Prices lost 1 percent earlier after U.S. Federal Reserve Chairman Ben S. Bernanke hinted at scaling back stimulus should the world’s largest economy improve further, driving the dollar higher.
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Spot gold gained as much as 0.5 percent to $1,376.98 an ounce and traded $1,376.86 at 2:06 p.m. in Singapore. Prices lost 1 percent earlier after U.S. Federal Reserve Chairman Ben S. Bernanke hinted at scaling back stimulus should the world’s largest economy improve further, driving the dollar higher.
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Digital Trends: Blingtastic! Dubai’s Burj Al Arab hotel offers guests gold iPads
When a hotel charges from between $1400 and $20,000 a night for a room, you might well expect it to throw in a few extras to keep the customer satisfied.
Dubai’s Burj Al Arab, which modestly calls itself “the most luxurious hotel in the world”, this week announced it’ll be equipping all guests with iPads. Being the kind of hotel that it is, however, these are no ordinary Apple tablets. No, no, no. These blingtastic babies are 24-carat gold devices, each worth just over $10,000.
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Dubai’s Burj Al Arab, which modestly calls itself “the most luxurious hotel in the world”, this week announced it’ll be equipping all guests with iPads. Being the kind of hotel that it is, however, these are no ordinary Apple tablets. No, no, no. These blingtastic babies are 24-carat gold devices, each worth just over $10,000.
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Yahoo Games: Controversial gold LEGO figure is $1,000 windfall
Individually numbered and mixed in randomly with LEGO’s other collectible minifigs, Mr. Gold is gold-chromed from top hat to toes -- except for his classy white gloves.
And he’s apparently worth his weight in gold to LEGO collectors. Thanks to a flurry of interest, genuine Mr. Gold figures have sold for up to $1,000 on eBay.
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And he’s apparently worth his weight in gold to LEGO collectors. Thanks to a flurry of interest, genuine Mr. Gold figures have sold for up to $1,000 on eBay.
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Bloomberg: Stocks Slide With Treasuries, Gold as Dollar Jumps on Fed
U.S. stocks slid, dragging benchmark indexes to their worst drop in three weeks, and Treasuries and gold tumbled on concern the Federal Reserve will scale back stimulus efforts if the labor market improves.
The Standard & Poor’s 500 Index lost 0.8 percent to 1,655.35 at 4 p.m. in New York, retreating from a record after climbing as much as 1.1 percent earlier. Ten-year Treasury yields jumped 11 basis points to 2.04 percent, topping 2 percent for the first time since March. The Dollar Index rose 0.5 percent to 84.24, trading near its strongest level since 2010. Gold futures retreated 0.7 percent to settle at $1,367.40 an ounce, reversing a 2.6 percent rally, with losses deepening in extended trading.
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The Standard & Poor’s 500 Index lost 0.8 percent to 1,655.35 at 4 p.m. in New York, retreating from a record after climbing as much as 1.1 percent earlier. Ten-year Treasury yields jumped 11 basis points to 2.04 percent, topping 2 percent for the first time since March. The Dollar Index rose 0.5 percent to 84.24, trading near its strongest level since 2010. Gold futures retreated 0.7 percent to settle at $1,367.40 an ounce, reversing a 2.6 percent rally, with losses deepening in extended trading.
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Wednesday, 22 May 2013
Bloomberg: Gold Advances on Stimulus Speculation Before Bernanke
Gold gained in London as speculation that the U.S. Federal Reserve may signal the need for sustained stimulus countered further outflows from investor holdings.
The Federal Open Market Committee will publish minutes of its latest meeting today and Fed Chairman Ben S. Bernanke testifies in Congress. St. Louis Fed President James Bullard said yesterday that the U.S. central bank should keep buying bonds and New York Fed President William Dudley said it had previously been overly optimistic about growth. Gold fell into a bear market last month on expectations the Fed may scale back quantitative easing and as investment holdings fell.
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The Federal Open Market Committee will publish minutes of its latest meeting today and Fed Chairman Ben S. Bernanke testifies in Congress. St. Louis Fed President James Bullard said yesterday that the U.S. central bank should keep buying bonds and New York Fed President William Dudley said it had previously been overly optimistic about growth. Gold fell into a bear market last month on expectations the Fed may scale back quantitative easing and as investment holdings fell.
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Wall Street Journal: Gold U. Takes It on the Chin
Gold's slump has saddled the second-largest U.S. college endowment with more than $300 million in paper losses. But the swoon hasn't shaken the faith of Bruce Zimmerman, who since 2007 has been chief executive of University of Texas Investment Management Co.
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The Economic Times: Government further cuts import tariff value of gold to $440/10g
NEW DELHI: In the wake of falling global prices of precious metals, the government today further slashed the import tariff value of gold to $440 per ten grams, while it has been kept unchanged at $761 per kg for silver imports.
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Bloomberg: Gold Is Still Relevant as Insurance Policy, Franklin’s Land Says
At a time when gold is in a bear market amid record outflows from investor holdings, bullion remains relevant in portfolios as inflation may accelerate, the U.S. dollar weaken and global economic growth stall, according to Franklin Templeton Investments.
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The Telegraph: Risk of vicious circle for gold as hedging returns
The curse of hedging that blighted gold in the 1990s is making a comeback, and threatens to loom over the market like Banquo's ghost.
London-listed gold producer Petropavlovsk has said it will pre-sell 55pc of its future output planned for the second quarter of 2014, at an average price of $1,408 an ounce. This is the first time that a big producer has hedged more than half its future sales.
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London-listed gold producer Petropavlovsk has said it will pre-sell 55pc of its future output planned for the second quarter of 2014, at an average price of $1,408 an ounce. This is the first time that a big producer has hedged more than half its future sales.
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CNBC: How Gold Rallied for Years on a 'Misunderstanding'
The rally in the gold market over the last several years has been based on a misunderstanding of the global economy's problems and a misunderstanding of what quantitative easing is.
Investors are just starting to realize that their framework for analysis can't account for what's happening in the world right now.
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Investors are just starting to realize that their framework for analysis can't account for what's happening in the world right now.
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CBC News: Dozens tricked by fools gold scam
A scam of fools gold appears to be afoot in Edmonton.
The set up: a white car pulls up next to you on the street. A passenger in the vehicle offers you the chance to purchase what appears to be gold rings and chains at a cut-rate.
But when you buy the jewelry and take it into a story, the truth comes out
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The set up: a white car pulls up next to you on the street. A passenger in the vehicle offers you the chance to purchase what appears to be gold rings and chains at a cut-rate.
But when you buy the jewelry and take it into a story, the truth comes out
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Yahoo Finance: Gold ETFs Are Liquidating By the Ton
An ounce of gold, often represented by a single American Eagle coin, is a fairly easy thing to visualize. Even a 400 ounce gold bar, like the ones held at Fort Knox, is a fairly fathomable concept. But when you try to get your head around just how much of the metal an ETF like the SPRD Gold Shares (GLD) owns, it can get a little daunting. And the same is true when you try to track how much they've had to sell as the price of gold slips to a 2-1/2 year low.
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Tuesday, 21 May 2013
Financial Times: Gold and silver struggle in volatile trading
The price of silver on Monday tumbled to its lowest in more than two and a half years as the negative sentiment that has hit the gold market spread, before recovering late in the New York day.
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Business Week: Is Gold Oversold?
Pessimism on gold is so extreme that sometimes even the bears worry it might be overdone. Today the price jumped a little more than 1 percent after news hit the wires that was perceived to be bullish: Moody’s Investors Service reported that U.S. policymakers must do something about the government debt to avoid a rating downgrade this year.
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Bloomberg: Gold Swings as Investors Weigh Stimulus Outlook Amid ETP Decline
Gold swung between gains and losses as investors weighed the outlook for stimulus by the U.S. Federal Reserve amid further outflows in investor holdings.
Spot gold was little changed at $1,395.66 an ounce at 2:21 p.m. in Singapore, after rising and falling at least 0.6 percent. Prices fell to $1,338.85 yesterday, the lowest since April 18, before ending 2.5 percent higher after Moody’s Investors Service said that the U.S. may face a credit downgrade. Bullion for June delivery gained 0.6 percent to $1,392.60 on the Comex in New York.
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Spot gold was little changed at $1,395.66 an ounce at 2:21 p.m. in Singapore, after rising and falling at least 0.6 percent. Prices fell to $1,338.85 yesterday, the lowest since April 18, before ending 2.5 percent higher after Moody’s Investors Service said that the U.S. may face a credit downgrade. Bullion for June delivery gained 0.6 percent to $1,392.60 on the Comex in New York.
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CNBC: What the Silver Chart Is Telling You About Gold
The most important feature of the weekly silver chart is the way it moves in advance of the gold chart. The behavior in silver has led the behavior in gold for more than 18 months. Silver's fall below the critical long term support level near $26.50 an ounce gave early warning of the recent collapse in gold.
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Bloomberg: Hollande Bonds Without AAA Shine Brighter Than Gold: Euro Credit
Credit downgrades, recession and President Francois Hollande’s gaping budget shortfall have done little to prevent French bonds from outshining gold.
Investors who bought French bonds when Standard & Poor’s stripped the country of its top credit rating on Jan. 13 last year have chalked up a 12 percent return, about triple the gains from German debt. Gold, touted by some investors as the world’s safest asset and a potential beneficiary when AAA rated governments are downgraded, lost 17 percent during the period.
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Investors who bought French bonds when Standard & Poor’s stripped the country of its top credit rating on Jan. 13 last year have chalked up a 12 percent return, about triple the gains from German debt. Gold, touted by some investors as the world’s safest asset and a potential beneficiary when AAA rated governments are downgraded, lost 17 percent during the period.
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Stuff: Gold rush in Pacific waters
A hunt for millions of dollars in lost Japanese wartime gold worthy of a thriller movie plot is unfolding in the Solomon Islands.
The wreck of a sunken Japanese ship rumoured to contain gold bars worth about NZ$1.6 billion is said to have been discovered in New Georgia Sound, known as "The Slot" during World War II.
According to former Solomon Islands MP and journalist Alfred Sasako, there are two rival groups trying to get the gold.
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The wreck of a sunken Japanese ship rumoured to contain gold bars worth about NZ$1.6 billion is said to have been discovered in New Georgia Sound, known as "The Slot" during World War II.
According to former Solomon Islands MP and journalist Alfred Sasako, there are two rival groups trying to get the gold.
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Monday, 20 May 2013
Fox News: Gold crush: U.S. ready to shut down gold sales to Iran
The U.S. is trying to stop the gold rush to Iran in a bid to undermine the Islamic Republic's plummeting currency, but critics say the move is more likely to hurt ordinary citizens than the rogue regime's leadership.
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Business Insider: The Gold Shorts Continue To Pile On
Gold prices are up modestly today, but continue to be near their lows of the year.
"Downward pressure on gold continues and we are now back to levels post the mid-April selloff," said UBS's Edel Tully in a note titled Gold Shorts Dominate. "Investor sentiment remains negative as highlighted by the persistence of ETF selling and the extension of speculative shorts to an all-time high."
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"Downward pressure on gold continues and we are now back to levels post the mid-April selloff," said UBS's Edel Tully in a note titled Gold Shorts Dominate. "Investor sentiment remains negative as highlighted by the persistence of ETF selling and the extension of speculative shorts to an all-time high."
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Wall Street Journal: India May Take More Steps to Curb Gold Demand
NEW DELHI--India will take more steps to curb gold demand if imports continue to rise, Finance Minister P. Chidambaram said Monday, as a recent fall in the metal's price has led to a buying spree, threatening the government's efforts to narrow the country's trade and current-account deficits.
While speaking to reporters on the sidelines of a conference, Mr. Chidambaram didn't provide details such as the steps the government could take.
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While speaking to reporters on the sidelines of a conference, Mr. Chidambaram didn't provide details such as the steps the government could take.
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Reuters: GLOBAL MARKETS-Shares grind higher, gold pauses from big losing streak
Global equity markets rose on Monday as investors sought better returns in stocks, while uncertainty over the Federal Reserve's stimulus program caused gold to pause from its longest losing streak in four years.
Despite major U.S. and European stock indices being up double digits - the American benchmark S&P 500 index is almost
17 percent higher so far this year - investors still see better returns ahead in equities than elsewhere.
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Despite major U.S. and European stock indices being up double digits - the American benchmark S&P 500 index is almost
17 percent higher so far this year - investors still see better returns ahead in equities than elsewhere.
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Wall Street Journal: Gold Slump Hits Silver
Gold's longest slump since the financial crisis stretched into its eighth day Monday, while silver briefly tumbled to its lowest level since September 2010.
Falling appetite for the safe haven of gold has pushed the metal's value down 20% since the start of the year, as fading inflation fears and the recovering economy have drawn investors toward other securities.
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Falling appetite for the safe haven of gold has pushed the metal's value down 20% since the start of the year, as fading inflation fears and the recovering economy have drawn investors toward other securities.
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Reuters: Gold futures to fall past one-month low
Gold futures in India are likely to fall past their lowest level in a month, weighed by expectations of a strong dollar, dimming the yellow metal's appeal as an alternative investment.
At 12.22 p.m., the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 1.61 percent lower at 25,420 rupees per 10 grams. It earlier dropped to 25,373 rupees, a level last seen on April 18.
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At 12.22 p.m., the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 1.61 percent lower at 25,420 rupees per 10 grams. It earlier dropped to 25,373 rupees, a level last seen on April 18.
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Bloomberg: Silver Plunges to Lowest Since 2010 as Gold Drops for Eighth Day
Silver slid to the lowest since September 2010, sending its ratio to gold to the highest in almost 33 months, while bullion extended the longest slump in four years as investment holdings contracted and stocks rallied.
Silver slumped 28 percent this year, making it the worst-performing precious metal, on concern that industrial use isn’t strong enough at a time when demand is waning for a protection of wealth. Silver held in exchange-traded products dropped to a four-month low on May 17, while hedge funds increased bets on lower prices by the most since March in the week to May 14. Global equities reached the highest since June 2008.
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Silver slumped 28 percent this year, making it the worst-performing precious metal, on concern that industrial use isn’t strong enough at a time when demand is waning for a protection of wealth. Silver held in exchange-traded products dropped to a four-month low on May 17, while hedge funds increased bets on lower prices by the most since March in the week to May 14. Global equities reached the highest since June 2008.
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Sunday, 19 May 2013
Business Insider: FELIX ZULAUF: Stocks Remind Me Of Gold And They Could See A 'Quick And Painful Adjustment'
The S&P 500 ended the week at yet another all-time record high.
Some have tried to compare the current peak to the stock market tops we've seen in 2000 and 2007.
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Some have tried to compare the current peak to the stock market tops we've seen in 2000 and 2007.
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Wall Street Journal: Gold bears going grizzly, Credit Suisse sees $1,100 in a year
Brace perhaps for another wave of slash-and-burn gold forecasts, with Credit Suisse leading the charge this time and gold GCM3 -2.06% looking at a weekly loss of over 5%.
Ric Deverell, head of commodities research at Credit Suisse Group, told reporters in London on Thursday that gold will trade at $1,100 an ounce in a year and $1,000 in five years. And then for emphasis he added this:
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Ric Deverell, head of commodities research at Credit Suisse Group, told reporters in London on Thursday that gold will trade at $1,100 an ounce in a year and $1,000 in five years. And then for emphasis he added this:
“Gold is going to get crushed. The need to buy gold for wealth preservation fell down and the probability of inflation on a one- to three-year horizon is significantly diminished.”
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Arab News: Gold price dive encourages sales
Gold prices yesterday dropped to their lowest level for the second time in almost a month, sparking a shopping frenzy at gold shops across the Kingdom.
The upcoming marriage season in Saudi Arabia and India is being cited as the reason for the rush of eager customers to gold shops, in addition to the fall in gold prices.
Gold traders are predicting that demand will increase as buyers opt to wait for further reduction in the next few days.
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The upcoming marriage season in Saudi Arabia and India is being cited as the reason for the rush of eager customers to gold shops, in addition to the fall in gold prices.
Gold traders are predicting that demand will increase as buyers opt to wait for further reduction in the next few days.
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ETF: Why Should You Buy The Dips In Gold
Sean Brodrick: The gold market has been on the devil’s own rollercoaster recently. Up … down … aiii!
Don’t worry — in fact, for a trader, those big swings mean opportunity. That’s because you can make money in gold no matter whether it is trending up or down.
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Don’t worry — in fact, for a trader, those big swings mean opportunity. That’s because you can make money in gold no matter whether it is trending up or down.
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Saturday, 18 May 2013
BBC News: Deep sea mining 'gold rush' moves closer
The prospect of a deep sea "gold rush" opening a controversial new frontier for mining on the ocean floor has moved a step closer.
The United Nations has published its first plan for managing the extraction of so-called "nodules" - small mineral-rich rocks - from the seabed.
A technical study was carried out by the UN's International Seabed Authority - the body overseeing deep sea mining.
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The United Nations has published its first plan for managing the extraction of so-called "nodules" - small mineral-rich rocks - from the seabed.
A technical study was carried out by the UN's International Seabed Authority - the body overseeing deep sea mining.
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Wall Street Journal: Gold's Selloff Deepens as U.S. Picture Improves
Gold fell for the seventh straight trading day Friday, notching its longest losing streak since the financial crisis as the metal approached a fresh low.
Fueling the latest leg of gold's selloff—which has sent prices of the precious metal down 7.4%, or more than $100—were U.S. indicators that pointed to an improving economy.
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Fueling the latest leg of gold's selloff—which has sent prices of the precious metal down 7.4%, or more than $100—were U.S. indicators that pointed to an improving economy.
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Bloomberg: Gold Bears Revived as Rout Resumes After Coin Rush
Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.
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Friday, 17 May 2013
Forbes: METALS OUTLOOK: Gold To Watch The Dollar, Bernanke
(Kitco News) - U.S. dollar direction and comments from Federal Reserve Chairmen Ben Bernanke will influence the gold market next week.
The U.S. dollar’s strength was a factor in gold-price weakness this week, as the dollar index rose to its highest level since August 2010. Whether the greenback continues to rise or pulls back will determine where gold goes next week, market participants said. The dollar’s trajectory itself will likely hinge on what Bernanke says about the U.S. economy in two appearances slated over the next week.
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The U.S. dollar’s strength was a factor in gold-price weakness this week, as the dollar index rose to its highest level since August 2010. Whether the greenback continues to rise or pulls back will determine where gold goes next week, market participants said. The dollar’s trajectory itself will likely hinge on what Bernanke says about the U.S. economy in two appearances slated over the next week.
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Wall Street Journal: Gold Bears vs. Gold Bulls
The price of gold has been falling in recent months. Francesca Freeman and Michael Weir debate whether the trend is set to continue or whether the bulls could be about to take charge.
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Yahoo Finance: Jim Rogers on Gold: Continues to Have a Long Overdue Correction
It’s been a rough week for gold. Prices fell for a seventh day in a row Friday morning, marking the worst slump since March 2009, according to Bloomberg Businessweek. By mid-morning gold futures were trading at $1,362 an ounce, down almost 2% from the previous close and 28% from the September 2011 high of $1,920.
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The Atlantic: How Iran Benefits From an Illicit Gold Trade With Turkey
An obscure loophole allows Tehran to profit while skirting Western sanctions.
Turkish prime minister Recep Tayyip Erdoğan has arrived in Washington, D.C. for a much-anticipated summit with President Barack Obama. The timing of the visit -- amid reports of chemical weapons usage in Syria and an attack against a Turkish border town by alleged Syrian agents -- will make it hard to talk about anything other than the civil war in Syria.
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Turkish prime minister Recep Tayyip Erdoğan has arrived in Washington, D.C. for a much-anticipated summit with President Barack Obama. The timing of the visit -- amid reports of chemical weapons usage in Syria and an attack against a Turkish border town by alleged Syrian agents -- will make it hard to talk about anything other than the civil war in Syria.
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Forbes: Stronger Dollar, Technical Weakness Push Gold Futures To Six-Week Low
A stronger U.S. dollar, continued exchange-traded-fund redemptions, worries about when the Federal Open Market Committee may scale back quantitative easing and technical factors are all weighing on U.S. gold futures.
The most-active June gold contract traded on the Comex division of the New York Mercantile Exchange is headed for its seventh straight down day. As of 11:12 a.m. EDT Friday, it was $24.50 lower to $1,362.40 an ounce and bottomed at $1,357.60, its weakest level since April 18.
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The most-active June gold contract traded on the Comex division of the New York Mercantile Exchange is headed for its seventh straight down day. As of 11:12 a.m. EDT Friday, it was $24.50 lower to $1,362.40 an ounce and bottomed at $1,357.60, its weakest level since April 18.
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Business Insider: Here Are All The Ways The World Uses Gold
So what's gold good for?
The gold skeptics will tell you that the yellow metal serves no purpose and therefore has no intrinsic value.
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The gold skeptics will tell you that the yellow metal serves no purpose and therefore has no intrinsic value.
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CNBC: Gold Prices Falls as Fed Comments Lift Dollar
Gold fell for a seventh straight session on Friday, its longest losing streak in four years, after comments from a Federal Reserve official that the bank may soon rein in monetary easing lifted the dollar.
The U.S. unit approached a 10-month high against a basket of currencies after San Francisco Fed chief John Williams said the U.S. central bank could begin easing up on stimulus this summer.
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The U.S. unit approached a 10-month high against a basket of currencies after San Francisco Fed chief John Williams said the U.S. central bank could begin easing up on stimulus this summer.
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Economic Times: Gold falls further in longest losing streak in four years
SINGAPORE: Gold fell on Friday for a seventh straight session, in its longest losing streak since March 2009, as the dollar strengthened and investors cut exposure to the precious metal, fearing further drops and choosing equities instead.
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Wall Street Journal: Gold's Allure Is Starting to Fade
The bears are mauling gold.
The metal fell for a sixth consecutive trading session on Thursday, as investors continue to flee toward assets that promise higher returns.
The string of losses, which add up to a decline of 5.9%, is the longest since December 2011. The losing streak is pushing gold back toward two-year lows.
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The metal fell for a sixth consecutive trading session on Thursday, as investors continue to flee toward assets that promise higher returns.
The string of losses, which add up to a decline of 5.9%, is the longest since December 2011. The losing streak is pushing gold back toward two-year lows.
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Bloomberg: Gold Heads for Worst Slump Since March 2009 as Holdings Contract
Gold declined for a seventh day in the worst slump since March 2009 as holdings in exchange-traded products shrank, the dollar gained and a U.S. Federal Reserve policy maker said that stimulus may be reduced within months.
Bullion for immediate delivery lost as much as 0.6 percent to $1,377.85 an ounce and was at $1,381.20 at 2:44 p.m. in Singapore. The metal, which fell to $1,369.85 yesterday, the lowest since April 18, is heading for a second weekly loss.
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Bullion for immediate delivery lost as much as 0.6 percent to $1,377.85 an ounce and was at $1,381.20 at 2:44 p.m. in Singapore. The metal, which fell to $1,369.85 yesterday, the lowest since April 18, is heading for a second weekly loss.
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Bloomberg: Gold Bears Revived as Rout Resumes After Coin Rush: Commodities
Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.
Seventeen analysts surveyed by Bloomberg expect prices to fall next week, with eight bullish and three neutral, the highest proportion of bears in two weeks. The analysts were divided a week ago after gold rebounded as much as 13 percent from the two-year low of $1,321.95 an ounce on April 16. ETP holdings slid 16 percent to 2,207.1 metric tons this year, the lowest since July 2011, data compiled by Bloomberg show.
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Seventeen analysts surveyed by Bloomberg expect prices to fall next week, with eight bullish and three neutral, the highest proportion of bears in two weeks. The analysts were divided a week ago after gold rebounded as much as 13 percent from the two-year low of $1,321.95 an ounce on April 16. ETP holdings slid 16 percent to 2,207.1 metric tons this year, the lowest since July 2011, data compiled by Bloomberg show.
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Bloomberg: Gold Seen Crushed as Credit Suisse Forecasts $1,100 in Year
Gold, down 17 percent since January, is poised to lose 20 percent in a year as inflation fails to accelerate and with the worst risks to the global economy waning, Credit Suisse Group AG said.
Gold will trade at $1,100 an ounce in a year and below $1,000 in five years, according to Ric Deverell, head of commodities research at the bank. Lower prices are unlikely to lure more central-bank buying, said Deverell, who worked at the Reserve Bank of Australia for 10 years before joining Credit Suisse in 2010.
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Gold will trade at $1,100 an ounce in a year and below $1,000 in five years, according to Ric Deverell, head of commodities research at the bank. Lower prices are unlikely to lure more central-bank buying, said Deverell, who worked at the Reserve Bank of Australia for 10 years before joining Credit Suisse in 2010.
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Yahoo News: Gold shipment valued at $625,000 goes missing at Miami airport
A shipment of gold with a declared value of $625,000 has gone missing in a suspected heist at Miami International Airport, authorities said on Thursday.
A theft incident report from the Miami-Dade Police Department said the gold, packed in a box, arrived at Miami International early Tuesday morning on an American Airlines flight from Guayaquil, Ecuador.
Miami International serves as a major trans-shipment point for large quantities of gold produced in South America and exported primarily to Switzerland for refining.
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A theft incident report from the Miami-Dade Police Department said the gold, packed in a box, arrived at Miami International early Tuesday morning on an American Airlines flight from Guayaquil, Ecuador.
Miami International serves as a major trans-shipment point for large quantities of gold produced in South America and exported primarily to Switzerland for refining.
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Business Insider: 10 Countries Getting Slammed By The Gold Market Meltdown
Gold prices have fallen over 12.5% since April 1. They are now below the crucial $1,400 level.
This is bad news for central banks that have been diversifying their foreign reserves to include gold.
Yet central banks continue to be net purchasers of gold.
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This is bad news for central banks that have been diversifying their foreign reserves to include gold.
Yet central banks continue to be net purchasers of gold.
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Thursday, 16 May 2013
Reuters: PRECIOUS-Gold slides to 4-week low as investors sidestep bullion
Gold hit a four-week low on Thursday, declining for a sixth straight day for the first time in more than four years, as investors spooked by recent price falls favoured other assets.
Prices touched a low of $1,369.29 an ounce, though they pared losses after downbeat U.S. economic data weighed on stocks and the dollar, both of which have hit significant highs this week.
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Prices touched a low of $1,369.29 an ounce, though they pared losses after downbeat U.S. economic data weighed on stocks and the dollar, both of which have hit significant highs this week.
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Business Insider: The World's Central Banks Added To Their Gold Stockpiles Even As Prices Tumbled
Gold prices are down about 12.5% since the start of April. But global central banks have been increasing their reserves of the yellow metal.
A new report from the World Gold Council shows that central banks bout 109 tonnes of gold in the first quarter.
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Reuters: PRECIOUS-Gold steadies on bargain hunting after 5-day losing streak
SINGAPORE, May 16 (Reuters) - Gold reversed early losses on Thursday, buoyed by bargain hunting in China after a five-day losing streak, but remained under pressure as holdings in exchange-traded funds tumbled to their lowest in four years.
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NDTV: 5 tips on buying gold jewellery
Gold is among the most loved precious metals in the world. It's a wonderful ornament to wear as well as a great hedge against inflation and falling markets. Another significant attribute of gold is that it can be liquidated easily around the world.
For us Indians, gold is a symbol of purity, prosperity and opulence. But how well do you know your gold jewellery and what things should you keep in mind while buying gold ornaments?
Here's what you need to know:
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For us Indians, gold is a symbol of purity, prosperity and opulence. But how well do you know your gold jewellery and what things should you keep in mind while buying gold ornaments?
Here's what you need to know:
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Bloomberg: Soros Joins Gold-Stake Cuts Before Bear Market Drop
Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
Soros Fund Management LLC lowered its investment in the SPDR Gold Trust, the biggest such fund, by 12 percent to 530,900 shares as of March 31, compared with three months earlier, a Securities and Exchange Commission filing showed yesterday. Funds run by Northern Trust and BlackRock showed reductions of more than half, according to earlier filings. Paulson & Co., the largest investor in SPDR, held 21.8 million shares, while Schroder Investment Management Group bought 2.1 million.
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Soros Fund Management LLC lowered its investment in the SPDR Gold Trust, the biggest such fund, by 12 percent to 530,900 shares as of March 31, compared with three months earlier, a Securities and Exchange Commission filing showed yesterday. Funds run by Northern Trust and BlackRock showed reductions of more than half, according to earlier filings. Paulson & Co., the largest investor in SPDR, held 21.8 million shares, while Schroder Investment Management Group bought 2.1 million.
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CNBC: A 'Tug of War' That Puts a Floor Under Gold
Just a month after gold suffered its biggest one-day drop in three decades, the precious metal has once again fallen victim to heavy selling pressure. But a tug of war between physical buyers and institutional sellers will put a floor under the precious metal, said analysts.
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Wednesday, 15 May 2013
MSN: Gold miners can dig out of this hole
The overly battered sector is slowly lumbering toward a turnaround.
It's no secret at this point that gold miners are going through a rough patch.
After the precious metal's recent routing, firms that dig it out of the ground have fallen by the wayside, and they continue to drift lower as labor issues and political problems have raised production costs to reduce margins.
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It's no secret at this point that gold miners are going through a rough patch.
After the precious metal's recent routing, firms that dig it out of the ground have fallen by the wayside, and they continue to drift lower as labor issues and political problems have raised production costs to reduce margins.
Read more...
RT: Mystery investor puts $1bn into new Russian gold mine
In an effort to double gold production by 2018, Russia’s largest gold producer, Polyus, has attracted $1bn in investment for the 3rd largest undeveloped gold deposit in the world.
Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov confirmed the 32 million rouble investment, but would not disclose the source, ITAR-TASS reported.
The Natalka mine is the newest development from Polyus, and is located 400 km from the seaport of Magadan, in the remote and barren northeast corner of Russia.
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Russian Federation Deputy Minister for the Development of the Far East Dmitry Shelekhov confirmed the 32 million rouble investment, but would not disclose the source, ITAR-TASS reported.
The Natalka mine is the newest development from Polyus, and is located 400 km from the seaport of Magadan, in the remote and barren northeast corner of Russia.
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Wall Street Journal: Gold Dips Below $1,400
NEW YORK—Gold dropped below $1,400, approaching prices not seen since its historic plunge a month ago.
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Fox News: 'Lost City of Gold' found deep in Honduras rain forest?
New images of a possible lost city hidden by Honduran rain forests show what might be the building foundations and mounds of Ciudad Blanca, a never-confirmed legendary metropolis.
Archaeologists and filmmakers Steven Elkins and Bill Benenson announced last year that they had discovered possible ruins in Honduras' Mosquitia region using lidar, or light detection and ranging. Essentially, slow-flying planes send constant laser pulses toward the ground as they pass over the rain forest, imaging the topography below the thick forest canopy.
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Archaeologists and filmmakers Steven Elkins and Bill Benenson announced last year that they had discovered possible ruins in Honduras' Mosquitia region using lidar, or light detection and ranging. Essentially, slow-flying planes send constant laser pulses toward the ground as they pass over the rain forest, imaging the topography below the thick forest canopy.
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The Guardian: Egyptian gold miner Centamin climbs nearly 7% after positive update
But group faces key court case in June over validity of its licence to operate Sukari mine
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Gold miner Centamin has been under pressure on concerns about its Sukari project in Egypt.
A court questioned the miner's right to operate Sukari in October, and last week a report from the Egyptian State Commissioner's office was not positive for its case.
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Gold miner Centamin has been under pressure on concerns about its Sukari project in Egypt.
A court questioned the miner's right to operate Sukari in October, and last week a report from the Egyptian State Commissioner's office was not positive for its case.
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Business Insider: Why Gold And Apple Are Tanking At Exactly The Same Time
Apple is down 2%. The big gold ETF, GLD, is down 1.4%.
These moves are happening on a day when the market is basically flat. It's not an accident that they're diving together.
The reason is: During the immediate post-crisis era, gold and Apple were huge outperformers, that were uncorrelated to the day-to-day "risk on, risk off" regime that was dominating financial markets.
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These moves are happening on a day when the market is basically flat. It's not an accident that they're diving together.
The reason is: During the immediate post-crisis era, gold and Apple were huge outperformers, that were uncorrelated to the day-to-day "risk on, risk off" regime that was dominating financial markets.
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Wall Street Journal:
Gold prices extended their downward slide for a fifth day Wednesday, showing signs that the brief period of stabilization after last the month's sharp fall was coming to an end.
The precious metal hit its lowest level in three weeks during early European trade, with other precious metals—silver, platinum and palladium—all showing declines.
The gold market hasn't been helped in recent days by moves from the Indian government to tighten the flow of speculative purchases by bullion dealers into the country, which have dragged on the value of the rupee.
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The precious metal hit its lowest level in three weeks during early European trade, with other precious metals—silver, platinum and palladium—all showing declines.
The gold market hasn't been helped in recent days by moves from the Indian government to tighten the flow of speculative purchases by bullion dealers into the country, which have dragged on the value of the rupee.
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Reuters: Gold falls to three-week lows on stronger dollar
Gold fell for the fifth straight session on Wednesday, hitting a three-week low as the dollar strengthened to a six-week high versus the euro after weak euro zone data.
While gold has recovered around 7 percent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high U.S. equities and signs of an improving U.S. economy.
Spot gold fell 0.8 percent to $1,414.56 an ounce at 1000 GMT, having touched its lowest since April 23 at $1,408.19 earlier. Bullion was on track to post a daily fall for a fifth consecutive session, its longest run of losses since January 2011. It has fallen more than 14 percent so far in 2013 after gaining for the past 12 years.
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While gold has recovered around 7 percent from a two-year trough of $1.321.35 an ounce hit in mid-April, its safe-haven appeal has been battered by record-high U.S. equities and signs of an improving U.S. economy.
Spot gold fell 0.8 percent to $1,414.56 an ounce at 1000 GMT, having touched its lowest since April 23 at $1,408.19 earlier. Bullion was on track to post a daily fall for a fifth consecutive session, its longest run of losses since January 2011. It has fallen more than 14 percent so far in 2013 after gaining for the past 12 years.
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The Times of India: Gold suffers second biggest fall this year
NEW DELHI: Gold witnessed its second biggest loss on Wednesday this year of Rs 600 to Rs 27,300 per 10 grams due to reduced offtake amid weak global trend.
Silver prices followed suit and dropped by a massive Rs 800 to Rs 44,700 per kg on reduced offtake by jewellers and industrial units.
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Silver prices followed suit and dropped by a massive Rs 800 to Rs 44,700 per kg on reduced offtake by jewellers and industrial units.
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Bloomberg: Gold Premiums in India Jump as Central Bank Curbs May Cut Supply
Gold premiums in India, the world’s biggest buyer, more than doubled on speculation that government restrictions on bullion imports by banks to rein in a record current-account deficit would reduce supplies.
The fees jewelers pay dealers for bars jumped as high as $40 an ounce today from $17 to $18 yesterday, Bachhraj Bamalwa, a director at the All India Gems & Jewellery Trade Federation, said by phone from Kolkata. The Reserve Bank of India on May 13 limited imports by banks on a consignment basis to only those required to meet the genuine needs of exporters.
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The fees jewelers pay dealers for bars jumped as high as $40 an ounce today from $17 to $18 yesterday, Bachhraj Bamalwa, a director at the All India Gems & Jewellery Trade Federation, said by phone from Kolkata. The Reserve Bank of India on May 13 limited imports by banks on a consignment basis to only those required to meet the genuine needs of exporters.
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Deccan Herald: Gold demand may come down with decline in inflation:Rangarajan
Gold demand is likely to fall as easing of general inflation rate will make investment in financial products more attractive than the yellow metal, PMEAC Chairman C Rangarajan said today.
Also, the steps being taken to curb gold demand are expected to bring down the current account deficit (CAD) by 0.4-0.5 per cent of GDP in the current fiscal, he said.
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Also, the steps being taken to curb gold demand are expected to bring down the current account deficit (CAD) by 0.4-0.5 per cent of GDP in the current fiscal, he said.
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Channel New Asia: Afghan village gold mine lures modern-day prospectors
Professional surveying is underway as part of efforts to assess how Afghanistan's vast mineral wealth could be exploited as the country seeks a more stable and prosperous future.
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The Economic Times: Gold edges up, snaps 4-day drop as ETF outflows halt
SINGAPORE: Gold inched up on Wednesday after dropping for four straight sessions, as outflows from exchange-traded funds halted, but firm equities could lure away investors seeking better returns and keep a lid on bullion's gains.
While gold has recovered around 8 percent from a two-year trough hit in April, its safe-haven appeal has been battered by record high US equities, signs of an improving US economy and fears of a slowdown in demand from top consumer India.
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While gold has recovered around 8 percent from a two-year trough hit in April, its safe-haven appeal has been battered by record high US equities, signs of an improving US economy and fears of a slowdown in demand from top consumer India.
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POPSCI: Cornstarch Replaces Cyanide In Clean New Gold Extraction Method
Scientists accidentally discover a new way to isolate gold that is much safer than existing processes, which use toxic cyanide.
Gold, precious forever but especially lately, is a tricky metal. Bound up in consumer electronics, jewelry and the ores that it comes from, gold is difficult to extract, and most modern processes do it with a highly toxic combination of cyanide salts. The cyanide leaches the gold out, but the cyanide can seep into the ground, causing environmental problems and posing threats to human health.
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Gold, precious forever but especially lately, is a tricky metal. Bound up in consumer electronics, jewelry and the ores that it comes from, gold is difficult to extract, and most modern processes do it with a highly toxic combination of cyanide salts. The cyanide leaches the gold out, but the cyanide can seep into the ground, causing environmental problems and posing threats to human health.
Read more...
Bloomberg: Gold Heads for Worst Run Since February on ETPs, Dollar’s Gain
Gold declined for a fifth day in the worst run since February on further outflows from exchange-traded products and as the dollar’s strength hurt commodities. Silver, platinum and palladium retreated.
Gold for immediate delivery fell as much as 1.1 percent to $1,409.92 an ounce, the lowest price since April 23, and traded at $1,410.50 at 3:16 p.m. in Singapore. Holdings in exchange-traded products dropped to 2,219.71 metric tons yesterday, the least since July 2011, according to data compiled by Bloomberg.
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Gold for immediate delivery fell as much as 1.1 percent to $1,409.92 an ounce, the lowest price since April 23, and traded at $1,410.50 at 3:16 p.m. in Singapore. Holdings in exchange-traded products dropped to 2,219.71 metric tons yesterday, the least since July 2011, according to data compiled by Bloomberg.
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Tuesday, 14 May 2013
CNBC: Gold Prices End Down on Economic Optimism
Gold prices settled lower on Tuesday, as economic optimism and another intraday record high in U.S. equities sapped bullion's safe-haven appeal.
The precious metal fell for a fourth consecutive session. It erased earlier gains after the S&P 500 index rallied about 1 percent on broad gains in shares in banks and financial institutions.
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The precious metal fell for a fourth consecutive session. It erased earlier gains after the S&P 500 index rallied about 1 percent on broad gains in shares in banks and financial institutions.
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The Economic Times: Gold rush spooks economy as trade deficit surges to $17.8 bn
NEW DELHI/KOLKATA: India's gold rush spooked the economy again as frantic purchases in April widened the trade deficit to a disturbing $17.8 billion, but people queued up to buy even more coins and ornaments on an auspicious gold-buying festival on Monday, setting the stage for an even bigger gap between imports and exports.
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CNBC: Gold Falls as Dollar Steadies After German Data
Gold edged lower on Tuesday, snapping earlier gains, as the dollar steadied against the euro after mixed European economic data, while investor sentiment remained cautious and physical demand slowed in some markets.
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Bloomberg: Gold Moving Average Signals Drop to $1,300
Gold futures, which fell into a bear market this month, are poised for more declines and may plunge to the lowest since September 2010, according to technical analysis by Fain Shaffer of Infinity Trading.
Prices may drop 11 percent to $1,300 an ounce after the metal has been unable to close above its 20-day moving average, said Shaffer, the president at Infinity Trading. Gold futures for June delivery slid 0.6 percent to settle at $1,453.60 on April 26. The 20-day moving average is about $1,480.
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Prices may drop 11 percent to $1,300 an ounce after the metal has been unable to close above its 20-day moving average, said Shaffer, the president at Infinity Trading. Gold futures for June delivery slid 0.6 percent to settle at $1,453.60 on April 26. The 20-day moving average is about $1,480.
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