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Last Updated : 12 September 2012 at 07:35 IST
‘Gold underpinned by buying from two of three main camps’
Source :Commodity Online
The first category of gold buyers is mainly responsible for pushing prices higher aggressively while the third category takes the other extreme wherein they tend to come in and support the market on dips.
NEW YORK (Commodity Online): Gold lately has been underpinned by buying from two of the three main camps, said Union Bank of Switzerland (UBS) in a commodity research note.
There has been buying from the speculative community and from what the bank refers to as ‘quality’ buyers such as exchange-traded funds and the official sector.
However, physical buying has been lacking, with U.S. August coin demand below the same period a year ago and Indian demand still hurt by high gold prices in rupee terms.
“The first category of buyers is mainly responsible for pushing prices higher aggressively while the third category takes the other extreme wherein they tend to come in and support the market on dips,” the Zurich based bank added.
“The second category somewhat takes the middle ground--buyers in this bucket can push prices higher (typically ETFs) and/or help provide a price floor (usually the official sector). With buying from two of the three main camps, we do think that the current gold strength has credibility and further upside,” UBS said.
“But we still reserve a small degree of cautiousness for its longevity given the third component is missing and question how long the likely QE (quantitative easing) impact persists,” the Swiss bank concluded.
Closing Gold & Silver Market Report – 9/11/2012
By Brandi BrundidgeSeptember 11, 2012INVESTORS AWAIT FED ANNOUNCEMENT CHINA’S ECONOMY REQUIRES EASING
Gold is stable for the day as the market is eager to know whether the Federal Reserve will push out further easing for the American economy or continue to sit on the sideline. Not only are investors patiently awaiting the news, but so are expert market watchers, including some at Goldman Sachs who predict the chances of QE3 being announced are greater than 50 percent. Other professionals include Barclays, UBS and JPMorgan, which all have forecasted further stimulus for the country.
Chinese Premier Wen Jiabao indicated yesterday at the World Economic Forum that China needs additional fiscal and monetary policy in order to sustain growth. “Be it monetary or fiscal, we still have ample strength,” Jiabao said. The government has 100 billion yuan ($16 billion) in a fiscal stabilization fund and “we will appropriately use that for preemptive policy and fine-tuning to propel stable economic growth.” The goal is to prevent economic growth in China from dropping below the 7.5 percent target set in March, which would be the lowest percentage since 1990.
At 5:03 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1733.10, Up $2.30.
- Silver, $33.51, Down $0.12.
UBS sees gold leaping to $1,850 within a month
But it’s not just gold UBS is bullish on: It thinks silver is going to shine too, will actually outperform gold in near ... read more
Gold Nears Objective from August Breakout
Daily Bars 
Prepared by Jamie Saettele, CMT
Gold is nearing the objective defined from its breakout in late August. To review, “The alternate gold count was confirmed today with the trade above 1640.80. Using the triangle measuring technique…objectives for gold are 1703.56 and 1754.26.” The former was reached and exceeded but the latter level is in line with the 1760 area, which served as a pivot in December 2011 and February 2012. Expect a reaction above 1750.
LEVELS: 1705 1714 1723 1750 1761 1790
Closing Gold & Silver Market Report, 9/10/2012
By Brandi BrundidgeSeptember 10, 2012GOLD PULLS BACK WITH PROFIT TAKING WHEN WILL EUROPE RESOLVE DEBT ISSUES?
Gold’s price is pulling back today as investors began to take profits after the metal continued to sit at a six-month high. Many are predicting this Thursday to be the day in which the United States Federal Reserve will announce new stimulus measures to boost the economy. A Shanghai-based trader commented on the likelihood of another round of quantitative easing and how it could affect the yellow metal, he said, " The possibility of QE3 has definitely grown, but the risk is also climbing as if we were about to draw the last card at a poker game. If QE3 is announced, gold is very likely to break above $1,800. But before that we may see some fluctuation in prices."
The European debt crisis that began three years ago and seems to be growing more than it has been contained will bring bad fortune to the eurozone eventually at least investor and co-founder of the Quantum Fund Jim Roger believes so. Rogers said, “These guys have been saying the same old garbage for a long time. It’s not a game-changer – it’s good for the market for maybe a month. The debt keeps going higher and higher and eventually we'll all going to pay a terrible price.”
At 5:05 p.m. (EDT), the APMEX Precious Metals spot prices were:
· Gold, $1,727.10, Down $12.40.
· Silver, $33.39, Down $0.31.
Mid-Day Gold & Silver Market Report – 9/10/2012
By Ted PrinceSeptember 10, 2012SOUTH AFRICAN STRIKES CONTINUE CITIGROUP ESTIMATES PROBABILITY OF QE3 AT 99%
Gold and silver are trading relatively flat today while platinum and palladium are up following news of further unrest surrounding South African miners and leading platinum producer Lonmin plc. Reports were released today that 10,000 striking platinum miners – many of whom were armed with sticks and machetes - marched on several Lonmin mine shafts threatening violence against strike breakers who are continuing to work. The recent strikes have inspired laborers in South African gold mines to rebel against their own employers. The result has been a stoppage of production at two Gold Fields (the world’s fourth largest gold producer) mines in the last several days. " We haven't been given any demands but the pattern is the same as KDC East. It is intimidation. The strikers went around from hostel to hostel yesterday to prevent the others going to work," Gold Fields spokesman Sven Lunsche said.
Despite the conflict, the Gold price has yet to be seriously impacted by concern over a significant stoppage in production. The main focus for investors is the looming concern over the Federal Reserve’s announcement of a third round of bond-buying known as quantitative easing (QE3). An analysis of current market factors and recent news surrounding the state of the U.S. economy have prompted Citigroup Inc. to estimate the chances of QE3 at 99% as many experts await more definitive language from the Fed regarding the steps it will take to aid the struggling economy. “Nervousness and continued agony over in Europe, the fiscal cliff, election uncertainty means there are a lot of headwinds,” said Mark MacQueen, partner and money manager at Austin, Texas-based Sage Advisory Services Ltd., which oversees $10 billion. “Everything is lining up to be more difficult. The Fed will give us language that reassures the market they intend on doing more.”
At 1PM EDT the APMEX precious metals prices were:
- Gold price - $1,731.10 – down $8.40
- Silver price - $33.57 – down 12 cents
Last Updated : 10 September 2012 at 10:35 IST
'Gold likely pricing in more monetary stimulus this week'
Source :Commodity Online
Bad jobs news is good news for gold as stimulus is apparently the possible outcome this week.
NEW YORK (Commodity Online): Friday’s lower-than-expected United States payrolls report is giving gold a boost but yellow metal market are likely to pricing in more monetary stimulus this week, said George Gero, vice president of global futures at RBC Capital Markets and precious metals strategist.
“Bad jobs news is good news for gold as stimulus is apparently the possible outcome this week, with bonds moving up in price with the euro hitting higher levels referring to this week’s Federal Open Market Committee meeting where some sort of monetary stimulus is increasingly being expected by market participants,” Gero added.
“Gero points out that open interest in the last 12 sessions on Comex moved to roughly 444,000 from roughly 386,000 contracts. It turns out the funds were right,” he continued.
“Open interest counts the number of active trading positions in the market. The options open interest also increased to over 1.2 million. The bears are really on the defensive,” he noted.
“If open interest continues to rise, particularly in the far distant contracts such as June 2013 contracts then we have less weak holders as well,” Gero concluded.
Last Updated : 10 September 2012 at 20:50 IST
Jim Rogers: End of Bull Market in Commodities long way away
Source :CNBC.com
“These guys have been saying the same old garbage for a long time. It’s not a game-changer – it’s(ECB bond-buying program) good for the market for maybe a month. The debt keeps going higher and higher and eventually we’ll all going to pay a terrible price.”
Commodity Online
While Carl Weinberg, chief economist, High Frequency Economics argues that the European Central Bank proposed Outright Monetary Transactions or OMT is something of such a small scale that it would not affect commodity markets in a big way, Jim Rogers has approved of it.
“Rogers, famed as a long-term commodities bull, said there was no reason to correct this stance.” CNBC.com reported.
“The bull market in commodities will end someday – but some day is a long way away,” Rogers was quoted by the CNBC as saying.
“Commodities have been correcting for a while. Now everybody knows they’re throwing money into the market, and history tells you that when they do this the way to protect yourself is to own real assets whether it’s silver or rice. If the world economy gets better, I own commodities because there’s shortages developing. If it doesn’t they’re (central banks) all going to print money. It’s the wrong thing to do, but it’s all they know to do.” CNBC.com quoted further.
According to him, the markets would pay a terrible price irrespective of the ECB bond-buying program:
“These guys have been saying the same old garbage for a long time. It’s not a game-changer – it’s good for the market for maybe a month. The debt keeps going higher and higher and eventually we’ll all going to pay a terrible price.”
The market rally that is staged now would only be a short-term phenomenon, according to him.
“It’s not an opportunity to make money for me. This is not good for the market and it’s not going to last. Every three or four months they (euro zone politicians) have a summit and they say: Ok guys, everything is ok now. The market goes up. But we’re getting a little tired of this and the market is getting a little tired of this,” Rogers argued in CNBC on Monday.
The “Bond King” - Buy Gold, Not Bonds
When central banks starts writing checks & printing money in the trillions of dollars, it's best to have tangible gold. Read More
Morning Gold & Silver Market Report – 9/10/2012
By Peter LaTonaSeptember 10, 2012The “Bond King”- PIMCO’s Bill Gross says Buy Gold!
Bill Gross says to buy gold not bonds. In an interview on Bloomberg News today, Mr. Gross said that to continue believing that stocks or bonds can return 10% is a dying belief. Mr. Gross commented that, “Gold cannot be reproduced. It could certainly be taken out of the ground at an increasing rate but there is a limited amount of gold. And there has been an unlimited amount of paper money over the past 20 to 30 years now – in this period of central bank expansion where it’s QE1 or QE2, or whether it’s the LTROs of the ECB or this potential new program…then central banks are at their leisure to print money.” He further goes on to say that with central banks writing checks for trillions of dollars, it is a good idea to own something that cannot be reproduced such as gold.
Profit taking is the most probably reason that precious metals markets are down slightly this morning. The big event this week is the Wednesday-Thursday Federal Reserve meeting and the high expectation of many, that Fed Chairman Bernanke will announce QE3 on September 13. The sluggish jobs report on Friday might be the event the finally triggers this announcement. The ECB and China announced stimulus plans last week. many expect the U.S. to be next.
At 9AM EDT the APMEX precious metals prices were:
- Gold price - $1,731.30 – down $8.30
- Silver price - $33.50 – down 19 cents
Gold should be taking a break at this level since the breakout.
http://mystocksinvesting.com/us-stocks/spdr-gold-gld/spdr-gold-gld-hit-breakout-target-price/
bsiong ( Date: 10-Sep-2012 10:42) Posted:
|
siong u into gold huh?
do provide more info whenever u got them, i like to explore into gold also cheers
SINGAPORE, Sept 10 (Reuters) - Gold held steady on Monday, after rallying to its highest in six and a half months in the previous session as a sharply disappointing U.S. employment report fuelled expectations for imminent easing from the Federal Reserve.
FUNDAMENTALS
* Spot gold was little changed at $1,734.64 an ounce by 0028 GMT, after rising to $1,741.30 the session before, its highest since Feb 29.
* U.S. gold edged down 0.2 percent to $1,737.40, holding onto its 3-percent gain from last week.
* U.S. jobs growth slowed sharply in August, setting the stage for the Fed to pump additional money into the sluggish economy at a meeting this week.
* A Reuters poll of 59 economists gave a 60 percent chance the Fed will announce another round of quantitative easing, or QE3, at the conclusion of its Sept. 12-13 gathering.
* China's factories ran at their slowest rate for 39 months in August, while a double-digit rise in fixed asset investment showed that infrastructure spending remained key to economic growth.
* Holdings of gold-backed exchange-traded funds rose to a fresh record high of 72.125 million ounces on Friday.
* Hong Kong shipped nearly 76 tonnes of gold to China in July, up 12 percent on the month, while it received nearly 30 tonnes of gold from China, the Hong Kong Census and Statistics Department said.
* Silver and platinum hovered near the multi-month highs hit on Friday. Spot silver inched down 0.2 percent to $33.60, near a six-month peak of $33.71, and spot platinum gained 0.7 percent to $1,592, after breaking above $1,600 for the first time in five months.
MARKET NEWS
* U.S. stocks held steady at four-year highs on Friday, closing out their best week since June.
* The euro hovered near four-month highs on Monday, while commodity currencies also held firm.
DATA/EVENTS (GMT)
0100 China Exports August
0100 China Imports August
0100 China Trade balance August
0500 Japan Consumer confidence index Aug
0645 France Industrial output July
1900 U.S. Consumer credit July
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Gold And Silver Are Breaking Out - Are You Ready For New All Time Highs In These Metals?
The target for this pattern is to a ratio of 0.385 or over 50% higher, which would bring Silver back close to $50 Read More
Last Updated : 07 September 2012 at 20:55 IST
US Labour data and the birth of QE3 Gold bull
Source :etf securities
The US needs employment growth of 100,000 just to maintain “stability” in the job market. The indication from the recent Fed statements and speeches is that consistent non-farm payroll numbers below 150,000 are likely to trigger another round of QE.
Commodity Online
With “operation twist” coming to an end in the next few months, US employment data indicating a stagnating US labour market and Europe’s politicians still far from a comprehensive solution to the region’s problems, the likelihood of another round of US quantitative easing is increasing, a report from ETF Securities indicated.
US employment and growth data have become key barometers of the likelihood of further Fed easing as the Fed has made clear that with inflation now under control, its focus is increasingly skewed towards the second objective of its double mandate - job creation.
The US needs employment growth of 100,000 just to maintain “stability” in the job market. The indication from the recent Fed statements and speeches is that consistent non-farm payroll numbers below 150,000 are likely to trigger another round of QE.
Labour Department data for Friday said US Nonfarm payrolls increased only 96,000 last month as against an expected rise of 125,000. The unemployment rate declined to 8.1 percent from 8.3 percent, but the drop is largely attributed to people giving up looking for work.
If non-farm payrolls and other growth indicators such as the monthly ISM manufacturing surveys do not start to show substantial and sustainable improvement, a new round of QE seems increasingly likely. With some form of QE3 getting closer and Europe financial and sovereign risks still high, there are good reasons to believe the gold price has the potential to move higher in the coming months.
While the rising expectation of another round of QE3 is the most likely catalyst for the next leg of the gold bull market, the lower probability, but high impact risk of a full-blown Euro crisis could also be a catalyst for the gold price to break higher.
Key dates to watch: Chinese industrial production data on 9 September, the German constitutional court ruling on ESM on 12 September, the U.S. FOMC monetary policy announcements on 13 September and the Eurogroup's decision on Spanish debt purchase on 15 September.
Closing Gold & Silver Market Report – 9/7/2012
By Peter LaTonaSeptember 7, 2012Gold & Silver Close out the Week Strong
In early morning trading both gold and silver prices gave back gains earned earlier in the week, and then the new jobs report came out. The report of only 96,000 new jobs greatly missed expectations and gold soared $25 in a matter of moments. This upward pressure continued throughout the day with gold closing up over $30 and silver over $1.
Bank of America predicted that gold prices could reach $2000 by the end of the year. This prediction is based on the high probability that the Federal Reserve will announce a new round of QE3. The high probability of QE3 seems to be the prevailing market sentiment. The unanswered questions would be when will it happen, for how much and it what form.
Gold and silver are back in the news at a level we have not seen since 2011. If one reason to purchase gold is its value as “uncertainty insurance”, then there is enough uncertainty around the globe to continue to support or drive prices higher. September is historically a strong supporter of gold prices. September is off to a good start…let’s see what next week brings.
Have a great weekend!
At 5PM EDT the APMEX precious metals prices were:
- Gold price - $1,736.80 – up $32.20
- Silver price - $33.72 – up $1.05
