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bsiong 30-Apr-2012 10:30
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Last Updated : 29 April 2012 at 09:40 IST

Source :Commodity Online

'Gold finding support on technical chart'

NEW YORK (Commodity Online): Gold prices are finding support on technical chart factors, with June Comex gold holding above the 10-day and 20-day moving averages, at roughly $1,646 and $1,652 an ounce, respectively, said Charles Nedoss, senior market strategist at Olympus Futures.

That's prompted some short covering, which is the buying back of previously sold trades and often lifts prices. A weaker U.S. dollar is also underpinning gold, he added.

" If gold can close above $1,660, we'll keep the uptrend intact," he concluded.

bsiong 28-Apr-2012 14:21
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Gold posts biggest weekly rise since late Feb

* Gold gains on easing hopes after weak U.S. GDP
    * Some safe-haven bids seen on Spanish debt downgrade
    * Silver posts weekly drop, retail sales weak
    * Coming up: U.S. personal income data on Monday

     By Frank Tang and Jan Harvey	
    NEW YORK/LONDON, April 27 (Reuters) - Gold rose for a fourth
consecutive session o n F riday and posted its biggest weekly gain
since late February, as disappointing U.S. growth and European
debt jitters boosted investment demand for the precious metal.	
    Bullion buying accelerated after a report showed U.S.
economic growth cooled in the first quarter as businesses cut
back on investment. Some safe-haven demand also
supported prices after a credit downgrade of Spain's sovereign
debt by Standard &  Poor's.	
    Gold's four-day rise was underpinned by option-related
buying and after Federal Reserve Chairman Ben Bernanke said o n
W ednesday the U.S. central bank would not hesitate to launch
another round of bond purchases to boost growth if necessary. 	
    " The GDP data may confirm ongoing stimulatory U.S. monetary
policies, which is positive for gold,"  said James Steel, chief
commodity analyst at HSBC. 	
    Gold's rise in the face of renewed Spanish debt fears was
also seen as bullish, as the metal has tended to follow equities
and riskier markets most of this year, Steel said.	
    Spot gold was up 0.4 percent at $1,663.11 an ounce by
2:51 p.m. EDT (1851 GMT). 	
    For the week, bullion posted a 1.3 percent gain, the largest
in eight weeks.	
    U.S. gold futures for June delivery settled up $4.30
at $1,664.80 an ounce. Trading volume was below 100,000 lots at
3 p.m., preliminary Reuters data showed, set to be one of the
lowest turnovers for the year.	
    The precious metal has lost about $125 an ounce since the
end of February after a string of encouraging U.S. economic
indicators dashed hopes of further monetary easing by the Fed.	
    In addition, a lessening of fears about the European debt
crisis prompted some funds to increase their bullish bets on
riskier assets such as equities and reduce positions on gold.	
    For the year to date, gold has gained around 6 percent,
underperforming an increase of about 12 percent in U.S. equities
as measured by the S& P 500 index.	
    	
    SILVER COIN SALES WEAK	
    The metal stayed well within the narrow range it has stuck
to this month, however, as a dearth of buying by key bullion
consumer India curbed gains. 	
    Among other precious metals, silver put on 0.7
percent at $31.30 an ounce.	
    Silver ended the week down 1 percent after sliding below $30
an ounce for the first time since mid-January on Wednesday.
Prices fell in six of the previous eight weeks.	
    Retail demand disappointed after a brisk start to the year.
U.S. American Eagle silver coins are on track to log their
lowest monthly sales in April since July 2008, figures from the
U.S. Mint showed.

bsiong 28-Apr-2012 10:58
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Closing Gold & Silver Market Report – 4/27/2012

by Peter LaTona April 27, 2012

GOLD, SILVER CLOSE WEEK ON HIGH NOTE

While many investors might have anticipated a retreat in Gold and Silver prices, this week ended on an up note, and many people believe that is an indicator of things to come. The situation in Europe is truly turning for the worse, as Spain’s woes would seem too big for the European Union to bail out. This writer would not usually pay attention to $7,000 per oz Gold forecasts, but when it comes from the Bank of America, you have to take note. Bank of America investment bank analyst MacNeil Curry is forecasting that Gold will go as high as $7,000 per oz before its long-term rally begins to decline. Curry points out that commodity bull markets end with a massive speculative blow off, and it does not end quietly. A massive speculative blowout would be when prices effectively double within a year or less, and we have yet to see that with Gold. As Gold’s price continues to rise, the double-down effect of a massive blowout easily could send it to $3,000, $5,000, $7,000 or higher.

Who knows? It all starts again Sunday at 6 p.m. (EDT). Have a greet weekend!

At 5 p.m. (EDT), the APMEX precious metals spot prices were:

Gold - $1,664.40 – Up $2.90.
Silver - $31.30 – Up $0.02.

bsiong 27-Apr-2012 09:47
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Gold at Trendline Resistance

Daily Bars eliottWaves_gold_body_gold.png, Gold at Trendline Resistance

Prepared by Jamie Saettele, CMT

“Price is testing a long term trendline that extends off of the 2008, 2010, and December 2011 lows. A break of such a well-defined trendline would signal a significant shift. The downside is favored below the April high of 1683.35.” Currently testing trendline resistance, this bounce offers a chance to short against the April high.

bsiong 27-Apr-2012 09:46
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Gold struggles after Spain downgrade

SINGAPORE, April 27 (Reuters) - Gold struggled to make headway on Friday as the euro came under pressure after Standard & Poor's downgraded Spain's credit rating, while investors waited for a monetary policy decision by the Bank of Japan later in the day for further trading cues.

FUNDAMENTALS

* Spot gold was little changed at $1,656.65 an ounce by 0036 GMT, on course for a 0.9-percent weekly gain. It hit a two-week high of $1,660.60 in the previous session.

* U.S. gold edged down 0.2 percent to $1,657.40.

* Standard & Poor's on Thursday cut its credit rating on Spain to BBB-plus from A , a two-notch downgrade, citing its expectation the government's budget deficit will deteriorate even more than previously thought due to economic contraction.

* The Bank of Japan is likely to ease monetary policy on Friday by boosting asset purchases by up to 10 trillion yen, said sources familiar with the central bank's thinking.

* Euro zone economic sentiment fell more than expected in April, wiping out gains made in the first two months of 2012 and signalling that economic recovery in the second half of the year may be more muted than forecast, data showed on Thursday.

* Upbeat U.S. home sales data partly offset the gloomy sentiment in Europe. Contracts to purchase previously owned U.S. homes increased solidly to a near two-year high in March, suggesting the spring selling season got off to a firmer start and offering hopes of a pickup in housing.

* But the number of Americans claiming jobless benefits fell slightly last week but remained above levels posted earlier this year, suggesting stalling improvement in the labour market.

MARKET NEWS

* U.S. stocks rose for a third day on Thursday after upbeat housing data and stronger-than-expected results from companies, including Citrix Systems Inc, overshadowed some high-profile earnings misses.

* The euro suffered a drubbing early in Asia on Friday after Standard & Poor's hit Spain with a two-notch credit rating downgrade, while the yen could go either way depending on the scale of easing delivered by the Bank of Japan later.

DATA/EVENTS

0330 Japan BOJ rate decision

0500 Japan Construction orders yy Mar

0600 Germany Consumer sentiment

0645 France Consumer spending Mar

1230 U.S. GDP, advance Q1

1355 U.S. U.Mich sentiment, final Apr

1930 U.S. CFTC commitment of traders data Weekly

bsiong 27-Apr-2012 09:43
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Closing Gold & Silver Market Report – 04/26/2012

By John FosterApril 26, 2012

GOLD FINISHES STRONGER, ALONG WITH OIL FUTURES

Gold closed the day strongly in the positive, following the broader markets, thanks to positive corporate results and a strong housing report. First-time unemployment claims appeared unchanged this week. However, the longer-term gauge peaked, putting pressure on the dollar. “The message out of the Fed didn’t really change much. We had a little sell-off immediately after the statement came out, but it quickly recovered,” Credit Suisse analyst Tom Kendall said. “I think it would have taken a much greater change in stance coming out of the Fed for Gold to really make a big break one way or the other. And given the disappointing U.S. data coming out over the last couple of weeks, I don’t think that was particularly likely.” There does appear to be longer-term support for Gold, as central banks continue to buy, and exchange-traded funds record increased inflows.

The same strong housing figures and economic optimism pushed crude oil futures higher today, as well. The wild trading day was marked with swings from the weak jobs report to closing at the highs on the housing data. “This is a positive note, as an improvement in economic data adds support to risk assets,” said Sean McGillivray at Great Pacific Wealth Management.

At 5 p.m. (EDT), the APMEX precious metals spot prices were:

Gold - $1658.70 – Up $15.40.
Silver - $31.13 – Up $0.70.

bsiong 27-Apr-2012 01:22
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Central Bank Gold

(Posted: April 24, 2012)

bsiong 27-Apr-2012 01:16
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Last Updated : 26 April 2012 at 21:05 IST

Source :Commodity Online

Comex Gold boosted by softer dollar, technical buying

NEW YORK (Commodity Online): Comex gold is stronger as the dollar index softens, and the yellow metal is also getting some support on the technical side, said Charlie Nedoss, senior market strategist with Olympus Futures.

The June dollar index tested support around the 200-day moving average. “If we close below the 200-day, it’s pretty negative for the dollar, so that kind of got things going (in gold) and the weak jobless claims kept us up here,” Nedoss added.

The weekly jobless claims was soft enough to add to ideas that further monetary easing is possible after all, even though Federal Reserve policy-setters did not hint at any near-term easing in a Wednesday statement.

The Chicago Fed National Activity Index fell to minus 0.29 in March from plus 0.07 in February. Some technical buying has been encouraged in gold, he added. June gold is now backing above its 10-day moving average of $1,645.70 and the 20-day average of $1,651.30.

As of 10:14 a.m. EDT, June gold was up $11.60, or 0.7%, to $1,653.90 an ounce.

bsiong 27-Apr-2012 01:14
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April 26, 2012 • 07:02:01 PDT

Gold “Bargain Of Lifetime” As Gold Standard Inevitable, Possibly Within Year - $10,000/Oz Looms

the era of paper currency is coming to an end and a return to a gold backed dollar is basically inevitable. Read More

bsiong 27-Apr-2012 01:13
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April 26, 2012 • 07:35:13 PDT

Gold To Hit $7000/Oz: Bank Of America

$10,000/oz have also been doing rounds, the figure arrived from calculations of existing global money supply. Read More

bsiong 27-Apr-2012 01:12
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April 26, 2012 • 07:18:48 PDT

Possible Imminent Eurozone Collapse A Game-Changer For Gold

gold market finds equilibrium or a " bottom" before the primary trend reasserts itself - this seems to be what is happeni... Read More

bsiong 27-Apr-2012 01:10
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April 26, 2012 • 07:55:24 PDT

Gold Extends Advance On Optimism Fed Will Spur Growth

Gold rose most in two weeks on speculation Federal Reserve may increase stimulus measures to bolster the U.S. economy Read More

bsiong 27-Apr-2012 01:09
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Jim Rogers on Markets, Economy and China

Watch Video

April 26, 2012 • 06:36:19 PDT

Jim Rogers On Markets, Economy And China

joins The News Hub to discuss his outlook for the financial markets, China and the U.S. economy.Read More

bsiong 27-Apr-2012 01:06
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Morning Gold & Silver Market Report – 4/26/2012

By Ryan SchwimmerApril 26, 2012

JOBLESS CLAIMS LIFT METAL PRICES ANSWER TO EUROZONE CRISIS IS SIMPLE

Precious metals are rebounding this morning as the dollar hit a three week low, and new unemployment claims missed expectations again. The Federal Reserve meeting Wednesday seemed to help the eurozone more than the American economy. Credit Suisse analyst Tom Kendall said, “The message out of the Fed didn’t really change much. We had a little sell off (in Gold) immediately after the statement came out, but it quickly recovered.”

With expectations for a drop in American jobless claims to 375,000, the experts were stumped againwhen the number came out at 388,000 (this is also following an upward revision from two weeks ago). The four week moving average also jumped to the highest level of the year. U.S.A. stocks fell further after the report was released.

What is the answer to the eurozone debt problem? Nearly all the experts agree, and it’s simple: growth. The problem within that answer, however, is how to achieve such growth. Yesterday, European Central Bank President Mario Draghi said that a “growth pact” should be reached in the eurozone. Carl Weinberg of High Frequency Economics wrote, “This is a pleasant and constructive turn of the language we have been hearing. It is at least compared to the ‘reduce the deficit or die’ theme that has dominated the euroland crisis so far. However, no one, not even us, has a clue about what Dr. Draghi actually means or is proposing.”

At 9 a.m. (EDT), the APMEX precious metals spot prices were:

Gold - $1,655.40 - Up $12.60.
Silver - $30.88 - Up $0.45.

bsiong 27-Apr-2012 01:04
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Gold Rebounds Post-Fed as Dollar Slips to 3-Week Low

FRANKFURT (Apr 26) Gold prices rose towards $1,650 an ounce in Europe on Thursday as the dollar sank to a three-week low against the euro, coming under pressure after the Federal Reserve opted to keep U.S. interest rates at rock bottom.

Spot gold was up 0.3 percent at $1,648.84 an ounce earlier Thursday, while U.S. gold futures [GCCV1 1647.40 5.10 (+0.31%) ] for June delivery were up $7.60 an ounce at $1,649.90.

In a statement after a two-day meeting to Wednesday, the Fed's policy-setting panel reiterated its expectation that interest rates would not rise until at least late 2014, and took no action on monetary policy.

Gold bulls, who had been hoping for fresh hints of quantitative easing from the Fed, were disappointed, and prices fell below $1,625 straight after the statement.

Dollar weakness and price-sensitive buying quickly reversed that, however.

" The message out of the Fed didn't really change much," Credit Suisse analyst Tom Kendall said.

" We had a little sell off immmediately after the statement came out, but it quickly recovered.

" I think it would have taken a much greater change in stance coming out of the Fed for gold to really make a big break one way or the other, and given the disappointing U.S. data coming out over the last couple of weeks, I don't think that was particularly likely." Weakness in the dollar, which makes commodities priced in the unit cheaper for other currency holders, is supporting gold.

A tightening of peripheral euro zone spreads lifted the euro, but the unit is still vulnerable to the bloc's debt woes.

Indian Buyers Shy Away

" The physical demand story has been very uninspiring. Combined volumes on the Shanghai Gold Exchange have been fairly decent of late... but this does little to compensate for the disappointing appetite from India," UBS said in a note Indian buyers failed to return to the gold market in droves this week despite the arrival of Akshaya Tritiya, a key gold-buying festival, on Tuesday.

Akshaya Tritiya sales are estimated to have fallen by a half to 10 tonnes this year, as interest was hurt by high prices and weakness in the rupee.

Fed Raises Economic Outlook, Leans Toward 2014 HikeNewcrest Cuts Gold Output Forecast Shares SkidInvestors Face 'Bumpy Journey' as Euro Crisis Grows: El-Erian

Among other precious metals, silver was up 0.3 percent at $30.77 an ounce.

The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, rose to a three-month high at 53.6 on Wednesday.

The metal fell in gold's wake to its lowest since mid-January on Wednesday, and looks vulnerable to further losses, according to technical analysts, who study past price movements for clues as to the future direction of trade.

" Silver probed to fresh multi month lows to 30.00 before recovering," ScotiaMocatta said in a note.

" We are bearish silver following the break of huge support pivot 31.00." " Our target for silver is 28.86, the 76.4 percent retracement of the 26.20 to 37.46 up move.

The gold/silver ratio spiked higher to 54.20 before retracing...

The ratio is bid with potential for 100 percent retracement to 57.50." Spot platinum was up 0.7 percent at $1,556.49 an ounce, while spot palladium was up 0.7 percent at $662.25 an ounce.

bsiong 26-Apr-2012 09:41
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Gold ticks down after Fed, equities curb losses

SINGAPORE, April 26 (Reuters) - Gold edged down on Thursday after the U.S. Federal Reserve's meeting on interest rates offered few surprises, but gains in equities and expectations the central bank could do more if necessary to lift the economy helped limit losses.

The Fed has previously engaged in two rounds of asset purchases totalling $2.3 trillion, known as quantitative easing, to drive down interest rates and stimulate the economy, while helping gold's safe-haven appeal.

FUNDAMENTALS

* Spot gold eased 92 cents to $1,643.06 an ounce by 0022 GMT after falling as low as $1,623.90 on Wednesday in a knee-jerk sell-off after the Fed disappointed investors who had hoped for another round of asset purchases.

* U.S. gold for June added $1.50 to $1,643.80 an ounce.

* Fed Chairman Ben Bernanke on Wednesday said U.S. monetary policy was " more or less in the right place" even though the central bank would not hesitate to launch another round of bond purchases if the economy were to weaken.

* Demand for long-lasting U.S. manufactured goods tumbled by the most in three years in March and businesses cut back on spending plans, suggesting the economy slowed as the first quarter drew to a close.

MARKET NEWS

* Asian shares gained on Thursday, retaining positive momentum as the Fed reassured markets that it will keep its very accommodative stance to support growth, and optimism grew over strong corporate earnings after Apple Inc's robust results.

* The U.S. dollar floundered at three-week lows against a basket of major currencies on Thursday, having fallen prey to the Fed's dovish stance on policy.

DATA/EVENTS

0900 EZ Business climate Apr

0900 EZ Economic sentiment Apr

1230 U.S. Jobless claims Weekly

2330 Japan CPI, core nationwide Mar

2350 Japan Industrial output prelim mm Mar

2350 Japan IP forecast 1 mth ahead Mar

bsiong 26-Apr-2012 09:39
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Last Updated : 25 April 2012 at 23:55 IST

Source :Commodity Online

Gold still 'significantly under owned': Sharps Pixley

NEW YORK (Commodity Online): Ross Norman, CEO of Sharps Pixley, describes gold as “under-owned” and sees potential for another wave of retail investment demand on the horizon, particularly amid worries about an economic collapse in Europe and the future of the euro.

He points out that “tsunamis” of physical gold buying occurred in Europe and 2008 and 2010 during previous financial crises.

“In the year that we commemorate the (100-yaer anniversary of the) loss of Titanic, it is worth reflecting the crucial role of lifeboats in a crisis,” Norman said.

“Gold is a particularly small market and were you to liquidate an entire year’s gold-mine production at current market prices, it would have a market cap of less than Vodafone--yet it is compared along with such investment mammoths as the U.S. dollar, the FTSE 100 and the DJIA,” he continued.

“Gold still represents less than 1% of total assets under management and to rise to the levels of the 1980s (or by 2% of global financial AUM) would require the creation of 85,000 tons of new investment demand, or 30 years of mine production. It is still significantly under-owned,” Norman concluded.

bsiong 26-Apr-2012 09:37
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Gold Silver News

April 25, 2012 • 11:42:30 PDT

US Dollar VS Gold: Epic Money Battle - Jim Willie CB

The mainstream financial press is desperate to sell a wrong-footed story, for the sixth year in a row.Read More

bsiong 26-Apr-2012 09:36
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Gold to hit $7000/oz: Bank of America

Last Updated : 25 April 2012 at 16:00 IST

NEW YORK (Commodity Online): In one of the highest predictions yet made by an investment bank analyst, Bank of America's MacNeil Curry sees gold prices hitting $7000/oz before ending the uptrend.

According to MacNeil, commodity bull markets end with a massive speculative blow off and they don't end quietly. If gold was topping out, the daily ranges would have span around $200/oz and we have not seen anything like it.

" Until we see price action take some kind of massive speculative blow-off, where prices effectively double in a year or less, I have to maintain a long-term bullish bias. That says to me, we'll probably see a move in gold, before all is said and done, to between $3,000 to $5,000 (per ounce) and potentially $7,000 per ounce”, Economic Times quotes the analyst from the Market Technicians Association symposium last week.

There have been other analysts who have predicted massive surge in Gold's value. When the US went off the gold standard, prices went up from $35/oz to $800/oz. Equating the same performance in the current gold market, gold prices will have to rise to $5000/oz from its base of $250/oz. Predictions of $10,000/oz have also been doing rounds, the figure arrived from calculations of existing global money supply.

bsiong 26-Apr-2012 09:34
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April 25, 2012 • 15:45:00 PDT

So Long, US Dollar - Casey Research

There's a major shift under way, one the US media has left largely untouched it will send United States into an economic... Read More