GLD USD
Last:306.87
-
Gold & metals
Post Reply
741-760 of 4402
by Geoffrey Varner
April 18, 2013
PHYSICAL GOLD DEMAND STAYS STRONG
The Gold price rallied in overnight trading, up from its two year low of
around $1,320. The nearly week-long sell off of the Precious Metal has created a
unique situation for investors.
The significant drop in price has triggered physical buying of
Gold bars and coins in Asia while domestically Gold coins have been selling at a
record pace. On the other side of the Gold equation is the Exchange Traded
Fund (ETF). Holdings of the world’s largest ETF have fallen to their lowest in
three years. It’s the story of paper Gold vs. physical Gold. The demand for the
physical product is up, so much so that premiums for the Precious Metal are
rising all over the world. Premiums for Gold bars in Hong Kong were at their
highest since early last year. In Singapore and Tokyo, Gold premiums were also
at multi-month highs.
Ross Norman, CEO of Sharps Pixley, said
“Rarely has the Gold market seen such a clear split, with the
paper traders heading south while the physical heads north.” He additionally
says that with inventory being snatched up by investors, dealers can expect to
wait a few weeks for new supply from the refiners. In India and China, jewelry
demand has surged as consumers there take advantage of the drop in price.
In fact, the China Gold Association reported that retail sales
tripled across China April 15-16.
At 9:11 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,391.00, Up $5.30.
- Silver, $23.32, Down $0.09.
Gold Focus Still on Another Low Before Larger Bounce
60 Minute Bars 
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: See Friday’s weekly for analysis on gold. Near term structure is clear with the feeble bounce from the low probably composing wave 4 within a 5 wave decline from 1590.60. The implications are for a new low and perhaps a test of the 2011 low at 1307.45 before a reprieve from selling and move back towards 1404-1430 (which could also be a 4th wave rally). Bottom line, the strongest part of the decline is probably over and declines from here will be in stair-step fashion (series of 4th and 5th waves).
Commodity Trading Strategy: It seems paradoxical but the structure of a market is most clean when that market is most volatile (more emotion=more structural clarity). Watch gold even if you don’t trade it because a final low would probably be felt across other markets that also experience forced liquidations before yet another ‘snapback’ rally.
LEVELS: 1226 1265 1307 1404 1427 1460
by Ted Prince April 17, 2013
GOLD CONTINUES DECLINE ON PLETHORA OF ECONOMIC FEARS
Precious Metals and the Dow Jones Industrial Average both suffered
another session of losses today. In the wake of the poor performance of both
asset classes, traders were drawn to the strength of the U.S. dollar, which
rallied against a basket of competing currencies. A stronger U.S. dollar versus
a weakening yen is one of a number of theories Wall Street analysts are
proposing as a root cause for the major decline in Gold since last Friday.
Fear of central bank Gold
selling (namely Cyprus and the potential for similar action by other struggling
nations in the eurozone), ETF liquidation and global deflation fears are
other factors that market experts are claiming as contributors to this past
week’s major sell-off. Many analysts are now wondering if the recent negative
action will inspire more panic selling or if the herd of sellers has now been
depleted, leaving depressed Gold and Silver prices wide open for Precious Metals
bargain hunters.
As commodities endured their sell-off, poor earnings data and concern over
global growth caused the S& P 500 and Dow Jones Industrial Average to decline
heavily Wednesday.
The
Dow experienced another volatile session which saw the index fall almost 140
points, putting it on track for its poorest performing week of 2013. Fear
appears to be permeating all markets at present causing prolonged sell-offs in
Gold and stocks. " Given the weakened technical picture, the market didn't need a
significant catalyst for a sharp sell-off," wrote Elliot Spar, market strategist
at Stifel Nicolaus. " However, just too many things going wrong in short period
of time, brings out sellers and selling begets more selling."
At 4 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1380.20, Down $10.20.
- Silver, $23.40, Down $0.33.
by Ryan Schwimmer
April 17, 2013
GOLD’S DIP SPURS PHYSICAL BUYING
The Gold price recovered some early-morning losses, while the other Precious
Metals
have given up most of the previous day’s gains. As many
investors are already aware, the recent dip in the price of Precious Metals has
boosted the market for coins, bars and other physical items. One analyst said,
“People are actually buying everything, Gold bars, Gold coins. People are
rushing to get a hand on it. [Dealers] have a problem meeting the demand because
[they] are unable to get new supply… There’s a huge backlog. It’s the same for
Silver. So far, sentiment seems to be improving. Even the price has more or less
stabilized.”
News out of China suggests
that a crisis larger than the U.S. housing market crash could
happen in the Eastern country. Zhang Ke of accounting firm ShineWing said,
“We audited some local government bond issues and found them very dangerous, so
we pulled out. Most don’t have strong debt servicing abilities. Things could
become very serious. It is already out of control. A crisis is possible. But
since the debt is being rolled over and is long-term, the timing of its
explosion is uncertain.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,385.10, Down $5.30.
- Silver, $23.42, Down $0.33.
Fibonnici level from 1850 to 1112 on .618 retracement. Historical support by desperate indians and goldbugs!
CIMB notes the support trendline gave way at the end of last wk with prices plunging as much as 14% in only two days. As daily MACD and RSI do not yet show any positive divergence signs, the house believes there is likely more downside for gold. Adds, prices could find support at US$1,300 or US$1,150.
Gold One More Low Could Produce 100 Dollar Plus Bounce
60 Minute Bars 
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: See Friday’s weekly for analysis on gold. Near term resistance structure is clear with feeble bounce from the low probably composing wave 4 within a 5 wave decline from 1590.60. The implications are for a new low and perhaps a test of the 2011 low at 1307.45 before a reprieve from selling and move back towards 1404-1430 (which could also be a 4th wave rally). Bottom line, the strongest part of the decline is probably over and declines from here will be in stair-step fashion (series of 4th and 5th waves).
Commodity Trading Strategy: It seems paradoxical but the structure of a market is most clean when that market is most volatile (more emotion=more structural clarity). Watch gold even if you don’t trade it because a final low would probably be felt across other markets that also experience forced liquidations before yet another ‘snapback’ rally.
LEVELS: 1226 1265 1307 1404 1427 1460
by Nicholas Wilsey
April 16, 2013
GOLD PRICE CLOSES ON AN UPSWING
After two days of
losses for the price of Gold, today’s market turned in a positive direction.
“We have had technical barriers broken in the past two days, while the overall
macro environment has been moving away from the inflation bias ... and some
institutional investors are rethinking their positions in commodities in general
and Gold specifically,” Deutsche Bank analyst Daniel Brebner said. The drop in
price has caught many investors off guard due to the uncertainty throughout the
global economy. With the sudden drop in price, many Gold buyers are taking
advantage of the chance to get into the market.
Forbes’ Christopher Helman is
searching for reasons for the Gold price’s recent tumble.
Cyprus’ bailout agreement, which may require the country to sell some of its
Gold reserves causing other debt-ridden eurozone countries to do the same, was
thought to be a potential catalyst. However, the disclosed Gold holdings of
Portugal, Ireland, Italy, Greece and Spain would be valued at just $120 billion
combined, which would not be enough to make a significant dent in the debts of
any of those countries.
At 5:00 PM (EDT), the APMEX precious metals spot prices were:
- Gold, $1370.80, Up $6.70.
- Silver, $23.49, Up $0.01.
By Ryan SchwimmerApril 16, 2013ANALYST: METALS WILL REBOUND “JUST AS RAPIDLY”Precious Metals are rebounding from yesterday’s losses. Clifford Bennett, chief economist at The White Crane Group, believes that the fundamental factors that pushed Gold to record highs in 2011 remain. “I sincerely believe that the moment the now significant short position holders begin to take profit, that this market will rally at least 50 percent of the fall just seen, just as rapidly… Nothing has changed except perceptions, and with Gold that matters a lot. Yet the perception that the market is oversold will also develop in coming days.” To further reinforce that physical Gold was not a major factor in the selloff, the Chicago Mercantile Exchange Group raised margin requirements for trading in Precious Metals contracts.
U.S. futures contracts are also recovering some of yesterday’s losses. Market strategist Stan Shamu said, “I think it’s a combination of a number of factors, including the stabilization in the commodities space and the fact that the U.S. bombings, which saw U.S. equities hammered, didn’t compound into a much worse situation. At the close of U.S. trade it seems panic was setting into investors’ minds and some of this might just have calmed.”
At 9:14 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,397.40, Up $33.30.
- Silver, $23.81, Up $0.33.
Gold Extends Historical Breakdown-2011 Low in Sight
Weekly Bars 
Chart Prepared by Jamie Saettele, CMT
Commodity Analysis: See Friday’s weekly for analysis on gold. Near term resistance is estimate at 1420-1460 with support at the current level (channel support) and at the 2011 low of 1307.45.
Commodity Trading Strategy: Flat
LEVELS: 1226 1265 1307 1384 1427 1460
by Craig C. Calvin
April 15, 2013
GOLD EXPERIENCES BIGGEST ONE-DAY DROP IN 30 YEARS
The price for Gold officially closed below $1,400 today,
experiencing its largest one-day drop since February 1983.
Prices for Silver, Platinum, and Palladium saw significant drops as well. Silver
in particular ended at a two-year low in afternoon trading, pushed down by fears
that China’s disappointing economic growth in the first quarter of 2013 will
negatively impact demand for industrial metals. Despite the sell-offs seen
Friday and today, David Morgan of the Morgan Report investment newsletter is of
the opinion that “investors would be wise to hold their positions and wait it
out.” Morgan cites the continuing financial crisis in Cyprus, tensions over
North Korea, and the fact that “the silver retail market is showing high
premiums with shipping delays” as reasons why the fundamentals for Gold and
Silver are “still strong.”
The World Gold Council has weighed in on the Gold sell-offs of the past two
days.
In a statement released today, the council’s Managing Director
of Investment, Marcus Grubb, reminds that Gold’s demand is influenced by a
variety of factors, and that these factors should be considered when viewing
changes in the price for Gold. In the statement, Grubb says, “Taking a short
term view of any asset's performance is fraught with danger we believe that
despite the current turbulence, the long term fundamentals of the Gold market
remain intact.”
At 4:16 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,355.30, Down $149.10.
- Silver, $22.78, Down $3.68.
My guess is it will rebound at 1300.
http://money.cnn.com/ Gold plunges to two-year low
Slowdown in China growth sparks broad sell-off in commodity prices. More
-
Investors will look toward corporate earnings and economic data to keep the momentum in the market going.
-
The EU says 10 billion euro bailout won't be increased despite rising cost to Cyprus.
-
McAfee shows an astonishing rise in malware designed to attack mobile devices, from 792 samples in 2011 to 36,699 in 2012.
Local goldsmith here will be getting more business as gold prices keep chioning down.
By Geoffrey VarnerApril 15, 2013GOLD SELL-OFF CONTINUESThe Gold market was heavily bearish on Friday, April 12, indicated by the 400 tons of Gold that sold on the New York COMEX alone. Today, the Gold price dropped more than $100 an ounce at one point during European trading. The bear market conditions seem to be fully in place due to recent cuts to price forecasts and outflows from exchange traded products. Stan Shamu, market strategist at IG Markets in Melbourne, said that Gold’s tumble has largely been blamed on potential central-bank sales to shore up fiscal shortfalls. He goes on to say this had triggered a “breakdown of the Gold/quantative easing relationship” we have been used to.
Jonathan Barratt, founder of Barratt's Bulletin, said, “As you get closer to the cash cost production for Gold, which is around $1,200 an ounce, people get nervous.” He continues on to say that there is a lot of overreaction and believes that this offers a good entry point for investors. “For the amount of money that's going into the system, you have to take a longer-term view that stimulus will support Gold prices,” he said.
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,427.70, Down $72.70.
- Silver, $24.35, Down $2.11.
Cyprus Central Bank Denies Plan to Sell Gold
By RansqauwkFullermoney
April 12 2013, 7:59am
Cyprus Central Bank Denies Plan to Sell Gold This article from CNBC may be of interest to subscribers. Here is a section:
" This is only part of a draft proposal from the European Commission and may well come to nothing," Jessop said in a note on Thursday. " More importantly, any resulting sales would be trivial perhaps less than 10 tonnes in a global market where demand has been running at an annual rate of around 4,800 tonnes."
" There would also be significant political and legal obstacles, which may yet prevent even Cyprus from selling its gold. For a start, gold reserves are typically owned by national central banks which are forbidden (by EU Treaty) from directly financing government borrowing. But the most important barrier is simply the weight of public opinion," he said.
" At most, gold might be used as collateral for some government debt (an idea being promoted by the ). However, the chances of large outright sales are very slim," he added.
Personal Plan on Laying Fishing net at 1300 where a 50% drop since ( 700 rally to 1900 )
Its going to be safe bottom for fisherman.
(( Just personal view only ))
Analysis: If Cyprus can sell gold to help bailout, why not others?
(Reuters) - Heavily indebted
euro zone nations such as
Italy and
Portugal could come under pressure to put their bullion reserves to work as a result of plans for Cyprus to sell gold to meet its financing needs.
