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- Gold Market Headlines - |
 Thursday Edition: August 07, 2008 |
Gold Seeker Closing Report: Gold and Silver Fall Again
By: Chris Mullen, Gold-Seeker.com
Gold rose over $10 to $884.95 in Asia, but it then fell back off in early New York trade and closed near its low of $869.30 with a loss of 0.43%. Silver climbed over 20 cents higher to $16.673 by midday in London before it also fell back off in New York and closed near its low of $16.15 with a loss of 1.4%.
What Is Money?
By: James Turk and John Rubino
So far we’ve tossed around terms like “money” and “currency” with some abandon. If this left you a little unclear about their exact meaning, not to worry, you’re in good company; the world’s business and political leaders appear to be just as confused. So before considering gold’s once and future role in the global economy, let’s examine the true nature of money.
The Absent-Minded Credit Cycle
By: Bill Bonner & The Daily Reckoning Crew
-The two ways to play a correction…bargains, or traps for the unwary?
-The Butch and Sundance of the financial markets…the clumsy, backwards-walking economy…
-The whole world is slowing down…another farcical chapter in the history of the War on Terror…and more!
Timmins Gold Corp. Receives Full Permitting For Its San Francisco Mine
By: Timmins Gold Corp.
Thanks to the full cooperation and close working relationship with the local, state, and federal authorities, Timmins Goldcorp Mexico has been cleared to implement its development and construction activities and plans to achieve production during the first quarter of 2009.
Path to the Printing Press
By: Jim Willie CB
The path to the printing press is a long one. It is used at first to spread credit indiscriminantly in sustaining commerce and funding financial systems. For the United States, that means horribly inefficient usage of credit in commerce, where 5 units of credit produce one unit of business activity. In the twisted bizarre arena that is Wall Street, the financial maze they created has imploded as yet another chapter is written in the standard textbook of boom & bust.
$10bn Xstrata bid good news for junior gold and silver stocks too
By: Peter J. Cooper
As the economic crisis deepens in the US interest rates will be slashed from two to one per cent, as in the dot-com crash, and that will ensure higher inflation, and very, very much higher gold prices. Take heart and follow Xstrata.
Gold Remains Consolidative Within Tuesday's Range
By: Peter A. Grant, USAGOLD
Gold is maintaining a consolidative tone, confined to the range that was established on Tuesday. Support offered by higher oil prices is being offset to some degree by a firm dollar.
Gold & Silver – The August Lows Are Upon Us!
By: Peter Degraaf
Upon analyzing over 30 years of data involving the gold price, we conclude that the seasonal lows usually occur in March and June. Quite often however, after the June low a secondary low is experienced in August. This secondary low is usually slightly higher than the primary low. People who have resisted the temptation to buy the June low will usually take advantage of this last opportunity before the start of the Christmas rally that seems to happen almost every year.
Another Buying Opportunity
By: Timothy Silvers
The precious metals usually make a nice bottom at the end of summer between August and October and this year looks like it will be no exception. There should be a strong precious metals rally into the Fall and Winter 2009. Quality mining companies are great buys at current levels and gold and silver should be near a bottom.
Monetary Joyride
By: Richard Daughty, The Mogambo Guru
I explained that, yes, I had my foot on the accelerator, but the car went fast all by itself! In fact, the more I stepped on the accelerator, the faster the car went! It's obviously one of the mysteries of the universe!
A Streak of Luck For Planet Earth?
By: Rick Ackerman, Rick's Picks
Has planet Earth’s luck changed for the better? We rarely see evidence of good fortune operating at a civilizational level, but two events in the news earlier this week promise to benefit all mankind. The first story concerned the discovery by census takers of more than twice the number of lowland gorillas thought to inhabit the Republic of Congo.
Gold Investments Market Update - Gold Up 31% in First Year of Credit Crisis
By: Gold Investments
The credit crisis continues as evidenced in the world's largest insurer, American International Group, reporting a quarterly loss of $5.36bn with profits wiped out by further mortgage related writedowns. In the UK house prices fell a further 1.7% in July as the decline in availability of mortgages, rising inflation and general economic uncertainty led to further falls in property prices.
Asian Metals Market Update for 7th August, 2008
By: Chintan Karnani, Insignia Consultants
Gold and silver fell yesterday but have managed to hold key medium term supports. Unless spot gold falls below $845 and remains below $845 for a week or two physical gold demand will rise with every fall. The direct correlation between crude oil prices and gold will continue in the absence of major market moving news.
Wednesday Edition: August 06, 2008 |
Gold Seeker Closing Report: Gold and Silver Fall Slightly But Miners Gain
By: Chris Mullen, Gold-Seeker.com
Gold rose over 1% to $886.45 by midday in London before it dropped at the New York open to a thirty cent loss at $877.20 and then rebounded back to about a 0.5% gain at $882.35, but it then fell back off again into the close and ended slightly off its session low of $872.60 with a loss of 0.35%. Silver rose twenty cents to $16.75 and fell to $16.487 before it rebounded back to about a 0.5% gain at $16.634, but it also fell back off again and ended near its afternoon low of $16.40 with a loss of 0.57%.
Financial Correction Center
By: Bill Bonner & The Daily Reckoning Crew
-Preferring the sin of omission over the sin of commission…the definitive answer to last week's gold question…
-Reading the financial news as a weather report…treating our dollars like we treat our salads…
-A humane hanging for business executives…law-enforcement approach better suited to take down al-Qaeda?…and more!
New Buzzword for Commodities - “Demand Destruction”
By: Gary Dorsch, Editor, Global Money Trends
The Fed’s propaganda artists could hardly believe their good fortune, as gold and oil prices sank, even as they signaled no change in “negative” US interest rates for the remainder of the year. But as the charts above indicate, bottom fishing in US financial shares, after the US government’s bailout of Fannie and Freddie, combined with sharply lower agricultural and oil energy futures, and a stronger dollar, were the chief culprits behind gold’s latest plunge below $900 /oz.
The Fed’s Next Move is Down
By: John Browne, senior market advisor for Euro Pacific Capital
Yesterday, the Fed surprised no one and left its key rates unchanged and gave no indication that the committee was preparing to raise or lower rates anytime in the foreseeable future. As always, the market reactions were much more interesting and unpredictable. In this case, bond markets barely changed, the U.S. stock market jumped, and Euro futures strengthened slightly against the U.S. dollar.
International Forecaster August 2008 (#2) - Gold, Silver, Economy + More
By: Bob Chapman, The International Forecaster
The central banks are going bonkers to support the dollar, as we see wild spikes bringing the dollar back up every time it starts to go down after another dead cat bounce. This is collusion, plain and simple. And now oil is being hit, all to suppress the precious metals and to give the markets and the economy a boost before elections so scum-dog incumbents can have a shot at reelection. Lindsey Williams' scenario is good so far, but a drop to $50 a barrel for oil so quickly does not seem likely and may be disinformation, so don't let that scare you.
Timmins Gold: Trench Sampling Yields 2.4 G/T Gold Across 136 Meters
By: Timmins Gold Corp.
Timmins Gold Corp (TMM.v) announces it has completed a comprehensive trenching and sampling program at its Cocula Project located 50 kilometers west of Guadalajara, Jalisco, Mexico. The results include 2.398 g/t Au across 136 meters, including a high grade core grading 5.506 g/t Au across 50 meters, 2.080 g/t Au across 19 meters and 2.087 g/t Au across 18 meters. Based upon the encouraging results from the sampling of the seven trenches the Company has commissioned a 32 hole, 2,700 meter reverse circulation drill program.
HUI - Correction Over!
By: Eric Hommelberg
The HUI faced a severe sell-off last week and is trading now as if gold were trading at $700 levels. Such huge anomalies never persist for a long period of time so what gives, or we should see a sharp decline in the gold price or the HUI will catch up sharply from here. We've been through all this many times before.
Baby Boomers We Have A Problem
By: Dudley Pierce Baker
The strong possibility exists that the financial markets in the coming months and years will not cooperate with the boomers plans for retirement and they will thus not have the funds, either in a retirement check or in the retirement plans, IRA's or 401K's to venture, south of the border or anywhere else. Even some of the residents here now are finding the need to increase their incomes and many have ventured into the real estate and other businesses which are not always rewarding.
Gold’s Bull Remains Intact in All Major Currencies
By: Warren Bevan
I am not going to write much as the charts tell all. Below are charts of gold in all major currencies matched with the USD, with simple trend lines accentuating the strong, solid and still young bull market. There is nothing to worry about and my thoughts remain unshaken, take this gift and deploy more capital every time it is given to you.
Elliott Wave Gold Update 21
By: Alf Field
Clearly the gold price has not moved into the strong upsurge expected for Large Wave III, as postulated in Update 20. The decline that started at a London PM fix of $986.0 on 15 July 2008 has already reached $882.0 (5 Aug 2008), a decline of $104.0 or 10.5%.
The Looming Federal Default: Sooner or Later?
By: Gary North, Mises on Money
As surely as holders of pay option mortgages will default, so will the U.S. government default. But there is a huge difference. Mortgage lenders can evict mortgage holders in default and gain ownership of their houses. There is no way that "lenders" to the U.S. government can evict the government for non-payment.
Gold Firms Post-Fed
By: Peter A. Grant, USAGOLD
Gold has firmed in the wake of Tuesday's Fed decision to hold steady on interest rates. An uptick in oil prices, along with a slightly easier dollar are helping to support the yellow metal.
Nowhere to Hide from Inflation
By: Richard Daughty, The Mogambo Guru
Well, as far as I can tell, diving back into my dark little cubbyhole in renewed fear, the economy is already in shambles because of inflation in consumer prices, and my marriage, my life and my career are in shambles because everybody hates me and is out to get me, and that is why I seem to be broke all the damned time.
Credit Card Loans About to Dry Up
By: Rick Ackerman, Rick's Picks
If credit is so tight for commercial borrowers, why are so many households still deluged with mail from banks offering credit-card money at 3.99%? The answer came to light yesterday in news suggesting that the source of such loans is about to dry up. Banks have typically raised cash for revolving charge loans by issuing bonds that as recently as March topped $10 billion per month.
Gold Investments Market Update - Federal Reserve Statement Warns of Stagflation
By: Gold Investments
With commodities and oil falling again yesterday, gold continued its recent poor performance. Gold suffered technical damage yesterday with a close below the 200 day moving average at $887/oz. A weekly close below $887/oz would be even more damaging. The short term trend remains down, however gold’s long term fundamentals remain sound and should result in gold remaining above strong support above the old resistance at the old all time nominal record high at $850.
Asian Metals Market Update for 6th August, 2008
By: Chintan Karnani, Insignia Consultants
The Federal Reserve kept its benchmark interest rate at 2% and signalled that weak employment and financial instability will delay any increase in borrowing costs. This says the Fed is on the hold for the rest of the year. The next move may be up, but it won't occur for a while.
Tuesday Edition: August 05, 2008 |
Gold Seeker Closing Report: Gold and Silver Fall Over 2% and 3%
By: Chris Mullen, Gold-Seeker.com
Gold steadily fell throughout most of world trade and ended near its low of $875.75 with a loss of 2.43%. Silver also fell throughout the day and ended near its low of $16.527 with a loss of 3.39%. Both metals have continued to fall in after hours access trade in reaction to the fed’s statement.
The Wind from Wall Street's Sails
By: Bill Bonner & The Daily Reckoning Crew
-Watching General Bernanke fight a losing battle…when the go-go businesses go bust…
-A nationalized auto industry? Hey, it's happened to housing…looking for stray coins under the seat cushions…
-Pity the poor baby boomers…downsizing in a hurry…and more!
Gold Resource Corp: Arista Deposit Continues to Return High-Grade Intercepts; Targeted 1.3M gold equivalent ounce estimate to be updated soon
By: Gold Resource Corporation
Gold Resource Corporation (GRC) (OTC BB:GORO.OB - News) (Frankfurt:GIH.F - News) reports its focused delineation drilling at the Arista deposit continues to intercept high-grade. The Arista deposit is part of GRC's El Aguila Project in the southern state of Oaxaca, Mexico, which is targeting gold production by the end of 2008 subject to timely obtaining the remaining required permits, regulatory approvals and equipment delivery schedules.
Gold and Silver: Safe-havens in Troubled Times?
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch
Each day we hear another piece of bad news on the banking front. It was called the sub-prime crisis, then it was the credit crunch; what we have in reality is a full blown banking crisis. Where in the past credit was easily given, full-blown consumer spending was encouraged and when it went too far, bankers saw asset values were dropping below loans against them and banks started to go bust. We are now seeing banks sued by the New York Attorney General. Hardly an environment in which confidence in the banking and financial systems can be retained?
Dead and Buried, But Not Forgotten
By: Rob Kirby
Taken together, this insight suggests that “someone” or some group is in possession of a vast sum of [illicit “off balance sheet” perhaps?] money – so large, if moved, to do serious damage to the U.S. economy – according to someone [Bill Christ] highly qualified to have an opinion on such matters.
The Birth Pains of a New Bull Market
By: Clif Droke
After what has seemed to many investors to be the “longest year”, stocks have been going through a volatile period which some interpret to be bearish. There are still many analysts who are quick to label the current market phase a temporary pause on the way to a bigger stock market cascade. Contrary to these expectations, the market tape is sending a different message as we’ll establish in this commentary.
Gold and the Demise of the American Dream
By: James West
Lets objectively administer a pap test in search of our own malignant evidence. If we start with the demise of the gold standard in 1972, it isn’t difficult to extrapolate a deterioration in the values of business in America coincident with the removal of fiscal discipline embodied by the gold standard.
HUI - Daily, weekly & commentary
By: Gary Tanashian
It is Fed day and all is right with the world. Stock market up in pre, banks and financials have stopped tanking, oil is in the dumper as the commodity complex tanks - taking gold & silver with it. Meanwhile, Bernanke & Co. pretend they have a decision to make on interest rates. The game continues.
Is the U.S. Banking System Safe?
By: Jim Quinn
Our economy and banking system is so complex and intertwined that no one knows where the next shoe will drop. Politicians and government bureaucrats are lying to the public when they say that everything is alright. They do not know. Therefore, it is in our best interest to cut through all the crap and examine the facts with a skeptical eye.
Indian Economy and Gold Imports
By: Shailendra Kumar
The sum and substance: the Indian demand for the noble metal is unlikely to pick up from now on. Given the condition of the Indian economy, I would not be surprised that Indian imports soon - and it can be pretty soon - fall to about 500 tonnes from the current about 700-800 tonnes per year. This may worry some gold mining industry captains and some sworn gold bugs, but honestly they should not be gloomy. There are many other factors out there to propel GOLD: God's Own Currency.
Gold Remains Soft as Oil Drops Below $120
By: Peter A. Grant, USAGOLD
Gold is maintaining a defensive tone as oil dropped below $120 bbl for the first time in nearly thee months. While crude prices will remain a major focus today, the Fed will also announce the target for Fed funds today at 14:15 EDT.
The Four Tires of the Apocalypse
By: Darryl Robert Schoon
The euro, the yuan, the yen, and the dollar are The Four Tires Of The Apocalypse, an event that recently appears to have come out of nowhere. It didn’t. Its apparently sudden appearance is new only to those who wished to see otherwise.
Best Quotes of July 2008
By: John Rubino
The phrase ‘systemic collapse’ is rarely used in financial circles, but with housing collateral values in continued decline, there is an enormous financial margin call rippling through the system. In the OTC derivative market, values are unable to be quantified as increasingly spreads are widening and illiquidity becomes more acute. An accident is at hand.
The Half and Half in Your Economic Coffee
By: Richard Daughty, The Mogambo Guru
And given that banks, when selling foreclosed houses, actually net about half the price of the mortgage, that means to me that houses are, by extension, overpriced by half, and as such will surely not be rising in price for a long, long time to come.
Oil's Fall, Election Will Buoy Stocks
By: Rick Ackerman, Rick's Picks
With recession coming on full-bore, bank failures starting to snowball, and no end in sight for falling home prices, why is it that we expect the Dow Industrials to be trading somewhat higher come November? For starters, you have to realize that Wall Street and the stock market exist in a warp totally apart from perceived reality.
Gold Investments Market Update - Gold's Traditional July/August Seasonal Low
By: Gold Investments
Gold has sold off on oil's steep falls and with sharp falls in many other commodity markets. The CRB Reuters Jefferies Commodity Index was down 3% yesterday, its largest one day sell off since last March (cocoa, natural gas and sugar were down sharply) and falling oil prices and a firmer dollar (back to 1.55 against the Euro) has led to gold's sell off.
Monday Edition: August 04, 2008 |
Gold Seeker Closing Report: Gold and Silver Fall Over 1%
By: Chris Mullen, Gold-Seeker.com
After climbing to $915.40 in Asia gold then dropped to $898.40 by midday in London before it rallied back higher in early New York trade to trade near unchanged on the day, but it then fell back off again to a new low of $894.85 and ended almost $5 off that low with a loss of 1.03%. Silver rose to $17.62 and fell to $17.215 before it also rallied back higher in early New York action and traded near unchanged, but it too fell back off to a new low of $16.878 and ended about 25 cents off that low with a loss of 1.83%.
Paper Selling, Physical Buying
By: Theodore Butler
Recent data confirm a recurring pattern in the price of silver, namely, a clash between what is occurring in the paper COMEX futures market and the physical market. To keep it simple, recent speculative selling of long positions has overwhelmed physical buying, resulting in the short term sell-off.
Decoupling in the Land of the Dead
By: Bill Bonner & The Daily Reckoning Crew
-Financing the "golden years" with base metal…when automakers get hauled to the junkyards and sold for scrap…
-Bobbing on a frothy sea of 'money'…the influential fat paws of market manipulation…
-Domesticating the jungle of capitalism…a 'smoking gun' that saves the yankees' case…and more!
July’s Commodities Purge Offers Long-Term Opportunity
By: Frank Holmes, U.S. Global Investors
Are we at the end of the commodity bull market or does this battered sector offer an attractive buying opportunity? That’s the question on the minds of everyone trying to navigate one of the most complex and volatile markets we’ve seen in years. The continuing economic slowdown (particularly at home and in other G-7 countries), combined with more than a year of bleak news from the financial sector, has left investors dazed and desperate.
Well Planned Portfolio Configurations Critical At This Point
By: Captain Hook
Just a few quick words this morning accompanied by a smattering of charts to keep you updated at where we are with the present correction in precious metals. In a nutshell, any further weakness in precious metals shares will increase the likelihood of one more Minor Degree wave lower being necessary before the larger correction is compete.
Credit Crunch Anniversary and Mega Trends Investing
By: Nadeem Walayat
The implications are that central banks across the globe are adopting similar money printing bailout strategies of accumulating ever larger amounts of government debt via record breaking budget deficits. The surge in government debt will undoubtedly impact on the bond markets as it is inflationary and implies stagflation which is being confirmed by recent economic statistics.
Fear and Greed
By: Howard S. Katz
We are now in a period of great opportunity for gold and the other commodities markets. And perhaps the best way to approach this is via John Maynard Keynes’ statement that the markets are moved by fear and greed. That is, Keynes was saying that the markets were irrational and moved by emotions.
Gold Consolidates After Choppy Week
By: Peter A. Grant, USAGOLD
Gold has adopted a consolidative tone after trading in a rather choppy manner last week as the market keyed on mixed employment data. This week, focus will be on the central banks and interest rates.
Technically Precious with Merv
By: Merv Burak, CMT
Zig, zag, but more zag than zig. Very strong support at the $850 level and that may be where gold is headed. Will it hold there? Most commentators suggest that a new bull move is eminent. That is not yet in the charts so we’ll have to just keep on watching.
Precious Metal Stock Review
By: Warren Bevan
Like the splinters in my finger, the junior and exploration market has been painful as of late. Almost painful enough for some many to lose faith and sell. I am told the pain is just too much and asked why it hurts so much. There are many reasons, naked short selling being the most aggravating but the coming wave can only be slowed not stopped.
Gold Slips as Fed, ECB Play Wait-and-See with Oil Price Decline; No Fire-Sale Yet, But "Certainly More Value"
By: Adrian Ash, BullionVault
THE SPOT PRICE OF GOLD fell 1% from a three-session high early in London on Monday, dropping below $906 per ounce ahead of a busy week for central-bank decisions on interest rates.
Asian Metals Market Update for 4th August, 2008
By: Chintan Karnani, Insignia Consultants
It’s a central bank week. We have the Federal reserve meeting, the European central bank, and the bank of England. I do not expect any surprises from them except soothing comments to stabilize the financial markets.
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