By Julian D.W. Phillips
The piece we wrote on gold de-coupling from the $:€ exchange rate proved absolutely correct. The action of the last week has shown that as gold rose strongly in the € in the pound and is moving up in the $ alongside most currencies. More than that, market commentators are now mentioning this too. But this action involves far more than these two main currencies.
By Sol Palha
The dollar has rallied very strongly easily taking out the lower end of the targets we projected several months ago. It almost closed above 81 on a monthly basis. Had it done this, it would have made the outlook even more bullish. The dollar has gone on to put in series of new 9 month highs and thus by contrast one would have expected Gold and the other precious metals to do the opposite. However, this has not taken place.
By Jeffrey Nichols
The snap-back in the U.S. dollar price of gold this past week to $1,100 an ounce may mark the beginning of a new upward phase in the metal’s long-term bull market. Importantly, gold found support near its early February 14-week low point of $1,045 after a two-month-long retreat. But until gold breaks above its December U.S. dollar-denominated all-time high of $1,227 many players in U.S. markets will remain skeptical of the bull market’s staying power.
By David Lew
Will China miss buying gold from the International Monetary Fund (IMF)? It looks that China will miss the bus in buying gold from IMF as the latter is going ahead to sell 191 tonnes of gold soon in the open bullion market.
In 2009, dollar demand for gold remained above the USD 100 billion mark for the second year in succession against the backdrop of continued turbulence in financial and commodity markets. According to World Gold Council`s (WGC), this resilience in demand was achieved in the context of average gold prices 12% higher than those in 2008, at USD 972.35/oz.
NEW YORK : Last month, billionaire global investor George Soros rattled the bullion world by predicting that gold is an ultimate asset bubble and there was no fundamental reason why the yellow metal price should keep on rising.
By Dan Norcini
The reflation trade was back on in a big way today as both the commodity world and the equity world witnessed sizeable money flows coming their way. The Dollar’s weak display was enough to send the algorithms wildly to the buy side once again as the war between the inflationists and the deflationists saw the deflation camp in all out retreat during this particular skirmish. Copper, crude oil, soybeans and even lumber were all stronger today.
Gold built on last week’s gains and rose nearly 1% yesterday, closing at $1,099.50/oz and gold also rose in other major currencies. Gold has risen in Asian trading and again in early European trade and is currently trading at $1,113.20/oz and in euro and GBP terms €816/oz and £710/oz respectively. As expected the crisis in the Eurozone has seen gold surge in Euro terms to new record (nominal) highs over €817/oz – thus surpassing the previous record high seen in December 2009 at €813/oz.
By Justice Litle
Abstract: To the degree that the gold price falls (and the dollar rises), we are witnessing a giant geopolitical chess game in progress.
Gold Prices will climb to $5,000 within two years due to US dollar weakness and significant buying by players in the hedge fund industry looking to preserve the value of their funds.
Gold price has been in a volatile condition in the last two months. While some analysts have predicted that gold price is doomed and would plunge to a low of $800 per ounce, others hold faith saying that the yellow metal price will only continue to rise and rise.
By Jon Nadler
Gold’s price woes mounted overnight, with prices cratering some $16 further after Thursday’s near $50 freefall. Spot gold drew close to the $1047 per ounce mark, following its worst single-day rout in 16 months. Risk appetite has been placed in a deep freeze on the heels of yesterday’s poor US jobs report. Adding to trouble in the commodities sector is the surge in euro-oriented jitters engendered by the ‘whack-a-mole’ patterns of debt troubles that continue to spring up over various parts of the Old World.
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