By Richard Mills
As a general rule, the most successful man in life is the man who has the best information in the time of the ancient Babylonians – long before the periodic table – there were seven sacred metals: gold, silver, copper, iron, tin, lead and mercury.
By Peter Krauth
When I recently predicted that the long-term trends were in place to send gold to $5,000 an ounce, I was stunned by all the attention that my forecast received.
INR closed flat Monday, in a range bound trading session on account of low volumes seen in overseas market.
The overall impetus in the major traded currencies seems to be for a slight strengthening of the U.S. dollar against the euro, yen, and pound.
RUPEE
The rupee is currently trading at 46.15 levels. We had expected the test of 47.20 again which had reached some days back. Break of 45.50 has entered rupee in a bearish phase. Near term Exportersmaintain some covers above 47.00 plus to be safe.
By Kathleen Pender
Although there are some signs that gold could be in a bubble, here’s one that suggests it’s not: Instead of clamoring to buy, a lot of average Americans are eager to sell.
Currency market volatility may lighten this week after several weeks of heightened activity. The euro continued its strong declines early last week, but by the middle of the week had recovered as investor sentiment improved over euro zone sovereign debt problems.
EURO rebounding so pls be alert in placing sell calls in basemetals and crude may start jumping heavily
By Julian D.W. Phillips
When gold price are slammed down in one day, as they were on Friday by more than $20 it is certain that some sort of concerted action was taken to push the price down. Fingers point at the leading U.S. banks. But then later on Friday, before its close, there came a huge surge in buying that took the gold price up to $1,220 from $1,192. This pressure equaled or bettered the downward pressures seen in that day. This bodes well this week for pressures between these two blocs to continue or even heighten until the gold price breaks one way or the other. It’s time to look at who is controlling the gold market?
By Adrian Ash
Phew! That was a close call from our tenured “contrarian gold” indicator… YIKES! FOR ONE horrible moment just then, I thought maybe the top was in.
London-based CD Capital Founder Carmel Daniele has seen these sorts of market jitters before, and insists there is little to worry about in this exclusive interview with The Gold Report. “Most people sell in May and go away. It happens every year,” she says. The self-assured Daniele launched the CD Private Equity Natural Resources Fund in 2006 to tap into what she calls a commodity super-cycle. She says that despite a recent dip in the copper price, the super-cycle is in good form, and she envisages gold nearing $2,000 within 12 months. She also recommends you take advantage with some promising junior gold plays in Colombia.
According to Jeffrey Nichols, Senior Economic Advisor to Rosland Capital and Managing Director of American Precious Metals Advisors
ALERT: NICKEL & LEAD DOWN NEAR 5% AS INVESTORS SOLD ASSETS IN THE FACE OF WORRIES ABOUT DEBT PROBLEM IN THE EURO ZONE & IN THE FACE OF A STRONGER DOLLER. www.shahpurafinance.com
The euro rose from a four-year low against the dollar on Wednesday to notch its best one-day gain in more than a year as traders bought the currency on speculation European monetary officials might support it.
China is unlikely to allow the yuan to appreciate against the dollar this year because Europe’s debt crisis has pushed the euro lower, according to Marc Faber, says a report from China Post.
By Jim Sinclair
Tomorrow is the first day Greece receives a tranche of emergency funding which of course caused some euro short covering from below 1.2236 to the present 1.2394. Recall I gave you the 121 1/2 to 122 1/2 as support under the break of 126.
Global currency markets are expected to remain volatile this week. European governments have not been able to persuade investors that sovereign debt problems have been adequately addressed.
DOLLAR :
Higher levels were not sustained in USDINR and the pair dwindled sharply thereby touching intraday low of 45.07.
By Dan Norcini
There was continued pressure on equities overnight and into today’s session as fears spread that the situation in Greece is going to spread further into the Euro Zone. Portugal, Spain, and Italy are now the prime candidates. Some are going as far as saying that the Euro zone is going to break up. Such thinking will bring safe haven buying into gold especially in Europe which is exactly what we saw. Gold in euro terms remains very strong coming in at the PM fix above the 906 level.
Euro to show upward trends against dollar
The dollar index has been the talk of the market—it has snapped back over the last couple of sessions to close to 82. Investment Guru Jim Rogers, though has been long on the currency from last fall, is bearish on it from a long-term perspective.
INR opened lower in yesterday’s session as it tracked dollar’s strength against other major currencies in the overseas market. But it appreciated during the day and closed higher as compared to its previous close on the back of strong foreign inflows into the country.
Global oil prices advanced towards $81 a barrel in Asian trade Friday as the markets gained momentum from a EU deal on Greek bailout.
The Indian rupee dropped to a one-week low late on Monday as share losses and the dollar’s gains versus major currencies offset the positive sentiment post the Reserve Bank of India’s surprise rate hike late on Friday.
The Indian rupee is forecast to strengthen this week, possibly moving toward 221 cents per 100 rupee. A wave of profit-taking and technically based selling by shorter term investors could drag the rupee slightly lower, but overall the trend is expected to be upward.
By Dan Denning
Australia didn’t miss out on the first part of the Global Financial Crisis and it’s not going to miss out on the second part. The second part is coming. And it could be worse than the first. That, in a nutshell, is the message of today’s Daily Reckoning.
LONDON : Illustrious commodities investor Jim Rogers says the US dollar is a much flawed currency and therefore the world needs the emergence of some alternative currency something like the Euro.
China made headlines last week after Yi Gang, director of China’s State Administration of Foreign Exchange, said that using gold to diversify its foreign-exchange reserves is limited because of the metal’s poor returns over the past 30 years. The comments suggested that China’s gold purchases overall will be limited for now.
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