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Gold and silver continued their consolidation after the April lows, trading in narrow ranges with a firm undertone. Attention is now firmly focused on Chinese and Indian demand for gold, which between them is absorbing all non-Asian mine supply. Chinese net purchases of gold totalled 320.54 tonnes in the first quarter 2013, with purchases ...
This week it transpired that the fall in gold and silver prices achieved the desired effect of shaking some of the bulls out of their positions. The hedge funds who recently went short, if they were in on the game, will be closing their shorts; those that were not, got lucky and will do the same. Unfortunately for those that engineered ...
Bullion has been steady this week, with gold rising $12 to $1,590 and silver falling 13 cents to $28.80 as of Friday morning. Open interest in gold has picked up by 19,000 contracts in US futures markets this month so far, and in silver by over 6,100 contracts – suggesting good support at current prices. Last weekend the Bank ...
Gold is knock-knock-knockin’ on $1,600’s door, though as yet has been unable to break back above this price. Silver is being stymied at $29, with platinum at the same level as gold and trading in a very similar pattern to the yellow metal over the last couple of sessions. The market remains in a firmly “risk on” ...
Some stability returned to precious metals this week, with gold rising $14 from $1,564 at last Friday’s low to Friday morning, London time, and silver rising $0.65 from $28. Predictably – on the back of recent falls in precious metal prices – technical analysts, who are basically trend-followers, have turned bearish. An ...
On Comex, last week’s Commitment of Traders Report for gold showed Managed Funds (mostly hedge funds) with record shorts, as foreshadowed in last Friday’s Market Report. But they became very skittish – some changing their minds on a mini-bear squeeze in both gold and silver, triggered during Ben Bernanke’s ...
This week considerable instability developed in currency markets. The yield on US Treasuries has been rising, signalling that they may have bottomed out. And when it emerged from the FOMC minutes that some members are worrying about the commitment to buy Treasuries and mortgage securities while the British MPC were thinking of renewed QE, ...
Last Friday night (European time, 8 February) the Bank Participation Report for 5 February was released. This showed that US banks reduced their net short gold position by 12,886 contracts over the month of January, while non-US banks increased theirs by 2,887 contracts. This is evidence that the US banking community is aggressively ...
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Gold:Gold Buy Rates |
$44.3454/gg $1,379.30/oz |
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Silver:Silver Buy Rates |
$0.7159/gg $22.27/oz |
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Platinum:Platinum Buy Rates |
$46.5428/pg $1,447.60/oz |
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Palladium:Palladium Buy Rates |
$23.7514/pd $738.70/oz |
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