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Precious metal prices have endured a correction in trading this morning, following last week’s impressive gains. Gold remains above support at $1,750, while silver is still above the important $35 mark, however. Yesterday the G20 warned that it was not prepared to contribute more IMF cash to eurozone bailouts until eurozone ...
Gold and silver moved further up the price chart yesterday, with the most-actively traded Comex gold contract (February) gaining $26.60 (1.6%) to settle at $1,726.70 per troy ounce. Silver for March delivery gained 62 cents (1.9%), settling at $33.74 per troy ounce. The HUI Index of gold and silver mining stocks put in a good showing ...
For some time I have taken the view that rescuing eurozone governments from their financial crises was too big a job for the European Central Bank, which should stick to keeping the banking system going. The only hope was that individual governments would be forced to face up to the reality of cutting government spending hard and quickly. ...
By far the most important event of the week was the joint announcement by the world’s leading central banks that they were extending existing US dollar swap agreements and lowering the swap rate. Furthermore, these dollar swaps will be extended to secondary swaps between individual central banks in non-dollar currencies as required. ...
News yesterday of possible support for the eurozone from the International Monetary Fund sent investors scurrying for equities and commodities, with decent gains on stock markets around the world. Details from the mainstream press of how the IMF will help are vague at the moment though, and some are doubtful that the IMF will be able to ...
Gold and silver prices had another down day last Friday, with the Comex November gold contract down 2.3% over last week. Percentage losses were greater in silver, platinum and palladium, with investors growing more and more scared of the possibility of a disorderly breakup of the eurozone. Friday saw the yield on three-year Italian ...
Gold and silver prices put in strong performances yesterday, with gold testing resistance at $1,800 per ounce and silver moving briefly above $35 per ounce. However, news late in the afternoon (GMT) that Italian prime minister Silvio Berlusconi will resign once he has pushed financial reforms through the Italian parliament sent traders ...
An interest rate cut from the European Central Bank and news that Greece has called of its bailout referendum sent equities and commodities higher yesterday. Precious metals also benefited from the general reflation move, with the gold price nudging towards $1,770 per ounce and silver coming close to the $35 mark. Markets were supposedly ...
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