Short Covering and Momentum Funds Push Gold Higher

April 30, 2010 by goldguru · Leave a Comment

30 April 2010, 10:54 a.m. EDT
By Daniela Cambone

Of Kitco News

Montreal (Kitco News) — Gold hit a 2010 high above
$1,175 an ounce on Friday, mostly fuelled by short covering and
momentum funds said George Gero, vice president of global futures at
RBC Capital Markets.

Currently trading in a range of $1,160-$1,175, the yellow
metal is looking at hitting spot prices of $1,180 and $1,200 an ounce
said Gero. Gold spot prices seemed to be on track to move back towards
their December high, a record peak of $1,226.10 an ounce.

Driving the gold price are momentum funds that like higher
volume, higher open interest and higher moving averages along with
options traders, said Gero. “Funds are buying this morning as
technicals are strong for the precious metals,” he said.

He added however, that gold will not hit these prices
today.

Spot prices were also on the rise for platinum and
palladium. “Friday’s short covering market action along with hope for a
good year for the automotive industry, were seen pulling up platinum
and palladium,” Gero said.

Silver, has also been playing catch-up due to the better
economic news, he said. “Along with this, there was less fear of gold
selling by the European Central Banks or the IMF for the moment, as
prospects of a Greek rescue package strengthened,” Gero said.

The European Union and the International Monetary Fund
are expected to come out with a detailed statement on the weekend. This
could lead to heightened market volatility as today marks the last
trading day of April.

–By Daniela Cambone of Kitco News,

Filed under Gold News · Tagged with

Commemorative coins ‘make fine additions to collections’

April 30, 2010 by goldguru · Leave a Comment

Since the US Mint issued the first commemorative coin in 1892 to mark the Columbian Exposition in Chicago, there have been a wide range of pieces honouring events, people and organisations – and according to one expert, they make a "great addition" to any collection.
In a piece on Numismaster.com, Instant Coin Collector Arlyn G Sieber said that early commemorative coins included a number of gold issues, including two different collections of $50 pieces.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Filed under Coin News · Tagged with

Not investing in gold ‘the worst money decision of the year’

April 30, 2010 by goldguru · Leave a Comment

Investors who do not put their money into gold may be making one of the worst financial decisions of the year, according to an expert.
Howard Ruff, writing for the Ruff Times, says in the current economic climate, not investing in the safe haven precious metal is a bad decision.
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Filed under Gold News · Tagged with

Gold ‘the hottest investment on the planet’

April 30, 2010 by goldguru · Leave a Comment

Those who are looking to put their money into an asset class that can act as a hedge against falling currencies would be wise to invest in gold, according to one expert.
Greg McCoach, editor of Wealth Daily, says: "Gold … will become one of the hottest investments on the planet."
The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Filed under Gold News · Tagged with

Investor slugfest: North American gold heavies

April 30, 2010 by goldguru · Leave a Comment

Analysis of the latest North American Tier 1 gold miners’ quarterlies – Barrick vs. Newmont vs. Goldcorp, with Freeport-McMoRan as silent referee.