Gold, Silver, Metal Prices: Commentary – 1/11/2010
January 11, 2010 by goldguru
Good Day,
Gold prices lifted off at warp speed in the first moments of overnight trading on Sunday, following news that China went on a commodities shopping spree in December.
The US dollar lost more than 0.50 on the trade-weighted index as follow-through selling from Friday, and the Chinese news reignited risk appetite and extended the carry-trade plays into the Monday session. Such bets were pretty obvious in the larger than $1.1 gain in crude oil, the nearly 2.5% rise in copper and aluminium, and similar surges in zinc, lead, and nickel.
"Gold had closed on Friday just below the heavy resistance zone above the $1,140 an ounce mark," said GoldEssential.com’s founder, Matthias Detremmerie. "This must have attracted strategically placed, opportunistic market on opening buy orders late on Sunday", he added. He relayed the start of trading last night as follows: "Globex opening on Sunday saw Friday’s daily high (GCG10 – $1,140.0 an ounce) taken out in 5 seconds of trading, where a buy-stop frenzy started a snowball effect in very tight market conditions. Another round of buy-stops was seen at $1,143.50, where the market equally arrived after 5 seconds after market opening."
(…)
Read the rest of Gold, Silver, Metal Prices: Commentary – 1/11/2010 (1,287 words)
© Jon Nadler, Kitco Metals Inc. for Coin News, 2010. |
Permalink |
No comment |
Want more on these topics? Browse the archive of posts filed under Bullion Articles and Precious Metal Reports, Business News, Commentary.
- Gold, Silver, Metal Prices Commentary – 3/8/2010
- Gold, Silver, Metal Prices: Commentary – 12/28/2009
- Gold, Silver, Metal Prices: Commentary – 12/02/2009
Subscribe in a reader
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/sp_en_6.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_plat.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_plad.gif)
Loading ...
Now is the time to buy Gold and I will tell you why!! Take it or leave it. With most economists basing their projections on old outdated ways of thinking. They have no clue as to whats just begun. Let me do a recap and let you be the judge!
For over forty years the United States of America has outsourced jobs from toy manufactures to the textile and steel industries. Now there continuing with the pharmicuel, chemical, Hi-tech(microsoft, IBM, ect.), communication, entertainment, and just about everything else. At first thought you would think it was over lower wages and in part your correct. Further investigating reveals if you do not have to contend with the EPA or Human Rights/Unemployment laws that are almost non-existant in Mexico, India, and of course China; the cost of producing a product becomes greatly reduced. These industries produced the revenue(taxes) for our local communities, states, and federal government. More importantly they sustained our housing market, service related industries, and small buisnesses. Congress and the White House are only putting a bandaid on a terminaly ill cancer patient and not addressing the problem at hand.
Once the stimulas money runs out and the DOL money ceases to exsist then and only then will the realization of what has happened happen.
That is why you would have to be crazy if you do not by as much Gold as you can afford! I don’t know maybe I am challenged or maybe not; that is why I presented the facts and let you joe public decide!
Buy Gold Now!!!!!!!!