GDP: Great Day to Play

Good Day,

Friday’s market sessions in precious metals started off on a tamer note, following the best gains in gold in three weeks. Explanations follow. The recapture of the $1045 area is noteworthy, although analysts we polled during the wee hours overseas are trying to define the move as everything from a ‘one-hit wonder’ to the ‘re-ignition of what we saw during most of October.’

The Bloomberg weekly survey foresees weaker gold prices come next week - not by a large margin (57% bearish)- but still focusing on a potential comeback by the US currency, the early signs of which became visible this past Monday. Demand for the yellow metal once again slipped away in India, following signs of life during the earlier part of the week when values came close to $1025 per ounce. The country recorded its sixth straight month of declining gold imports, despite a decent gain during September – in anticipation of festival-related sales.

New York spot dealings opened with a $2.60 loss in gold bullion, which was quoted at $1043.20 bid, as against a euro-dollar seen at $1.4798 and the USD index steady-to-higher, at 76.05, with little in the way of fresh news thus far this morning. Oil prices gave back about 50 cents of their whopper-sized Thursday gains, slipping to $79.32 per barrel. Risk traders took a latte break this morning, and this gave the dollar a moment to try to re-group.

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Read the rest of Gold, Silver, Metal Prices: Commentary – 10/30/2009 (2,324 words)

Gold and other precious metals spiked Thursday, as did crude oil and US stocks following a report by the Commerce Department saying the economy expanded at a 3.5 percent annualized pace in the third quarter. Gold’s rise broke a losing streak that had extended to five days. The Dow and S&P enjoyed their best one-day jumps in three months.

New York bullion figures follow:

• Silver for December delivery jumped 41.5 cents, or 2.6 percent, to $16.655 an ounce. It ranged from $16.12 to $16.71.

• Gold for December delivery advanced $16.60, or 1.6 percent, to $1,047.10 an ounce. The yellow metal ranged from $1,048.40 to $1,026.90.

• January platinum surged $31.30, or 2.4 percent, to $1,338.20 an ounce.

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Read the rest of Gold, Silver and US Stocks Rally (2,395 words)

Gold ended slightly lower Wednesday, marking the fifth consecutive day the yellow metal has declined. Again cited as the catalyst for the loses was a rallying US dollar. Silver and platinum also fell, as did crude oil which plunged 2.6 percent. US stocks followed along, with the three major indexes tumbling between 1.2 percent and 2.7 percent.

New York precious metals figures follow:

• Silver for December delivery fell 30 cents, or 1.8 percent, to $16.240 an ounce. It ranged from $16.155 to $16.77.

• Gold for December delivery declined $4.90, or 0.5 percent, to $1,030.50 an ounce. The yellow metal ranged from $1,042.60 to $1,027.10, which is the lowest price since Oct. 6.

• January platinum ended down $12.10, or 0.9 percent, to $1,306.90 an ounce.

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Read the rest of Gold Continues Decline for Day Five, Stocks Tumble (2,367 words)

New York gold futures ended lower Tuesday for the fourth straight day as the US dollar advanced on news of a decline in consumer confidence. Silver was hit exceptionally hard for the second straight day, falling more than 3 percent. Platinum declined as well. In other markets, crude oil finished 1 percent higher and US stocks ended mixed.

New York precious metals figures follow:

• Silver for December delivery plummeted 55.5 cents, or 3.2 percent, to $16.540 an ounce. It ranged from $17.250 to $16.500.

• Gold for December delivery declined $7.40, or 0.7 percent, to $1,035.40 an ounce. The yellow metal ranged from $1,044.30 to $1,032.90, which was the lowest level since Oct. 6.

• January platinum fell $26.80, or 2.0 percent, to $1,319.00 an ounce.

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Read the rest of Gold Drops for Fourth Day, Silver Plunges, Stocks Mixed (2,493 words)

Fun(d) and Games

Good Day,

Dollar weakness was manifest once gain as the new trading week got underway, with the US currency recording a fresh 14-month low against the euro overnight. The greenback also slipped on the trade-weighted index, losing 0.13 to 75.31 at last check. This morning’s macroeconomic news reveals a mixed bag of confidence, one that is dependent on geography.

German consumer sentiment slipped for the first time in more than a year, as locals worry about continuing job losses. Over in the UK, in the midst of a rather nasty economic picture, business confidence levels rose to an 18-month high based on the latest survey.

New York spot bullion trading got off to a start slightly in the negative column for gold. The yellow metal fell $1.40 at the start of the session, quoted at $1053.40 an ounce, as against the aforementioned drop in the dollar index, and its small decline consisted of  about an 80-cent gain on dollar weakness-induced gain versus about $2.20 worth of declines on market-based selling. Thus, the net starting price outcome on the day.

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Read the rest of Gold, Silver, Metal Prices: Commentary – 10/26/2009 (1,471 words)

Precious metals enjoyed modest gains on the week as the US dollar was the predominating driver of where prices went. A weaker greenback on Friday combined with lower crude oil prices helped gold slide slightly from earlier week highs. Oil did jump nearly 3.5 percent this week while gasoline prices at the pump were almost 13 cents higher than last Saturday.

In other markets, US stocks declined for the first week in three while European indexes finished mixed with the London FTSE advancing.

In London bullion weekly figures, gold climbed 1.4 percent, silver rose 2.0 percent and platinum jumped 2.4 percent. Friday precious metals prices follow:

London silver closed to $17.65 an ounce, rising 34 cents from last Friday’s close. New York December silver futures ended at $17.723 for a 30.3 cent weekly increase.

London gold was fixed at $1,061.75 an ounce for a $14.25 gain on the week. New York gold for December delivery finished at $1,056.40 for a weekly gain of $5.70.

London platinum ended at $1,372.00 an ounce, advancing $32.00 since last Friday’s close. New York platinum for January delivery ended at $1,369.50 for a $21.00 weekly rise.

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Read the rest of Bullion & Business Weekend Report – Oct. 24 (1,447 words)

A Turkey for Turkey, The UK Lays an Economic Egg, and Russia Sells…Gold?!

Good Day,

Gold prices continued to remain ‘in the zone’ (the $1040-$1070 zone, that is) overnight, with little in the way of fresh market-impactful news making their way into the media stream. The US dollar remained at or very near the 1.50 pivotal level against the euro, but climbed away from the 75-mark on the trade-weighted index. Oil prices hovered just above $81.25 per barrel, while a lackluster session in the Nikkei ended with tiny gains.

New York spot metals dealings opened on a mixed note this morning, as pre-weekend book-squaring and dollar gains made for a bit more than the recently witnessed –and practically daily-one-way fund buying spree. Gold started the Friday session at $1060.00 exactly, basis spot bid, a gain of $0.20 per ounce, as against a tick at the 75.29 level by the dollar on the index. Today’s ‘to watch’ agenda contains US existing home sales data, and a Bernanke speech in Boston. Also keep an eye on closing levels – this is now the fourth week of potential gains before the tally is over.

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Read the rest of Gold, Silver, Metal Prices: Commentary (10/23/2009) (2,143 words)

Gold declined nearly $6 Thursday, breaking away from a four-day winning streak as the US dollar gained ground. Silver and platinum also fell, as did crude oil which retreated from a one-year high. US stocks rallied on positive news from several corporate earnings reports.

New York precious metals figures follow:

• Silver for December delivery fell 28 cents, or 1.6 percent, to $17.545 an ounce. It ranged from $17.365 to $17.790.

• Gold for December delivery declined $5.90, or 0.6 percent, to $1,058.60 an ounce. The yellow metal ranged from $1,052 to $1,062.40.

• January platinum edged lower by $4.50, or 0.3 percent, to $1,369.90 an ounce.

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Read the rest of Gold, Commodities Decline; Stocks Rally (468 words)

Gold ended higher Wednesday and for the fourth straight day as a decline in the US dollar propped precious metals higher — silver and platinum advanced as well. In other markets, crude oil surged above $81 a barrel to a one-year high while US stocks retreated from their own earlier one-year highs.

New York precious metals figures follow:

• Silver for December delivery rose 26.7 cents, or 1.5 percent, to $17.825 an ounce. It ranged from $17.300 to $17.835.

• Gold for December delivery climbed $5.90, or 0.6 percent, to $1,064.50 an ounce. The yellow metal ranged from $1,048.10 to $1,065.70.

• January platinum advanced $18.10, or 1.3 percent, to $1,374.40 an ounce.

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Read the rest of Gold, Silver Rise; Stocks Fall (1,839 words)

New York gold futures climbed Tuesday, although the yellow metal lost a portion of earlier gains following a lifted US dollar which also pulled down oil prices for the first time in nine days. Silver, platinum and US stocks edged slightly lower.

New York precious metals figures follow:

• Silver for December delivery fell 6.7 cents, or 0.4 percent, to $17.558 an ounce. It ranged from $17.420 to $17.955.

• Gold for December delivery rose 50 cents to $1,058.60 an ounce. The yellow metal ranged from $1,052.60 to $1,069.

• January platinum declined $7.90, or 0.6 percent, to $1,356.30 an ounce.

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Read the rest of Gold Rises Despite Higher Dollar, Stocks Retreat (2,238 words)