DAILY COMMENTARY
May 13, 2010
Gold is trading slightly higher Thursday, even as the dollar began gaining strength against the euro after US initial jobless claims figures. As of 11:17 a.m. EST, gold was trading at $1,239 an ounce on the New York Spot Market. Silver was also modestly higher at $19.82.
Oil prices continue to decline as the government released reports of growing U.S. inventories. Cru
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May 12, 2010
Gold is continuing to rise Wednesday, despite easing concerns of the European debt crisis. As of 11:14 a.m. EST, gold was trading at $1,236 an ounce on the New York Spot Market, silver up at $19.63.
The stock markets continue to recover from last week’s losses despite a wider U.S. trade deficit. Signs of continued U.S. growth and Spain's plans to cut deficit are als
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May 11, 2010
As of 10:40 a.m. EST, gold hit a five-month high at $1,218 an ounce on the New York Spot Market, and silver rose above the $19 per ounce mark for the first time in five months. "The euphoria we saw yesterday [in the equity markets] has almost ended. Gold has remained well supported on safe-haven demand, and we think it will drive further from here," said Commerzbank analyst
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May 10, 2010
As of 11:28 EST, gold prices regained a level of $1,200 an ounce on the New York Spot Market Monday, as safe-haven purchases continued, despite growing confidence over the global economic recovery based on the weekend's aid deal aimed to protect the EU against sovereign debt default. European leaders agreed early Monday to a rescue plan worth nearly $1 trillion to avoid a ma
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May 07, 2010
As of 12:45, EST gold prices were trading around the $1,200 an ounce mark on the New York Spot Market Friday, after a positive US jobs report and continuing fears over the European debt crisis. Silver was trading slightly higher at $18.36, up $0.67. Gold prices finally broke through $1,200 an ounce on Thursday as the violent Greece riots, which were televised, spooked inves
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May 06, 2010
Gold prices are back near five-month highs on Thursday despite continued gains in the dollar. Gold was trading at $1,193 an ounce, up over $17 from Wednesday's close. Silver prices are unchanged at $17.56. (New York Spot Market, 1:05pm, EST)
Gold and the dollar have recently de-coupled, which has been bullish for gold. "Growing sovereign risk is lifting our appetite f
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May 05, 2010
Gold prices were sinking in early trade Wednesday hitting a low of $1,160 an ounce, but came roaring back to $1,176 as concerns continued over the debt situation in Europe. Silver prices were down 2.4% at $17.49 an ounce. (Bloomberg, 4:32pm, EST) Gold has kept pace with the dollar in the last week; however, investors need for cash amidst the continuing drop in stocks initial
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May 04, 2010
After hitting an all time high early Tuesday morning, Gold has weakened throughout the day. Gold hit a five-month high in New York Tuesday on signs of increased demand for the metal as an alternative paper currencies.
Traditionally, gold has moved inversely to the dollar; however, recent concerns over the Greek sovereign debt crisis are stirring fears among investors
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May 03, 2010
Gold prices moved past $1180 Monday, up $4.80 to $1,185.50 an ounce at the Comex division of the New York Mercantile Exchange at 7:30 AM PDT. Silver was rising with gold prices, up 8 cents to $18.72 as of. (NYMXE)
Key forces driving the market are the resolution to the Greece debt crisis, which gives Greece 110 billion euros from a joint IMF and European Union financi
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April 30, 2010
Gold is bullish Friday, at one point touching a high of $1181 (NYMXE) as buyers continue to acquire the metal as a safety net against ballooning European debt. Gold is up nearly 7% for the month of April and bulls are hopeful gold will soon surpass $1200 an ounce. (Alix Steel, The Street, April 30, 2010) Concerns continue among investors of a global currency devaluation. "Go
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April 29, 2010
Gold and silver continue to rise Thursday as concerns over the Greek debt crisis intensify. Nouriel Roubini says sovereign debt from the U.S. to Japan and Greece is likely to ultimately lead to higher inflation or government defaults. "The thing I worry about is the buildup of sovereign debt," said Roubini. Roubini predicts if the problem isn't addressed, ,nations will eithe
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April 28, 2010
Gold and silver prices are rising Wednesday, bucking the commodities' traditional trend against a strengthening dollar. Gold firmly re-established itself this week as a safe-haven asset. Jumps in the price of gold on Tuesday were largely driven by Greece's debt rating being cut to junk and Portugal's rating, which was also downgraded. This caused investors to move to safe-ha
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April 27, 2010
The Greek debt problem seems to be getting worse rather than better. Their cost of selling their debt jumped dramatically. This caused the dollar to surge upward, gaining 27 basis points while virtually all other markets are in the negative column. Some of the selling in the precious metals seems to be from traders who were disappointed that gold wasn't able to gain tract
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April 26, 2010
Gold is steady in reaction to a stronger dollar, which is up 9 basis points. Silver is up $.09, platinum is up $11 and palladium is up $7. The equity market is mixed with the Dow up and other indices lower. Uncertainty over the Greek bailout is a continuing theme this morning. The weakness in the euro is acting as a drag on gold. Given that fact, gold is doing quite wel
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April 23, 2010
The dollar rose and the euro fell as the Greek situation worsened. Greece formally went to the IMF and asked for $60 billion to tide them over this year. The rush out of euros into dollars caused the dollar to rise 33 basis points to 81.90, while gold dipped back as low as $1,135.20 before rebounding. Gold is showing considerable strength to bounce back in the environment
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April 22, 2010
All commodities, including the precious metals are down heavily this morning. Gold is down $14, silver down $.27. The metals feeling pressure from a very strong rebound in the dollar, which is up 50 basis points at 81.63. Oil is down $1.50 and the Dow Industrials are down 84 points.
The situation in Greece is again the key factor driving these markets and pushing m
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April 21, 2010
Gold and silver opened higher this morning, well supported by a softer dollar and easing of concerns about the potential for liquidation by funds. The Goldman Sachs case does not appear as strong as it might have on first blush. Clearly, the evidence seems to indicate that Paulsen was open and transparent about shorting mortgage securities and pretty much everyone in the i
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April 20, 2010
After three days of consolidation, Gold has returned to its bullish trend on concerns of inflation and lower prices, which has spurred demand from investors. Advances in the U.S. dollar and concern over the SEC's investigation into Goldman Sachs had caused a drop in the price of gold and curbed demand for commodities across the board since last Friday. Gold was up 0.7%, to $
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April 19, 2010
Gold managed to remain above the key technical level of $1,130 in Monday afternoon trade, but risk aversion continued as the market assessed earlier liquidation after last week's news of Goldman Sachs' fraud investigation and a delay to Greece's aid deal. Goldman market maker Paulson & Co., which holds a large long gold position, was not implicated by the SEC. (Denina, C
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April 16, 2010
The metals pulled back today on a round of profit taking, with gold trading down $8 and silver down $.19. The profit taking prompted by a stronger dollar, up 26 basis points. Among the factors influencing the metals is the Greek issue where fresh worries have arisen about the financially strapped country, which pressured demand for most other assets. For the moment, inve
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