Precious Metals Market Reports
Mid-Day Gold & Silver Market Report – 7/13/2011
BERNANKE IMPLIES QE3 LIKELY Fed Chairman, Ben Bernanke, had a congressional hearing today and spoke about a number of different topics. The biggest component to his testimony, was the implication that QE3 is likely to occur. He said, "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support." The economy is expected to grow “a... Read More
Morning Gold & Silver Market Report – July 13,2011
GOLD PRICES HIT A RECORD HIGH - Gold prices climbed to record highs this morning hitting $1,579.70. This is happening as global equity markets strengthened overnight and the U.S. stock marke... Read More
Closing Gold & Silver Market Report – 7/12/2011
GOLD ENDS THE DAY HIGH BASED ON DEBT CRISIS FEARS With fears that the debt crisis facing Greece would soon spread to Spain and Italy, gold prices soared, spurred by investors looking for a safe haven investment. Treasury Secretary Timothy Geithner declared today that he wants an agreement in place with Congress on raising the U.S. debt limit no later than the end of nex... Read More
Mid-Day Gold & Silver Market Report – 7/12/2011
Precious metals are trading steady as earlier today oil was still trending towards its third straight day of losses. It has now begun to gain, taking gold with it. The Read More
Morning Gold & Silver Market Report – 7/12/2011
CONTAGION FEARS HOLD MARKETS HOSTAGE As the euro weakens against the dollar, the price of gold is mostly suppressed. This is the case this morning as gold is flat. However, when priced in the euro, gold is at an all-time high for the second day in a row. The fear that the debt crisis Greece is currently facing will spread to other weak... Read More
Closing Gold & Silver Market Report – 7/11/2011
GOLD CONTINUES UPWARD AMID EQUITIES LOSSES – Concern over Europe’s sovereign debt crisis pushed gold up today, aided by a significant drop in stock prices. Italy and Spain seem to be in ever-increasing trouble lately. In the last few trading days the interest rates investors demand to loan money to the two governments skyrocketed, indic... Read More
Mid-Day Gold & Silver Market Report – 7/11/2011
OBAMA BEARS DOWN ON DEBT CEILING TALKS With the August 2nd deadline for the U.S. to raise the debt ceiling and avoid defaulting on the national debt steadily coming closer, President Obama said in a news conference this morning that he “will refuse to sign any short-term deficit deal.” The President indicated that he would be meeting daily with Washing... Read More
Morning Gold & Silver Market Report – 7/11/2011
ARE WE GETTING TALLER? THE CEILING SEEMS CLOSER. Mohamed El-Erian, CEO of PIMCO, is advising that we keep a close watch on Italy, as the market measures of Italian sovereign risk rose sharply last week. On Friday, the credit spread on five-year instruments spiked 30 basis points in one day, which is a very significant amount for a country with Italy’s economic and financial standing. The stocks of Italia... Read More
Closing Gold & Silver Market Report – 7/8/2011
METAL MARKETS BOOM ON SAFE HAVEN BUYING – The horrible jobs data released today broke a long winning streak in stocks and caused many investors to flee to safe haven assets like gold. Most investors look at long term price movements when buying physical metals, Read More
Mid-Day Gold & Silver Market Report – 7/8/2011
JOBS REPORT ANEMIC DESPITE PREDICTIONS - The big story affecting the market today is non-farm payroll data for June being worse than it was in May; in fact, June saw the fewest number of jobs added in nine months. Expectations for June were that 90,000 or more jobs would be added, but when only 18,000 new jobs came in, the disparity between reality and predictions sent the markets into retreat. Read More
Morning Gold & Silver Market Report – 7/8/2011
DISMAL JOBS REPORT STUNS INVESTORS, BOOSTS GOLD Before the release of the nonfarm payrolls report this morning, economists’ consensus was for a gain of 125,000 jobs in June, with unemployment staying at 9.1%. Gold prices were down slightly in anticipation of the report, and the dollar strengthened amid the optimism. Yet again, th... Read More
Closing Gold & Silver Market Report – 7/7/2011
GOLD HOLDS RELATIVELY STEADY AS INVESTORS’ FEARS ARE CALMED – Gold prices were relatively flat today, as news rolled about employment data, anti-inflationary measures by the European Central Bank, aid for Portugal, among others. Stocks continued their run up on the news, with gold up slightly. Read More
Mid-Day Gold & Silver Market Report – 7/7/2011
GOLD BENEFITS FROM FLIGHT TO QUALITY Precious metals are trading steadily today, with silver making a small gain, after news of jobless claims falling by 14,000 to 418,000. Oil also rose after the jobless data was released with ... Read More
Morning Gold & Silver Market Report – 7/7/2011
PRIVATE JOBS UP; ECB RAISES RATES The private sector added 157,000 jobs from May to June according to this morning’s ADP report. Although still not enough to make a significant dent in the unemployment rate (which remained at 9.1%), it did beat forecasts. Gold has recovered from early-morning losses and joined silver in the black. Read More
Closing Gold & Silver Market Report – 7/6/2011
GOLD AS AN INSURANCE Precious metals are trading higher today on continued news of the U.S. coming ever closer to the debt ceiling while there is still no deal in sight. News that also helped push the metals today is that of the Portugal credit downgrade, reviving fears of a eurozone debt contagion. George Gero, the precious metals strategist at RBC Capit... Read More
Mid-Day Gold & Silver Market Report – 7/6/2011
GOLD MARCHES FORWARD – DOLLAR LEADING CHARGE? The U.S. dollar is strengthening, thanks in part to the euro slipping on news of Portugal’s debt rating being slashed (EU officials are blasting ratings agencies for anti-European bias), the end of ... Read More
Morning Gold & Silver Market Report – July 6,2011
THE FOUR STRUCTURAL HEADWINDS FACING THE US ECONOMY - In an article published on Monday, PIMCO CEO and co-CIO, Mohamed El-Erian, presented his view of the four structural headwinds facing the US economy. First is the housing market. Nearly three years after the global financial crisis, the US housing market has still not set a bottom and this under... Read More
Closing Gold & Silver Market Report – 7/5/2011
GREECE WELCOMES PORTUGAL TO JUNK RATING TERRITORY – Ratings agency Moody’s downgraded the Portugal’s debt to junk this afternoon, a move that happened only months ago for Greece. Moody’s is the first ratings agency to move Portugal’s debt to less than investment grade. Reflecting the sentiment that the euro zone is no where near the end of the crisis, Rob... Read More
Mid-Day Gold & Silver Market Report – 7/5/2011
WTO SIDES WITH U.S. IN CHINA TRADE DISPUTE – The World Trade Organization has ruled that China broke international trade regulations by limiting exports of raw materials. The dispute was originally brought before the WTO in 2009 by the U.S., EU, and Mexico. The complaints deal specifically with duties imposed on raw materials produced in Chin... Read More
Morning Gold & Silver Market Report – 7/5/2011
GOLD JUMPS BACK OVER $1500 IN OVERNIGHT TRADING – Silver, platinum and palladium are up sharply as well. This comes as the world equity markets are posed for yet another gain. There is a mixed message in the marketplace, as some investors see growth and are jumping into equities, while others see risk and are jumping into safe haven investments such as gold. The European Central Bank (ECB) will continue to accept Greek debt ... Read More
Closing Gold & Silver Market Report – 7/01/2011
JULY IS IN LIKE A BEAR FOR GOLD – The precious metals market saw losses across the board today as strong manufacturing data out of the U.S. and a positive sentiment from the EU on Greek debt encouraged investors to move into other investments. Jim Steel, a metals analyst with HSBC in New York said, “It’s really in line with the overall commodity decline.” Other commo... Read More
Mid-Day Gold & Silver Market Report – 7/1/2011
Precious metals are trading lower today, partially due to the release of the June ISM factory index increase to 55.3%, which eased fears of a double-dip recession. GM posted a 10% jump in their June car sales. But we are not out of the woods yet; the... Read More
Morning Gold & Silver Market Report – 7/1/2011
METALS DOWN AS INVESTORS AWAIT REPORTS Stock futures are flat while precious metals trade down as investors await a key manufacturing index’s release later this morning. Analysts are expecting the Institute for Supply Management’s June manufacturing index to remain close to 53%. Morten Kongshaug of Danske Bank explained th... Read More
Closing Gold & Silver Market Report – 6/30/2011
GOLD CLOSES THE QUARTER ON A HIGH NOTE – Although these past few days have seen the metal retreat, for the quarter gold gained 4.4%. In fact, gold gained 3.1% more than it did in the first quarter of the year. So far this year, gold has been supported by geopolitical fears caused by uprising in North African and Middle Eastern countries, the natural disaster in Japan and the nuc... Read More
Mid-Day Gold & Silver Market Report – 6/30/2011
CHINA’S HAND IN THE COOKIE JAR; QE2 WORTH IT? In a report released today, it was announced why Treasury auction rules changed back in 2009. The Treasury Department changed their procedures then to allow for more transparency in the purchase of U.S. government debt through bond auctions. They handled the change dip... Read More
Morning Gold & Silver Market Report – 6/30/2011
JOBLESS CLAIMS FALL (BARELY); OBAMA CALLS FOR STIMULUS AND COMPLICATES DEBT TALKS The weekly jobless claims report was released this morning and showed a drop of 1,000 from last week. Economists, who are constantly wrong on this subject, had expected a drop of 4,000. The unemployment rate is one reason President O... Read More
Closing Gold & Silver Market Report – 6/29/2011
Precious metals continue to rally today on news of Greece’s parliament voting to push austerity measures and the ever-approaching U.S. debt ceiling. Obama’s speech consisted of reiteration on the need to have both parties compromise and “get it done,” while emphasizing that both parties should be prepared to “take on their sacred cows” in the negotiation process. In spite of the fact t... Read More
Mid-Day Gold & Silver Market Report – 6/29/2011
BAILOUT SET FOR GREECE, IS U.S. NEXT? Greek Prime Minister George Papandreou was able to garner enough votes to pass the first part of the austerity plan for bailout by the EU. The vote means that the implantation, which is the second measure, should pass without issue. The margin of voting was actually quite a bit larger than the con... Read More
Morning Gold & Silver Market Report – 6/29/2011
DO OR DIE FOR GREECE, DOLLAR LOSING GLOBAL RESERVE STATUS Stock futures are trading higher this morning along with precious metals as the world awaits the big vote in Greece. The Associated Press ... Read More
Closing Gold & Silver Market Report – 06/28/11
LAGARDE IS THE NEW HEAD OF THE IMF – It didn’t require a vote once the U.S. officially gave their support to Christine Lagarde. She was selected by consensus to become the next Managing Director of the International Monetary Fund (IMF). Lagarde has been quoted saying, “The IMF must be relevant, responsive, effective and legitimate to achieve stronger and sus... Read More
Mid-Day – Gold & Silver Market Report – 6/28/2011
GREECE IS THE WORD Greece continues to be a major news topic for the day. The Germans are backing the French plan for the rollover of Greek debt. Any plan for a rollover, however, requires credit rating agencies (Fitch, Moody’s, etc.) to not put Greece into a default status. The issue with this is that ... Read More
Morning Gold & Silver Market Report – 6/28/2011
AHEAD OF VOTE, IS EU THINKING OF PLAN B FOR GREECE? Following suit with oil, precious metals have rebounded this morning, possibly signaling an end to the selloff that started late last week. Concern over the debt crisis in Greece is supporting demand for the safe-haven asset of gold. Most analysts are ac... Read More
Closing Gold & Silver Market Report – 6/27/2011
GOLD ATTEMPTS TO HOLD $1500, HURT BY DEMAND FOR DOLLAR – Gold was down today, amid rising demand for the U.S. dollar. The dollar rose in FOREX trading today on fears of the euro zone debt crisis. A stronger dollar tends to push down on commodities, and gold is no exception. Neither is oil, which dropped again. A high oil price can weigh on the economy due h... Read More
Mid-Day Gold & Silver Market Report – 6/27/2011
U.S. BOND BUYING TO CONTINUE? WARRANT ISSUED FOR GADDAFI The Federal Reserve may continue to purchase Treasury bonds once QE2 comes to an end. The reinvestment into the bonds could pump as much as $300 billion towards the government debt without adding currency, or printing money to cover investment. The purchases are a means of support as Congress con... Read More
Morning Gold & Silver Market Report – 6/27/2011
CAN OBAMA RESTART DEBT CEILING TALKS? U.S. stock futures are holding on to mild gains this morning amid the release of consumer spending data, which remained flat and is the weakest in almost a year. The dollar has recovered against the euro, which caused gold to give up its very modest early-morning gain... Read More
Closing Gold & Silver Market Report – 6/24/2011
IS THERE NOW A FEAR OF DEFLATION? Precious metals continue to trade lower today as a result of continued selloffs due to the markets being lower and on continued news of geopolitical turmoil. Treasury yields fall to a 2011 low on worries of the European debt crisis and Read More
Mid-Day Gold & Silver Market Report – 6/24/2011
SELLOFF CONTINUES; WILL AUSTERITY EVEN MATTER IN GREECE? Gold prices are down again today amid “merely follow-through selling after yesterday’s strong drop,” says Brien Lundin with the Gold Newsletter. For the second day in a row, most stock prices are down as well as gold, going against the historically negative correlation the two share.&... Read More
Morning Gold & Silver Market Report – 6/24/2011
CONGRESSIONAL IMPASSE, DEADLINE LOOMING Vice President Joe Biden has been leading a small group of Democrats and Republicans in an initiative to come to a bi-partisan agreement on raising the U.S. debt limit by August 2. It appears any chance of an agreement broke down on Thursday, when Republicans walked out on the budget talks. The group quit unexpectedly over what the... Read More
Closing Gold & Silver Market Report – 6/23/2011
GREECE’S AUSTERITY PLAN APROVED, BAILOUT IMMINENT – The IMF and EU approved Greece’s plan for proposed austerity measures this afternoon, which opens the door for an emergency bailout to aid Greece’s bankrupt government. The austerity package is comprised of a mixture of tax increases and cuts in spending. The measure still has to be approved by the Greek parliament, where ... Read More
Mid-Day Gold & Silver Market Report – 6/23/2011
STOCKS, OIL, GOLD ALL DOWN AS INVESTORS COVER LOSSES The markets are all sharing a down day, with oil down 5%, gold 2%, and stocks down significantly as well. The story with oil is that International Energy Agency (IEA) has released 60 million barrels to make up for lost production in Libya. For gold, the markets are seeing a selloff in order to co... Read More
Morning Gold & Silver Market Report – 6/23/2011
JOBS REPORT = BROKEN RECORD, APMEX CEO ON CNBC The U.S. stock market was already heading for a weak opening, and this morning’s jobs report may support further declines. Once again the numbers are disappointing, as initial claims for state unemployment benefits rose by 9,000 when they were expected to drop by 1,000. The number now sits at 429,000. Federal Reserve Chairman, Ben Bernanke gave no cl... Read More
Closing Gold & Silver Market Report – 06/22/2011
TO QE3 OR NOT TO QE3, THAT IS THE QUESTION Precious metals are still up this evening as Federal Reserve Chairman Ben Bernanke spoke about the economy. When Bernanke speaks the markets tend to move. This time the stocks were down and precious metals were up. Ironically, the dollar was up against the euro and yen, but this was because he Read More
Morning Gold & Silver Market Report – 06/22/2011
GREEK PARLIAMENT GETS CONFIDENCE VOTE BUT STOCKS BACK OFF AS METALS CLIMB As expected, the recently reshuffled Greek parliament survived yesterday’s confidence vote. Now that the first small hurdle has been cleared, a much larger hurdle looms on June 28. This is the date the parliament must approve a package of spending cuts, tax increases and state asset sales in accordance with the bailout conditions i... Read More
Closing Gold & Silver Market Report – 6/21/2011
Citigroup Sees Gold Prices Rise to $1600 in 2011 Citigroup announced their gold price forecast for the balance of 2011 and are forecasting $1600 per oz. Stuart Staley; Citigroup’s global head of commodities further stated that gold prices could climb by 15 to 20 percent in the upcoming two years. This same sentiment was expressed by the ... Read More
Mid-Day Gold & Silver Market Report – 6/21/2011
MARKETS UP IN ANTICIPATION OF GREEK PARLIAMENT VOTE – Stocks and precious metals rose this morning in anticipation of a vote of confidence in Greece’s Prime Minister, George Papandreou. The general consensus is that Papandreou is expected to win the vote, which brings Greece one step closer to a bailout package. Papandreou is in favor of the economic reforms that ... Read More
Morning Gold & Silver Market Report – 6/21/2011
MAJOR CONFIDENCE VOTE IN GREECE TODAY, FITCH THREATENS U.S. RATING U.S. stock futures are up this morning, pointing to a higher opening for Wall Street amid optimism over the situation in Greece. Prime Minister George Papandreou is expected to hold a major confidence vote in parliament today, and strategists at Lloyds TSB ... Read More
Closing Gold & Silver Market Report – 6/20/2011
EUROPEAN UNITY OF PURPOSE SOUGHT The news of the day still involves Greece. The Greek debt crisis is reaching its boiling point. The vote of the finance ministers ended without the resolution a number of investors had been seeking. The reach of the austerity measures is quite vast. There are talks of further real estate taxes, restaurant bills, soft drinks, swimming pools, and even layoffs within a five-year period. Thes... Read More
Mid-Day Gold & Silver Market Report – 06/20/2011
MARKETS RECOVER AS GREEK FEARS DIMINISH Both the precious metals and equity markets are recovering from morning losses, as the eurozone finance ministers gave Greece two weeks from Monday to approve stricter austerity measures, if they want to receive an emergency loan of 12 billion euros. “Even though the EU is tal... Read More
Morning Gold & Silver Market Report – June 20, 2011
STILL NO DECISION IN GREECE SENDS MARKETS LOWER A decision on a second bailout for Greece was expected to be announced on Sunday, but no decision has been made, as the euro zone finance ministers are determined to get tougher austerity commitments out of Greek’s parliament. The finance ministers are not only looking for support from the Greek government; they want a plan supported by the opposition. This... Read More
Closing Gold & Silver Market Report – 6/17/2011
STOCKS FINALLY BREAK STREAK, MIDDLE EAST TENSIONS GROW U.S. stocks ended their six-week losing streak today, ending mildly higher amid mixed-results reports about the economy and potential progress in Europe to prevent a Greek debt default. To add to the speculative state of the U.S. economic recovery, former presidential advi... Read More
Mid-Day Gold & Silver Market Report – 6/17/2011
Precious metals are trading higher today despite a rally in U.S. stocks. The possibility of Greece defaulting on their debt has been on the lips of every news source for a while now as people wait anxiously for answers. Many say they will and many say they won’t, but almost all agree that, like t... Read More
Morning Gold & Silver Market Report – 6/17/2011
GERMANY & FRANCE UNITED ON GREEK BAILOUT - At around 6AM (CT), world equity markets and the U.S. stock market futures began to rise sharply on the news that leaders from France and Germany are united on a new bailout package for Greece. This new package would include voluntary private sector participation based on a 2009 European agreement called the “Vienna Initiative”. German Chancellor Angela Merkel supported this approac... Read More
THE MARKET RECOVERS ON U.S. ECONOMIC DATA
U.S. stocks, gold, and silver recovered today after yesterday’s 100+ point drop in the Dow. Better than estimated housing starts and jobless claims have been given credit for the recovery. The continuing saga out of Greece injected enough uncertainty, as it has been for some time, to keep the recovery in check. Jonathan Corpina... Read More
Mid-Day Gold & Silver Market Report – 6/16/2011
GOLD AND SILVER YO-YO, IMF VOWS CONTINUING SUPPORT OF GREECE Gold and silver have had a jumpy day, so far, but ultimately have remained flat. The jobless claims report released this morning didn’t have much of an impact on precious metals, but it did seem to boost U.S. stocks. Also helping stocks was the claim from the International Monetary Fund that th... Read More
Morning Gold & Silver Market Report – 6/16/2011
JOBS REPORT BETTER THAN EXPECTED, BUT THERE IS NO CELEBRATION - The U.S. jobs report was released this morning and jobless claims fell last week to 414,000. This fall in jobless claims was 6,000 more than expected . Although this is a pleasant surprise there is no celebration. The moving average is still well above 400,000 and the June numbers are not expected to look much different than the dismal May numbers. The jobs pi... Read More
Closing Gold & Silver Market Report – 6/15/2011
GREECE’S GOVERNMENT FAILS – Greek Prime Minister George Papandreou has said in a televised address that he plans to form an new government later this week. Thousands of workers in Greece went on strike, and an estimated 40,000 people took to the streets in protest of new cutbacks and higher taxes. Images of riot police clashing with citizens, eerily reminiscent ... Read More
Mid-Day Gold & Silver Market Report – 6/15/2011
INFLATION INCREASES GOLD’S APPEAL Precious metals have been up and down in morning trading. Prices started lower in anticipation of the release of the Consumer Price Index (CPI) numbers and then jumped up once they announced that it was higher than expected, up 0.3% or 3.6% annualized. This is the largest gain since July 2008, when the economy was hit the hardest in t... Read More
Morning Gold & Silver Market Report – 6/15/2011
STOCKS, EURO TUMBLE U.S. stock futures pointed south awaiting the latest round of economic reports, and fell sharply once the reports were released. Even the core consumer prices rose by 0.3%, the largest one-month gain in nearly three years. The core prices are typically a better indicator of inflationary trends since they strip away the volatil... Read More
Closing Gold & Silver Market Report – 6/14/2011
ROLLER COASTER MARKET BOUNCES – Following Friday’s sell off, many investors went bargain shopping today, causing most major stock indices and commodities to rise. A falling dollar came along with a jump in gold prices, buoyed by fears that an economic recovery will bring further declines in the value of the dollar. Could China’s currency be... Read More
Mid-Day Gold & Silver Market Report – 6/14/2011
CHINA FEARFUL OF GREECE, MIDDLE EAST WORSENS After S&P cut Greece’s credit rating yesterday, European finance chiefs have come together to work on plans for rescuing Greece. The issue still boils down to whether Greece will default. If you listen to Vincent Truglia, managing director at New York-based Granite Springs Asset Management LLP and a former head of the sovereign risk unit at Moody’s, Read More
Morning Gold & Silver Market Report – 6/14/2011
REPORTS FINALLY COME IN AS EXPECTED, MARKETS ALL UP Most economists expected a drop in the retail sales report for May of anywhere between 0.3% to 0.7% when automobile sales were included. The report released this morning showed that the fall was 0.2% with auto sales considered, but up 0.3% when they were excluded.&#... Read More
Closing Gold & Silver Market Report – 6/13/2011
INVESTORS CASH OUT THEIR INSURANCE POLICIES – After Friday’s huge drop in stock markets, investors sold off holdings in gold and other precious metals today to cover losses from six straight weeks of stock market losses. When investors buy on credit (called “leverage” or “margin”), they run the risk of a margin call if their losses get to... Read More
Mid-Day Gold & Silver Market Report – 6/13/2011
IS THE US FINANCIALLY IN WORSE SHAPE THAN GREECE? – According to Pimco’s Bill Gross, the U.S. is financially worse off than Greece and other European debt-laden countries. Mr. Gross makes the point that although the current focus is on the $14.3 trillion dollar debt, when you factor in the future costs of Medicare, Medicaid and Social Security, you get a total that looks like more than $100 trillion dollars. "To think that ... Read More
Morning Gold & Silver Market Report – 6/13/2011
INVESTORS WILL BE WATCHING THE STOCK MARKET THIS MORNING TO SEE IF IT REBOUNDS FROM FRIDAY’S ALMOST 200 POINT LOSS. Futures are pointing to a slightly positive opening. Overnight, world stocks continued to lose ground as they touched a 12-week low. This latest drop is fueled by concerns that weak economic data coming out of China could forecast weaker global growth. Investors con... Read More
Closing Gold & Silver Market Report – 6/10/2011
MARKETS DROP SHARPLY FOR SIXTH STRAIGHT WEEK - Almost every market made a sharp move down today. All the major stock indices (DJIA, S&P 500, NASDAQ) took a beating today, and were down by about 1.4%. Today marks the end of the sixth straight week of declines in stock markets. This is the longest bear market since 2002.... Read More
Mid-Day Gold & Silver Market Report – 6/10/2011
AS QE2 ENDS, THE FLOCK TO CASH PICKS UP The uncertainty surrounding the end of QE2 and a lack of a firm direction towards a possible QE3 by the Fed, investors are looking to become less risky in their investments. This is causing dips in the market, which is set to continue its weekly losing streak. According to William De Vijder, Chief Investment Officer at BNP Paribas Investment Partners,” …That's fueling taking money off table and an inc... Read More
Morning Gold & Silver Market Report – 6/10/2011
CHINA BUYING SILVER AT A RECORD PACE - China has traditionally been a net exporter of silver, but recent data shows them now to be net importers. In 2010, China’s imports of silver hit a record high, as imports quadrupled to 3,500 tonnes. The Chinese appetite for silver is being driven by both industrial and investment demand. Both gold and silver prices c... Read More
Closing Gold & Silver Market Report – 6/9/2011
CAN HOME PRICES KEEP ON FALLING? – Veteran economist Robert Shiller said today that recent housing and unemployment data suggest the U.S. economy is tottering and could fall into a double-dip recession. Double dip or not, housing prices could fall much further. Mr.Shiller is looking at unemployment numbers. If they continue to go up in the coming months, we could see another recession."My gut feeling is we might see a... Read More
Mid-Day Gold & Silver Market Report – 6/9/2011
MARKETS UP ON TRADE GAP REPORT, GREECE PLOT THICKENS U.S. stocks are holding onto gains after six straight days of losses. Markets across the board are trading higher at the moment, with gold and oil also holding onto gains. A report showed that the U.S. trade gap narrowed in April, which brings expectations of a rise in the g... Read More
Morning Gold & Silver Market Report – 6/9/2011
MORE DISAPPOINTING NEWS ON THE JOB FRONT - More bad news today on the jobs front, as the number of Americans filing for unemployment unexpectedly rose by 1000, last week to 427,000. It was expected to drop by 7000. Although a Labor Department official described this increase as basically unchanged, it indicates to many that if there was a jobs recovery, it has stalled. ... Read More
Closing Gold & Silver Market Report – 6/8/2011
THE PRICE OF TEA IN CHINA Precious metals were still trading lower today despite the negative results of the OPEC meeting. Could it be that the effects of this meeting just haven’t been felt yet? Historically, higher oil prices mean higher gold prices. Bernanke’s speech yesterday was received with mixed feelings. On the one hand, he did not hint at another QE which kept precious metals trading lower, while on the other hand his comments were still not positive. World stocks also re... Read More
Mid-Day Gold & Silver Market Report – 6/8/2011
OIL RISING ON OPEC BREAKDOWN The OPEC meeting today to boost oil output was classified as, “…one of the worst meetings we have ever had”, according to Saudi oil minister, Ali al-Naimi. The main point of contention amongst the countries is that they are already producing above the quota amounts. Saudi Arabia is viewed as a linchpin and the main producer that the countries are wanting to see ... Read More
Morning Gold & Silver Market Report – 6/8/2011
BERNANKE’S SPEECH DRIVES MARKETS LOWER -The U.S. stock market appeared set to end its five-day losing streak yesterday, as it climbed as high as 90 points. However, as Federal Reserve Chairman Ben Bernanke’s afternoon speech approached, it began to give back gains. The speech began 15 minutes before market close and by close, the market was dow... Read More
Closing Gold & Silver Market Report – 6/7/2011
BERNANKE, OBAMA SPEAK OUT AGAINST RECESSION RUMORS – Both President Obama and Federal Reserve chairman Ben Bernanke addressed fears of a double dip recession today, in speeches that were not related. Mr. Obama held a press conference after meeting with German Chancellor Angela Merkel. “I’m not worried about a double-dip recession,” he said. He said he is ... Read More
Mid-Day Gold & Silver Market Report – 6/7/2011
BERNANKE SPEAKS AT 2:45, OBAMA MEETS WITH GERMAN CHANCELLOR Precious metals are fairly flat today as Federal Reserve Chairman Ben Bernanke is scheduled to speak at 2:45 pm (CT). Bernanke is expected to speak about the economic outlook for the U.S., likely addressing weak reports that show that the recovery is slipping, if not stalled altogeth... Read More
Morning Gold & Silver Market Report – 6/7/2011
THE U.S.DOLLAR FALLS TO A ONE-MONTH LOW – The U.S. dollar fell to a one-month low on Tuesday, (when measured against a basket of other major currencies), and it fell to a record low when measured against the Swiss franc. This recent drop came after a Chinese official said that the dollar would continue to weaken against other major currencies. Federal Reserve Cha... Read More
Closing Gold & Silver Market Report – 6/6/2011
GOLD AND SILVER PRICES MOVE HIGHER – Friday’s job loss reports and the fear of a possible interest rate hike in China gave investors the jitters and that was good news overall for Precious Metals. Gold, Silver and Palladium all were up and only Platinum was lower. As Wall Street continued to fret over the economy, shares on most indices dropped – the fourth straight trading session t... Read More
Mid-Day Gold & Silver Market Report – 6/6/2011
MIDDLE EASTERN TENSIONS WILL TEST THE OPEC NATIONS – The Organization of Oil Exporting Countries (OPEC) produce 40% of the world’s oil. OPEC is now 50 years old, and never before have they been at such a critical crossroad, as they approach their meeting Wednesday in Vienna. Many of these countries are experiencing unprecedented inner conflicts while oil is once again pressing the $100 per barrel mark. Libya is a special concern... Read More
Morning Gold & Silver Market Report – 6/6/2011
HAS EUROPE EXPERIENCED THEIR FINANCIAL CRISIS YET? - According to Jim McCaughan, CEO of Principal Global Investors, The US might be recovering from their financial collapse of 2008, but Europe has not seen theirs yet. “Europe's debt crisis appears to be entering a more dangerous phase. If the EU and ECB continue pretending this is a liquidity crisis, they run the risk of allowing inadequate fiscal adjustment, particularly in Gre... Read More
Closing Gold & Silver Market Report – 6/3/2011
MOST AMERICANS SAY RECOVERY IS 3 YEARS OUT, SOME SAY NEVER In a recent survey, 61% of Americans believe that we are at least three years away from our pre-recession lifestyles. 10% believe we will never fully recover from the recession that hit in 2008. Fred Crawford, CEO of AlixPartners, who conducted the survey, says, “Americans continue to push their expectations for return to a pre-recession ‘n... Read More
Morning Gold & Silver Market Report – 6/3/2011
JOBS REPORT EVEN WORSE THAN EXPECTED, YEMENI PRESIDENT KILLED (OR NOT?) Fears of a double-dip recession seemed to hang on this morning’s nonfarm payrolls report, and when it was released, the fears hit the other side with a resounding “thud.” To put the report in perspective, April’s numbers showed an increase of 244,000 jobs. May’s numbers were expected to be disappointing already, somewhere around 125,000. Read More
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