Tag Archives: gold price

More Upside For Gold Prices

02 Friday Nov 2018

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This month’s rally in gold prices may not be over.

That’s because investors are still heavily betting on a decline in the value of the precious metal. When speculators overwhelmingly bet in one direction then a move in the opposite way is often the result.

Bars of gold bullion. Rob Bennett/AP Images for APMEX

On October 1, I wrote that speculators were betting so heavily on a further decline in gold prices that we’d likely see a rally. You can read the story here. Starting late January gold prices tumbled until they reached a recent low in mid-August.

However, even as the price stabilized traders held onto those so-called short positions, also known as bets on a decline in prices, and kept betting on further falls in the price.

By early October the negative bets became extreme and hence increased the likelihood of a gold price rally.

Read more via More Upside For Gold Prices

Short Sellers Beware: Gold “Must Go Higher” – Edelson Institute | Kitco News

09 Tuesday Oct 2018

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The cost of acquisitions has now fallen below the cost of exploration for major miners, and gold prices could benefit from a dwindling resource supply, this according to a recent report from the Edelson Institute.

Sean Brodrick of the Edelson Institute said that if gold prices don’t advance higher from here, many miners are likely to go out of business.

“If companies go out of business, and the only ‘new’ gold ounces come through acquisitions, that means gold supply will go down. And as surely as dawn follows night, prices will go up,” Brodrick said.

His comments come as Barrick Gold recently announced a merger with Randgold, forming the world’s undisputed largest gold miner.

According to the report, the cost of finding gold through exploration has climbed eight-fold since 2007, and gold miners are using up the resources in the ground.

Read more via Short Sellers Beware: Gold “Must Go Higher” – Edelson Institute | Kitco News

Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

27 Thursday Sep 2018

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Gold futures eked out back-to-back gains Tuesday as the dollar index softened ahead of the Federal Reserve decision, which could yield a third rate increase of the year—a negative development for gold because it can bolster the dollar.

December gold GCZ8, -0.91%  rose 70 cents, or less than 0.1%, to settle at $1,205.10 an ounce, gaining as the dollar index DXY, +0.54%  traded little changed at 94.155.

The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Gold prices based on the most-active contracts have declined by 8% so far in 2018 while the dollar index is up about 2.2%.

Read more via Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

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PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

04 Tuesday Sep 2018

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Off The Wire

PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar

Reuters
Reuters Tuesday September 04, 2018 12:16 AM

Kitco News

* Gold may fall to $1,190/oz -technicals
* Palladium hovers near 11-week highs hit on Monday (Recasts, adds comment) By Sethuraman N R BENGALURU, Sept 4 (Reuters) – Gold prices inched down on Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.
Gold prices are down about 8 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar which is being viewed as a safe-haven asset. Spot gold was down 0.1 percent at $1,199.20 an ounce at 0347 GMT, while U.S. gold futures had dropped 0.1 percent to $1,205 an ounce. “The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. The dollar index , which measures the greenback against a basket of currencies, was up 0.1 percent at 95.182.
A firmer U.S. dollar makes gold more expensive for holders of other currencies, with safe-haven demand for gold this year overshadowed by the metal’s relationship with the greenback. “Gold should track the dollar’s movement very closely and interest rate expectations too are weighing on the metal,” Fung said. Markets are closely watching U.S. economic data, including a manufacturing survey on Tuesday and an employment report on Friday, which could influence gold’s moves as investors look for clues on the pace of U.S. interest rate increases. Meanwhile, worries over an escalation in trade conflicts between the United States and other countries have kept participants in broader markets on edge. “With all the noise building around the trade dispute, along with unsettling economic prospects for Turkey and Argentina that will likely drag on more emerging market economies … gold should be in demand,” said Stephen Innes, Asia-Pacific trading head at OANDA.
After a 16-percent slide in the peso last week, Argentine President Mauricio Macri on Monday announced new taxes and steep cuts to spending in an “emergency” bid to balance next year’s budget. Meanwhile, Turkey’s central bank signalled on Monday it would take steps to combat “significant risks” to price stability, comments seen as hinting at interest rate hikes. Spot gold may fall to $1,190 per ounce, as suggested by its wave pattern and a projection analysis, according to Reuters technical analyst Wang Tao. Spot silver dropped 0.2 percent to $14.43 on Tuesday, after falling to an over two-week low at $14.37 on Monday. Platinum was up 0.4 percent at $786.70, while palladium was down 0.1 percent at $977.50, after hitting an 11-week high of $985.50 on Monday. (Reporting by Nallur Sethuraman in Bengaluru Editing by Richard Pullin and Joseph Radford)

 

via PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

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Now Is The Time To Buy Gold As Negative Sentiment Is Exhausted – Incrementum AG | Kitco News

06 Friday Jul 2018

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Gold looks like an attractive buy at the moment, with investor sentiment reaching the bottom in the marketplace, according to one European fund manager.

In a recent interview with Kitco News, Ronald-Peter Stoeferle, fund manager at asset-management firm Incrementum AG and author of last month’s latest In Gold We Trust annual report, said that from a risk-reward perspective, gold looks extremely attractive. He added that he sees several factors that will lead to higher prices by the end of the year.

“I think we have seen the lows in gold for the year,” he said.

Stoeferle’s comments come as the gold market has managed to bounce off its 12-month lows and is currently trading below the initial resistance of $1,260 an ounce. August gold futureswere last at $1,256.40 an ounce, up 0.24%.

The most significant factor driving gold prices higher is falling momentum in the U.S. dollar, said Stoeferle,noting that interest in the greenback is starting to wane as the Federal Reserve moves closer to the end of its interest rate hike cycle.

Read more via Now Is The Time To Buy Gold As Negative Sentiment Is Exhausted – Incrementum AG | Kitco News

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Gold Erases Modest Early Losses | Kitco News

18 Friday May 2018

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) – Gold prices are trading near steady levels in late-morning action Friday, and have recovered small losses seen overnight and in earlier U.S.-session trading. Short covering in the futures market and some bargain hunting in the cash market heading into the weekend are featured. There are also some geopolitical crosscurrents in play that could be limiting selling interest in the safe-haven gold market. Comex June gold was last up $0.10 at $1,289.60.

Read more via Gold Erases Modest Early Losses | Kitco News

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PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

07 Monday May 2018

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American Gold Coin

BENGALURU, May 7 (Reuters) – Gold prices edged up in early
trade on Monday as the dollar took a breather after climbing to
its highest level this year in the previous session.

FUNDAMENTALS
* Spot gold rose 0.2 percent to $1,316.62 per ounce
at 0034 GMT.
* U.S. gold futures for June delivery were up 0.2
percent at $1,317.20 per ounce.
* The dollar index , which measures the greenback
against a basket of six major currencies, was steady at 92.547
after hitting its best since December at 92.900 on Friday.

* U.S. job growth increased less than expected in April and
the unemployment rate dropped to near a 17-1/2-year low of 3.9
percent as some out-of-work Americans left the labor force.
* Two Federal Reserve officials who are currently voting
members of the U.S. central bank’s rate-setting committee said
on Friday they were keeping an open mind on the total number of
interest rate rises needed this year.
* U.S. interest rate futures rose modestly on Friday, as
traders still expect the Federal Reserve to raise key borrowing
costs at its June 12-13 policy meeting in the wake of
weaker-than-forecast growth in domestic payrolls and wages in
April.
* Euro zone business growth dimmed again in April but the
picture remained relatively bright as new business stayed
buoyant and firms managed to build up backlogs of work, a survey
showed on Friday.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.17 percent to
864.13 tonnes on Friday from 865.60 tonnes on Thursday.

* Hedge funds and money managers trimmed their net long
positions in COMEX gold contracts in the week to May 1, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.
* Demand for physical gold barely changed in major Asian
hubs last week even as global prices weakened, while a
correction in local rates in India prompted retail consumers and
jewellers to start purchases.
* The World Gold Council, owner of the world’s largest
gold-backed exchange traded fund (ETF), is launching a new fund
with a cut-price management fee to fend off rivals with lower
charges, a source familiar with the matter told Reuters.

via PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

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