Monthly Archives: October 2011

Spot dealings in New York saw an opening gain of $5.80 in the yellow metal and traders quoted the bid-side in gold at $1,685 the ounce. Bullion narrowed those opening gains within the first sixty minutes of trading action however, and bids were offered nearer the $1,680 area. While a sprint towards $1,700-$1,725 ought not to be ruled out during coming trading sessions this week, the approach to such levels could be fraught with profit-taking selling.

The risk of a renewed slippage towards lower support levels in gold also remains present however, should the greenback pick up more safe-haven type of bids before the European October 23 summit. Support however is anticipated to hold at one or another lower level, as late next week the markets approach another kind of ‘deadline' which has traditionally offered some relief; the start of Indian festival days [...]

U.S. gold and silver rallied Friday, capping two consecutive weekly gains as gold advanced 2.9 percent and silver surged 3.8 percent.

The final trading day of the week had gold rising, opined analysts, as stocks and other riskier bets blossomed following news that U.S. consumers spent more than expected in September and on improved optimism that Europe's debt crisis would be contained [...]

The United States Mint began selling collector 2011 American Gold Eagle Proof Coins on April 21, 2011. One of them had been teetering toward a sell-out, and then suddenly, hit the marker Friday morning.

The Eagles come in four sizes, plus a four-coin set, and each has a different price and mintage limit. Interested buyers should note that the most popular of the gold American Eagle coins, the largest 1 oz. proof, has sold out.

Proof sizes are 1 oz., 1/2 oz., 1/4 oz. and 1/10 oz., and then the four-coin set includes all them neatly packaged together. Each features [...]

Silver traded 60 to 70 cents higher and was quoted at near the $32.50 level for most of the morning hours ahead of Friday's ritualistic book-squaring. Platinum and palladium both advanced by double-digits; the former gained $23 to trade at $1,559 on the offered side of spot and the latter climbed $21 to the $618 level per ounce. Standard Bank (SA) market analysts opine that based on " a cost of production basis [view] both metals are too low and they are expected to move towards $1,600 and $700 respectively, towards the end of the year."

A portion of Friday morning's speculative-flavored optimism was attributed to news from China that inflation slowed somewhat during September. Chinese CPI figures came in at [...]

Gold futures retreated below $1,670 an ounce Thursday as strength in the U.S. dollar curbed the appeal of the precious metal, opined analysts.

"I think we can find still a pretty big correction (in gold) if the dollar regains its preeminence as the reserve currency," Reuters quoted Stanley Crouch, chief investment officer at Aegis Capital, who oversees $2 billion in client assets. "Investors are investing in gold for the perceived safety, and yet what they're getting is incredible volatility."

Gold prices retreated $14.10, or 0.8 percent, to $1,668.50 an ounce in the [...]

The overnight action in precious metals turned towards moderate selling despite some decent regional physical offtake coming from Asia.

This morning's opening was really not much different; spot gold lost $7.10 to start the day off at the $1,667.00 bid level. In the background, the US dollar firmed a bit and remained well above the 77 level on the trade-weighted index. The greenback clawed back in the wake of the European banking-related news and speculators were once again showing that all might not be well in that system while also indicating that they are not quite as glum about the prospects for the American economy [...]