Gold skidded nearly 2% lower today after sizzling to a new high just yesterday on the New York Mercantile Exchange. Gold initially remained steady through morning trading after coming off yesterday’s intraday record of $992 an ounce.
At around 11 a.m. Eastern, gold started a downward sprint as profit-taking took hold. In the end, New York gold for April traded through a spread of over $30 and finally rested at $966.30 an ounce, losing $17.90.
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Platinum took a mad dash upward earlier today, breaking another new record of $1,803.80 an ounce on the New York Mercantile Exchange (NYMEX). Investors watching the power shortage problems in South Africa, who produce four-fifths of the world’s platinum, bet on a constricting supply.
“Mine output disruptions continue to fuel the rally” in platinum, Jon Nadler, senior analyst for Kitco Bullion Dealers Montreal said in a research note. “With 80 percent or so of global supplies coming from the very mines affected by electricity woes, this is not a surprise.”
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Gold reached a new record peak just yesterday at $916.10 on the New York Mercantile Exchange (NYMEX). Today, corrections appear to be in order. Profit taking came into the mix after the dollar gained strength against the euro and oil prices declined.
Many analyst had indeed forecasted corrections occurring shortly after gold went above $900 an ounce.
Not to be cynical, but given there are market analysts on both sides of the fence and standing on top of it, a percentage of predictions are bound to be right some of the time.
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Gold futures briefly crawled over $900 an ounce on Friday for the first time on the New York Mercantile Exchange (NYMEX). It landed on $900.10 and settled back down to $897.80. The driving factors haven’t changed:
- Weak U.S. Dollar
- High oil prices
- Uneasy investor hedging
- And U.S. recession fears, resulting in upcoming interest rate cuts
While gold has been shooting for the stars, when adjusted for inflation, it sill remains far below the 1980 adjusted price of nearly $2,200.
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Day, after day, after day, after day … and so on. Gold continues to surge past the previous day’s record highs. It hit $897.30 on the New York Mercantile Exchange (NYMEX), which was higher than the record of $894.40 on Wednesday.
Gold was helped today after Federal Reserve Chairman Ben Bernanke indicated more interest rate cuts are on the horizon. That resulted in the dollar sharply falling and gold strengthening.
Many analyst are suggesting and expecting gold to hit $900 an ounce and very soon. At some point, there could be a correction with profit taking. Will that happen after and if gold reaches $900? Only the crystal ball knows …
At 5:11 a.m. EST, spot gold was at $893.50.
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