Showing posts with label gold prices. Show all posts
Showing posts with label gold prices. Show all posts
Sunday, June 2, 2013
Thursday, May 26, 2011
Celente predicts gold standard won't save US economy
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| Gerald Celente - Trends Journal |
Helium
Sometimes controversial trends analyzer Gerald Celente is forecasting that a return to the gold standard will not be enough to save the US economy from collapsing.
Celente is the publisher of Trends Journal and a consultant and adviser to many of America's top corporations. Celente has no ax to grind and calls himself a political atheist. An author, Celente appears regularly on many of the mainstream media's most watched news programs. He is prolific with his predictions on emerging trends concerning global finances and major historic turning points.
Recently he was asked his opinion on the idea of the US returning to the gold standard.
Although a solid core of gold bugs have advocated the US return to the gold standard for decades, many economists thought the idea radical and unworkable in the changing world economy. Now, however, more people and states are seriously considering the idea to stabilize the dollar and forestall a future currency crisis such as that experienced by the German Republic during the 1920s.
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Thursday, March 24, 2011
Tuesday, December 14, 2010
Gold May Beat Silver, Lifting Ratio by as Much as 20%: Technical Analysis
Bloomberg
Gold may outperform silver, lifting the ratio between the two metals by as much as 20 percent, according to technical analysis by Societe Generale SA.
The attached chart shows the ratio of gold to silver steadied after dropping as low as 46.6 last week, near a two- year channel support line and the lows of 2008 and 1999. The second chart shows the ratio may climb to between about 56 and 58, which are retracement levels of the decline from June that are singled out in so-called Fibonacci analysis.
“The gold-silver ratio reached an important support at 47.5/46,” said Stephanie Aymes, a cross-commodity technical analyst with Societe Generale in London. “Gold will outperform silver to 56/58.”
An ounce of gold bought as little as 46.6 ounces of silver in London on Dec. 7, the least in almost four years. Precious metals gained this year on demand for a protection of wealth and an alternative to currencies. Some investors betting that silver may benefit from an economic recovery pushed the metal’s 2010 advance to 70 percent, outperforming gold’s 26 percent gain. Silver is used more in industry than gold.
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Saturday, December 11, 2010
Report: Swiss Bank Refuses to Release Gold
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| Bloomberg image: Adrian Moser |
Money News
A client of a major Swiss bank was recently refused access to his physical gold and had to hire attorneys and threaten to expose the bank publicly before finally getting it back in his own hands, according to Jim Rickards of Omnis.
“My inference is that that gold was not there,” Rickards told King World News. “The bank had to scramble, go out and find it somewhere before they could make good delivery.”
Rickards expects the world will eventually go to a gold standard-backed currency.
“To me, the big issue is, is it going to be intelligent or is it going to be ugly?” Rickards says. “Is it going to be something we think about, we have a public debate, hearing in Congress … we give some thought to, and then, over time … we do it in stages” so that markets can adjust.
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Thursday, December 9, 2010
Will the gold price go higher?
The price of gold has risen 27% this year and gold funds have returned up to 90%.
Richard Evans
Telegraph
Gold has had an incredible year. The price on the last trading day of 2009 stood at $1,085 an ounce; it has since risen to about $1,380, a rise of 27pc.
It has been higher still: the gold price struck its highest ever level of $1,421 on November 9.
There doesn't seem to be much doubt about the cause of this bull market. All the analysts we spoke to agreed that "quantitative easing" – or printing money – by central banks had sparked fears over the value of paper currencies, spurring investors to switch to more tangible assets.
By acting as a trusted store of value in times of uncertainty, gold was reverting to its ancient role. In particular, investors were using it as a hedge against inflation.
"Gold's rise this year has been driven by the big events in the global economy," said Daniel Brebner of Deutsche Bank, who has had a successful year when it comes to predicting the gold price. "The first and second bouts of quantitative easing by America's Federal Reserve changed investors' perception of the value of the dollar and their expectations about inflation."
He pointed out that, while the Fed's actions had attracted the most attention, other central banks had worked to loosen monetary policy, encouraging inflation. "The European Central Bank has provided a trillion dollars of funding, while China has been boosting its money supply," said Mr Brebner.
"All these actions have the same effect: they reduce faith in the value of money."
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Telegraph
Gold has had an incredible year. The price on the last trading day of 2009 stood at $1,085 an ounce; it has since risen to about $1,380, a rise of 27pc.
It has been higher still: the gold price struck its highest ever level of $1,421 on November 9.
There doesn't seem to be much doubt about the cause of this bull market. All the analysts we spoke to agreed that "quantitative easing" – or printing money – by central banks had sparked fears over the value of paper currencies, spurring investors to switch to more tangible assets.
By acting as a trusted store of value in times of uncertainty, gold was reverting to its ancient role. In particular, investors were using it as a hedge against inflation.
"Gold's rise this year has been driven by the big events in the global economy," said Daniel Brebner of Deutsche Bank, who has had a successful year when it comes to predicting the gold price. "The first and second bouts of quantitative easing by America's Federal Reserve changed investors' perception of the value of the dollar and their expectations about inflation."
He pointed out that, while the Fed's actions had attracted the most attention, other central banks had worked to loosen monetary policy, encouraging inflation. "The European Central Bank has provided a trillion dollars of funding, while China has been boosting its money supply," said Mr Brebner.
"All these actions have the same effect: they reduce faith in the value of money."
Read Full Article
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Tuesday, December 7, 2010
Gold Futures Jump to Record $1,429.40 on Demand for Currency Alternative
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| Adrian Moser - Bloomberg image |
Bloomberg
Gold futures jumped to a record $1,429.40 an ounce on concern the U.S. will pump more cash into the economy and Europe’s debt woes will spread, boosting the appeal of the metal as an alternative to currencies.
Federal Reserve Chairman Ben S. Bernanke said the central bank may boost Treasury purchases. European officials were split on containing the sovereign-debt crisis. Gold priced in euros and U.K. pounds also rose to records, and silver futures extended a rally to a 30-year high.
“Fundamentals are very much bullish for gold,” said Frank Lesh, a trader at Futurepath Trading in Chicago. “The continuing European debt crisis is on traders’ mind, and that creates the flight-to-safety quality in gold.”
Gold futures for February delivery reached the all-time high in after-hours trading after closing up $9.90, or 0.7 percent, to $1,416.10 at 2:14 p.m. on the Comex in New York. The previous intraday record was $1,424.30 on Nov. 9. The metal was up $18.30, or 1.3 percent, to $1,424.50 at 4:43 p.m., compared with the settlement on Dec. 3.
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Sunday, December 5, 2010
What's behind the 2010 gold rush?
Investors and central banks are buying up the yellow metal at unprecedented levels, but will its allure last as fears over the global economy ease?
Richard Blackden
Telegraph
In the 19th century, San Francisco's citizens couldn't read about the gold rush happening little more than 200 miles from their city.
Most who worked for the local newspaper had dashed to the fields in the foothills of the Sierra Nevada mountains, where James W Marshall had unearthed a nugget in a riverbed in January 1848.
Rapid waves of immigration followed by ship and across the Midwest, with about 80,000 people braving the threat of cholera to make the journey in wagons.
Less than a month after Marshall's find and a few hundred miles further south, a defeated Mexican government signed the Treaty of Guadalupe Hidalgo, ending a two-year war with its northern neighbour and ceding swathes of territory to the US.
"The discovery of gold was little short of a revolution and came as California became American," explains Malcolm Rohrbough, author of Days of Gold: The Californian Gold Rush and the American Nation. "People were celebrating."
The yellow metal had of course dazzled many civilizations before, and from the middle of the 19th century added America to that list.
It has bewitched the country ever since and never more so than in the three years since the financial crisis erupted.
And as gold closes in on a 10th straight year of gains, a debate is raging across the country on whether the longest rally since at least 1920 can last.
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Telegraph
In the 19th century, San Francisco's citizens couldn't read about the gold rush happening little more than 200 miles from their city.
Most who worked for the local newspaper had dashed to the fields in the foothills of the Sierra Nevada mountains, where James W Marshall had unearthed a nugget in a riverbed in January 1848.
Rapid waves of immigration followed by ship and across the Midwest, with about 80,000 people braving the threat of cholera to make the journey in wagons.
Less than a month after Marshall's find and a few hundred miles further south, a defeated Mexican government signed the Treaty of Guadalupe Hidalgo, ending a two-year war with its northern neighbour and ceding swathes of territory to the US.
"The discovery of gold was little short of a revolution and came as California became American," explains Malcolm Rohrbough, author of Days of Gold: The Californian Gold Rush and the American Nation. "People were celebrating."
The yellow metal had of course dazzled many civilizations before, and from the middle of the 19th century added America to that list.
It has bewitched the country ever since and never more so than in the three years since the financial crisis erupted.
And as gold closes in on a 10th straight year of gains, a debate is raging across the country on whether the longest rally since at least 1920 can last.
Read Full Article
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Sunday, October 17, 2010
Oil, gold, corn...oh my! Commodity prices on a tear
CNN
NEW YORK (CNNMoney.com) -- Commodity prices are surging across the board as the U.S. dollar remains under pressure from building speculation that the Federal Reserve is about to take action to aid the stumbling economy.
Oil and gold prices have been on a tear this month. After jumping 1.5% last week, crude prices spiked more than 1% again Wednesday. And gold continued it's record-breaking streak, surging nearly 2% to settle at a new record high of $1,370.50 an ounce.
Meanwhile, the Reuters-Jefferies CRB index, a key benchmark for global commodities, surged to its highest level since 2008.
Grains and soft commodities like corn, sugar, cocoa, coffee and cotton were also in the thick of the buying frenzy, with prices continuing to hover at yearly highs. (Track commodity prices)
"I really haven't seen prices like this since the early 1980s," said Dan Flynn, an energy trader at PFG Best. "A real cause and effect is trickling down into the markets based on low supply, high demand and a weaker dollar."
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Tuesday, October 5, 2010
Super-rich investors buy gold by ton
The world's wealthiest people have responded to economic worries by buying gold by the bar -- and sometimes by the ton -- and by moving assets out of the financial system, bankers catering to the very rich said on Monday.
Fears of a double-dip downturn have boosted the appetite for physical bullion as well as for mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.
"They don't only buy ETFs or futures; they buy physical gold," said Stadler, who runs the Swiss bank's services for clients with assets of at least $50 million to invest.
UBS is recommending top-tier clients hold 7-10 percent of their assets in precious metals like gold, which is on course for its tenth consecutive yearly gain and traded at around $1,314.50 an ounce on Monday, near the record level reached last week.
"We had a clear example of a couple buying over a ton of gold ... and carrying it to another place," Stadler said. At today's prices, that shipment would be worth about $42 million.
Julius Baer's chief investment officer for Asia is also recommending that wealthy investors park some of their assets in gold as a defensive stance following a string of lackluster U.S. data and amid concerns about currency weakness.
"I see gold as an insurance," Van Anantha-Nageswaran said. "I recommend 10 percent as minimum in portfolios and anything more than that to be used for trading purposes, to respond to short-term over-bought or over-sold signals."
ULTIMATE BUBBLE?
Billionaire financier George Soros, echoing comments from investment guru Warren Buffett, last month described gold as the "ultimate bubble" because it is costly to dig up and has no real value except its market price.
But a rising price for the precious metal has in itself generated more and more demand from investors looking for a way to hedge against a fresh recession. Gold bears no yield and is uncompetitive in an environment of rising interest rates.
The uneasy outlook for inflation, hard currencies and global growth has triggered a five-fold increase in a physical gold fund launched by Pictet one year ago, the Swiss private bank said.
UBS's Stadler said the precious metal has become a staple of investors' portfolios, despite questions about whether it makes for a smart long-term investment.
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Monday, September 27, 2010
Central Banks No Longer Selling Gold
Zero Hedge
Something funny (and quite revolutionary) happened during the CBGA’s (Central Bank Gold Agreement) year ending this Sunday – the group of 15 signatory banks sold a mere 6.2 tonnes of gold, a massive 96% decline from the year earlier, according to provisional data. This means that unlike in the past, when it was central banker prerogative #1 to sell some gold and every year just to keep all the longs on their toes, this year the trend has finally changed. As the FT reports, “the sales are the lowest since the agreement was signed in 1999 and well below the peak of 497 tonnes in 2004-05.” And yes, we do love the FT’s brilliant summation of the change in mindset: “In the 1990s and 2000s, central banks swapped their non-yielding bullion for sovereign debt, which gives a steady annual return. But now, central banks and investors are seeking the security of gold.” Hm, when all of Europe (as well as America) is a smoldering heap of bearer bonds that will never get paid, and China is putting up a building today, only to blow it up yesterday, and boast a GDP growth rate of one gajillion, the FT may want to change the bolded assumption. Back to the Captain Obvious narrative of the original article: “The lack of heavy selling is important for gold prices both because a significant source of supply has been withdrawn from the market, and because it has given psychological support to the gold price. On Friday, bullion hit a record of $1,300 an ounce.” So market zero supply, and demand that is growing exponentially, means higher prices, eh? All those Voodoo 101 classes, and Poison Ivy college loans sure are paying off in droves…
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