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May See Little in the Way of Gold Price Action This Week.

Tuesday, March 23rd, 2010

Gold prices have continued to decline after an initial test of resistance at support-turned-resistance. Price action is testing support at the $1100 figure. Lackluster inflation expectations remain the driving catalyst after the spread between 10-year Treasuries and TIPS (Treasury Inflation Protected Securities) narrowed to 2.21 percentage points.

With many uncertainties in the currency market, the Greenback could start to range trade. Very low volatility is expected in the week ahead on the currency side of things. This could translate into a slow week of sideways trading in commodities and precious metals. Meaning that very little would be expected in Gold price action.

The economic calendar is uneventful until Wednesday, when the US Durable Goods report is scheduled to be released. An uptick of .5% is expected any better than expect release could insight a renewed confidence in the greenback and a spike High in the currency market. This could increase the selling pressure on Gold Prices.

Also of high importance this week is the USD Gross Domestic Product for the 4th quarter. This report will be issued mid-day Friday, and is expected to stay unchanged at 5.9%. As with the US Durable Goods report any significant changes from forecast can trigger strong volatility in the currency markets. That volatility usually trickles over to commodities shortly thereafter.

$1100 has been providing strong support for Gold Prices, and without a strong change in fundamentals, and additional selling pressure, it well hold.

Ronald Stevens

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Things are Looking Golden in Commodities

Thursday, March 18th, 2010

Gold has been trading sideways since December, but all signs are pointing towards another gold bullish cycle. Ben Bernanke and company kept the benchmark interest rates at .25% this week during the FOMC meeting. In addition, the commentary still maintained a very dovish undertone.

All though there was a zero percent chance of a rate hike, investors where paying particular attention to the Central Bank’s Policy Statement. When the US Federal Reserve did not update their language in today’s commentary – reiterating that they will be keeping rates “exceptionally low for an extended period of time”- investors started turning back to commodities to hedge their positions.

Gold prices have modestly recovered from support at the $1100 level – ahead of resistance marked by a swing high on 03/03. This weeks policy statement could be the catalyst Gold needed to induce heavy buying, and start the next bullish wave.

On the technical side gold has been building a bullish base. Specifically, the base appears to be a complex head and shoulders (the head itself is a head and shoulders pattern). In order to complete the pattern, gold would need to break above 1146.

Fundamentally and technical gold looks to be strongly positioned for another bullish run. Today’s outcome should continue to keep pressure on the greenback and with the situation in the Euro-zone still uncertain the metal used as a safe haven in times of uncertainties should enjoy continued strong buying from investors world-wide.

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Gold Price Rally

Thursday, March 4th, 2010

February’s gold price rally was previewed by dramatic declines, but ultimately resulted in triumphant resiliency, as the gold spot price began the month at just above $1080 per troy-ounce levels, and leapfroged to $1115 prices by only the third day of February. Elation over the rising spot price was short-lived however, as it plummeted below $1060 levels by February 5th.

The gold price rally of February began in earnest the following day, as gold clawed its’ way back to low $1060 levels within a few more trading days, and reached $1070 levels by February 9th. By February 12th, the gold spot price was back above $1080 levels, and continued to steadily climb until February 17th, when it reached $1120 per troy-ounce.

The 17th proved to be the culmination of the February price rally, as the spot price declined slightly at first to sub $1115 levels, and dropping as low as near $1095 levels by February 25th. The spot price regained $1110 levels by February 26th, but the rally in the gold spot price was over for the month.

Presently, the month of March has begun its’ own gold rally, as today’s spot price reached $1146.20 this morning, and was hovering at $1144.10 per troy-ounce, as of 12:35 EST. Rising gold prices historically mean that a much darker economic climate looms ominously on the horizon, so wise household investors are converting their portfolios into gold bullion, and certified rare gold coin holdings, to preserve their wealth until economic conditions are once again livable.

Those who would like to understand more about the current gold price rally are encouraged to contact one of our friendly specialists, who offer institutional discounts on bullion, and certified rare gold coin to household investors like you.

Ronald Stevens

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Flat Gold Prices

Tuesday, March 2nd, 2010

Generally speaking, flat gold prices are those where the spot price barely increases or declines for periods of days, but investors can back up their perspective of the gold spot price to broaden the meaning of “flat gold prices”. For example, those who bought gold early last December (when gold reached it’s still record high of $1226.56) would consider today’s spot price high of $1124.60 to be flat gold prices. For these heavy-handed buyers, any spot price that isn’t within whistling distance of the all-time high is a flat gold price, while others may consider today’s entry prices into the gold market to be an accessible window of opportunity, if not a ground floor elevator key.

Many attribute recent flat gold prices to the U.S. dollar’s ability to stay above 80 on the Index, but the greenback is only perceived to be strengthening against a similarly ailing euro, which is presently inundated with Greece’s economic shortcomings. Problems here in the U.S. are just beginning, and projections for gold in the year 2010 are bullish, as 15 surveyed analysts from Bloomberg (out of 22) projected the gold spot price to reach $1300 per troy-ounce by the year end.

There are also those who profess that physical gold ownership is barbaric, and that economic recovery is already at hand, so investors should always conduct their own research on current economic developments, and draw their own informed decisions. Those who have completed their research are encouraged to contact one of our friendly specialists, who can answer any unanswered questions that you may have on precious metals investing. Discounted prices are also available on bullion, and certified rare gold coin to household investors like you.

Ronald Stevens

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Peaking Gold Prices

Monday, March 1st, 2010

Seasoned precious metals investors realize that the concept of “peaking gold prices” is purely a matter of perspective. We’ve all witnessed the gold spot price (which represents the cost of one troy-ounce of pure gold) spontaneously plummet, as well as reach new all-time record highs. The last record high was reached early last December, when the spot price hit $1222.56, so many individuals consider any prices near that level to be peaking gold prices.

Conversely, many who look at today’s gold market consider today’s prices as peaking gold prices. Gold investing is so scrutinized by the mainstream media, even being called a “barbaric relic” and an “outdated investment” by some pundits. If gold has already peaked, then now may be a good time to liquidate your holdings.

However, even though peaking gold prices are seen in long-term trends, they are also seen every day, month, and every year. The gold spot price low today was $1087.70, but climbed as high as $1110.50 per troy-ounce in the early afternoon. It was hovering at $1105.90 at around 3:00 pm EST, with no drastic changes so far, resulting from Ben Bernanke’s congressional testimony this afternoon. Many suspected Bernanke to finally announce interest rate hikes, but instead focused on possible corporate misdoings that surround Greece’s economic troubles.

Economists like Richard Maybury and Peter Schif have repeatedly called for the Federal Reserve to raise interest rates, and by the time interest rates are at appropriate levels it could be too late to neutralize inflation. In the 1980s, gold rose over 900% as interest rates went from 4% to 12%, so today’s big fat goose egg of an interest rate leaves but one direction to travel.

Those who are seeking financial safety through a physical gold purchase are encouraged to contact one of our friendly specialists, who offer institutional discounts on bullion, and certified rare gold coin to household investors like you.

Ronald Stevens

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Today’s Gold Price Influences

Thursday, February 25th, 2010

The gold spot price dropped below $1100 per troy-ounce levels on Wednesday, hitting a low of $1089, and leveling off at $1097.60, at around 11:30 EST. Today’s gold price influences are largely attributed to apprehensions surrounding Federal Reserve Chairman Ben Bernanke’s scheduled testimony before Congress this Thursday, as the world awaits any news about possible interest rate hikes. Bernanke is expected to speak about the Fed’s monetary policies, although no specifics have been aired. Interest rate hikes could negatively affect dollar values, which are already struggling against the Euro, so this suspense over Chairman Bernanke’s awaited testimony is subsequently among today’s gold price influences.

Another aspect of today’s gold price influences lies with the IMF’s (International Monetary Fund’s) 191.3 tonnes of surplus bullion. Assumptions are strengthening that the Reserve Bank of India (RBI) will purchase this gold, since India hasn’t made a large buy since October, when the gold spot price increased by $51 in a period of six days. Shortsighted analysts originally assumed that China’s strong economy would gravitate her central bank toward an IMF bullion buy, but China also possesses domestic gold producers as a resource. India doesn’t hold that same luxury, so RBI officials have been closely monitoring the gold market, but none will go on record about the bank’s intentions.

A great many tentative gold investors have been waiting for the spot price to recede below $1100 levels, and these buyers can avoid paying extortive retail prices for their bullion, and rare gold coins by contacting one of our friendly specialists today.

Ronald Stevens

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Gold Prices

Tuesday, February 23rd, 2010

Few people would argue that economic fear has a powerful effect on gold prices, as many investors revert to physical precious metals holdings to protect their wealth during long periods of economic upheaval, and the subsequent fear that it perpetuates. This gravitation toward precious metals investing creates an increased demand, and consequently, higher gold prices, while the value of the printed currency that gold backs adjusts to interest rate manipulations, and inflation. For these reasons, savvy gold investors closely survey indicators like dollar values (which historically move oppositely to gold prices), as well as various global economic developments to aid their strategy.

For example, consumer prices for the month of January weren’t as bad as many had feared, and our Federal Reserve has yet to raise interest rates. This momentary reassurance has helped to boost the gold spot price above the $1,125 per troy-ounce resistance level, as some investors initially feared that the Fed would raise interest rates sooner than expected. What’s more, Chinese markets were closed all of last week because of the Lunar New Year celebration, which historically prompts more gold buying. Now that markets are again open in China, demand for gold will greatly affect whether the spot price will remain above $1125, or decline to lower levels.

The gold spot price was at $1115.20 per troy-ounce at around 1:30 EST, after reaching a low of $1111.30, earlier Monday morning. Those with questions over gold’s spot price fluctuations are encouraged to contact one of our friendly specialists, who offer world-class consultation on precious metals investing, as well as institutional discounts on gold bullion, and certified rare gold coin.

Ronald Stevens

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Spiking Gold Spot Price

Thursday, February 18th, 2010

Today’s spiking gold spot price came as a surprise to many of us, mainly because gold had reached $1100 per ounce again and all the technical indicators pointed to a sell-off on behalf of profit-takers. However, now that gold has again broken the $1100 barrier and not fallen, most of the experts I’ve talked to believe we could see gold stabilize in the $1150-$1175 range over the short-term. Analysts at bank of America have upped their expectations from gold, and they believe it will rise to $1130-$1160 in a very short time.

We can’t be sure that these prices will materialize, but consider the following factors:

  • Our government plans to authorize continued debt ceiling increases throughout 2010, as they did nine times last year and over 120 times since this “limit” was originally put into place decades ago.
  • The dollar’s recent surge has been pared by losses to other major currencies this week, and gold has responded as the ultimate currency lately. Fear of dollar insolvency and overall uncertainty by American consumers has boosted gold prices while deflating stock values and driving investors away from real estate purchases.
  • The average gold price forecast for 2010 is about $1400, and the majority of mainstream forecasts fall between $1357 and $1698. Keep in mind that most of last year’s predictions fell far short of the $1226 per ounce that gold climbed to in December.

The spiking gold spot price has been a signal to many to jump back into the market before levels rise further, because the next plateau for gold might be well above the current $1118 per ounce that is reported at www.COMEX.com right now. Get live spot prices and historical data for gold, silver, and platinum right here at GoldPrice.net around the clock.

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Gold Spot Price

Tuesday, February 16th, 2010

Recent gold spot price volatility has some investors worried, both investors in the gold market and those who have not yet taken a position with physical possession gold. After a month-long climb that started on November 3, gold topped out at $1226 in mid-December and started to slide. Gold fell as low as $1062 per ounce on the COMEX division of the New York Mercantile Exchange last month, thanks to a powerful US dollar that cramped growth in all US-based commodities. However, as many analysts have noted in the past two weeks, the recent gold spot price volatility should not be seen as a sign that gold’s current cycle is over, or that the United States economy is on some sort of magical fast-track to recovery.

No investment ever moves in a straight line (up or down) unless a company declares bankruptcy or something else unforeseen occurs. For example, last year a popular gold exchange traded fund (ETF) was performing quite well until an unexpected audit of gold in the company’s vault was performed. It was then revealed that the company did not own the amount of gold it claimed to own, and shares in this ETF subsequently plummeted and never recovered. However, this type of free-falling movement is the exception rather than the rule in investing, and you would be hard pressed to find ANYONE who believes that gold will soon drop to zero. After all, this hasn’t happened in any of the last 5000 years and most economists agree that even if the gold spot price drops significantly, there will always be people who need gold in one form or another.

If the recent gold spot price volatility tells us anything, it’s that our economy and US citizens are in a very unsure state. Gold has been constant over the years, rising and falling in value but remaining worthwhile in the eyes of humanity. The same cannot be said about fiat paper money and unstable corporations. Get the facts on the gold price every day at GoldPrice.net, and don’t fall into the trap of thinking everything in our economy is rosy as the greenback bandwagon would have you believe.

Vic Fox

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Gold Bullion Prices

Thursday, February 11th, 2010

Experienced investors know that gold bullion prices generally hover slightly above the current gold spot price, which represents the cost of one troy-ounce of pure gold. Novice investors must be mindful that the gold spot price fluctuates several times an hour, and that bullion prices are never equal to the current spot price. Each precious metal dealer has its’ own buy and sell spread, which means that gold bullion prices can (and do) vary, depending upon the particular dealer. Research is how prospective buyers maintain their power over predatorily-minded gold dealers, who often times mark up their retail prices to capitalize on the blissful ignorance of less researched investors.

Some investors like to use evening hours to track gold bullion prices out of London, which can be found on the Internet on websites like www.lbma.org.uk, which links to the London Bullion Market Association, or www.thebulliondesk.com, for further research.

Since bullion is completely devoid of numismatic value, it is generally used as either a short-term profit vehicle, or as a diversification for far more costly rare coin investments, which are optimally used for long-term financial protection. An increasingly popular third option for bullion investing is opening a government-approved, gold-backed IRA, which doesn’t permit rare coins, but rather uses bullion’s affordability to sustain long-term financial safety.

Investors with questions about bullion IRAs, are encouraged to contact one of our friendly specialists, who can facilitate a precious metal IRA, and who also offer institutional discounts on bullion bars and coins to household investors like you.

Vic Fox

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