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Why This Gold Boom Will Be So Much Bigger Than The Last One
As I mentioned in The Wrap last night, the gold market was comatose until shortly before the London open…and the rest, as they say, is history.
There was another spike up shortly after London opened…and from 9:00 a.m. in London, until the Comex open at 8:20 a.m. Eastern time, the gold price tacked on an additional ten bucks.
As soon as Comex trading began…and the jobs numbers were made public at 8:30 a.m…the gold price added another twenty bucks…and by 9:00 a.m. Eastern time, gold was up about $55 from Thursday’s close. The price slid a hair from that point until just a few minutes before the Comex trading session closed at 1:30 p.m…but tacked on over ten dollars in the electronic trading session that followed, closing the day virtually on its high…up $58.80 spot. Volume was surprisingly light.
The Read more…
Liberty Dollars may be subject to seizure (Your private stash of silver&gold)
Liberty Dollars held by collectors may be subject to seizure as contraband by federal law enforcement, officials with the U.S. Attorney’s Office and Secret Service said Aug. 24.
Statements by officials for those two federal law enforcement agencies seem to reverse the position taken in comments released from the United States Attorney’s Office in Charlotte, N.C., and published in Coin World in April, that mere possession of Liberty Dollars did not constitute a violation of any federal statute.
That position has apparently changed, although officials of the U.S. Secret Service — which would be the federal agency likely charged with executing any possible seizures — would not provide any definitive comments concerning under what circumstances Liberty Dollars would be seized.
The revised stance is tied to the Liberty Dollar being determined in a federal court to violate federal counterfeiting statutes. Liberty Dollars, metallic medallic pieces, were privately Read more…
World Gold Council Say Demand to Rise
The World Gold Council reports that demand in Asia remains high for Gold. This was seen in Q-2 where total Global Gold demand measured 919.8 tons, almost a record demand at US$44.5-B.
The Top markets were India and China, accounting for 52% of the total Bar and Coin investment and 55% of Global jewellery demand.
The Gold council is also calling for demand to be high 2-H of Y 2011.
Indian and Chinese demand grew 38% and 25% respectively during Q-2 of Y 2011 compared to the same period in Y 2010, the growth is due to increasing levels of economic prosperity, high levels of inflation and Read more…
Remember Silver?
Because the stealthy take over of Libya by its rebel forces is matched only by the stealth soaring of silver in the last two days. We wonder how long until the perfectly normal and completely SEC-uninvestigated May 1 silver sledgehammer formation repeats again, and when will we see another 5 silver margin hikes in the san of a few days?
Gold Prices Soar 6.3% on Week and Top $1880, Silver Jumps 8.5% to Above $42
U.S. gold futures jumped to a record above $1,800 an ounce Friday, extending its streak of record settlements to four sessions, its string of wins to five days and its successive weekly gains to seven.
Gold prices surged 6.3 percent this week, supported by global economic fears which pounded stocks and drove investors toward safe-haven buys like gold.
“Gold is driven by the uncertainty about a new global recession … and the possibility that Europe will engage in additional quantitative easing,” Reuters quotes James Dailey, portfolio manager of TEAM Financial Asset Management, which oversees $200 million in assets. “While an expected correction could be violent, I don’t think it may last too long.”
On Friday, December gold prices surged $30.20, or 1.7 percent, to close at a new record high of $1,852.20 an ounce on the Comex in New York. Gold prices ranged from $1,824.50 and $1,881.40 — also an intraday record high. The yellow metal has Read more…
Gold/Silver Ratio Heads Back Up: Trend Might Continue Without QE3
I previously heralded silver’s breakout above $40, as well as gold’s breakout above $1600, as the dawning of the next leg up for precious metals — one that would send silver past its previous high of above $49 reached earlier this year. I still believe that silver will find its way well into triple digits in the coming years, as monetary demand from the global sovereign debt crisis is only escalating and will be the primary driver of silver’s price, but I’m not so sure it will happen imminently; in light of the tumultuous events of this past week, I’ve taken off some of my silver positions in exchange for gold instead. My rationale is as follows:
1. Because of its industrial role — silver is used to create a wide variety of goods, such as warfare weapons and solar panels — silver is more associated with risk. If we see the return of the bear market in equities like we saw in 2008, silver is going to get hit harder than gold.
2. I expected the gold/silver ratio to fall below 40 and approach its previous low of 33. Instead, we saw a bounce off 40. I still believe that silver will unofficially be re-monetized, and that this process will Read more…
Gold passes $1,700 an Ounce
The price of gold topped $1,700 an ounce Sunday evening as fears of a global economic meltdown intensified.
According to the Times of India, “An unprecedented downgrade to the US credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar. US gold futures touched an intraday high at $1,702.7 an ounce, while cash gold, which hit its 11th record in 19 sessions, could rise further if pledges by the Group of Seven nations to support battered financial markets fail to bear fruit.”
The Times reported, “The one notch downgrade by Standard & Poor’s of the US long-term rating on Friday added to the threat of contagion from the euro debt crisis, fears over recession in the United States and even the possibility of Read more…
Gold Prices Spike on Safe-Haven Appeal, South Korea Buy to $1660.10
NEW YORK (TheStreet ) — Gold prices hit record highs Tuesday as the Bank of Korea bought more gold and as the Senate passed the debt ceiling deal.
Gold for December delivery popped $22.80 to close at $1,644.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,646.80 and as low as $1,618.80 while the spot gold price was skyrocketing almost $30, according to Kitco’s gold index.
Silver prices added 78 cents to close at $40.09 an ounce. The U.S. dollar index was up 0.22% at $74.48 while the euro was down 0.36% vs. the dollar.
With the debt-ceiling issue basically behind U.S. markets, investors are now looking at the health of the economy and the picture isn’t bright. Worries of slowing global growth were the main factors boosting gold prices.
Not only have quarterly growth numbers been anemic and July’s manufacturing index was barely above the critical 50 growth-mark, but the debt plan aims to Read more…
The Global Physical Gold & Silver Reserves Race is the New Nuclear Arms Race
The old Cold War USA-USSR nuclear arms race has been replaced by the new East-West Central Bank battle to accumulate physical gold and physical silver reserves. While Western Central Banks and their puppet bullion banks have distracted and goaded private citizens with the invention of fraudulent bogus paper gold and paper silver derivative products, including ETFs more recently, and paper futures contracts for a much longer period of time, they themselves have been making sure to avoid the very fraudulent paper products they have invented and have been diving headfirst into real physical precious metals.
As Central Banks continue to significantly devalue all major global currencies through excessive creation of new supply out of thin air in a digital world where “new money” is never even printed into paper/cotton form but only is created as digital bytes that are sent across international borders, the private families that are the majority shareholders in the world’s most powerful Central Banks have engaged in heavy buying of Read more…
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