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Old 07-06-2012, 08:44 AM   #1
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The day's price movements

I thought it would make things easier to start a single thread devoted to the movement of PM prices each day.

Today (7/6/12) has been fun so far.

First unemployment numbers disappoint and cause metals prices to jump:
http://finance.yahoo.com/news/us-emp...3Rpb25z;_ylv=3


Next, the totally legit, non-manipulated force of the market shoves the prices back down:
http://www.silverdoctors.com/in-clas...st-nfp-report/



Side note:
Why is the USD getting stronger? Between bad unemployment data and China/Australia working around the dollar, it should be getting weaker?
http://www.silverdoctors.com/austral...ependence-day/
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Last edited by benjamen; 07-06-2012 at 09:02 AM.
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Old 07-06-2012, 09:02 AM   #2
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Yup, the gang is hard at work today. A lot of people have taken the day off since we didn't get a three day weekend this year. I wonder if this smash down is on light volume or heavy volume?
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Old 07-06-2012, 09:06 AM   #3
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Originally Posted by benjamen View Post:
...
Side note:
Why is the USD getting stronger? ...
I'm going to guess because people are realizing that the last "Euro is saved" news headlines from a few days ago were bunk and the Euro is in trouble.
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Old 07-06-2012, 09:08 AM   #4
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I was thinking the same thing. I've seen a lot of articles this morning relating bad economic data (jobs, etc.) --- but the news doesn't seem to correlate to a weakening dollar, or metal pricing.

I feel like I am watching a carnival game with the markets sometimes.

"Step right up, everyone's a winner!"

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Old 07-06-2012, 02:38 PM   #5
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Originally Posted by ADK View Post:
I was thinking the same thing. I've seen a lot of articles this morning relating bad economic data (jobs, etc.) --- but the news doesn't seem to correlate to a weakening dollar, or metal pricing.

I feel like I am watching a carnival game with the markets sometimes.

"Step right up, everyone's a winner!"

ADK
I will take the win, and the cheaper spot prices, as I go to make my weekend purchases.
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Old 07-06-2012, 02:49 PM   #6
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Bank of England eased to the tune of 50 Billion Pounds this week. ECB cut interest rates (weakening to stimulate) and China cut interest rates-type easing within minutes of the ECB's announcement. All moves are dollar positive. This is why the dollar is getting stronger this week.
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Old 07-12-2012, 07:15 AM   #7
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Today's (7/12/12) update:

Since yesterday's FED minutes revealing no new (official) printing of USD on the horizon, the dollar has gained against most currencies. This has predictably caused the price of metals denominated in USD to decline. The negative coorelation between the USD index and gold is growing stronger:
http://www.reuters.com/article/2012/...85H0KJ20120712

With most projections of the worldwide economy being non-cheerful, futures are falling across the board:
http://finance.yahoo.com/news/stock-...092945795.html
http://www.321gold.com/editorials/berry/berry071212.pdf

Longer looking analysts think a protracted slump will eventually force the FED to do additional quantitative easing and are still calling for high gold prices by the end of the year:
http://finance.yahoo.com/news/gold-h...083544818.html
General inflate or die ideal:
http://www.321gold.com/editorials/ru...ell071212.html

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Old 07-12-2012, 08:40 AM   #8
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So essentially, the Fed is pretending they care about political consequences and avoiding further (public) interventions. They are allowing deflationary forces to assert themselves (which is ultimately necessary, but so are bankruptcies and letting owners of bad bets accept the consequences for their actions) for now. At some point, political pressure will come to reverse course and goose the engine. We have an extended sale for a while.
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Old 07-13-2012, 09:26 AM   #9
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Today (7/13/12) has been interesting already. We had a sudden drop in the USD index and a corresponding spike in PM prices. However, I have been unable to find any reason for these movements. Does anyone see a market reason for today?
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Old 07-13-2012, 09:50 AM   #10
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Originally Posted by benjamen View Post:
Today (7/13/12) has been interesting already. We had a sudden drop in the USD index and a corresponding spike in PM prices. However, I have been unable to find any reason for these movements. Does anyone see a market reason for today?
Euro spiked.

There was a rumor the Russian bought a ton of Euros...

IMO.. It has more to do with technicals for the US dollar failing to maintain the MOMENTUM of it's up move. It will need to go into a corrective phase at some point.. Why not now?

The level to watch is 82.80 on the USD.. if we start getting closes below there, things could get really good for gold.
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Old 07-13-2012, 10:17 AM   #11
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I have both GLD and PHYS as paper gold. Today GLD popped and pretty much stayed up, and PHYS (Sprott's stuff) popped then dropped. Disappointing.
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Old 07-20-2012, 11:36 AM   #12
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This has been an interesting day thus far. Despite the dollar gaining strength, both silver and gold are up for the day. As the spot gap between gold and platinum approaches $200 again, it is making platinum tempting.

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Old 07-20-2012, 12:26 PM   #13
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As you said, quite a day for pms. Doesn't look like a big deal at first as gold and silver are modestly green but they rallied against everything except treasuries since US markets opened. That's very encouraging. Let's hope this continues...
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Old 07-23-2012, 09:31 AM   #14
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It has been a fun day already. With the problems in Europe and USD gaining strength, someone took the time to pounce on the metals right at the opening bell. I do like silvers' resistance to anything below $26.

http://www.silverdoctors.com/gold-si...on-comex-open/

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Old 07-23-2012, 10:17 AM   #15
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Down $22.. now down $7..

I'd really like to see green today. Get us above 1592 and 1599 should establish a short term uptrend..
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Old 07-24-2012, 11:49 AM   #16
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Euro in low 1.20's,dollar over 84

GSR approaching 59/1


GOD BLESS OUR TROOPS!!!
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Old 07-24-2012, 12:20 PM   #17
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Originally Posted by BigJim View Post:
Euro in low 1.20's,dollar over 84

GSR approaching 59/1


GOD BLESS OUR TROOPS!!!
It is a good sign that despite the dollar gaining steam, gold is still green for the day on trading demand.
http://www.kitco.com/kitco-gold-index.html

Ratio wise, silver is getting cheap, but platinum is just crazy cheap!
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Old 07-24-2012, 12:33 PM   #18
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10 yr treasury below 1.40%.What a deal....


GOD BLESS & BRING OUR TROOPS HOME!!!
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Old 07-24-2012, 12:43 PM   #19
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this is a light volume session. I think gold is going to wait on the jobs numbers tomorrow before picking a short term direction. Even then, I don't think we pop or drop till we get some news from the fed.
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Old 07-24-2012, 01:39 PM   #20
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I was reading a gold seasonality thread on ZH yesterday, and if there's anything to that, it seems we can expect gold to kinda lay there for about another month before rising quickly again. Looking at the last couple years, it seems pretty on, though of course the crazy politics and events we're having could alter that - it's just what things do over a lot of years averaged. On the other hand, could be that stupid human tricks ALSO have this kind of seasonality - correlation doesn't imply the direction of causation if at all - after all.
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