Latest London Gold Market Report

[Renewed Investor]

Anyone else a reader of this? Good info, usually posted daily.

Todays Report

"Gold Gains as Fed Chairman Points to "Continued" Stimulus, Euro Leaders To Increase Bailout Firewall, But Spain "Risks Contagion"

WHOLESALE MARKET gold prices jumped to $1679 an ounce ahead of Monday's US trading – up nearly 1% on last week's close – while stocks, commodities and the Euro also gained and government bond prices dipped, after Federal Reserve chairman Ben Bernanke said the US economy still needs "continued accommodative polices" despite recent signs of improvement."

 

[DSAbug]

The reason gold is up today is because of this "further easing" talk.

A lot of people missed Bernanke's comments about "staying the course" during his anti-gold propaganda speech last week. What he was really doing was trying to do was defend the current policy stance of the Fed. He was warning everyone that if we don't "stay the course" we would slide back into another recession. So it was an incremental step towards this new speech that says the only way we are going to get more jobs is to provide further accommodation.

As for the site you linked...

I have never read it. I have 10+ sites I frequent so what's one more. lol

 

[Renewed Investor]

This mornings report is fairly optimistic.

"Gold Climbs Above 200-day Average, Bernanke "Dovish Again" while Eurozone "Still Insolvent"

THE SPOT MARKET gold price traded just below $1700 an ounce for most of Tuesday morning in London – over 4% up on its low last week – before heading lower just ahead of the US markets open as the US Dollar regained some of the ground it lost on Monday following comments by Federal Reserve chairman Ben Bernanke.

The silver price rose to $33.25 per ounce – a 6.8% gain since its week's low last Thursday – before it too eased."

Link

 

[Renewed Investor]

This mornings report:

"US Interest Rates "Should Support Gold", Euro Optimism "Misleading" with Leaders "Kidding Themselves" that Crisis Has Passed

WHOLESALE MARKET gold prices dropped to below $1680 an ounce Wednesday morning – 1% down on their high for the week – after failing a day earlier to break the $1700 barrier.

Silver prices drifted below $32.50 per ounce – a 2.3% drop from Tuesday's peak – while stocks and commodities traded sideways and US Treasuries ticked lower.

Oil prices eased slightly after the French energy minister said France "is favorable to the suggestion" that the US and UK could release strategic oil stocks in an effort to lower the spot price of oil."

Link

Interesting idea about the Oil. I wonder how much we actually have stored away and if released could it bring the price down noticeably?

 

[KMS]

If I understood the Strategic Reserve discussion of the past week or two, that in the past, releasing of reserves basically did jack squat to the price problem. All it does is make more speculators buy because they know the governments that are releasing will make efforts to re-up at some point not too far down the road.

 

[Renewed Investor]

If I understood the Strategic Reserve discussion of the past week or two, that in the past, releasing of reserves basically did jack squat to the price problem. All it does is make more speculators buy because they know the governments that are releasing will make efforts to re-up at some point not too far down the road.

That is my suspiscion too. If capital available to speculators was limited by high interest rates, then there would be less cash to chase the increased supply. With interest rates at virtually "0" though then they will have no reason not to go wild and buy it all up.

 

[Renewed Investor]

Silver Avoids 4th Straight Quarterly Loss, Gold Heads for Gains, India's Imports "Overstate Trade Deficit"

Link

"U.S. DOLLAR gold bullion prices hit $1669 an ounce ahead of US trading, more or less in line with where they started the week.

Stocks and commodities edged higher and US Treasuries dipped, while the Euro gained ahead of today's Eurozone finance ministers' meeting in Copenhagen.

Silver bullion meantime rose to $32.61 – a gain of 1% from the start of the week.

Heading towards the end of the first quarter of the year, gold bullion prices looked set to record their highest ever quarter-end London Fix of in Dollars, Euros and Sterling.

Silver meantime avoided a fourth straight losing quarter, positing gains of 15% in Dollars, 11% in Sterling and 11.6% in Euros."

 

[Renewed Investor]

"Gold "Struggling for Momentum" But "Still Respecting Long Term Uptrend", Investment Demand Insufficient to Compensate for Current Slow Physical Market"

Link

"SPOT MARKET gold prices jumped to $1669 per ounce ahead of Monday's US trading, broadly in line with where they ended last week, though they remained below the Asian session peak touched briefly following the release of positive Chinese manufacturing data.

"Gold [is] still respecting the long-term uptrend," says the latest technical analysis note from bullion bank Scotia Mocatta.

Silver bullion prices hovered around $32.50 per ounce – 0.5% up on Friday's close – while stocks failed to hold onto early gains."

 

[kjansen1969]

I've been watching the ups and downs of economic reports but its good news to hear these good reports. I hope this kind of trend continues. Although since this was posted I know gold prices fluctuated some.

 

[Renewed Investor]

"Bull Market in Gold "Not Over" But Speculators Turn Bearish as Greek Insolvency Looms"

Link

"THE PRICE OF GOLD and gold futures dropped yet again Monday morning, recording the seventh drop in nine trading days in May so far as industrial commodities, global stock markets and the Euro currency all sank amid Athens' failure to negotiate a new coalition government."

 

[Renewed Investor]

"QE3 "Not Off the Table" as Euro Crisis Gives Gold "Significant Upside" But Speculators Slash Bullish Bets"

Link

""Spot Gold rallied [last week] on speculation that the Feds will come through with a QE3 package," says Commerzbank in Luxembourg.

"Renewed physical demand, deteriorating European conditions, and a poor Philly Fed print [on the manufacturing index] seemed to be the catalyst for the rebound," reckons refinery and finance group MKS's Australian office."