Precious Metals Overview

Gold prices inched up on Monday after slumping more than 1 percent in the previous session as some bargain hunting, better demand from Jewelers in Asia and firmer euro lifted the demand for the precious metal; nevertheless, bullion investors are expected to tread with caution ahead of Federal Reserve’s policy statement, slated to be released on Wednesday. Earlier on Monday, the metal found a strong support as prices started to drift towards $1,700 an ounce level. While bargain hunting provided some boost to bullion prices, uptick in demand from Indian Jewelers in the wake of upcoming festival season also helped the metal to recover some of its lost ground. Still, traders say that physical demand in Asia continues to remain subdued due to higher metal prices and economic slowdown in world’s two biggest gold consumers, China and India. Weaker dollar also provided some support to gold prices. On Monday, the euro gained vis-à-vis the U.S. dollar after results from regional elections in Spain boosted the single currency. The ruling centre right government, Partido Popular headed by Mariano Rajoy, won a regional election in Galicia. Analysts pointed out that by bringing PP back to power; voters seem to have approved the ongoing austerity measures. It is speculated that the election results will embolden Mr. Rajoy’s attempt to fix country’s fiscal imbalances even as expectations increased that Spain could soon ask for a bailout. Spot gold edged up 0.3 percent to settle at $1,725.10 an ounce, having earlier plunged as low as $1,713.39, its lowest level since Sept. 7 while U.S. gold futures for December delivery gained $2.30 an ounce to close at $1,726.30. According to Reuters, the trading volume was nearly 35 percent below its 30-day average. However, gains were capped as U.S. dollar Index ticked higher on Monday. The ICE dollar Index, a gauge on U.S. unit’s performance against a basket of six major currencies, climbed to 79.642 on Monday from 79.629 on Friday. In general, a weaker U.S. dollar tends to bolster the demand for dollar dominated commodities as they become cheaper to buy for those traders who deal in currencies other than the greenback. Metal analysts expect bullion market will be under pressure as investors are likely to adopt wait and watch policy ahead of Federal Reserve’s policy statement. Fed’s policy setting arm will start its meeting on Tuesday and the policy statement is scheduled to be released on Wednesday. According to Reuters, some analysts have warned that if gold prices fall below 50 day moving average then it could trigger more technical weakness. In a note to investors, Jeffery Wright, managing director at Global Hunter Securities said, “The gold market will be taking signals from the Federal Open Market Committee meeting, presidential debate tonight if any surprises come about and European developments regarding Spain through the end of the week.” James Steel, metal analyst at HSBC, wrote in his note, “With prices near the $1,720 support level, a sustained drop below this key level may elicit further short-term liquidations, in our view.” A data provided by Reuters showed that net interest, a measure on total outstanding long and short positions on gold futures fell by 8 percent at the U.S. Comex division of the New York Mercantile Exchange, during last week as metal consistently failed to cross the key resistance level of $1,800 an ounce. Moving onto some other precious metal markets, silver jumped 0.5 percent to end the day at $32.22 an ounce, while platinum settled up 0.4 percent to $1,600.99 an ounce and palladium slipped 8 cents to close at $618.22 an ounce.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Comex gold prices ended the U.S. day session weaker Thursday. Gold and silver were pressured by a firmer U.S. dollar index, and on some profit taking and technical consolidation. December gold last traded down $7.80 at $1,745.20 an ounce. Spot gold was last quoted down $5.90 at $1,744.50. December Comex silver last traded down $0.317 at $32.915 an ounce. The precious metals were negatively impacted by the firmer greenback Thursday. Fresh economic data out Thursday saw the Philadelphia Fed business index come in stronger than expected, which continues a trend of better-than-expected U.S. economic data. However, the weekly U.S. jobless claims report was weaker than expected. Still the dollar index moved to its session high following the “Philly Fed” report. The dollar index saw short covering in a bear market Thursday and the U.S. dollar bears still have the solid overall near-term technical advantage. Meantime, Nymex crude oil prices traded not far from unchanged Thursday. Crude oil bulls and bears are on a level near-term technical playing field amid choppy trading. These two key “outside markets” will continue to have a significant daily influence on gold and silver prices. In overnight news, China’s third-quarter gross domestic product came in at 7.4% growth, on an annual basis—the lowest growth rate since 2009 and the seventh quarter in a row of a decreasing growth rate. The second-quarter GDP number came in at 7.6%, on an annual basis. The latest figure was in line with market expectations. Asian stock markets rallied a bit and the precious metals showed a muted reaction to the latest China economic news. Many Asia market watchers now reckon the Chinese economy is on a good trajectory following recent stimulus efforts by the Chinese central bank. Such would be a bullish clue for the precious metals. Market attention is also on a two-day European Union leaders summit that began Thursday. Focus regarding the EU debt crisis is on when or if Spain will formally ask for more EU financial assistance. Falling Spanish bond yields this week, amid good demand at their debt auctions, hint that Spanish officials may not be in a hurry to seek financial assistance from the EU. Technically, December gold futures prices closed near mid-range Thursday. The gold bulls still have the overall near-term technical advantage but need to show power soon to regain upside technical momentum. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,775.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at this week’s high of $1,755.50 and then at $1,765.00. First support is seen at Thursday’s low of $1,739.00 and then at this week’s low of $1,729.70. December silver futures prices closed nearer the session low Thursday and scored a mildly bearish “outside day” down on the daily bar chart. The firmer U.S. dollar index today helped to pressure silver. Bulls still need to show power soon to gain fresh upside technical momentum. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $34.38 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.00. First resistance is seen at Thursday’s high of $33.325 and then at this week’s high of $33.47. Next support is seen at Thursday’s low of $32.745 and then at this week’s low of $32.57.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Gold futures closed Monday with a more than $20-an-ounce loss as data from two of the world’s biggest economies helped spur an overall rally in global stock markets and the U.S. dollar strengthened, dulling the metal’s investment appeal. Gold for December delivery fell $22.10, or 1.3%, to settle at $1,737.60 an ounce, following an intraday low at $1,729.70. Prices, which extended a decline from Friday, when the precious metal fell $10.90 for a weekly drop of 1.2%, settled at its lowest level since mid-September, according to FactSet data. “Gold’s lack of follow-through on its recent rally is leading traders with itchy trigger fingers to sell,” said Brien Lundin, editor of Gold Newsletter. “Right now the gold market is stuck in the gray area between the QE3 hype and the reality of this money-printing actually hitting the economy,” he said in an emailed response. “In addition, it’s going to be difficult for gold to mount a sustained upward move until after the presidential election provides some clarity as to the direction of U.S. economic policy going forward.” Data out Monday showed a 1.1% jump for U.S. retail sales in September, more than analysts had expected, while sales growth was also revised slightly higher for August and July. Other U.S. data showed that the Empire state index rose to a negative 6.2 in October from negative 10.4 in September, the weakest reading for the gauge in nearly two years, while business inventories climbed 0.6% in August. Following the data, the ICE dollar index, which measures the greenback against a basket of six major currencies, stood at 79.754, off the session’s high of 79.968, but up from 79.677 late Friday. Strength in the dollar tends to weigh on dollar-denominated commodities such as gold and oil because it makes them more expensive for holders of other currencies. Overall strength in global stock markets following economic data from China, not to mention the U.S., also drew investor attention away from gold as a safe-haven asset. China on Saturday said that its trade surplus widened in September, easing worries about consumer demand. Exports rose 9.9% to a record monthly high of $186.9 billion. Despite the relatively upbeat economic data Monday, Global Hunter Securities maintains its “conviction that gold is going higher in the medium to longer term,” said Jeffrey Wright, a managing director at GHS. Gold’s seeing some profit taking on the recent run up, and it’s still holding “$1,725-ish support.” Among other metals, silver was a standout, leading the decline among the major metals traded on Comex. December silver fell 93 cents, or 2.8%, to settle at $32.74 an ounce, on the heels of a 2.3% pullback last week. Copper for December delivery ended little changed at $3.70 per pound. Goldman Sachs cut its 12-month price outlook on copper, citing concerns over demand from China’s construction industry. The investment bank now sees prices at $8,000 a metric ton in 12 months, down from a prior forecast of $9,000 a metric ton. Palladium for December delivery fell $6.45, or 1%, to end at $632.60 an ounce, while January platinum dropped $27, or 1.6%, to $1,632.30 an ounce.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Comex gold prices ended the U.S. day session modestly higher Thursday. Some light bargain hunting interest again surfaced following selling pressure earlier this week. The key “outside markets” were also in a bullish posture for the precious metals Thursday, as the U.S. dollar index was weaker and crude oil prices were higher. December gold last traded up $4.50 at $1,769.60 an ounce. Spot gold was last quoted up $5.50 at $1,768.75. December Comex silver last traded down $0.039 at $34.07 an ounce. U.S. economic data released Thursday morning had a modest impact on the precious metals. A sharp decline in weekly U.S. jobless claims did knock the precious metals prices down from their daily highs. Gold and silver also saw no lasting reaction to news late Wednesday that the Standard & Poors ratings agency downgraded Spain’s credit rating to near junk status. The Euro currency sold off and the U.S. dollar index rallied in the immediate aftermath of that news. However, by Thursday morning the Euro had recovered its losses and the dollar index had pulled back. The S&P move was a bit surprising to the market place, but not really a significant shocker to change the overall perception of Spain’s financial condition or the overall EU debt crisis. That notion was reinforced by a fairly well-subscribed Italian government bond auction on Thursday. However, the S&P downgrade did bolster ideas Spain will seek further bailout funds from the EU sooner rather than later. In other news, reports Thursday said Indian demand for gold exchange traded funds was at a record high in September, despite weak retail sales of gold jewelry in the country. The U.S. dollar index traded weaker Thursday. The U.S. dollar bulls had gained a bit of upside technical momentum this week, but the greenback bears still have the overall near-term technical advantage. Meantime, Nymex crude oil prices are higher Thursday. Some heightened Middle East tensions supported crude, and did offset a bearish U.S. weekly DOE storage report Thursday. Crude oil bulls and bears are on a level near-term technical playing field amid choppy and volatile trading recently. These two key “outside markets” will continue to have a significant daily influence on gold and silver prices. Technically, December gold futures prices closed near mid-range again Thursday. Gold bulls have the overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the 2012 high of $1,800.90. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,738.30. First resistance is seen at Thursday’s high of $1,776.60 and then at this week’s high of $1,782.50. First support is seen at this week’s low of $1,758.50 and then at $1,753.20. December silver futures prices closed near mid-range Thursday. Silver bulls are still in overall near-term technical command, but have faded a bit and need to show some fresh power soon. Prices are still in a 2.5-month-old uptrend on the daily bar chart, but just barely. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $35.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $33.36. First resistance is seen at Thursday’s high of $34.38 and then at this week’s high of $34.605. Next support is seen at Thursday’s low of $33.815 and then at this week’s low of $33.57.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Gold futures settled at the highest price in seven months Monday after a U.S. central banker made the case for bond buying through next year and money managers boosted their stakes in the precious metals on the first day of the new quarter. The most actively traded contract, for December delivery, rose $9.40, or 0.5%, to settle at $1,783.30 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest ending price since Feb. 28. Futures rose as high as $1,794.40 a troy ounce early Monday, the highest intraday price since mid-November of 2011, in the minutes after a key supporter of the Fed’s new bond-buying program made the case for its continuation through next year. Speaking on CNBC, Charles Evans, president of the Chicago Federal Reserve Bank, said the Fed’s latest effort to jumpstart the economy is “going to be effective. In my opinion, we continue those purchases through 2013.” Such easy-money programs can raise the prospect of inflation down the line and draw investors looking for a hedge into precious metals. Much of gold’s 5% gain in September came in anticipation of, and reaction to, the Fed’s program, outlined in a statement Sept. 13. Gold’s gains on Monday also came as investment fund managers moved into the precious metal on the first day of the month and quarter, analysts and traders said. Managed-money funds tracked by the Commodity Futures Trading Commission increased their futures and options bets on rising Comex gold prices by 78% between mid-August and last Tuesday. Last week their net long position–or the difference between bets prices will rise and bets they will fall–was the most in CFTC data since the week ended Feb. 28. “It’s simply a reallocation and a rotation of money into the market,” Roy Friedman, a vice president with precious metals dealer Dillon Gage Metals, said of Monday’s gains. “Frequently you see those types of moves when gold and silver are in vogue and have rallied sharply in any given quarter. Lots of managed money will lock in a profit at the end of the quarter, and then get back in the market.” During the three months ended in September, benchmark gold futures rose 10%. Silver, which can also gain when investors are looking for a hedge against weakening currencies, surged 31%. Silver for December delivery, the most actively traded contract, also settled at a seven-month high on Monday. Futures rose 1.1% to settle at $34.952 a troy ounce. U.S. Mint sales of gold and silver coins rose in September, according to data posted on the agency’s website. The Mint sold 68,500 troy ounces of gold American Eagle coins, up 75% from August. Sales of silver coins stood at 3,255,000 ounces, up 13% from August. Gold and silver sales during the month were down 25% and 27%, respectively, from September 2011.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Comex gold futures ended the U.S. day session sharply higher and near the daily high Thursday. The precious metals made a midday surge, to extend earlier price gains, on news that Spain’s government announced its budget plan will meet deficit targets this year, which the market place greeted with approval. Meantime, growing optimism that China will further stimulate its economy following a big central bank injection of liquidity into China’s financial system earlier Thursday also helped to give the precious metals markets a boost. December gold last traded up $26.90 at $1,780.70 an ounce. Spot gold was last quoted up $25.80 an ounce at $1,779.50. December Comex silver last traded up $0.79 at $34.73 an ounce. At mid-morning gold and silver futures extended what were only modest early gains in the wake of surprisingly weak U.S. economic data that was issued by the government. U.S. durable goods orders fell a whopping 13% in August, while the latest estimate for second-quarter U.S. gross domestic product saw the growth rate shaved by 0.4%, to just 1.3% growth. Technically, December gold futures prices closed near the session high Thursday and were boosted by fresh technical buying as the end of the month and end of the quarter occurs on Friday. Gold bulls still have the solid overall near-term technical advantage and regained some fresh upside momentum Thursday. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the 20012 high of $1,800.90. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at Thursday’s high of $1,782.90 and then at the September high of $1,790.00. First support is seen at $1,775.00 and then at $1,768.00. December silver futures prices closed nearer the session high Thursday and saw fresh technical buying. Silver bulls are in firm near-term technical command. Prices are in a nine-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $36.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.51. First resistance is seen at Thursday’s high of $34.815 and then at $35.00. Next support is seen at $34.50 and then at $34.00.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Comex gold prices ended the U.S. day session lower Monday as risk aversion was the order of the day to start the new trading week. The key outside markets were in a bearish posture for the precious metals Monday as the U.S. dollar index was higher and crude oil prices were lower. December gold last traded down $13.70 at $1,764.40 an ounce. Spot gold was last quoted down $10.70 an ounce at $1,762.75. December Comex silver last traded down $0.678 at $33.96 an ounce. It was a “risk-off” day in the world market place Monday. Not surprising to many, the glow of the recent monetary stimulus measures by the major central banks of the world is now fading and focus is moving back to worrisome global economic growth prospects, and especially those of the European Union. That put downside price pressure on many markets, including the precious metals. Gold and silver decided to follow the raw commodity sector lower on Monday, despite their safe-haven asset status among many investors. However, if the EU debt crisis deteriorates significantly, gold and to a lesser extent silver will likely see fresh safe-haven demand occur. There was more weak economic data coming out of Germany Monday, as well as renewed worries about Spain and Greece and those countries’ abilities to service their debt burden. Germany’s closely watched IFO report showed business confidence down for the fifth month in a row. Spain has yet to formally request bailout funds from the European Union. Greece is preparing to ask the EU for more funding as a German magazine said Greece’s budget deficit may be double what was previously thought. There were also reports that German and French officials over the weekend could not agree upon a plan of action for dealing with the EU debt crisis. And in China, an advisor to that country’s central bank made more downbeat comments about China’s economic growth prospects. The European and U.S. stock markets slumped and the Euro currency weakened on the fresh news coming out of the European Union. Technically, December gold futures prices closed near mid-range Monday and saw profit taking and chart consolidation. Prices Friday hit a 6.5-month high and closed at a bullish weekly high close. The gold market bulls still have the solid overall near-term technical advantage. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the 2012 high of $1,800.90. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at Monday’s high of $1,775.30 and then at $1,780.00. First support is seen at last week’s low of $1,753.20 and then at $1,750.00. December silver futures closed down $0.688 an ounce at $33.95 Monday. Prices closed nearer the session low on profit taking and chart consolidation. Silver bulls are still in firm near-term technical command. Prices are in a two-month-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $36.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.51. First resistance is seen at Monday’s high of $34.585 and then at $35.00. Next support is seen at Monday’s low of $33.63 and then at $33.25.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Gold prices eased on Tuesday in line with stock markets, oil and the euro as investors took profits after last week’s 6-1/2 month high, though expectations the Federal Reserve’s latest stimulus measures would spark further price gains limited losses. A sharp fall in oil prices late on Monday sparked a drop in gold, pulling it further from the peak of $1,777.51 an ounce it hit last week after the Federal Reserve announced a third round of monetary stimulus measures to boost growth. The U.S. central bank said it would buy $40 billion of mortgage-backed debt each month until the U.S. jobs outlook improved substantially, as long as inflation remained contained, in a move known as quantitative easing. Gold rose 2 percent on the day of the move, which may benefit gold by maintaining pressure on long-term interest rates, boosting liquidity and fanning inflation fears. “The policy says that, even if we reach economic sustainability, central banks will keep interest rates low and monetary policy loose,” LGT Capital Management analyst Bayram Dincer said. “The forward-looking guidance of central banks is very favorable for real assets, because in that kind of scenario you have inflation-hedge and diversification benefits provided mainly by gold.” In the short term, however, gold remains under pressure in line with other assets. Spot gold was down 0.3 percent at $1,756.09 an ounce at 6:12 a.m. EDT (1012 GMT), while U.S. gold futures for December delivery were down $11.60 an ounce at $1,759. From a technical perspective, any fresh rise in gold prices is expected to run into resistance at this year’s high of $1,790 an ounce, hit in late February, according to analysts who study past price moves for clues on the next direction of trade. “We are happy to stay bullish gold,” Barclays Capital said in a note. “Our upside targets are at $1,791 and then $1,803. We also expect silver to extend gains toward our initial target near $35.” Silver was down 0.3 percent at $34.09 an ounce, having tracked gold to a 6-1/2 month high at $34.92 last week. Among platinum group metals, spot platinum was down 0.6 percent at $1,651.74 an ounce, while spot palladium was down 0.5 percent at $670.20. Platinum posted its biggest one-day drop since early April on Monday, down 2.3 percent. Strikers at Lonmin’s Marikana mine in South Africa have cut their basic wage demand to below 11,000 rand ($1,300) a month to try to end a six-week strike that halted platinum output at the world’s third-largest producer, a negotiator said on Tuesday. Violent unrest at the mine last month killed 45 people and stopped production, sparking a sharp rally in platinum prices. “The psychology of the market seems to be shifting from concern that the strikes would spread and possibly shut down the bulk of South Africa’s PGM production, to cautious optimism that the wave of industrial stoppages has crested and may be receding,” HSBC said in a note. “Since industrial demand is sluggish, a relaxation of supply concerns may take prices lower,” it added. “The labor situation remains volatile, however, and renewed strife and fresh labor stoppages can occur at any time and drive prices higher. Based on this, we do not expect any further declines to be steep.”
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

GOLD

Gold is poised to gain for a fifth day in the best run since June on speculation that minutes from the Federal Reserve’s latest meeting may point to additional stimulus as investment holdings remain near an all-time high. Immediate-delivery gold was little changed at $1621.80 an ounce at 11am in Singapore after gaining 1.3 per cent in the preceding four sessions. Exchange-traded product holdings totaled 2432.33 metric tonnes yesterday, compared to the record 2433.31 tonnes on August 17, according to data tracked by Bloomberg. The Federal Reserve is due to publish minutes tomorrow of the meeting that ended on August 1. That day the Federal Open Market Committee said in a statement the bank will ‘‘provide additional accommodation as needed’’ to create jobs as the crisis in Europe and fiscal constraints in the US weigh on the economy. The market is ‘‘looking for signs of further easing bias in the US’’, said Natalie Robertson, an analyst at Australia & New Zealand Banking Group Ltd. ‘‘Because markets are expecting some sort of stimulus from central banks in the US, Europe or China, if there is any disappointment, there is a lot of downside risk in prices.’’ December-delivery bullion was little changed at $1623.80 an ounce on the Comex in New York. In Europe, Luxembourg Prime Minister Jean-Claude Juncker, head of the euro group of finance ministers, visits Greece tomorrow for talks on the nation’s fiscal-adjustment program. German Chancellor Angela Merkel and French President Francois Hollande meet in Berlin on Thursday to discuss the debt crisis.

SILVER

Silver futures hit a fresh two-month high as silver bulls gained fresh upside technical momentum. December gold last traded up $3.70. September Comex silver last traded up $0.663 at $28.66 an ounce. It was yet another quiet summertime trading day in the market place Monday. There has been little “headline risk” in recent weeks, as much of Europe is on vacation and the U.S. moves through the summertime doldrums. Traders and investors are really looking forward to the Jackson Hole, Wyoming U.S. Federal Reserve confab next week, and the mid-September FOMC meeting. Many raw commodity and stock market bulls are hoping the Fed will soon announce a fresh quantitative easing of monetary policy–nicknamed QE3. The minutes of the last FOMC meeting are due out this Wednesday. September silver futures closed up $0.588 an ounce at $28.595 Monday. Prices closed near the session high, hit a fresh two-month high and scored a bullish “outside day” up on the daily bar chart. Monday’s price action could be the beginning of a bullish upside breakout from a sideways and choppy trading range on the daily bar chart. Silver bulls and bears are now back on a level near-term technical playing field, but bulls do have fresh upside momentum. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the June high of $29.915 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $26.88. First resistance is seen at Monday’s high of $28.645 and then at $29.00. Next support is seen at $28.445 and then at $28.335.

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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.

Precious Metals Overview

Gold futures fell on disappointment that the European Central Bank kept its monetary policy unchanged at a closely watched meeting. The most actively traded contract, for December delivery, fell $16.60, or 1%, to settle at $1,590.70 per troy ounce on the Comex division of the New York Mercantile exchange. The ECB dashed hopes of new easy money measures from the central bank, with the governing committee opting to leave interest rates unchanged and announcing no new stimulus measures. “General disappointment in today’s pronouncements lowered expectations of quick action and possible inflationary moves for gold investors,” said George Gero, a senior vice president with RBC Capital Markets Global Futures, in an email. In a news conference following the meeting, ECB President Mario Draghi said euro-zone inflation is likely to decline further in 2012 and be below 2% in 2013. Gold is a hedge against inflation, and tends to see less investor interest during periods of low inflation. However, Mr. Draghi said the central bank may consider undertaking further “non-standard measures,” which fanned hopes of liquidity measures down the road. “Gold is anticipating that we’re still going to see some kind of easing coming,” said Joe Kobel, a commodity broker with RJO Futures. Some market watchers, however, are unmoved in their belief that gold prices are primed for a rebound. “Gold will continue testing the $1600 barrier until it surprises to the upside,” said Peter Schiff, chief executive of Euro Pacific Precious Metals, a bullion dealer based in New York, in a note to clients. Mr. Schiff added that gold’s rebound could be spurred on by either a third round of quantitative easing in the U.S., a calmer outlook for Europe or a shock to the Treasury market. Gold and Treasuries are both considered haven assets and tend to compete for investor attention.
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DISCLAIMER: Trading precious metals could involve sizable risk. Sizable fluctuations in prices can and do occur frequently. In no event should the content of this website be construed as an express or implied promise, guarantee or implication by Great Southern Coins that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future results. Information provided on this site is intended solely for informative purposes and is obtained from sources believed reliable.