5.4% Gold Spot Price Drop!

Bloomberg.com: Commodities: "Gold Falls 5.4 Percent, Most in 12 Years; Wide Price Swings Deter Buyers May 24 (Bloomberg) -- Gold in New York tumbled 5.4 percent, the most in 12 years, as wide price fluctuations drove investors out of the market. Gold last week declined 7.6 percent, the most since 1990, amid speculation a five-year rally was ending. The metal has fallen 13 percent from a 26-year high of $732 an ounce on May 12. ``You're getting these whipsaw moves,'' said Michael Guido, director of hedge fund marketing and commodity strategy at Societe Generale in New York. ``It's freaking a lot of people out. If this keeps up for the next week, the market's going to dry up.'' Gold futures for June delivery fell $36.20 to $637.50 on the Comex division of the New York Mercantile Exchange, the lowest in almost a month. The percentage drop was the biggest since August 1993. Prices still have gained 53 percent in the past year. Investors are putting money in cash and waiting for broad price changes to end before buying again, some analysts said. Gold Falls 5.4 Percent, Most in 12 Years; Wide Price Swings Deter Buyers May 24 (Bloomberg) -- Gold in New York tumbled 5.4 percent, the most in 12 years, as wide price fluctuations drove investors out of the market. Gold last week declined 7.6 percent, the most since 1990, amid speculation a five-year rally was ending. The metal has fallen 13 percent from a 26-year high of $732 an ounce on May 12. ``You're getting these whipsaw moves,'' said Michael Guido, director of hedge fund marketing and commodity strategy at Societe Generale in New York. ``It's freaking a lot of people out. If this keeps up for the next week, the market's going to dry up.'' Gold nugget sales and museum size gold nuggets - visit: http://www.california-gold-rush-miner.us

Gold Prices Hit Highest Level Since 1980

Gold Prices Hit Highest Level Since 1980 - Yahoo! News: "Gold Prices Hit Highest Level Since 1980 By MADLEN READ, AP Business Writer
Tue May 9, 5:05 PM ET


NEW YORK - Gold prices surged Tuesday above $700 an ounce — a level not reached since 1980 — as funds bought into the market, driven by weakness in the dollar, political tension in the Middle East and overall upward momentum in the commodities markets.
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These persistent factors have been pushing gold prices to multi-decade records for months now. Gold has risen 40 percent since late November, when for the first time in two decades the most-active contract broke through $500 an ounce.
Surpassing $700 an ounce 'is important, insofar as it reinforces the overall uptrend of the market. There are people looking for much, much higher,' said Bernard Hunter, director of precious metals at Scotia Mocatta, a division of the Bank of Nova Scotia.
Hunter said prices will likely consolidate at this level, then once again start heading higher. Some market watchers are expecting gold to breach the $1,000-an-ounce mark."
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Gold Prices Rise on Surging Euro

Gold Prices Rise on Surging Euro - Yahoo! News: "CHICAGO - Gold prices rose Friday, drawing support from a U.S. jobs report that sent the euro soaring to a one-year high.

June gold rose to $686.50 an ounce on the New York Mercantile Exchange moments after the monthly report on U.S. non-farm payrolls, stopping just shy of the fresh 25-year high of $687 hit in overnight trading.
In mid-morning trading, the contract was at $680.50 an ounce, up $4 from a day earlier.
July silver was up 5.5 cents to $13.88 an ounce after an overnight high of $14.14.
The gains are due to 'sheer momentum, combined with a weakening U.S. dollar and no real sign of any lessening of the geopolitical tensions worldwide,' said Peter Grandich, analyst and publisher of the Grandich Letter."
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Gold climbs as concerns about Iran spur buying

Commodities: Gold climbs as concerns about Iran spur buying - Marketplace by Bloomberg - International Herald Tribune: "NEW YORK Gold rose on Wednesday as mounting tension over Iran's nuclear program prompted investors to buy the metal as a haven.

Gold has gained 21 percent since early January, when Iran said it had resumed nuclear research. The United States, Britain and France are pressing for adoption of a United Nations resolution demanding that Iran halt its nuclear program.

'The biggest factor is Iran,' said John Licata, chief investment strategist at Blue Phoenix, an energy and precious- metals consulting company. 'A lot of investors have been buying gold as a safety play.'

Gold for June delivery rose $1.10 to $668.50 an ounce on the Comex division of the New York Mercantile Exchange.
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