Wednesday, June 21, 2006

Recent slide fails to squelch gold bugs : Recent slide fails to squelch gold bugs: "VANCOUVER -- Gold may have been beaten up in recent weeks, but true believers are not losing faith.
'A $740 [U.S.] per ounce gold price is nothing -- it should be double that,' said Bill Murphy, chairman of the Gold Anti-Trust Action Committee, a Dallas-based group that tirelessly promotes a gold-price suppression theory involving central banks, trading houses and governments.
'This is Mickey Mouse stuff; the real action hasn't even happened yet.'
Mr. Murphy and other gold fans would have taken heart from the precious metal's performance yesterday, when gold prices climbed on reports of weapons testing in North Korea and continuing jitters over nuclear programs in Iran. Prior to that, gold prices had fallen for five consecutive weeks.
But yesterday, gold futures for August delivery rose $8.10 to close at $580.50 an ounce on the New York Mercantile Exchange.
Prices, which hit a high of $732 an ounce on May 12, are still up 30 per cent from a year ago despite the recent slide.
'The market's gotten enough of a liquidation, it's coming back to look at core fundamentals,' said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. 'Gold will start refocusing on North Korea, Iran and the hurricane season.'
With its reputation as a safe-haven investment, gold tends to rise in times of political turmoil or tension.

Thursday, June 15, 2006

Big gain in Gold!

Gold Has Biggest Gain in a Month as Dollar Drops; Silver Climbs
June 15 (Bloomberg) -- Gold had its biggest gain in a month as the dollar fell against the euro on speculation reports today will show a slowdown in U.S. economic growth. Silver rose as much as 6.6 percent.
The U.S. Federal Reserve may say industrial production probably grew 0.2 percent in May, according to the median of 76 forecasts in a Bloomberg News survey of economists. That would follow a 0.8 percent April gain. A Labor Department report may also show jobless claims rose last week. Gold is rebounding from a three-month low, as the weakening dollar encouraged investors to buy precious metals as alternative investments.
``Gold is moving on the back of the dollar,'' said David Gornall, head of foreign exchange and bullion at Natexis Commodity Markets Ltd. in London. ``The correlation between the dollar and gold seems to be more important now.'' "

Tuesday, June 13, 2006

HUGE Gold Price Drop - economy/indicators: "Gold price drops by biggest margin ever

Gold lost its glitter today as its shares fell by its biggest margin since July 2004
June 13, 2006, 18:30

Gold lost its glitter today as its shares fell by its biggest margin since July 2004. At one stage the gold index, which is home to three of the top five gold producers in the world, fell by nearly 11% as the gold price dropped to below $600 an ounce.

But South Africa was not alone as world markets also suffered major losses due to fears that higher inflation and interest rates will smother economic growth. The timing could not have been worse. Over the last two days, the JSE hosted an exhibition promoting mining companies on the stock exchange. But a stronger US dollar spoilt the party. It has made gold more expensive, which leads to a lack of demand and a lower price. "

Monday, June 05, 2006

Gold Price Slide Over?

Gold May End 3-Week Slide on Speculation Dollar Will Decline
June 5 (Bloomberg) -- Gold may end its three-week slide on speculation the dollar will drop against the euro and yen, boosting the metal's appeal as an alternative investment to U.S. stocks and bonds.

Fifteen of 28 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on June 1 and June 2 advised buying gold, which fell 2.5 percent last week in New York. Five recommended selling, and eight were neutral.

Gold is up 24 percent this year as the dollar fell 7.7 percent against a basket of six major currencies. The Standard & Poor's 500 Index climbed 3.2 percent this year, and Treasuries have lost 1.6 percent. Traders say that U.S. Treasury Secretary nominee Henry Paulson will continue a Bush administration push for a weaker dollar.

``Investors are going to start realizing the U.S. is on a deliberate campaign to debase the dollar,'' said Peter Schiff, chief executive officer of Darien, Connecticut-based brokerage Euro Pacific Capital, which manages about $400 million. ``When the dollar comes under a lot of pressure, there's a very strong case for owning gold.'' "
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