Sign In

    Gold Markets Closed for Good Friday

    Last updated 2 days 19 hours ago

    Commentary for Friday, April 18, 2014  – Both financial and gold markets are closed today in observance of Good Friday. GoldDealer.com as well as the banks and post office are open and we expect very slow trading conditions at the store which is usually the case over this religious event.

    There was late news Thursday regarding platinum as two large mines (Anglo and Impala) have agreed to union demands for higher wages. The increases in miner’s pay will begin in 2017 and this breakthrough in negotiations will likely end the 13 week strike which shut down platinum mining in South Africa. This strike did not push platinum prices higher because there was enough existing stock but the question remains as to what will happen as platinum mining becomes less profitable, a claim which has already closed some marginal mining operations.

    (Kitco News) - Survey participants turned bearish toward gold prices for next week in the weekly Kitco News Gold Survey after a swift fall in values this week. Out of 33 participants, 21 responded this week. Seven see prices up, while 12 see prices down and two see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts. Last week, a majority of the survey participants said they looked for prices to rise this week. As of 11:45 a.m. EDT Friday, Comex gold for June delivery was down $20 for the week. Those who see weaker prices said after this week’s selloff, the market could see further losses. “April 15 has not been kind to gold each of the past two years. This year didn't produce a record volume day or a $140 decline as was the case in 2013, but it probably has put the nail in the coffin for gold's upside potential. I expect gold breaks the $1,280/75 support in the week ahead and appears poised for an eventual re-test of the $1,200 area,” said Ken Morrison, editor of online newsletter Morrison on the Markets. Those who see higher prices said they believe the break gold suffered this week was too much, too fast, so they expect to see price rebound. “Gold could inch up next week, but the market will be watching economic news out of China; anything that suggests the economy is slowly dramatically would be negative for gold.  The other major recent concern—that the Federal Reserve might tighten soon—has eased and continued to fade … with Chair (Janet) Yellen’s comments on keeping interest rates low for a long time,” said Adrian Day, chairman and chief executive officer, Adrian Day Asset Management.

    You can see from the above commentary that the experts continue to be split as to gold’s direction this coming week. Actually this market found its legs early in the year but failed to perform because the higher ground was not reached for the right reasons.

    Gold expert Brien Lundin, (Gold Newsletter) makes this point nicely: “Western speculators began buying gold when the new year dawned, increased their buying when economic data started to weaken and then surged into the market en masse when Putin invaded Crimea. Then they left... leaving gold to fall back to where it began, and gold bulls to wonder what will drive the market from here. When you live by the sword, you must be prepared to die by the sword. That's the advice I gave to our Alert readers recently, as the crisis in Crimea cooled and the Fed Chair Janet Yellen mistakenly moved up the ETA for rate hikes -- two developments that sent Western speculators running from gold. They weren't in gold for long, or for the right reasons. Some had begun to "buy" just as the calendar turned to 2014, as they closed out the short trades that had handed them such rich paper profits in 2013. Others jumped on the trade as the price began to recover, thanks to the aforementioned short covering as well as renewed physical demand from China. In a self-fulfilling manner, the added buying improved the chart picture for gold and silver, which in turn attracted more trend-following speculators. In fact, up until the Crimean "election," we were witnessing a rare and fascinating event in the global market: both Western speculators and Eastern savers buying gold at the same time, albeit for entirely different reasons. Since 2001, we've seen such concerted buying episodes a few times, and each instance led to very powerful price gains in gold. So it was not surprising to see gold post very consistent gains through early march, culminating in a peak of around $1,385 on March 14 -- not coincidentally before the Sunday vote in the Crimea. Which brings us to the (sharp and painful) point: Western speculators were buying gold as a supposed "safe haven" as Russian infantrymen goose-stepped their way into Crimea. In truth, they were doing no such thing; they were buying gold because they expected others to buy gold afterward and therefore drive up the price. It was pure speculation, and nothing more. There is no logical reason why a Russian invasion of Crimea should translate into a higher gold price, unless you somehow deduced that the event would cause the Federal Reserve and the European Central Bank to start printing fiat currency even more rapidly than they already were.”

    The walk-in cash and phone trade today was quiet because of the Easter observance.  

    The GoldDealer.com Activity Scale is a “4” for Friday. The CNI Activity Scale takes into consideration volume and the hedge book: (Monday – 5) (Tuesday – 5) (Wednesday – 9) (Thursday – 4). The scale (1 through 10) is a reliable way to understand our volume numbers.

    Live pricing on the site moves all bullion products up or down during the day. The Bullion Products link on the home page now includes our Bid (blue) and Ask (green) prices. Premium quotes vary with product and look like this - “spot plus $15.00” or “spot plus $50.00” and bullion products list them under the live prices on their respective landing pages.

    This makes product comparison simple and GoldDealer.com is the only precious metal site on the internet with this transparency. Live Chat is doing well and new customers like setting up their own encrypted accounts. We recommend upgrading old browsers to Google Chrome (free/secure) especially as our site becomes more advanced.

    Sign up for our daily Gold Newsletter on the Gold Newsletter page if you are so inclined. Also note that our old Specials Email list is not compatible with the new format so we have cleared all data.

    If you want to be notified about specials please check the appropriate box on the site. Also note that the email list for the Gold Newsletter and our Specials List are separate.

    Email confirmation using a PDF File when buying or selling is functional and includes payment instructions. You can now see the actual invoice or purchase order on your computer screen.

    When you buy or sell please check to see if we have your current email on file and that your computer will accept our email (no spam).       

    Our four flat screens downstairs with live independent pricing (BullionDesk.com) are a big hit with the cash trade. This live stream moves all buy/sell prices so the cash buying or selling public can see the markets move on a real time basis. Our site uses the same pricing model so no more guessing.

    Our best price guarantee (buying or selling) remains famous so call Kenny (1-800-225-7531) and get more money in your pocket. We guarantee your satisfaction and include our No-Nonsense Policy (NNP) which clients consider a welcomed extra. Like us on Facebook and follow us on Twitter @CNI_golddealer. Thanks for reading and enjoy your weekend.

    Thank you Harry Johnson for a pleasurable experience.

    Last updated 2 days 21 hours ago

    • on GoldDealer Review
    • Thank you (Harry Johnson) for a pleasurable experience. Recently I purchased silver bullion from GoldDealer (CNI) and the transaction was 2 thumbs up. First, the cost was right on or less than other dealers. Second and really more important to me was the communication from initial purchase to delivery. Most times when I make a large purchase... More

      N/A

    Gold Closes Lower Testing Technical Support into Easter

    Last updated 3 days ago

    Commentary for Thursday, April 16, 2014 (www.golddealer.com) – Gold closed down $9.70 in follow through selling at $1293.40. Actually trading was quiet most of the day trading around the familiar $1300.00 level but a late bear market raid pushed prices below gold’s 200 day moving average ($1298.00).

    I would not read too much into this further weakness as gold continues to feel around current levels because the gold market is closed tomorrow (Friday) for Easter. On this short trading week gold was down $25.00 and remains primarily defensive.

    We will be open tomorrow (Good Friday) along with the banks and post office and expect very little action one way or the other because the metals and equities markets are closed. 

    The US claims serious consequences for Russia for incursion into Eastern Ukraine. This is a hollow comment from the US and allies who already have plenty on their plate. This entire mess continues to be ignored by traders along with a dollar index below 80.

    Silver closed down $0.04 at $19.58.

    Platinum was off $9.00 at $1428.00 and palladium was up $5.00 at $807.00.   

    (Kitco News) - Manufacturers in the Philadelphia area said business conditions improved massively in April, according to a report released Thursday. The index for current activity in the Philadelphia Federal Reserve's manufacturing business outlook survey rose to 16.6 from March’s reading of 9.0. According to media reports, economists were expecting the survey to show a reading between 9.6 and 8.6. According to the report, April's reading was the highest since September 2013. "The index has now increased for two consecutive months, following the weather-influenced negative reading in February," the report said. "The April Business Outlook Survey suggests that activity in the region’s manufacturing sector continued on a path of growth this month."

    This is another sign of better US economic activity which will encourage the Fed’s tapering program and pressure gold prices over the short to medium term.

    There is however a great deal of conflicting information regarding our economic recovery like the stagnation in new job creation and the whittling away of our middle class. But encouraging the Federal Reserve is the notion that they have created a huge fiat money system and for the present have gotten away with a dangerous gamble.  

    From Sharps Pixley regarding recent weakness in gold: China Data Led the Gold Sell-off - More evidences of China slowdown came when China reported that the March M2 growth has slowed to 12.1%, below the central bank's target of 13%. The aggregate social financing in Q1 has also dropped 9.3% compared to Q1 last year although during the month of March the gauge has risen 120%. China's Q1 growth slowed to 7.4% compared to the expected 7.3% and 7.7% in Q4. In the U.S., the March Advance Retail Sales jumped more than expected by 1.1% compared to 0.3% in February. The CPI and the core inflation, led by food and rent, rose more than anticipated by 0.2% in March. CPI rose 1.5% year-on-year, faster than February's yearly rate of 1.1%. Rising inflation removes the fear that the U.S. is falling into deflation and allows the Fed to continue to taper. Physical Demand Trend - While the market has focused on China's slowdown and her smaller appetite to take up gold so far this year compared to last year, the Chinese demand for gold will likely rise by 19% by 2017 according to the World Gold Council (WGC). China has become the world's largest consumer of gold last year and is currently consuming around 1,130 tonnes of gold. However, the Chinese gold demand will likely be flat in 2014 while the gold-backed financing will decline as the central bank reins in the credit and trust loans growth. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about $300bn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.

    I read Ambrose Evans-Pritchard (The Telegraph) on a regular basis and his latest posting is worth a thought. Budget 2014: Britain’s false recovery is a credit mirage, unlike real recovery in the US – He basically bashes the Brits for poor planning but halfway through the commentary he says: “But what has he done about it? It is rich for the Coalition to pivot now towards manufacturing and exports, four years into its term. Historians will ask whether Mr Osborne wasted his chance to wean the economy off shopping malls, relying for too long on the old formula of easy credit to flatter the figures. Britain has at least avoided the trap of mass unemployment blighting half of Europe. The jobless rate has fallen to 7.2pc. It is 12pc in the eurozone.”

    This last sentence is stunning when seen within the American context of an “improving” European economy. The read on this side of the water is that the European Union is getting much better and advocates cite things like the drop in bond rates for such places as Greece and Spain. Fair enough but let’s pose a question or perhaps even a theory. Suppose the US begins to struggle with the same credit mirage? Ambrose does go out of his way to say the US recovery is different but suppose it is not and the lagging jobs number becomes the new “normal”. Not out of the question even by CNBC standards and some academics believe the new QE might just be ineffective when it comes to pushing the current jobs number lower. At any rate the idea that England might be hanging over an economic cliff and Europe might be right behind her is scary. This high-wire act supports the “continued fiat money theory” and may yet be another prime gold mover just when the rumors of European bank failures have faded away.

    From Quartz (Lily Kueo/Sharps Pixley) – China – How Marriage is keeping gold’s prospects bright in China - Reuters/John Woo Last year, Chinese families bought 669 tonnes of gold jewelry, about 40% of which was related to weddings, according to a new report by the World Gold Council. Parents on either side of a betrothed couple give the couple jewelry–often a three-piece set of a necklace, pendant and bracelet, what jewelry stores call jiehun san jin, literally “marriage, three gold”—to represent the passing of blessing from the elder generation to the younger. This is even more the case in rural or third and fourth-tier cities where traditions are stronger. “Yellow means rich and abundant… non-destructible. It’s a blessing that is passed on,” Albert Cheng, the World Gold Council’s Asia head tells Quartz. According to government data, the total number of marriages in China has grown 60% over the last decade to reach about 13.2 million as of the end of 2012—one reason why jewelry now accounts for over half of all private consumption of gold in China. As China’s middle class has grown, so has the amount families are spending on weddings. World Gold Council - Gold, once reserved only for the wealthiest families is quickly becoming a major part of China’s mainstream consumer culture. Average middle-class Chinese can afford to shell out $100 or $200 for small accessories. Gold pendants and other gold accessories are also increasingly being given for Valentine’s Day, as well as Mother’s Day and to celebrate the birth of a new child. The amount that Chinese families are spending on gold jewelry has almost risen almost six-fold since 2004, according to the World Gold Council report. Cheng expects jewelry demand to increase another 17% to 780 tonnes by 2017. Total private sector demand should reach 1,350 tonnes by then, which could account for as much as 30% to 35% of global demand, according to Cheng. World Gold Council - While weddings are propping up gold prices for now, in the long run that’s could change because China’s population of the young and marriageable is shrinking. The United Nations forecasts that the number of those between the ages of 15-59 will shrink to 908 million (pdf, p. 20-21) in 2025, from 938 million in 2015. But that effect on consumption won’t be felt until the 2020s, the World Gold Council says, at which point increased consumer spending overall might make up the make up for the difference.

    The walk-in cash trade and phones today moved from moderately quiet to very busy which is not typical of the Easter week. At any rate our big activity number yesterday (9) was just that…a big volume day for buying and selling but not a trend. Too bad, I was hoping for something more to whistle about considering how rocky stocks have been.   

    The GoldDealer.com Activity Scale is a “4” for Thursday. The CNI Activity Scale takes into consideration volume and the hedge book: (last Friday – 3) (Monday – 5) (Tuesday – 5) (Wednesday – 9). The scale (1 through 10) is a reliable way to understand our volume numbers.

    On the new GoldDealer.com site: Comex closing prices are posted on the home page and individual product landing pages. Live pricing on the site moves all bullion products up or down during the day.

    We reworked the All Bullion Products link on the home page. It now includes our Bid (blue) and Ask (green) prices. Premium quotes vary with product and look like this - “spot plus $15.00” or “spot plus $50.00” and bullion products list them under the live prices on their respective landing pages.

    This makes product comparison simple and GoldDealer.com is the only precious metal site on the internet with this transparency. Live Chat is doing well and new customers like setting up their own encrypted accounts. We recommend upgrading old browsers to Google Chrome (free/secure) especially as our site becomes more advanced.

    Sign up for our daily Gold Newsletter on the Gold Newsletter page if you are so inclined. Also note that our old Specials Email list is not compatible with the new format so we have cleared all data.

    If you want to be notified about specials please check the appropriate box on the site. Also note that the email list for the Gold Newsletter and our Specials List are separate.

    Email confirmation using a PDF File when buying or selling is functional and includes payment instructions. You can now see the actual invoice or purchase order on your computer screen.

    When you buy or sell please check to see if we have your current email on file and that your computer will accept our email (no spam).       

    Our four flat screens downstairs with live independent pricing (BullionDesk.com) are a big hit with the cash trade. This live stream moves all buy/sell prices so the cash buying or selling public can see the markets move on a real time basis. Our site uses the same pricing model so no more guessing.

    Our best price guarantee (buying or selling) remains famous so call Kenny (1-800-225-7531) and get more money in your pocket. We guarantee your satisfaction and include our No-Nonsense Policy (NNP) which clients consider a welcomed extra. Like us on Facebook and follow us on Twitter @CNI_golddealer. Thanks for reading and enjoy your evening.  

    Tips for Helping Your Kids Start a Coin Collection

    Last updated 3 days ago

    Collections of all sorts can be fun for kids, and coin collections offer unique lessons and opportunities. Collecting coins can be educational, affordable, and even profitable. If you would like to give your child a fun hobby that could lead to a lifelong interest and lay the groundwork for a fruitful investment portfolio, the following tips can help you get started.

    Buy a Book

    One of the first steps to take is education. Purchase an easy-to-read book for your child that explains the history of coins and how they are made. Many books are available that teach kids fun facts about coins and offer elementary lessons on coin collecting as a hobby.

    Start with Low-Cost Coins

    Before you know how interested your child will be in coin collecting, you may want to start with low-cost coins that allow him or her to build up a large collection that is fun to look at and learn about. U.S. coins are a great place to start, because you can still find obscure and interesting samples in circulation. You can also check out bargain bins at local coin shops.

    Teach Coin Care Basics

    Even if you are only dealing with common coins such as state quarters, you should teach your child how to handle coins in a way that best preserves the value. Using clean hands or gloves, only touching the edges, and placing coins on soft surfaces are habits that should be developed before your child moves on to collecting rare and valuable coins.

    When your son or daughter is ready to advance from Buffalo nickels and foreign pennies to rare coins and investment pieces, contact the team at California Numismatic Investments. We are one of the nation’s largest dealers of precious metals and have 30 years of experience. Call today to learn about our top-notch grading and free appraisals.

    Gold Sees a Modest Rebound from Tuesday's Loss

    Last updated 4 days ago

    Commentary for Wednesday, April 16, 2014 - Gold closed today up $3.10 at $1303.10 in a modest rebound from yesterday’s loss of $27.20.

    The overnight Hong Kong and London market for gold remains stable around $1300.00. There was also some follow through buying which appeared from $1290.00 lows so some short-term bounce but the recovery should be looked at with suspicion. The established upturn trend which put the bulls in control from early January through March has broken down and gold’s fall from grace began when it failed the $1400.00 test mid-March. The reason I am cautious is that $100.00 loss should have produced more buzz in the physical ranks and the recent bounce back is a bit on the feeble side.

    The problems with the Russian/Ukraine situation should be worth $50.00 easy in the price of gold but traders continue to ignore a situation which could deteriorate overnight. The CPI numbers steadily move higher – no gold reaction – even the stock market watches bond prices expecting recession and gold continues to sleep.

    NATO announced an increased presence in Ukraine and the Baltic this in response to the 40,000 Russian troops on the eastern border of Ukraine. NATO will have planes and ships in the area. US industrial production up 2.7% which is another plus for US economy. The CPI up 0.2% in March with a year on year increase of 1.5% but so far the inflationary fears have not been fanned.

    A number of Federal Reserve dignitaries will be speaking today so perhaps some buzz could develop in the QE guessing game but for now gold remains sleepy. Fed Chair Yellen is steady in her views and cautious – “Expectations for a pick-up in growth have been dashed several times.” And she reiterates the Fed’s commitment to the talked about 2% inflation rate. She also seems willing to deal with inequality in the labor force and deflects any predetermined course in quantitative easing. This reinforces the status quo and allows breathing room for gold.  

    Watch gold for short-term direction but don’t expect a monster move either way – there is too much news which might produce more gold collateral damage. Like I said yesterday markets will be dominated by the paper trade looking for short-term profits so volatility will prevail but nothing big.

    Of course there is the always handy “blow-up” scenario which seems to be popular with physical gold writers today. Nothing is going to blow up in the short-term so this kind of commentary is just theater created by telemarketers who take advantage of the uninformed. The biggest profit center in the bullion production business today is the “so-called” limited production coins. These can be good because they create new interest but premiums must remain low. Avoid “special production” runs of silver coins which trade for big premiums and are sold as rare. These obscure silver coins sometimes with odd silver weights (1.5 oz) are made to order by the phone clowns who live to make sure the money in your bank account moves to their bank account. Always figure weight and be stingy when it comes to premiums.

    Allen Sykora (Kitco) - UBS: Physical Gold Buyers Perk Up But Still 'Tentative' At Lower Prices - Lower gold prices have “caught the attention” of participants in physical markets, but buyers “seem tentative to participate in size for now” despite recent dips below $1,300 an ounce, says UBS. “In India, lower gold prices over the next two weeks come at an opportune time in light of the approaching important Akshaya Tritiya festival, but any pick-up there would remain subject to the current supply constraints,” UBS says. Indian authorities last year imposed restrictions on Indian gold imports due to the current account deficit. “In China, it would take a larger dip in global gold prices for physical buyers to become fully interested – at current price levels, gold priced in CNY is still around end-February levels, when demand started to tail off and SGE (Shanghai Gold Exchange) prices moved into a discount. With the help of a weaker currency, local gold prices in China are still more than 10% more expensive than price levels at the beginning of the year.” Stronger-than-expected buying in January and February followed by slower demand in March could mean that the Chinese market still has ample stocks to work through, UBS adds.

    The walk-in cash trade was better than average today and the phones were busy most of the day. But the most amazing metric for us today is the Activity Scale. We came in at a whopping 9 the largest number since we began keeping score. It does not seem that busy so I checked and sure enough the number came up 9.

    What caused this oversized jump is also interesting: (1) a big jump in silver sales including whale like buys of JM 100 oz silver bars by known silver players. (2) More silver bullion sales including multiple 90% silver bags. (3) Multiple 50 oz or larger gold bullion sales. (4) Multiple Monster Box sales of the new Canadian Silver Falcon 1 oz.

    What might be more interesting is the number we see for Thursday. If we drop back this was just a one day occurrence based on cheaper prices, but if the number remains high it will mean the public is back.     

    The GoldDealer.com Activity Scale is a “9” for Wednesday. The CNI Activity Scale takes into consideration volume and the hedge book: (last Thursday – 3) (last Friday – 3) (Monday – 5) (Tuesday – 5). The scale (1 through 10) is a reliable way to understand our volume numbers.

    On the new GoldDealer.com site: Comex closing prices are posted on the home page and individual product landing pages. Live pricing on the site moves all bullion products up or down during the day.

    We reworked the All Bullion Products link on the home page. It now includes our Bid (blue) and Ask (green) prices. Premium quotes vary with product and look like this - “spot plus $15.00” or “spot plus $50.00” and bullion products list them under the live prices on their respective landing pages.

    This makes product comparison simple and GoldDealer.com is the only precious metal site on the internet with this transparency. Live Chat is doing well and new customers like setting up their own encrypted accounts. We recommend upgrading old browsers to Google Chrome (free/secure) especially as our site becomes more advanced.

    Sign up for our daily Gold Newsletter on the Gold Newsletter page if you are so inclined. Also note that our old Specials Email list is not compatible with the new format so we have cleared all data.

    If you want to be notified about specials please check the appropriate box on the site. Also note that the email list for the Gold Newsletter and our Specials List are separate.

    Email confirmation using a PDF File when buying or selling is functional and includes payment instructions. You can now see the actual invoice or purchase order on your computer screen.

    When you buy or sell please check to see if we have your current email on file and that your computer will accept our email (no spam).       

    Our four flat screens downstairs with live independent pricing (BullionDesk) are a big hit with the cash trade. This live stream moves all buy/sell prices so the cash buying or selling public can see the markets move on a real time basis. Our site uses the same pricing model so no more guessing.

    Our best price guarantee (buying precious metals or selling precious metals) remains famous so call Kenny (1-800-225-7531) and get more money in your pocket. We guarantee your satisfaction and include our No-Nonsense Policy (NNP) which clients consider a welcomed extra. Like us on Facebook and follow us on Twitter @CNI_golddealer. Thanks for reading and enjoy your evening.

Follow Me on Pinterest
Do you like Gold and Silver Bullion Dealers - CNI?


  • Hours:

  • Closed Sunday
  • 9:00 AM to 5:00 PM Monday
  • 9:00 AM to 5:00 PM Tuesday
  • 9:00 AM to 5:00 PM Wednesday
  • 9:00 AM to 5:00 PM Thursday
  • 9:00 AM to 5:00 PM Friday
  • Closed Saturday


Links

  • Recent Posts
    • Loading posts... Spinner
  • View All
  • Recent Comments
    • Loading comments... Spinner
  • Popular Tags
    • Loading tags... Spinner