Commentary for Wednesday, July 31, 2013 (www.golddealer.com) – Gold closed down $11.60 at $1312.40 ahead of the Federal Reserve comments about quantitative easing. Fed comments have sometimes created an immediate negative reaction in the price of gold and today the market moved as low as $1308.00 before recovering. And even…
Commentary for Tuesday, July 30, 2013 – Gold moved lower by $4.40 today closing at $1324.00 marking time and awaiting further information from the Tuesday and Wednesday meeting of the FOMC (Federal Open Market Committee). Traders will be watching for any hint of Federal Reserve policy changes but nothing in…
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Commentary for Monday, July 29, 2013 – Gold closed only marginally higher today up $6.20 at $1328.42 against a 5 day drop in the dollar of more than a point. Trading was quiet and really an extension of last week’s lethargic action while still holding above the important $1300.00 mark. This…
Commentary for Friday, July 26, 2013 – Gold closed down $7.30 at $1321.70 so weaker on the day but recovering from session lows of $1311.00. On the week gold was up a mere $28.00 which does mark the third week of higher prices but I expected more from a market that…
If you’re looking for secure wealth, think gold. Most gold investors don’t keep their wealth in gold rings and jewelry, but rather in gold bullion. Gold bullion refers to gold bars and gold coins. The value of bullion varies depending on weight, purity, and, in the case of coins, rarity.…
Commentary for Thursday, July 25, 2013 – Gold closed slightly higher today up $9.10 at $1329.00 in quiet trading and I think this bounce is just technical but does support the notion that we might be entering bottom territory. Initial jobless claims were up 7,000 which is discouraging and the…
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Commentary for Wednesday, July 24, 2013 – Gold finally closed down $15.20 on the day at $1319.90 basically reacting to a stronger dollar and weaker oil. Stronger new home sales helped the dollar move higher by 0.4% today. The exchange traded gold funds (ETF) are still losing product: GLD is now…
Commentary for Tuesday, July 23, 2013 – Gold was down mildly off $1.30 at $1335.10 and so experienced some psychological letdown after the big move to the upside of more than $40.00 yesterday. Everyone was banking on perhaps a large follow through supported by increased Asian gold buying…but it did not…