Commentary for Friday Sept 27, 2013 (www.golddealer.com) – Gold closed up $14.80 at a respectable $1338.40 today. It actually traded as high as $1345.00 so right at its 50 and 100 day moving average but the week in general lacked conviction (up $6.00). On a more optimistic note the $1340.00…
Commentary for Thursday Sept 26, 2013 (www.golddealer.com) – Gold closed down $12.30 today at $1323.60 still within its most recent trading range. The dollar was marginally stronger but some dollar traders feel we will soon test recent lows. I don’t know about that but technically short term it looks weaker.…
While stock brokers may tell you that certain companies are poised to do well and offer you the opportunity to double or triple your initial capital, the truth is that the market and the world economy are extremely unpredictable, so there are no guarantees. The price of gold is also…
Commentary for Friday Sept 20, 2013 (www.golddealer.com) Gold gave up $36.90 of yesterday’s big gain ($61.60) to settle at $1332.50 into the weekend. This lack of follow through was probably technical in nature and reinforced when gold moved below its 50 day moving average ($1341.00). On a fundamental note India’s…
Commentary for Thursday Sept 19, 2013 (www.golddealer.com) – Gold closed up a big $61.60 today at $1369.40 confirming yesterday’s higher after market which reacted positively to Bernanke’s no taper call. Of course traders expected some modification in the massive bond buying program and when the Fed Chairman confirmed he was…
Commentary for Wednesday Sept 18, 2013 (www.golddealer.com) – Gold closed down $1.70 at $1307.80 before the news release from Federal Reserve Chairman Bernanke (FOMC) regarding the fate of his quantitative easing program ($85 Billion/Month). Gold was defensive in early trading moving as low as $1280.00 in anticipation of a change…
Although it is always relatively stable, the price of gold on any given day is determined by a complex interaction of supply and demand factors. If all the gold currently circulating in the world were melted down and pressed into a cube, it would barely measure 60 feet on a…
Gold Closed Lower Waiting for FOMC Direction – Commentary for Tuesday Sept 17, 2013 (www.golddealer.com) – Gold closed down $8.40 at $1309.50 in thin trading waiting for more information coming out of the Federal Open Market Committee meeting Wednesday. A modest taper of the $85 billion per month used to support…
Commentary for Monday Sept 16, 2013 (www.golddealer.com) – Gold moved up $9.50 in a short covering bounce to close at $1317.90 but the session was uninspired after last week’s $78.00 loss. The dollar has been generally weaker these last 5 trading days so there is a discount as oil settles.…
Commentary for Friday Sept 13, 2013 (www.golddealer.com) – Gold closed lower again today down $22.00 at $1308.40 which makes for a loss of $78.00 on the week. Which presents a conundrum when you consider the PPI for August represents a nearly 4% inflation rate and add that retail sales came…