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Gold Up 2.5%, Silver Surges 7% In Week as Bond Market Quakes
Today’s AM LBMA Gold Price was USD 1,216.30, EUR 1,071.23 and GBP 772.95 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,214.75, EUR 1,063.59 and GBP 768.91 per ounce.
This week, gold and silver are 2.5 and 7 per cent higher respectively and indeed gold and silver has seen gains in all major currencies.
Gold consolidated on Wednesday’s strong gains yesterday and rose $7.00 or 0.58 percent to $1,221.80 an ounce, and silver climbed another $0.32 or 1.87 percent to $17.43 an ounce.
Gold in Singapore near the end of day trading was steady at $1,220.70 an ounce. Gold hovered near a 3 month high today and looks on track for its largest weekly gain in four months as economic data point to a sluggish U.S. economy and a likely delay in the U.S. Fed's interest rate hike.
The weekly gains in all major currencies and the strong move through the resistance at the 100 day and the 200 day moving averages (sma) is bullish technically and bodes well for next week.
Gold surged through its 100-day moving average at $1,210 per ounce like a knife through butter on Wednesday after it rallied sharply on the poor retail sales. The 100 day moving average was a level it hasn't managed to convincingly break above since mid February. Gold continued its gains and then rose above the 200 day sma at $1,218.50 and it closed above that level again yesterday at $1,221.80 per ounce.
Premiums in Asia have pulled back a bit but are still selling above the global benchmark rate by $1 an ounce. All the data shows that demand in China and India remains very robust.
India, the world's biggest gold consumer, has imported 60 tonnes of bullion in the first two weeks of May alone, Bloomberg TV reported on Friday quoting India’s Revenue Secretary, Shaktikanta Das.
The country imported a very robust 111 tonnes in April as it celebrated the key Akshaya Tritiya festival, when it is considered auspicious to buy gold, the channel reported, quoting Das.
Global gold demand eased 1 percent in the first quarter, the WGC have reported as a drop in Chinese jewellery demand narrowly outweighed a recovery in Indian buying and Western appetite for bullion-backed funds.
India's total gold demand rose 15 percent to 192 tonnes in the first quarter, WGC's quarterly demand report showed.
Silver’s nearly 7 per cent gains means that it is set for its biggest weekly gain in two months. Platinum is on track for a third consecutive weekly gain, but palladium looks to have a weekly decline.
In late European trading gold is down 0.37 percent at $1,216.46 an ounce. Silver is off 1.20 percent at $17.29 an ounce and platinum is down 0.41 percent at $1,154.00 an ounce.
The yellow metal is being supported by jittery bond markets, rising bond yields and dollar weakness this week.
Recent economic data, including the retail sales number Wednesday, has been negative. This is contributing to volatility in bond markets and some selling pressure in equity markets.
There are increasing concerns about the economic outlook globally and rumblings in the bond market are a harbinger of market volatility and potentially stock and bond market crashes in the coming months.
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Some people say every USA citizen should have in his position at least one silver USA dollar. How could that hurt? Call it your "lucky dollar" and keep it in your pocket sometimes, to remind you that "CONGRESS shall COIN the MONEY".
The only way this paradigm changes radically is when there is too much physical demand for little or no supply.
Until then, this charade continues.
It will take a significant loss of confidence to get people (particularly old, financially-comfortable men) to actually buy metal at 4x, 7x, 12x the price that has been paid regularly for the last 30-40 years (with 2010-2011 being a slight exception).
Meaning that supply will have to be extremely tight, and demand very high, with high volume trade of physical metal, so that investors or traders can be confident that higher prices will retain a quick turnover on investment if need be.
Obviously the markets do not reflect fair price. It seems reasonable to see silver in a $50 to $80/oz price range, depending also on international currency rates. But that's fairly priced, and nothing electronically-traded is a fair market any more.
Kill the paper markets and multiply current valuations of actual tangible physical PM's by a factor of 10 (at the least).
Fuck Wall Street, equity casinos, and Central Banks and Banksters - to Hell and back on a bumpy rail.
Dr. Mark Faber likes gold.
Technically, nothing has changed. As per the Dow Theory (which may be applied to paper gold and silver) the primary trend is bullish and the secondary trend is bearish (secondary reaction against the primary bull market), as explained here:
http://www.dowtheoryinvestment.com/2015/05/dow-theory-update-for-may-13-...
and more in detail here (the technical condition by the end of March 2015 has not changed:
http://www.dowtheoryinvestment.com/2015/03/dow-theory-update-for-march-2...
Rock and Roll, Fight Club!
I for one am worth my weight in silver.
If silver is worth $100/ounce, then a 150-pound man who is worth his weight in silver is worth $240,000. :-)
Why is it, when silver and gold are pounded daily, with prices below where they "should" (according to whom) be, they are being "manipulated", but when (per the author of this useless screed) "There are increasing concerns about the economic outlook globally and rumblings in the bond market are a harbinger of market volatility and potentially stock and bond market crashes in the coming months.", the manipulators suddenly fail?
Bogus.
Yep. I pay no attention to commentator's words anymore. Those words, to me, are like religion. You decide what you want to believe, and then you read that into your Bible, Koran, Torah, or whatever, and then say, "See? It is written!"
But I think that, for many years, a silver dollar was a fair day's pay for a hard day of labor. By that standard, it seems that silver and gold might be underpriced right now. Maybe way underpriced. But with all those derivatives out there these days, maybe it can be underpriced to infinity and beyond! Or maybe not.... :-)
"India, the world's biggest gold consumer, has imported 60 tonnes of bullion in the first two weeks of May alone" Bollywood is now richer than Hollywood!
Jolly would Bollywood be. :-)
Californians may end up like Roman Emperor Caligula, opening treasure chests filled with seashells, and waiting for everyone to pretend the seashells were gold and precious gems. "All that glitters is not gold."
Gold Siver own them or be prepared for the hell of hyperfushhhhhh.
I guess those bric haid dummies in the new paradigm oughta know
Gold is for dummies, in the new paradigm.
And I suppose the 'smart' ones are buying overvalued shares, in the new paradigm.
Dude you have been a member here for 2 days. Stfu and let the adults talk and btw...ya don't need a comma for such a complex sentence.
Meet the new paradigm- same as the old paradigm.
Technically, nominally he is correct.
Howsomever..
"A truth's initial commotion is directly proportional to how deeply the lie was believed. When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker, a lunatic." -- Dresden James
(It appears this Dresden James guy must hang in the same places Satoshi Nakamoto does.)
Don't take this wrong.. I do not support the dummy assertion, rather the contrary whereas the traditionalists are made to appear stark, raving mad and dumber than a bag of rocks.
Membership duration means fuck all. Anybody who's anybody here has been banned at least twice.
Ha! I was banned once only I think.
LOL true story banned twice since 2009
Let me guess - for placing scatological comments under a Phoenix Crapital Research piece?
Gee maybe he left off the sarc tag but who the fuck are YOU to tell him what to do? Grammar nazi... This is fight club so he gets a say regardless and if you don't like it stick to your RT board dipshit.
As you tell lunaticfringe what to do... LOL!
I don't see any new paradigms. I see the same old desperation and collapse that takes place in any failing currency system.
Yes, but then again paper gold/commodities have never held any real value.
Paper is easier to play with and store. Of course there is that small existence problem with real metal....
Don't start nagging about details, huh .... a COMEX leverage of 100/1 paper/physical gold is perfectly "sustainable".
Please explain. As you may have seen Ray Dalio disagrees, and I don't think he is a dummy. I am only at about 7% in PM's but still acquiring.
For anyone else that is buying, I use this free program to help me buy dips. It works great, is more aggressive than dollar cost averaging and is worry free.