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Gold Up 2.5%, Silver Surges 7% In Week as Bond Market Quakes

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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 in USD - 1 Week
Gold in USD - 1 Week

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.

Gold in GBP - 1 Week
Gold in GBP - 1 Week

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.

Gold in EUR - 1 Week
Gold in EUR - 1 Week

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.

Breaking News and Research Here

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Sat, 05/16/2015 - 08:18 | 6100052 TheGreatRecovery
TheGreatRecovery's picture

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".

Sat, 05/16/2015 - 08:18 | 6100050 Sheikh Djibouti
Sheikh Djibouti's picture

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.

Fri, 05/15/2015 - 23:09 | 6099587 ebworthen
ebworthen's picture

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.

Fri, 05/15/2015 - 20:35 | 6099282 TheGreatRecovery
TheGreatRecovery's picture

Dr. Mark Faber likes gold.

Fri, 05/15/2015 - 16:54 | 6098702 DowTheorist
DowTheorist's picture

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...

 

Fri, 05/15/2015 - 16:34 | 6098652 Majic
Majic's picture

Rock and Roll, Fight Club!

Fri, 05/15/2015 - 12:41 | 6097690 Longarm
Longarm's picture

I for one am worth my weight in silver.

Fri, 05/15/2015 - 20:47 | 6099309 TheGreatRecovery
TheGreatRecovery's picture

If silver is worth $100/ounce, then a 150-pound man who is worth his weight in silver is worth $240,000.   :-)

Fri, 05/15/2015 - 15:23 | 6098338 GoldSilverDoc
GoldSilverDoc's picture

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. 

Fri, 05/15/2015 - 20:41 | 6099294 TheGreatRecovery
TheGreatRecovery's picture

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....  :-)

Fri, 05/15/2015 - 12:26 | 6097630 One_Two_Trade
One_Two_Trade's picture

"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!

Sat, 05/16/2015 - 08:20 | 6099300 TheGreatRecovery
TheGreatRecovery's picture

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."

Fri, 05/15/2015 - 11:40 | 6097447 Fukushima Fricassee
Fukushima Fricassee's picture

Gold Siver own them or be prepared for the hell of hyperfushhhhhh.

Fri, 05/15/2015 - 10:41 | 6097156 Lazane
Lazane's picture

I guess those bric haid dummies in the new paradigm oughta know

Fri, 05/15/2015 - 10:12 | 6097022 Dumgoy
Dumgoy's picture

Gold is for dummies, in the new paradigm.

Sat, 05/16/2015 - 05:49 | 6099921 dumdum
dumdum's picture

 

 

And I suppose the 'smart' ones are buying overvalued shares, in the new paradigm.

Fri, 05/15/2015 - 12:35 | 6097672 lunaticfringe
lunaticfringe's picture

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.

Fri, 05/15/2015 - 20:43 | 6099290 Manthong
Manthong's picture

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.

 

Fri, 05/15/2015 - 14:41 | 6098163 CarpetShag
CarpetShag's picture

Membership duration means fuck all. Anybody who's anybody here has been banned at least twice.

Sat, 05/16/2015 - 09:27 | 6100152 Seize Mars
Seize Mars's picture

Ha! I was banned once only I think.

Fri, 05/15/2015 - 15:36 | 6098394 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

LOL true story banned twice since 2009

Fri, 05/15/2015 - 16:40 | 6098667 CarpetShag
CarpetShag's picture

Let me guess - for placing scatological comments under a Phoenix Crapital Research piece?

Fri, 05/15/2015 - 13:16 | 6097830 Winston of Oceania
Winston of Oceania's picture

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.

Fri, 05/15/2015 - 13:59 | 6097996 Creepy A. Cracker
Creepy A. Cracker's picture

As you tell lunaticfringe what to do...  LOL!

Fri, 05/15/2015 - 11:18 | 6097357 Quinvarius
Quinvarius's picture

I don't see any new paradigms. I see the same old desperation and collapse that takes place in any failing currency system.

Fri, 05/15/2015 - 10:53 | 6097214 LawsofPhysics
LawsofPhysics's picture

Yes, but then again paper gold/commodities have never held any real value.

Fri, 05/15/2015 - 11:12 | 6097323 KnuckleDragger-X
KnuckleDragger-X's picture

Paper is easier to play with and store. Of course there is that small existence problem with real metal....

Fri, 05/15/2015 - 11:33 | 6097423 hendrik1730
hendrik1730's picture

Don't start nagging about details, huh .... a COMEX leverage of 100/1 paper/physical gold is perfectly "sustainable".

Fri, 05/15/2015 - 10:49 | 6097187 Captain Debtcrash
Captain Debtcrash's picture

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.

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