Gold - March 16, 2008 +

[Laidback Al]

With spot gold prices closing at record highs it is appropriate to start a new Gold thread here at FluTrackers.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>
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On Feb 10, 2006, when the first Gold thread was started spot gold traded at day's end at $570.20 an ounce. http://www.flutrackers.com/forum/showthread.php?t=144
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On Feb 7, 2007, when the second Gold thread was started, spot gold closed that day at $657.70 an ounce. http://www.flutrackers.com/forum/showthread.php?t=16318<o></o>
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With spot gold closing over $1002 an ounce last Friday, March 14th, it is a strong reminder that pandemic preparation involves more than just stockpiling food and water. People need to make sound financial preparations, not just for a pandemic but for any kind of unforeseen natural or economic disaster. <o></o>
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Over the past several years, many posters have discussed how the price of gold might run up once a pandemic starts. Here we are with a 50% run-up in the price of gold in the past 13 months and there is no hint that this is a result of pandemic fears. If the current <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-comffice:smarttags" /><st1:country-region w:st="on"><st1lace w:st="on">US</st1lace></st1:country-region> mortgage crisis fuels such a price increase in gold, what will happen to the price of gold once a pandemic starts?<o></o>
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[AlaskaDenise]

Re: Gold - March 16, 2008 +

It's $1030 this AM.

from http://www.reuters.com/article/ousivMolt/idUSL1710220420080317:

LONDON (Reuters) - Financial trading and interbank lending almost ground to a halt on Monday as banks grew fearful of dealing with each other following Friday's near collapse of U.S. investment firm Bear Stearns, prompting talk of another round of coordinated central bank aid.

As banking stock prices and the U.S. dollar plummeted, banks' access to unsecured borrowing from other banks fell to a relative trickle and dealers said the over-the-counter market had become highly discriminatory, depending on the bank name.

Published dealing rates were unreliable and analysts said any bank that had not already secured funding further than a week or so would struggle to raise cash at all.

"Bear's near-collapse and takeover accelerates the liquidity crunch and the money market crisis," Dresdner Kleinwort analyst Willem Sels told clients in a note.

"Banks' risk aversion and sensitivity to counterparty risk should rise even further, leading to more pressure on hedge funds. Money markets are having a brutal wake-up call."
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[Laidback Al]

Re: Gold - March 16, 2008 +

Gold imports slump 80% ( in India)

Tejal A Deshpande / Mumbai March 18, 2008

Purchases increasingly need-based and budget-constrained.

Gold imports have slumped over 80 per cent year on year as record prices have scared buyers in India and left them to helplessly watch the blistering rally that shows no signs of abating.

The latest World Gold Council (WGC) report showed that gold imports by India declined 72 per cent to around 24 tonnes in January this year following a 67 per cent decline in the quarter ending December 2007.

Analysts said February showed a further fall by around 80 per cent as rising prices stagnated domestic demand. India imported just 10.2 tonnes of gold in February, said an analyst.

With prices showing no signs of cooling, March is not expected to be any better as physical buyers are not comfortable buying the yellow metal at such high prices.
Analysts said even the marriage season, which generally boosts buying as parents prefer to give gold to brides for financial security, has failed to lift purchases as buyers are not comfortable with heightened price volatility.

Yesterday Indian spot gold prices opened at a record high of Rs 13,495 per 10 gram in Mumbai. The international spot gold also increased by 3 per cent, touching $1,030. Such volatility is also leading to a change in gold consumption.

An analyst said gold purchases are increasingly becoming need-based and constrained by shrinking budgets.

"The demand for polished and recycled jewellery is increasing, thus curtailing a fresh demand for physical gold."

The rally in gold prices has sent jitters across Asia, with jewellers complaining that high prices are turning consumers away.

India?s largest gold importer, MMTC Ltd, had earlier expected to end the year with an import of about 100 tonnes of gold in the financial year ended March 2008, down from about 140 tonnes the year before, due to sluggish demand.

Jewellery accounts for almost 80 per cent of gold consumption with bars and coins comprising the balance. Industial gold consumption forms a mere 3 per cent of total consumption.

Last year India imported 773.6 tonnes of gold, which fulfils almost the entire gold consumption of the nation. Mumbai-based bullion analyst B N Vaidya said, ?Gold demand is very poor with almost an 80 per cent dip in imports. A large chunk of the imports are happening for re-exports while some of the traders are importing on consignment basis."

This could have major implications for jewellery retail. Rajesh Mehta, chairman of Rajesh Exports, said customers seem to be postponing or reducing purchases due to the shooting gold prices. The company has taken a strategic move to go slow on retail expansion till demand picks up after prices stabilise a little."

The Bangalore-based jewellery firm had earlier planned to open 100 stores of Shubh Jewellers, a jewellery retail chain. The WGC, though, is expecting consumption demand to pick up in the next quarter.

http://www.business-standard.com/common/news_article.php?leftnm=10&bKeyFlag=BO&autono=317275

 

[Laidback Al]

Re: Gold - March 16, 2008 +

Asia jewellers on buying spree as price sinks
Reuters
Posted online: Thursday , March 20, 2008 at 1247 hrs

Singapore, March 20:

Jewellers across Asia rushed to buy gold on Thursday after prices tumbled more than $100 an ounce since spiking to a record above $1,000 an ounce this week, pushing up premiums in key bullion trading centres.
Gold fell more than 2 percent to hit a 1-month low of $920.30 an ounce as funds sold bullion after pushing up the price to a lifetime high of $1,030.80 on Monday.
Dealers also noted buying from investors as surging oil prices elevated gold's appeal as a hedge against inflation. India, the world's largest consumer [of gold], was buying on dips as the busy wedding season progressed.
"I see very good investment offtake in China, Vietnam and Japan," said Albert Cheng, managing director for Far East of the World Gold Council.
"I guess in Vietnam there's a lack of investment tools and the stock market is very jittery. So people would better put money in gold. It's almost the end of the first quarter. The physical demand is very good.
Gold bars were offered at a premium of 10 U.S. cents an ounce to the spot London price for the first time since last August in Singapore, a centre for bullion trading in Southeast Asia. Gold bars were on par with London prices last week.
Vietnam, one of Southeast Asia's main consumers, saw demand for investment falling more than 19 percent to 56.1 tonnes in 2007, when gold neared a record high. But dealers said the Vietnamese were the most active buyers in recent weeks.
"Vietnam is buying gold even when it's trading at record highs this month. For them it's more for a hedge because inflation was more than 12 percent last year," said a dealer in Singapore.
"Nobody wants to keep dollars because it's depreciating," said the dealer, who also noted demand from jewellers in India, Indonesia and Thailand.
Gold's drop attracted buying from jewellers in Hong Kong, a key bullion trading house in East Asia, pushing up premiums to as high as 20 U.S. cents an ounce. Gold bars were offered at a discount of 20 cents last week.
"Physical buyers and bargain hunters are buying back at the low. Everybody is rushing to buy," said a dealer in Hong Kong.
"But I guess long-term sentiment is still bullish because the Fed may cut rates again in their next meeting in April," he said.
Gold has gained more than 23 percent in 2008, driven by demand from investors and speculators on hopes of more U.S. rate cuts, record high oil above $100 a barrel and a struggling dollar.
The dollar rose to $1.5566 from $1.5608 in New York but dealers said that turmoil in credit markets, concerns about a U.S. recession and fears of further insolvency among financial institutions were still a heavy load on the currency.
"I think the factors which have brought up prices to these levels have not reversed. Market fundamentals are still very positive," said Cheng of the World Gold Council. The U.S. Federal Reserve cut key interest rates by 0.75 percentage point to 2.25 percent on Tuesday, against market expectations for a 1 percentage point cut. Since September, it has cut rates by a total of 3.0 percentage points.

http://www.financialexpress.com/news/Asia-jewellers-on-buying-spree-as-price-sinks/286761/#

 

[Binkerbear]

Re: Gold - March 16, 2008 +

This is beginning to look like another short-lived correction. (One day I'm going to go back and look and my previous prediction / posts, [not that I have the ego of our favorite sometimes poster] but I know that I said people will be shocked when gold continues up while everyone admits that we are in recession). New prediction: We'll go past the recent 1,035 (approx) high in short-order ! BTW, all the conventional wisdom says the 'long commodity / short dollar' trade is over. That may even be true but, bottomline, gold will be headed even higher. Blissninnies, you are on notice !

 

[sharon sanders]

Re: Gold - March 16, 2008 +

Gold price hits four-month low
* Falls as low as $845 per ounce before rising to a high of $856.60

LONDON: Gold sank to a four-month low on Friday after the dollar jumped following better-than-expected US jobs data, but the metal rebounded when the price dipped below $850 an ounce and attracted fresh buyers, analysts said.

Gold fell as low as $845 an ounce before rising to a high of $856.60. It was quoted at $853.90/ 854.90 against $850.25/851.65 in New York late on Thursday.

?The $850 level, which is also 1980?s record high, should hold. But if it is broken convincingly, then the whole precious metals complex might go down further,? said Wolfgang Wrzesniok-Rossbach, head of sales at Heraeus, a German precious metals trading group.

?People are perhaps looking elsewhere, such as equities. It seems gold is not the flavour of the day.? Gold held in New York-listed StreetTRACKS Gold Shares, the world?s largest gold-backed exchange-traded fund, fell to 580.45 tonnes as of Wednesday, shedding nearly 10 percent of its holdings in the last 10 days.

In other markets, US gold futures rose, with the June contract rising $2.20 an ounce to $853.10. Platinum rose to $1,870/1,880 an ounce from $1,860.50/1,880.50 late on Thursday, while palladium was up $2 at $408/413 an ounce. Silver rose to 16.24/16.30 an ounce from $16.16/16.22. reuters



http://www.dailytimes.com.pk/default.asp?page=2008\05\03\story_3-5-2008_pg5_16

 

[Binkerbear]

Re: Gold - March 16, 2008 +

...however, I do see that gold just bounced off its' 200 day MA. I remain convinced that gold will continue upward although I admit there does seem to be a consensus that some parts of the commodity boom are over including gold. I disagree and time will tell.

 

[Binkerbear]

Re: Gold - March 16, 2008 +

Came across this:

View attachment markets.bmp

 

[sharon sanders]

Re: Gold - March 16, 2008 +

12 pounds, a decline in gold prices during the week .. وأسعاره العالمية تتراجع ٥ دولارات World oil prices and declining $ 5

كتب أميرة صالح ٩/٨/٢٠٠٨ Wrote Amira Saleh 9/8/2008

تراجعت أسعار الذهب محلياً بمقدار ١٢ جنيهاً عن أسعاره بداية الأسبوع الماضي لنفس العيار مدفوعاً بتغير الأسعار العالمية لأسعار معظم الخامات ومنها الذهب والذي شهد تراجعاً بمقدار ٥ دولارات للأوقية في السوق العالمية، فيما بلغ سعر الجنيه الذهب محلياً ١٠٤٠ جنيهاً وتراجع سعر عيار ٢٤ إلي ١٤٨ جنيهاً و١٣٠ جنيهاً للعيار ٢١ و١١١ جنيهاً للعيار ١٨ بعد أن سجلت هذه العيارات متوسطات تصل إلي ١٦٠ و١٤٣ و١٢١ جنيهاً علي التوالي مطلع الأسبوع الماضي. Gold prices fell locally by 12 pounds on prices beginning last week of the same calibre driven change in world prices for the prices of most raw materials including gold, which witnessed a decline of $ 5 dollars an ounce on the world market, while the pound gold locally 1040, making the price decline in 24-to 148 pounds and 130 21 mm pounds and 111 pounds after 18 mm recorded this caliber averages up to 160, 143 and 121 pounds, respectively, early last week.

وتراجع سعر الذهب في التعاملات الأمريكية نهاية الأسبوع الماضي متأثراً بانتعاش الدولار أمام اليورو بعد فترة من الانخفاض وأرجع الخبراء زيادة قيمة الدولار إلي زيادة حركة المبيعات في سوق العقارات الأمريكية خلال شهر يونيو الماضي. The decline in the price of gold dealings America last weekend from his recovery dollar against the euro after a period of decline and experts attributed the increase in the value of the dollar increased sales in the U.S. real estate market during the month of June last.

وفي بورصة نيويورك التجارية شهد سعر بيع الذهب في العقود الآجلة أمس تراجعاً جديداً مقداره ٥.١٠ دولار ليصل سعر تسليم ديسمبر إلي ٨٧٧.٩٠ دولار. On the New York Stock Exchange trading saw selling price of gold futures contracts yesterday, a new retreat of $ 5.10 to $ delivery rate in December to $ 877.90.

وعلي الصعيد المحلي استبعد شريف السرجاني، رئيس شعبة الذهب، تأثير الارتفاع أو الانخفاض العالمي للذهب الخام علي سعر المشغولات الذهبية بصورة كبيرة خاصة أنها تمر بسلسلة أخري من العمليات الصناعية وأجور العمال والضرائب وكلها عوامل تتدخل في تحديد السعر النهائي للمنتج وهو يختلف تماماً عن سعر الخام. At the local level Sharif dismissed Sergey, Chief of the Division of gold, the impact of the rise or decline of the global crude price went gold considerably, especially as they pass a series of other industrial processes and wages of workers, taxes and all factors involved in determining the final price of the product is quite different from the price of crude.

وقال إن حركة النشاط في السوق المحلية لعمليات البيع تعتمد علي العديد من العوامل الأخري بعيداً عن السعر العالمي، ومنها الحالة الاجتماعية والمالية للأفراد إلي جانب مدي الاستقرار، إلا أن انخفاض الأسعار حتي وإن بلغ ٥ دولارات ليس العامل المؤثر الوحيد في تنشيط حركة السوق أو ركودها. He said that the activity of the domestic market for sales depend on many factors other away from the world price, including social and financial situation of individuals as well as the stability, but the drop in prices even though the $ 5 is not the only factor in stimulating the market movement or stagnation.

http://www.almasry-alyoum.com/Default.aspx?r=t

 

[sharon sanders]

Re: Gold - March 16, 2008 +

Low gold prices in Egypt and traders expect the continuing decline 8/14/2008 4:33:00 PM

<!-- Image --><table style="text-align: left; direction: ltr;" align="right" border="0" cellpadding="0" cellspacing="0" width="180"><tbody><tr><td><script type="text/javascript"> <!-- function pop() { var generator=window.open('','name','height=500,width=500,status=1,scrollbars=1'); generator.document.write('<html><head><title>Masrawy - انخفاض اسعار الذهب في مصر والتجار يتوقعون استمرار التراجع</title>'); generator.document.write('<link rel="stylesheet" href="/style/news.css">'); generator.document.write('</head><body>'); generator.document.write('

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اسعار الذهب تنخفض في مصر - رويترز​

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اسعار الذهب تنخفض في مصر - رويترز​

Gold prices declined in Egypt - Reuters </td></tr></tbody></table>

القاهرة - محرر مصراوي - تراجعت أسعار الذهب في السوق المحلية الاربعاء، وانخفض سعر الجرام عيار 21 إلي 122 جنيهاً مقابل 125 جنيهاً الثلاثاء، فيما يتوقع التجار استمرار التراجع.​

CAIRO - Editor Msrawi - Gold prices fell Wednesday on the domestic market, price decreased by Gram 21 mm to 122 pounds versus 125 pounds Tuesday, as traders expected continuing decline.

كان سعر جرام 21 قد وصل إلي 150 خلال شهر أبريل الماضي، تأثراً بموجة الانخفاضات في السوق العالمية.​

The price of a gram of 21 had reached 150 last April, affected by the spate of declines in the global market.

واشاروا إلي وجود حالة من الانكماش في الطلب المحلي علي منتجات الذهب زادت من حدة تراجع أسعاره.​

They pointed to the existence of a state of contraction in domestic demand for products increased its gold prices retreated.

وأرجع أمير رزق، عضو شعبة الذهب بغرفة الصناعات المعدنية تراجع أسعار الذهب محلياً لارتباطها بالأسعار العالمية التي تأثرت بشكل كبير بانخفاض أسعار النفط والدولار، لافتاً إلي وجود عزوف عن الشراء من قبل المصريين ترقباً لمزيد من التراجع في الأسعار.​

He attributed Amir Rizk, a member of the Division of gold Chamber of Metallurgical Industries decline of gold prices locally linked to world prices, which affected a large decline in oil prices and the dollar, pointing to a reluctance to purchase by the Egyptians in anticipation of a further slide in prices.

ولم يؤد التراجع الحاد في مؤشرات البورصة المصرية إلي تزايد إقبال الفئات الراغبة في شراء الذهب بغية الادخار أو الاستثمار، حيث تسود مخاوف من استمرار معدلات الانخفاض في الأسعار متأثرة بالسوق العالمية.​

But did not result in a sharp retreat in the Egyptian stock exchange indices to the growing demand by groups wishing to buy gold in order to save or invest, where the prevalent fears of continued rates of decline in prices affected the global market.

بلغت معدلات التراجع في الإقبال علي شراء الذهب نحو 70% في الأسبوع الحالي، وتوقع رزق استمرار موجة الركود الحالية حتي الأسبوعين المقبلين.​

Rates of decline in demand for buying gold for about 70% this week, and expected continuation of the wave Rizk stagnant until the next two weeks.


http://www.masrawy.com/news/egypt/default.aspx

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[Laidback Al]

Re: Gold - March 16, 2008 +

Gold prices briefly top $1000/ounce once again, the highest it has been since March of 2008.


Gold Tops $1,000, Highest Since March, as Global Equities Slide

By Nicholas Larkin and Pham-Duy Nguyen

Feb. 20 (Bloomberg) -- Gold surpassed $1,000 an ounce in New York for the first time in almost a year as investors, hurt by plunging stocks and a deepening recession, sought to protect their wealth.
Gold futures for April delivery rose $25.70, or 2.6 percent, to $1,002.20 an ounce on the New York Mercantile Exchange?s Comex division. Earlier the price touched $1,007.70, the highest since March 18. Gold, the only metal to advance in 2008, has rallied annually since 2000 and is up 13 percent this year.
Global stocks extended an eight-session slide, erasing 54 percent of their market value since the start of last year on concern that the economic slump may worsen and wipe out corporate earnings. Governments are lowering interest rates and spending trillions of dollars to combat the recession, spurring investors to buy bullion as a hedge against inflation. Demand has pushed gold holdings in exchange-traded funds to records.
?There?s a general fear of chaos in the financial system that?s weighing on markets across the globe,? said William O?Neill, partner at Logic Advisors in Upper Saddle River, New Jersey. ?This is a perfect storm for gold and its flight-to-quality characteristic is coming through.?
Gold last topped $1,000 in March as interest-rate cuts by the Federal Reserve propelled the dollar to an all-time low against the euro in July. The metal reached a record $1,033.90 on March 17 before retreating to as low as $681 by October.
Analysts say the rally may continue as investors lose confidence in financial assets.
Stocks and bonds have trailed gold this year. The Standard & Poor?s 500 Index of equities has declined 15 percent and the benchmark 10-year U.S. Treasury has returned 0.23 percent.
?Fragile? Financial Situation
?The financial situation remains extremely fragile and gold seems to be the only safe haven,? said Ron Goodis, retail trading director at Equidex Brokerage Group Inc. in Closter, New Jersey. ?Currencies are losing value and holders of currencies are losing confidence. Gold may break through $1,000 and not look back.?
?One camp of investors is buying gold because of fear the fiscal stimulus packages are insufficient to bring the economy out of recession,? said Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany. ?The other camp fears the stimulus packages will lead to inflation.?
The U.S. government has committed more than $9.7 trillion to resolve the economic crisis.
Benchmark interest rates in Japan and the U.S. are near zero while the Bank of England has slashed its main lending rate to 1 percent, the lowest ever.
Low-Rate Policies
?Given the zero interest-rate policy being pursued by central banks around the world, the incentive to hold national currency has been taken away,? said James Turk, founder of GoldMoney.com. The company had $548 million of gold and silver in storage for investors at the end of January.
Gold above $1,000 may attract more investors seeking to take advantage of the longest streak of annual advances in the metal?s price in 60 years. Assets in some of the industry?s largest exchange-traded funds are at all-time highs.
Holdings in ETF Securities Ltd.?s gold exchange-traded commodities rose to a record 7 million ounces as of Feb. 13. The SPDR Gold Trust, the biggest ETF backed by the metal, expanded to 1,029 metric tons yesterday.
Investment demand for bullion, including coins and bars, almost tripled to 399 tons in the fourth quarter, as total demand climbed 26 percent to 1,036.5 tons, the London-based World Gold Council said on Feb. 18. Retail and professional investors will continue to seek gold?s stability, said Aram Shishmanian, the council?s chief executive officer.
Silver Climbs
Silver futures for March delivery climbed 55.5 cents, or 4 percent, to $14.49 an ounce in New York. The metal has surged 28 percent this year, the best performance among the 26 contracts on the UBS Bloomberg Constant Maturity Commodity Index. The metal fell 24 percent in 2008.
Investment in Barclays Plc?s IShares Silver Trust, the biggest ETF backed by silver, also rose to a record yesterday, topping 7,892.2 metric tons.
The highest prices in a year may encourage some investors to sell for profit, analysts said. Still, investors are boosting bets that gold may not fall below $800, options trading shows.
The most-active options on gold futures were contracts that give the right to sell the metal at $805 an ounce by April. Those contracts rose 10 percent to $2.20. They accounted for two-thirds of today?s 3,983 put trades, with about 84 percent of the contracts trading at the bid price, indicating that sellers initiated the transactions.
Chance of Decline
?Investors selling out-of-the-money puts expiring in April think there?s a slim chance gold will decline back to $800 an ounce,? said Andrew Wilkinson, the senior market analyst at Greenwich, Connecticut-based Interactive Brokers Group Inc.
Gold?s all-time inflation adjusted record is $2,224 an ounce on Jan. 21, 1980, according to a calculator on the Web site of the Federal Reserve Bank of Minneapolis.
?From an inflation-weighted basis, gold is still pretty cheap,? O?Neill of Logic Advisors said.
To contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.
Last Updated: February 20, 2009 16:19 EST

http://www.bloomberg.com/apps/news?pid=20601012&sid=ac6Nea4dBBmY&refer=commodities

 

[Laidback Al]

Re: Gold - March 16, 2008 +

There is a potential for gold to close above $1000 an ounce today, the first time in past the six or seven months.

http://www.kitco.com/charts/livegold.html

 

[Laidback Al]

Re: Gold - March 16, 2008 +

Barrick Gold to eliminate hedges, plans offer

Canada's Barrick Gold to eliminate gold hedges, plans $3 billion equity offering

• By Rob Gillies, Associated Press Writer
• On Tuesday September 8, 2009, 7:11 pm EDT

<!-- ./end of article hd --> TORONTO (AP) -- Barrick Gold Corp., the world's biggest gold producer, said Tuesday it plans to eliminate all of its gold hedges and raise $3 billion in a share offering to help pay for the move.
The Toronto-based company cited the bullish outlook for gold. Its announcement came on a day the price of the metal rose above $1,000 per ounce to its highest level since March 2008.
Gold hedges are futures contracts that commit a company to selling the metal at set prices. While hedges guarantee certain cash flows, they often commit a metals producer to ship the gold at prices lower than the current spot price. Barrick's decision to pay off its hedges amounts to a bet that gold prices will keep rising.
Barrick said it believes holding the hedges hurt its appeal among investors and weighed on its share price.
The company said it will take a $5.6 billion charge to its earnings in the third quarter as a result of a change in accounting treatment for the contracts.
To raise money for the pay off the hedges, Barrick will issue about 81.2 million shares at $36.95 per share. It will use $1.9 billion to eliminate all of its fixed-priced gold contracts within the next 12 months and another $1 billion to eliminate a portion of its floating spot price gold contracts.
"The gold hedge book has been a particular concern among our shareholders and the broader market which we believe has obscured the many positive developments within the company," said Aaron Regent, the company's president and chief executive officer.
"With the industry's largest production and reserves, Barrick provides exceptional leverage to the gold price, which we expect will be further enhanced as we build our new generation of low-cost mines," he added.
John Ing, an analyst at Maison Placements Canada, called it a smart move by Barrick. He said the company was under water in its hedges by about $5 billion.
"The hedge has been an albatross around their neck. The higher the price of gold got the deeper they were in the hole," Ing said.
Ing said other gold companies have removed their hedges and that Barrick was among the few that held out.
"It would have gotten a lot worse," said Ing, who credited the new CEO for giving it a fresh look.
Regent took over the reins as chief executive officer in January. He replaced Barrick founder and chairman Peter Munk, 81, who had been acting CEO after former CEO Greg Wilkins went on a medical leave and later resigned.
Gold prices have risen mostly because of a weak dollar that's driving people to other investments they perceive as safe. The U.S. dollar continue to weaken on Tuesday on concerns related to the massive stimulus spending by the U.S. government to spur the slumping economy, which some worry could eventually lead to inflation. As inflation grows, the value of the dollar could shrink.
Earlier Tuesday, Barrick agreed to sell silver reserves from four of its mines to Silver Wheaton Corp. in a deal worth $625 million.
The transaction will provide Barrick with a source of financing for its Pascua-Lama mining project which is under construction on the border between Argentina and Chile while it significantly boosts the size of the 5-year-old Silver Wheaton.
The key mine in the deal is Pascua-Lama. Vancouver, British Columbia-based Silver Wheaton will receive 25 percent of the silver production over the life the mine, expected to be at least 25 years.
Until Pascua-Lama begins production sometime in 2014, Silver Wheaton will receive 100 percent of silver produced at three other Barrick mines, two in north-central Peru and a third in the San Juan province of Argentina.
Barrick will retain 100 percent of the gold production at all mines and 75 percent of the silver at Pascua-Lama.
Barrick said Pascua-Lama production should be between 750,000 ounces and 800,000 ounces of gold and 35 million ounces of silver in the first five years.
Shares of Barrick Gold slipped 75 cents, or 1.9 percent, to close Tuesday $39.30 on the New York Stock Exchange after rising to a 52-week high of $42.10 earlier in the day.
Shares of Silver Wheaton rose 19 cents, or 1.6 percent, to $11.78 after rising to a 52-week high of $12.10 earlier in the day.
AP Business Writer Sandy Shore contributed to this report from Denver.
http://finance.yahoo.com/news/Barrick-Gold-to-eliminate-apf-3397141647.html?x=0

 

[Niko]

Re: Gold - March 16, 2008 +

http://www.kitco.com/images/live/gold.gif

 

[Ronan Kelly]

Re: Gold - March 16, 2008 +

Expressindia ? Story
Gold breaches 16K mark for 1st time


Mumbai Gold prices breached the Rs 16,000-mark for the first time on Wednesday in the bullion market here on persistent festive demand amid rise in the overseas markets, while silver continued to hit new highs.
Stockists and retailers continued to buy the precious metals amid the ongoing festivals, boosting their demand.

Silver rallied to an all-time peak on sustained industrial demand on the back of higher international advices.

Gold for October delivery, the front-month contract, rose to USD 1,064.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract earlier touched a high of USD 1,068.40 an ounce. December silver futures ended at USD 17.84 an ounce from USD 17.82.

In Tokyo, gold hovered just below the record high levels as dollar declined to fresh 14-month lows against its major rivals.

http://www.expressindia.com/latest-news/Gold-breaches-16K-mark-for-1st-time/529040/

 

[Niko]

Re: Gold - March 16, 2008 +

See post #14 for today's chart.

Nov. 16, 2009, 9:44 a.m. EST ?
Gold contract tops $1,133 on weak dollar

Other key metals outperform on a percentage basis


NEW YORK (MarketWatch) -- Gold futures rose Monday, with the most active contract climbing to a fresh high above $1,130 an ounce, as further weakness in the U.S. dollar fueled safe-haven buying.

The dollar slipped against major rivals, pressured by stepped-up rhetoric from Chinese officials toward their U.S. counterparts as well as by better-than-expected Japanese growth data and rising gold futures.

Gold for December delivery climbed as high as $1,133.50 an ounce. It was last up $12.40, or 1.1%, at $1,129.10 on the Comex division of the New York Mercantile Exchange.

The thinly traded November contract also rose, gaining to $1,129.20 in what was the highest-ever level for a Comex front-month contract.
"The metal seems set to extend higher as record-low interest rates, inflation concerns, central-bank purchases and falling mine output draws a broad spectrum of investment demand," said James Moore, analyst at TheBullionDesk.com.

"We are looking to see if the dollar index breaks lower, which could push gold above $1,150 and on toward $1,180," he wrote in a note to clients.



http://www.marketwatch.com/story/december-gold-futures-close-in-on-1130-2009-11-15?dist=news

 

[Pathfinder]

Re: Gold - March 16, 2008 +

1 year gold price history in US Dollars per ounce.

[...]
http://goldprice.org/gold-price-history.html

 

[Pathfinder]

Re: Gold - March 16, 2008 +

Get the Most When Selling Your Gold for Cash


By <ADDRESS class="author vcard">Jeannette Kopko</ADDRESS>
? <ABBR class=published title=2011-08-16T13:09:16+00:00>August 16, 2011</ABBR>
<ABBR class=published title=2011-08-16T13:09:16+00:00></ABBR>Posted in: Consumer/Business Services, Credit-Mortgages-Finances

The price of gold is up 20% since the beginning of 2011, and by mid-August gold was going for over $1,700 per ounce. With record high levels being paid for gold, many people are cashing in by selling gold jewelry, coins, and other items.

Consumers have lots of options for selling gold, including local jewelers and pawn shops, gold parties in friends? homes, pop-up events by traveling dealers, and mail-away gold buying services. No matter where you choose to sell gold, it?s important to know the value of your gold as well as the reliability of the business buying the gold.

In 2010, BBBs received 574 complaints on gold and silver dealers, and 416 complaints to date in 2011. Generally, complaints are concerning dissatisfaction with the amount offered for gold. With mail-away services, complaints also are about delays in receiving the check, or not getting gold items back when an offer is turned down, as well as difficulties getting in touch with the business.


The BBB offers tips for consumers to get the most for your gold and avoid problems:

• Keep up with the price of gold. Know how much gold is going for on the day you sell. This will help you know whether you?re being offered a fair price.
• Understand that you won?t get the full price for your gold, because you?re selling to a dealer who then will re-sell the items to be melted down. You may be offered anywhere from 50% on up of the value of the gold.
• Know the karat weight of your gold items. Jewelry and other items aren?t pure gold, but a mix of gold and other metals. The karat weight tells how much gold is in the item. Something marked 10K is about 42% gold; 14K is about 58% gold; and 18K is about 75% gold. The more gold in the item, the more you will be offered for it.
• Get two or three bids. Comparing offers from more than one buyer will help you determine the market value for your item.
• For items that may be especially valuable, consider getting a professional appraisal. You will have to pay for the appraisal, but you will gain important information.
• Some gold items might be worth more when sold as they are, rather than to be melted down. If that gold necklace or bracelet comes from a notable designer or maker, it might have a value to some buyers beyond the gold it?s made of.
• Know who you?re dealing with. Check out jewelry stores and gold buyers with BBB at www.bbb.org. A BBB Business Review tells basic information about the business as well as any complaints and whether the complaints have been resolved when presented to the business by the BBB.
• When using a mail-away service, be sure to understand the terms and conditions. Send the items insured. Find out how long before you get the check, how long they will keep your gold before melting it down, and how many days you have to turn down the offer. Make a list and take photos of your items before sending, and if you send back the check to reject the offer, consider sending it certified.

To check out a business, find lists of BBB Accredited Businesses, see tips and alerts, report misleading advertising, or file a customer complaint, start at www.bbb.org.

http://www.bbb.org/blog/2011/08/get-the-most-when-selling-your-gold-for-cash/

 

[Pathfinder]

Re: Gold - March 16, 2008 +

Dave Blais: History Suggests Gold is Topping Out Soon

Tuesday, August 16, 2011


Excerpt:


These types of blow-off tops are usually not sustainable ? and they don?t tend to end well because of what causes them. The rapid rise we are seeing now appears to be fuelled in part by a ?short squeeze."

Fundamentals like the debt crises in Europe or the recent downgrade of US debt can explain some of the factors behind the rise, but the news is notthe sole cause of this fast, wild part of the current rise.

Wrong-footed traders who made a mistake by going short (betting on a decline in price) in a big way? are being forced to buy back gold to close (or ?cover?) their short positions that have gone horribly wrong as gold relentlessly rises. Their urgent buying of gold to close their short positions (and cut their losses) causes the gold price to rise further, causing more shorts to cover in panic, creating a feedback loop, and a price spike, that may quickly exhaust itself.

That a short squeeze has been evident in the gold market lately, in particular, after gold recently broke above $1680, has been noted by some market watchers who monitor the trading of gold future contracts. Ed Steer, who publishes Ed Steer?s Gold and Silver Daily for Casey Research, commented in his August 13 bulletin: ?the open interest numbers were indicating for the reporting week, the rally in gold was pretty much all caused by short covering.?

Short squeezes tend to end abruptly when the short covering finally exhausts itself.

If gold does turn tail soon, how far could it fall? A good target for a drop is the area that has held anytime gold has declined during the last two and a half years, its 150 day moving average. Currently gold?s 150 day moving average stands just below $1500/ounce.

History is a guide, not a bible. But there are some recent and longer term charts that suggest the gold price could top out in the next few weeks. And of course, long time gold followers know it's just at times like these, when excitement is running high, and everybody thinks they know what to expect that gold turns tail, and breaks the hearts, and wallets, of the unwary.

Full text:
http://crudeoiltrader.blogspot.com/2011/08/dave-blais-history-suggests-gold-is.html

 

[Laidback Al]

Re: Gold - March 16, 2008 +

See also:
Gold - Feb 10, 2006 to Jan 18, 2007 (closed):
http://www.flutrackers.com/forum/showthread.php?t=144

Gold - Feb 9, 2007 to Mar 16, 2008 (closed):
http://www.flutrackers.com/forum/showthread.php?t=16318

Following these FluTrackers Gold threads back, you can see that there are always naysayers that look at the current technical numbers and determine that gold is overpriced. They claim that gold was overpriced at $800 an ounce, and at $1200 ounce, and now overpriced at $1700 ounce. But remember, the current prices reflect willing sellers/willing buyers (except for the short sellers caught in a squeeze). I say that the high price of spot gold today does reflects some speculation but also more accurately reflects market uncertainty looking forward. From my perspective, fundamental analysis wins out over technical analysis every time.

A brief description of fundamental versus technical analysis can be found at this link: http://www.turtletrader.com/technical-fundamental.html