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bsiong
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10-Mar-2012 10:58
Yells: "The Greatest Wealth is Health" |
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Gold turns nearly 1 pct higher after US jobs data * Bullion found support after falling toward 200-day MA * Investors buy gold as QE not ruled out despite payrolls * Gold market flat for the week * Coming up: U.S. federal budget Monday By Frank Tang and Amanda Cooper NEW YORK/LONDON, March 9 (Reuters) - Gold rose nearly 1 percent in heavy trading on Friday, reversing early sharp losses, lifted by higher crude oil and U.S. equities' following an encouraging U.S. job report. Bullion, which was flat for the week, initially tumbled in the face of a dollar rally and fading hopes of further U.S. monetary stimulus after a third straight monthly growth in U.S. employment. The metal later staged an impressive $40 turnaround to close above $1,700 an ounce. Price volatility has been increasing after a 5-percent drop last Wednesday when Fed Chairman Ben Bernanke did not signal more easing was on the way. One money manager said investors have not completely ruled out further quantitative easing based on anaemic U.S. growth and a lack of confidence in Europe to resolve its debt crisis. " Even though the (job) number looks good, there's not an overwhelming sense that there's going to be great times ahead," said Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets. " As long as the 'quantitative easing devaluating the dollar scenario' is present, it will support the price of gold," Sica said. Spot gold gained 0.7 percent on the day to $1,710.81 an ounce by 2:58 p.m. EST (1958 GMT), having fallen to a session low of $1,677.34, which is a six-week low. Gold was flat for the week, as its gains on Friday have largely wiped out losses from earlier this week. U.S. gold futures for April delivery settled up $12.80 at $1,711.50 an ounce, with trading volume in line to be second heaviest for the week, and 5 percent above its 30-day average, preliminary Reuters data showed. Spot silver rose 1 percent to $34.20 an ounce. Gold initially fell 1 percent toward its 200 DMA on news U.S. employers added more than 200,000 workers to their payrolls for a third straight month in February, a sign the economy was strengthening. Some analysts are more bearish on gold's outlook after several sharp pull backs and said the metal could test $1,650 an ounce, an areas of support from its previous correction. " This is another nail in the QE coffin, and as such is non-supportive for gold," Ole Hansen, senior manager at Saxo Bank, said. " Confidence has been shaken this week, and it looks like more long liquidation lies ahead. Also lifting the metal was Greece's averting an immediate default after its bond swap offer to private creditors. Technical buying also helped after prices rebounded off their key 200-day moving average. RESILIENCY Analysts said that gold was earlier pressured by data showing China's economy is on course for a soft landing. However, the news also cheered investors as it gave room for Beijing to loosen policy further to support growth. " Despite the severity of the early steep losses, we have already seen fairly decent buying coming in, and the firm oil prices were helping," said James Steel, chief commodity analyst at HSBC. " Gold is showing a lot of resiliency and it may rebound as emerging-market demand is gradually reviving," Steel said. The metal's midday rally was particularly impressive with the dollar index up more than 1 percent and as Wall Street and crude oil later pared gains. The gold price is up 9 percent so far this year, building on 11 consecutive years of increases, after the Fed said in January it would keep rates near zero until at least late 2014. Among platinum group metals, platinum was up 1.3 percent at $1,679.24 an ounce, and palladium gained 0.2 percent at $700.72 an ounce. |
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bsiong
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10-Mar-2012 10:54
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/9/2012March 9, 2012GREEK DEAL HAS SKEPTICS JOBS REPORT BOOSTS MARKETS The Gold price has continued to climb since the Mid-Day Gold & Silver Market Report. News that more than 80 percent of Greece’s private bondholders have accepted the debt swap deal has pushed the precious metal’s price upward and possibly cleared the way for a new bailout. Although many view the financial crisis turning for the better, some are still skeptical of what is to come. In a news conference, German Finance Minister Wolfgang Schaeuble said, “Greece has today got a clear opportunity to recover. But the precondition is that Greece uses this opportunity.” He also said, “It would be a big mistake to give the impression that the crisis has been resolved. They have an opportunity to solve it, and they must use it." Since Greece invoked collective action clauses to force some bondholders to participate in the credit-default swaps, payouts on $3 billion of default insurance have been triggered. This is sparking an overall concern that investors actually might start betting against failing countries, which could ultimately hurt the eurozone, said former European Central Bank President Jean-Claude Trichet. Rate strategist Alessandro Giansanti said, “If you want to attract investor demand, you have to offer them an instrument that will allow them to hedge exposure, and CDS (credit-default swaps) is the best instrument for that. … It’s important to keep investor confidence in this instrument, as it will affect the ability of sovereigns to issue bonds.” Wall Street advanced on the promising Greek news and the latest report on new job creation, although the number of new jobs failed to affect the unemployment rate. Chief equity strategist Jim Russell supported the jobs news, saying, “The jobs numbers have helped the market keep the forward momentum going. It is definitely a confidence builder.” However there is still grave concern over what is being considered an actual Greek default by some investors. Joe Saluzzi, co-manager of trading at Themis Trading in New Jersey, said, “I’m surprised and a bit disturbed that the stock market is this calm to what is essentially the Greek default. … Instead of thinking about what will happen next, what happens to other countries (in the eurozone), the market is thinking, ‘The Fed has my back with cheap money,’ and is brushing off the news.” At 4:03 p.m. (CST), the APMEX precious metals spot prices were:
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bsiong
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09-Mar-2012 23:28
Yells: "The Greatest Wealth is Health" |
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March 9, 2012 |
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bsiong
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09-Mar-2012 19:40
Yells: "The Greatest Wealth is Health" |
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Gold edges up on easing hopes after China data * China Feb inflation at 20-month low, leaving room for further easing
* Physical buying eases as prices rebound to $1,700/oz
* Spot gold could rise to $1,712/oz - technicals
* Coming up: U.S. non-farm payrolls, Feb 1330 GMT
By Rujun Shen
SINGAPORE, March 9 (Reuters) - Gold edged up on Friday, rising in tandem with other commodities and equities, after a lower-then-expected inflation rate out of China suggested more monetary easing could be on the way, while a rebound in the dollar kept gains in check. A string of data showed China's factory output, investment and retail sales slowed in February, while the inflation rate staged an unexpectedly sharp fall to a 20-month low, giving policymakers room to further loosen monetary policy to support slowing growth.
The prospect of ample cash in the market offset the appeal
of gold as an inflation hedge in the short term, analysts said.
" A lower headline inflation number means that the central bank can continue to be very accommodative, which means printing more money," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong. " The more money it prints versus the gold out there, the more it should raise the value of gold versus that money." Spot gold inched up 0.3 percent to $1,703.89 an ounce by 0742 GMT, on course for a 0.5-percent fall this week, its second weekly decline in a row. U.S. gold gained 0.4 percent to $1,704.70. Technical analysis suggested that spot gold could rise
towards $1,712 an ounce during the day, said Reuters market
analyst Wang Tao.
Greece claimed a major success for its bond swap offer to private creditors to avert an imminent default, though many believe Greece's troubles are nowhere near an end as the deal will not solve its deep-seated economic problems. The euro edged lower on profit-taking while the dollar inched up against a basket of currencies after the Greek debt swap deal. " People are still worried about the economic conditions and would rather not buy large quantities of physical gold at this point," said Dick Poon, manager of precious metals at Heraeus in Hong Kong. Poon said that physical buying dropped after prices rebounded above $1,700 as investors adopted a wait-and-see attitude, especially before the release of the key U.S. non-farm payrolls data due later in the day. Supportive of platinum group metals, February car sales in China rose 26.5 percent on the year to 1.21 million, after a 23.8 percent decline in January, though the numbers might have been distorted by the Lunar New Year holiday that fell in late January this year. Spot platinum gained 0.7 percent to $1,668.99 an ounce, and spot palladium lost half a percent to $695.83. |
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bsiong
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09-Mar-2012 17:07
Yells: "The Greatest Wealth is Health" |
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Last Updated : 09 March 2012 at 13:05 IST
Source :Commodity Online
Gold rises on short covering ahead of Greek news, US Payrolls DataLONDON (Commodity Online): Gold has attracted short covering ahead of pending news on Greek bonds and U.S. non-farm payrolls data Friday, said Triland Metals said in a research note. Greece is on the verge of closing a deal on a crucial debt swap, with an unnamed Greek official reportedly saying more than 75% of private creditors have agreed to participate. Thursday was the deadline, with the outcome expected Friday. “The weaker dollar has also exacerbated this short covering. A strong non-farms number tomorrow may bring pressure to bear on gold as the perception would be that the chance of QE3 (third round of quantitative easing) reduces with yet another positive U.S. economic figure. That’s the dealer market theory anyway,” Triland Metals added. Gold ran out of steam around $1,705 near-term resistance. Near-term Support was put at $1,680 to $1,685, Triland concluded. |
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bsiong
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09-Mar-2012 15:39
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/8/2012March 8, 2012GREEK BONDHOLDERS ON BOARD MARKETS RALLY ON NEWS Prices for precious metals continued to climb today. The growing optimism over Greece completing its debt-swap deal with private bondholders has helped strengthen the euro. Gold and the euro historically have had a positive correlation to one another, and the recent rise and fall of both reconfirms that notion. Frank Lesh, a broker and futures analyst at FuturePath Trading, said, “Risk is back on the table. While a successful swap in Greece does not fix everything, it’s pushed markets higher for the time being.” One analyst said, “Fears of rising inflation and low rates of interest long term should have a positive impact on the Gold price.” Acceptance of the Greek debt haircut by investors has exceeded minimum expectations of 75 percent participation. Hopes are still high that 90 percent agreement can be achieved, but the current 85 percent participation is really rallying markets. Greece’s Finance Minister Evangelos Venizelos told the Greek Parliament that “if all goes well, tomorrow we will be able to announce that a debt burden of 105 billion euros has been lifted from the Greek people. … For the first time we are cutting debt instead of adding to it.” The optimism is tempered to some extent by Greece’s historical inability to follow through on its promises. German Finance Minister Wolfgang Schaeuble said, “We have shown a lot of solidarity with Greece. … Everyone knows that the real problems of Greek society are in Greece and not abroad.” With concerns over Europe’s debt crisis waning, U.S. stocks rallied for the best two-day performance of 2012. However, just like Germany, doubts persist over just how long this good will and settling will last. Silvercrest Vice Chairman Stanley Nabi said, “Greece has no choice, and the bondholders have no choice. … They’re both in the mud. The swap will go through. That will cause a moderate sigh of relief in the market. How long it will extend -- that’s the big question mark.” The total participation of Greek private creditors should be known at 8 a.m. Athens time (midnight CST). At 4:03 p.m. (CST), the APMEX precious metals spot prices were:
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bsiong
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09-Mar-2012 11:52
Yells: "The Greatest Wealth is Health" |
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Gold hovers around $1,700 on Greek debt restructuring SINGAPORE, March 9 (Reuters) - Gold was hovering around $1,700 an ounce on Friday, after gaining nearly 1 percent in the previous session as a strong take-up of Greece's bond swap offer calmed fears of an imminent default and lifted sentiment across financial markets. FUNDAMENTALS * Spot gold was little changed at $1,699.66 an ounce by 0035 GMT, on course for a 0.7-percent fall this week, its second weekly decline in a row. * U.S. gold edged up 0.1 percent to $1,700.50. * Greece secured an overwhelming acceptance of a bond swap offer to private creditors and beat its own most optimistic forecasts, a senior official said on Thursday after the deadline expired on a deal needed to avoid a chaotic debt default. * Expectation of improved U.S. non-farm payrolls data, due later on Friday, may add to the risk appetite and lift equities and commodities. * A set of data from China, including inflation and industrial output, is also due on Friday. The data is set to show factory output, fixed asset investment and inflation cooling to leave a pro-growth policy bias intact. * The European Central Bank kept interest rates at a record low of 1 percent for a third month running as expected, but delivered a surprise warning on inflation and called on banks and governments to build on its recent blitz of radical support measures to foster a full crisis recovery. * Spot platinum inched down 0.4 percent to $696.97, heading for the biggest one-week loss in nearly three months with a 2.2-percent fall. MARKET NEWS * U.S. stocks rose on Thursday, recovering most of the week's losses, after Greece moved closer to a bond swap with private creditors to avoid a messy default. * The euro and commodity currencies held on to overnight gains in Asia on Friday after Greece moved closer to securing fresh funds needed to avoid a messy debt default. DATA/EVENTS 0130 China CPI yy Feb 2012 0130 China PPI yy Feb 2012 0530 China Industrial output yy Feb 2012 0530 China Retail sales yy Feb 2012 0530 China Urban investment (ytd)yy Feb 2012 0745 France Industrial output mm Jan 2012 0900 Italy Industrial output yy WDA Jan 2012 1330 U.S. Employment situation Feb 1330 U.S. International trade Jan 2030 U.S. CFTC commitment of traders Weekly |
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bsiong
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09-Mar-2012 11:49
Yells: "The Greatest Wealth is Health" |
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Gold rises 1 pct on economic optimism, Greek debt * Gold follows riskier assets higher on Greek optimism * Cenbank easy monetary policies should underpin gold * Markets eye Greek bond swap deadline later Thursday * Coming up: U.S. Feb. nonfarm payrolls Friday By Frank Tang and Amanda Cooper NEW YORK/LONDON, March 8 (Reuters) - Gold rose 1 percent on Thursday, following the euro and U.S. equities for a second day of gains, as an expected conclusion of a Greek bond deal boosted financial markets across the board. Bullion's rally quickened pace as Greece moved closer to wrapping up its bond swap with private investors on Thursday. However, the metal came off its highs after the European Central Bank delivered a surprise warning on inflation and lowered its growth forecast. Investor sentiment in gold already received a boost after a Wednesday report said U.S. Federal Reserve officials were considering a new type of bond-buying program. Year to date, gold is up nearly 9 percent on a near-zero U.S. interest rate outlook. However, investors are expecting gold to rally further on expectations that the Fed and the ECB will continue easy monetary policies to stimulate growth. Gold posted a 5-percent tumble last Wednesday on fears of no imminent U.S. easing. One gold fund manager said increased money printing by central banks should prompt investors to buy gold as a hedge against shrinking portfolio value. " At some point, the (Greece) resolution is going to be much harder...other than just pouring money into it," said Dan Denbow, manager of the USAA Precious Metals and Minerals Fund with assets under management of around $2.1 billion. " Gold may not look like it's going anywhere, but anything else is devaluating against it," Denbow said. Spot gold was up 1.1 percent at $1,702.70 an ounce by 3:19 p.m. EST (2019 GMT). Despite a two-day rally, gold is on track for its second consecutive weekly loss after a 2-percent tumble on Tuesday as jitters over Greece's debt sent the metal below its 200-day moving average. U.S. gold futures for April delivery settled up $14.80 at $1,698.70 an ounce, with trading volume about 10 percent below its 30-day average but above its previous session, preliminary Reuters data showed. The gold market will closely monitor a deadline for participation in Greece's debt swap later on Thursday. Greece, the debt-struck euro zone member, indicated that it had already cleared a vital threshold needed to pass a deal that will hand bondholders steep cuts in the value of their investments. Bullion investors also await Friday's February U.S. non-farm payrolls report, which could be a driver to gold prices via its effects on the U.S. dollar. " ...Gold will actually rally on the back of more confidence. The chance of another big shock from Greece is very low and the U.S. is recovering," said Daniel Smith, an analyst at Standard Chartered. DECEMBER LOWS POSSIBLE? Even though gold had rallied in the last 11 consecutive years, the metal's safe-haven status appeared to have weakened after recent sharp pullbacks even as the euro zone still faced a chaotic Greek default. Denbow said it is not surprising for gold to retest its late December low near $1,500 an ounce due to shorter-term trade actions and as investors sold the metal for liquidity needs. Gold's rally earlier this year was not driven by a lot of volume, suggesting a lack of conviction in the " risk-on" trade when bullion followed gains in riskier assets such as equities, Denbow said. Holdings of gold in the world's largest exchange-traded products held at a record 70.82 million ounces. ETPs have drawn in well over half a million ounces of gold in the last month, reflecting demand among investors for the metal. Silver rose by 1.4 percent on the day to $33.84 an ounce. In other metals, platinum rose 2.1 percent to $1,659 an ounce, while palladium rose 2.5 percent to $697.70 an ounce. |
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bsiong
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08-Mar-2012 23:58
Yells: "The Greatest Wealth is Health" |
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Last Updated : 08 March 2012 at 16:05 ISTSource :Commodity Online Gold correction may be nearing, although market still hostage to Greece: HSBCLONDON (Commodity Online):Gold prices may be near the end of a downward correction, although the metal’s fortunes could still hinge on Greece for a while yet, HSBC said in a research note. According to HSBC, prices tumbled Tuesday as renewed worries about the Greek debt situation prompted a flight out of risk assets, including equities, and weakened the euro. “Although the market looks weak, we believe that the correction in gold prices is nearing an end. Gold exchange-traded-fund demand has been positive recently, and in the wake of recent price declines, retail-investor coin and small bar demand may perk up,” HSBC continued. “More important, perhaps, gold may be nearing levels at which some central banks may be encouraged to buy or emerging-market buyers increase gold purchases. These factors might not support prices in the very near term, however, as the gold market appears to be hostage to Greek debt developments and EUR/USD movements,” bank added. |
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bsiong
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08-Mar-2012 23:55
Yells: "The Greatest Wealth is Health" |
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Gold rises but easing euro dampens rally
* Central bank policy in focus LONDON, March 8 (Reuters) - Gold edged higher on Thursday, but eased from session highs after the euro declined when the European Central Bank cut its growth forecasts for the region and signalled its role in fighting the debt crisis was over. Risk-linked assets such as the euro, with which gold is at its most tightly correlated in over two years, were boosted by confidence thatGreece would complete a bond swap with private investors to avoid defaulting on its debt. ECB President Mario Draghi doused hopes for more multi-billion euro loans for commercial banks and put the onus back on governments to fight the crisis, following the central bank's decision to leave euro zonerates unchanged. Gold often profits from economic pessimism but its close correlation with the euro tempered gains. Meanwhile, a group of 30 banks and funds representing 40.8 percent of Greece's 206 billion euros of outstanding debt said they would take part in the deal, joining other Greek and foreign banks and pension funds which have already pledged to accept the offer that expires later on Thursday. Gold usually trades in tandem with the euro, and inversely to the dollar. This correlation has strengthened this week to reach its most positive in over two years, meaning the influence of fluctuations in the single European currency is greater on the bullion price than at any time since January 2010. Spot gold was quoted up 0.4 percent on the day at $1,690.54 an ounce by 1515 GMT, below an earlier session high at $1,703.41, but having recovered by 2.0 percent since striking a 1-1/2-month low earlier this week. Strong U.S. private employment data on Wednesday fuelled expectations for a robust reading on the broader jobs market with Friday's monthly non-farm payrolls report, which could hamper gold's advance. " Gold has been very much tracking wider risk assets," Daniel Smith, an analyst at Standard Chartered, said. " I'm in the camp that thinks things are steadily improving." " We have a lot of event risk on Friday, with Greece, U.S. payrolls and also the Chinese data-dump," he said, referring to key Chinese inflation and factory data. " I tend to think that the environment will improve and gold will actually rally on the back of more confidence. The chance of another big shock from Greece is very low and the U.S. is recovering." he said. Gold has risen nearly 9 percent so far this year, having rallied for 11 years in a row, supported in large part by central banks around the world injecting trillions of dollars of liquidity into the markets to lower interest rates and avoid a steep slowdown in the global economy, after the financial crisis of 2008 and the two-year old euro zone crisis. Quantitative easing, which keeps interest rates low via central bank purchases of government bonds, has been one of the most gold-supportive policy tools put to use, because of its dampening effect particularly on the U.S dollar.
NO QE BOOST? A Wall Street Journal report that the Federal Reserve may consider sterilising its bond purchases to avoid aggravating inflationary pressures by further expanding its balance sheet, provided a marginal negative note for gold. Citing people familiar with the matter, the newspaper reported on Wednesday that should the Fed decide to buy more bonds to boost growth, it could borrow back the money it used to buy those bonds for short periods of time at low interest rates. Doing so would take that money out of circulation, or sterilise it. One way a central bank can sterilise bond purchases is by lending out the same amount it has bought, thereby limiting growth in money supply, which can fuel inflation. The ECB, for example, offers to lend any excess acquired through bond purchases through seven-day term deposits to drain off extra liquidity. " The 'sterilised QE' possibility would likely require a different reaction function for gold than what market participants have been used to in the past two instances of easing, as sterilisation would mean there is no actual balance sheet expansion - thereby removing the debasing element and suggesting that the dollar would not weaken as it did in the past," Edel Tully, a strategist at UBS, said in a note. Holdings of gold in the world's largest exchange-traded products held at a record 70.82 million ounces. ETPs have drawn in well over half a million ounces of gold in the last month, reflecting demand among investors for the metal. Buying in India, the world's largest gold consumer, has been evident for the past week, since the price fell below $1,700 an ounce, according to local dealers. Silver rose by around 0.1 percent on the day to $33.44 an ounce, bringing the gold/silver ratio - the number of ounces of silver needed to buy one ounce of gold - below 50.0, indicating silver's relative outperformance over gold. |
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bsiong
Supreme |
08-Mar-2012 23:52
Yells: "The Greatest Wealth is Health" |
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March 8, 2012 |
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bsiong
Supreme |
08-Mar-2012 13:33
Yells: "The Greatest Wealth is Health" |
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Last Updated : 08 March 2012 at 01:10 IST
Source :Commodity Online
Gold, silver boosted by physical demand, report about Federal ReserveNEW YORK (Commodity Online): Comex gold was higher as the pit session ended. “Gold has found support between $1,670 and $1,675, this level having been tested many times today,” said Triland Metals in a research note. “Asian physical demand had helped underpin the market.” Further, support came from a Wall Street Journal report saying that the Federal Reserve was considering “sterilized” bond purchases, which induced short covering in gold, Triland added. According to Triland, under this new approach, the Fed would buy long-term mortgage or Treasury bonds but tie up the money by borrowing it back for short periods at low rates. Still, even though gold has stabilized, the metal “is still reeling from the heavy sell-off of the last week and the subsequent loss of confidence that this has brought to many investors.” Triland put major resistance between $1,700 and $1,705 an ounce. Shortly after the pit close, April gold was $10.30 higher at $1,682.40 an ounce. Silver also drew physical buying in Asia and has found support for now between $32.50 and $33. May silver was up 60.2 cents to $33.385, Triland concluded. |
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bsiong
Supreme |
08-Mar-2012 13:28
Yells: "The Greatest Wealth is Health" |
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Updated : 07 March 2012 at 19:05 IST
Run to gold, Iran-Israel war is coming: Marc FaberNEW YORK (Commodity Online): Marc Faber aka Dr Doom has given out a new warning to investors- a war between Israel and Iran is coming. Faber, a perennial bear, is the publisher of the famous Gloom, Boom and Doom report " Political risk was high six months ago and is higher now. I think sooner or later, the US or Israel will strike Iran - it's almost inevitable”, Faber said in an interview with Reuters while also adding that in the event of a war, “Bernanke will just print even more money -- they have no option...they haven't got the money to finance a war. You have to be in precious metals and equities... most wars and most social unrest haven't destroyed corporations - they usually survive” In an earlier interview with Bloomberg, Faber had stated that QE3 would depend on the S& P. “If the S& P drops 100-200 points, then yes, for sure we will have QE3” A latest Barclays report had suggested that investors continue to accumulate gold on dips while also watching out for the $1800/oz level, as a breakout from this level could indicate bullish bias. |
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bsiong
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08-Mar-2012 12:44
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/7/2012March 7, 2012SOME HEDGE FUNDS REFUSING GREEK SWAP QE3 MORE LIKELY? In afternoon trading, prices of the four precious metals were pushed upward as markets reacted to private-sector job numbers and news that the Federal Reserve is considering a new program of bond buying. The Gold price broke a three-day downward trend, ending the day up by nearly $12. The price for the metal had dipped last week after statements from Federal Reserve Chairman Ben Bernanke seemed to quell chances of another round of quantitative easing. However, a Wall Street Journal report today indicated that the Fed was looking at an alternative bond-buying program, and investors responded by turning to the safe haven of Gold out of inflation fears. Dan Greenhaus, chief global strategist with equity trading firm BTIG, said, “To the extent we’ve taken additional easing out of market, this (Wall Street Journal article) put it right back in.” Tomorrow night is the deadline for Greece’s private creditors to decide whether they will participate in a bond swap designed to avoid a disorderly and potentially contagious default. However, several hedge funds are boycotting the bond swap, and have threatened to take legal action if Greek policymakers don’t offer a better deal. Some hedge funds, in an effort to resist joining the swap, have bought a small number of foreign-governed Greek bonds. The total amount of the bonds is thought to be around 10 percent of the 200 billion euros that must be restructured as part of Greece’s bailout. Although the bond swap could likely continue even without the involvement of some hedge funds, the fear is that their efforts to obtain a better offer could result in a costly legal battle that would divert Greece’s attention away from dealing with that country’s economic issues. In an interview today, the chief economist for global investment firm Goldman Sachs said that increased energy costs are beginning to adversely affect the U.S. economy. Chief economist Jan Hatzius said, “I think we’re seeing some drag. We would say maybe a quarter to a half point (off Gross Domestic Product) from the increase in oil and gas prices seen since December.” Due to rising oil and gasoline prices and the sluggish labor market performance, Hatzius anticipates only moderate growth in GDP for the U.S. He said, “We think there’ll be some fiscal restraint. That’ll be more of an issue for 2013 than for 2012.” Hatzius said he believes the Fed will be careful with regards to monetary policy. He also said the Fed is “more likely than not” to engage in quantitative easing in the future. Quantitative easing in the past has been associated with increased inflation here in the U.S. as the buying power of the dollar drops. Gold and other precious metals historically have had a negative correlation with the value of the dollar. At 4:15 p.m. (CST), the APMEX precious metals spot prices were:
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bsiong
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08-Mar-2012 12:42
Yells: "The Greatest Wealth is Health" |
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Mid-Day Gold & Silver Market Report – 3/7/2012March 7, 2012OPTIMISM SEEN IN GREECE CHINA RAILS AGAINST U.S. TRADE Precious metals have maintained their positions in positive territory today. The euro recovery and physical demand out of Asia are keeping prices higher. The jobs data announced earlier today and the growing support for consolidating Greek debt has helped the overall outlook for Gold. Trader Frank Lesh said, “There is some positive news out there for the economy, and that is helping Gold. … Some investors are back after the big fall.” With the deadline looming for private Greek bondholders, the number of voluntary participants has increased to about 58 percent of investors agreeing to take the hit. The growing percentage supports the likelihood that CACs (Collective Action Clauses) will not need to be implemented. Christoph Rieger with Commerzbank wrote in a note, “Adding up the commitments to participate in the Greek PSI, it is now clear that the CAC hurdles will very likely be cleared.” But some investors are holding out hope that their bonds may have a return of face value, are opting not to participate, and expect CACs to be put in place. Investor Patrick Armstrong said, “I do fully expect to be part of the collective action clause.” The optimism over Greek is helping the outlook for other countries of concern, such as Spain and Italy. Their bond percentages continuing to move away from the crisis mark. President Barack Obama is set to sign a bill into law today that is proving to be quite unpopular with the Chinese Commerce Ministry. This is something the president is looking to do to protect American jobs by signing the bill authorizing duties to be imposed on subsidized goods from China and Vietnam. However, in a news conference, Chinese Commerce Minister Chen Deming said, “We follow the rules of the WTO, but we have no obligation to follow domestic laws or regulations in any specific country that go beyond international rules. … Why did the U.S. have a $700 billion overall trade deficit? Why did China have an overall trade surplus of only $150 billion but a trade surplus of $200 billion with the United States. … Every man, free from prejudice and armed with common sense economics, can come to the right conclusion.” At 12:12 p.m. (CST), the APMEX precious metals spot prices were:
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bsiong
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07-Mar-2012 10:13
Yells: "The Greatest Wealth is Health" |
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Gold off 6-week low, Greek fears linger SINGAPORE, March 7 (Reuters) - Gold regained some ground on Wednesday, after falling 2 percent in the previous session as worries about a possible Greek default resurfaced, but dealers expected bargain hunters and jewellers to snap up the metal at current levels. FUNDAMENTALS * Spot gold hardly changed at $1,673.86 an ounce by 0025 GMT after hitting a high at $1,675.50. It had dropped as low as $1,663.95 on Tuesday, its weakest since Jan. 25. * U.S. gold for April delivery rose $2.50 to $1,674.60 an ounce. * Athens turned up the heat on its creditors on Tuesday as it sought to secure a bond swap that will cut its mountainous debt, while the main bondholders group warned a disorderly default would cause more than a trillion euros of damage to the euro zone. * Hong Kong shipped 32,948 kg of gold to mainland China in January, down 15 percent from the previous month, the Hong Kong Census and Statistics Department said on its website, reflecting slower sales during the Lunar New Year holiday. MARKET NEWS * Commodity currencies like the Australian dollar nursed heavy losses for a second session in Asia on Wednesday, while the euro also looked wobbly as renewed worries about Greece hit a market already fretting over China's slower growth target. * Japan's Nikkei share average fell 1.1 percent in early trade on Wednesday on fresh concerns over slowing global growth after Brazil reported weak growth for 2011 and fears that Greece may not meet its deadline for debt restructuring. * Oil prices retreated on Tuesday as data showing a shrinking euro zone economy fueled fears of curbed demand for petroleum, while news that major powers accepted Iran's offer for more talks on its nuclear program eased concerns about supply disruptions. DATA/EVENTS 0030 Australia GDP yy Final Oct 2011 1130 India M3 Money Supply 1200 Brazil Industrial output yy Jan 2012 1315 U.S. ADP national employment Feb 1330 U.S. Productivity Q4 1330 U.S. Labor costs Q4 2000 U.S. Consumer credit Jan |
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bsiong
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07-Mar-2012 10:10
Yells: "The Greatest Wealth is Health" |
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Closing Gold & Silver Market Report – 3/6/2012March 6, 2012STOCKS SEE BIGGEST LOSS OF 2012 GOLD, SILVER START TO RECOVER The stock market closed down more than 200 points today, its biggest loss of 2012. As reported throughout the day, the fear of a Greek default is rocking the stock markets and precious metals markets. Stocks are down on fears of what a Greek default might do to the fragile global economic recovery. Gold and Silver prices are down largely because the falling euro has boosted the value of the U.S. dollar. Legendary money manager Marc Faber, affectionately known as “Dr. Doom,” is advising to buy precious metals. Faber sees the geopolitical risks in the Middle East as ramping up, saying an Israeli strike on Iran is a certainty. Faber told Reuters, “Political risk was high six months ago, and it is higher now. I think sooner or later, the U.S. or Israel will strike Iran.” He continued: “Say war breaks out in the Middle East or anywhere else Mr. Bernanke will just print even more money -- they have no option. … They haven’t got the money to finance a war.” At 4 p.m. (CST), the APMEX precious metals prices were:
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bsiong
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07-Mar-2012 00:17
Yells: "The Greatest Wealth is Health" |
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bsiong
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07-Mar-2012 00:15
Yells: "The Greatest Wealth is Health" |
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OPPORTUNITY KNOCKS — A Quick Note on Recent Gold-Price Action |
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bsiong
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07-Mar-2012 00:14
Yells: "The Greatest Wealth is Health" |
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Gold slides below key support as dollar strengthens
* Gold breaks through support at 200 day moving average * Platinum, palladium face biggest 1-day loss of 2012 (Updates prices, adds comment) By Jan Harvey LONDON, March 6 (Reuters) - Gold prices fell more than 2 percent on Tuesday, pushing below key support at $1,676 an ounce, as jitters over whether private creditors will agree to a Greek bond swap deal pressured the euro, while broader economic worries hit risk appetite. Platinum, palladium and silver were all caught up in the selling, with the platinum group metals on track for their biggest one-day loss this year. Spot gold touched a low of $1,663.95 an ounce and was down 1.9 percent at $1,673.20 an ounce at 1441 GMT. U.S. gold futures for April delivery fell $30.20 to $1,673.70. The metal hit session lows as Wall Street fell at the open and the dollar rose to a 2-1/2 week high against the euro, with the single currency hurt by worries over a Greek debt swap deal. Its losses accelerated after the metal broke its 200-day moving average at $1,676 an ounce. Heavy selling was particularly seen in U.S. April gold futures. " It's long liquidation, everyone is trying to get out of the door at the same time," said Afshin Nabavi, head of trading at MKS Finance in Geneva. Stock markets fell and the cost of insuring Greek, Spanish and Italian government debt against default rose on uncertainty over Greece's debt restructuring and a worsening economic outlook, while safe-haven German Bunds rose. Gold has recently failed to benefit from the safe-haven flows that helped push it to record highs last, year as investors seek the safety of the dollar instead. " Gold this year has been driven by exchange-rate mechanisms. Any dollar strength has not been positive for gold," said Citigroup analyst David Wilson. " At some point, if confidence over Europe evaporates, you would think that should be postive for gold, but you still have to keep an eye on the dollar-gold trade-off." Gold is extending losses after falling nearly 4 percent last week, the most since mid-December, after Federal Reserve chair Ben Bernanke disappointed financial markets when he failed to signal another imminent round of monetary easing.
STRONG APPETITE Data showed gold imports into China from Hong Kong dipped 15 percent in January from the previous month, reflecting slower sales during the Lunar New Year holiday. Hong Kong's gold exports to China in 2011 tripled from a year earlier, showing China's strong appetite for bullion investment. Silver also sold off in gold's wake, down 3.5 percent at $32.80 an ounce. The gold/silver ratio, or the number of silver ounces needed to buy an ounce of gold, rose back to 50.7 on Tuesday, after dropping to a five-month low at 48.4 last week, as silver underperformed gold in a falling market. Platinum group metals were the biggest losers, however, coming under pressure from both the stronger dollar and concerns about global growth, which has a greater effect on industrial platinum and palladium than on gold. Spot platinum was down 2.7 percent at $1,615.24 an ounce, off a low of $1,598.70, while spot palladium was down 3.7 percent at $676.22 an ounce. " Tomorrow's planned nationwide strike in South Africa and Zimbabwe's rejection of Zimplat's request for an extension in meeting the country's local ownership requirements, are once again raising concerns over global supply of these metals," said Standard Bank in a note. " However, for the moment, these factors are being overshadowed by the dollar strength (off the back of heightened euro zone concerns)." Zimbabwe's state-controlled Herald newspaper said the country is set to announce on Wednesday the fate of Impala Platinum's shareholding in its local unit after latest talks on black ownership ended in deadlock. (Reporting by Jan Harvey, editing by William Hardy) |
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