gold Tag

Despite the second slam in as many days into the London Fix… Gold is trading near the highest in five months, and, as Bloomberg notes, at least one measure suggests the rally is gaining momentum. Open interest, a tally of outstanding contracts in Comex futures, this week climbed to the highest since January as global tensions ranging from the U.S.-North Korea rift to European elections fuel demand for haven assets. “The open interest went up because we had people that wanted to protect themselves against all the uncertainty,” said Frank Cholly, a senior market strategistRead More
It was almost exactly two years ago when a cash-strapped Venezuela quietly conducted its first, little-noticed gold-for-cash swap with Citigroup, as part of which Maduro converted part of his nation’s gold reserves into at least $1 billion in cash courtesy of the US bank. As Reuters reported then, the motive was simple: convert $1 billion of the country’s gold into much needed dollars to fund imports and keep the economy from sinking. However, instead of selling the gold outright, a move which would have been met with a firestorm of protests from politicalRead More
Hi, I’m Ian. I’m a Malaysian. And my mom is a Singaporean. Last week, we took a trip down to Singapore for Cheng Beng. It’s a Chinese Memorial Day where families get together to pay their respects to the deceased. To my knowledge, there is a ritual to ‘somewhat’ comfort the soul of the deceased. It includes joystick lightings, food offerings, burnings of countless of artificials such as notes, Rolex Watches, iPhones, Houses, BMWs, aeroplanes, and of course, Gold and Silver. It’s usually performed by Buddhists and Taoists practitioners. Personally,Read More
Whenever the world starts going crazy, investors instinctively begin flocking to precious metals.  So it wasn’t exactly a surprise when gold and silver prices started to move upward aggressively as global leaders continued to talk about the possibility of World War III and nuclear conflict.  The price of gold spiked to a five month high on Tuesday, and as I write this article gold is currently sitting at $1277.10 an ounce.  Right now silver is at $18.35 an ounce, and many analysts believe that it is poised for a dramaticRead More

Posted On April 12, 2017By HoudiniIn News

Flight to safety lifts yen, gold and bonds

SYDNEY (April 12): Investors ducked for cover on Wednesday as a drumbeat of alarming geopolitical news sent the safe-haven yen and gold to five-month highs and yields on top-rated sovereign bonds to their lowest for the year so far. The unease tarnished an otherwise brightening outlook for global economic growth and put equities on the defensive. Japan’s Nikkei slid 1 percent in early trade, while MSCI’s broadest index of Asia-Pacific shares outside Japan was near flat. In contrast, gold climbed to $1,275.66 an ounce and touched its highest since Nov.Read More
Gold settled higher Thursday, for its fourth advance in the past five sessions, buttressed by anxiety ahead of a meeting between President Donald Trump and his Chinese counterpart Xi Jinping, and concerns that tax reform efforts could prove to be more difficult than once thought. Gold settled up $4.80, or 0.4%, at $1,248.50 an ounce ahead of Trump’s meeting with Xi, while the dollar DXY, -0.04%  strengthened and Treasury yieldsTMUBMUSD10Y, -1.18%  remained higher following the release of the latest tally of first-time jobless benefits claims. The employment report showed a sharp drop of 25,000 in theRead More
Shandong Gold Group, China’s second biggest gold producer by output, announced on Tuesday that it has discovered deposits in eastern China containing an estimated 380 tons of gold reserves, which would represent the nation’s largest ever gold deposit. According to a Tuesday statement that cited the company on sdchina.com, the Xiling mine in Shandong province told local authorities it had found 382.58 tons of gold reserves and that the volume could reach more than 550 tons once exploration is completed in two years. According to local media reports, the Xiling goldRead More
BENGALURU (March 22): Gold prices rose to a three-week high on Wednesday, as risk-averse investors dumped equities amid a weaker dollar and sought safe havens on growing doubts about U.S. President Donald Trump’s economic agenda. Spot gold had risen 0.3% to US$1,247.56 per ounce by 0644 GMT, after touching a three-week peak of US$1,248.47. U.S. gold futures were firm at US$1,246.30. The dollar index, which measures the greenback against a basket of currencies, was at 99.761, near the six-week low of 99.642 reached on Tuesday. Asian stocks fell on WednesdayRead More

Posted On March 20, 2017By HoudiniIn Articles

Billionaires Are Cornering the Gold Market

What Do They Know That You Don’t? Everywhere you look the “Smart Money” is buying gold at a frenetic pace. That term, “Smart Money,” gets thrown around a lot, so I’ll be more explicit… I mean people who have made billions of dollars investing. George Soros, whose net worth is estimated at $25 billion, for example, and his former partner Stan Druckenmiller, who’s worth $4.4 billion. John Paulson, who graduated from obscurity to legend when he used credit default swaps to bet against the U.S. mortgage market in 2007, netting $4Read More
Gold rallied after the Federal Reserve announced an increase to its key short-term interest rate on Wednesday, but the metal’s price reaction isn’t quite the head scratcher that it seems to be. “It is a case of ‘sell the rumor (of a rate hike), buy the fact’,” said Ross Norman chief executive officer at Sharps Pixley, told MarketWatch by email from London after the announcement. “We have consistently seen double-digit percentage increases in gold prices post a rate hike perversely,” he said. That’s “counter-intuitive because higher rates would ordinarily beRead More