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April 24th, 2012
Silver Futures – Silver holdings in exchange-traded products slumped by $626.9 million as prices traded near a three-month low and exchange stockpiles climbed, underscoring concern a global economic slowdown may curb demand.
Assets in ETPs lost 3.6 percent yesterday, the biggest one- day drop since January 2008. Silver dropped as much as 3.8 percent to $30.48 an ounce yesterday, the lowest price since Jan. 20, and traded at $30.9325 by 1:35 p.m. in London today.
Demand for silver fell in 2011 for the first year in four as Europe’s debt crisis sapped industrial use of the metal found in solar panels and photography, Thomson Reuters GFMS said in a report on April 19. The decline in ETP assets yesterday drove holdings to the lowest level since August.
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March 20th, 2012
Gold futures trimmed losses on Tuesday, bouncing off the session low as the dollar index moderated its gains and some bargain buying emerged from traders reluctant to bet that prices will fall further.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,656.35 a troy ounce during U.S. morning trade, slumping 0.66%.
It earlier fell by as much as 1.36% to trade at a two-day low of USD1,641.35 a troy ounce.
Gold futures were likely to find support at USD1,634.75 a troy ounce, the low from March 14 and short-term resistance at USD1,669.85, the previous day’s high.
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Gold futures gain
Mar 14, 2012
Gold Futures – Gold is poised for a 21 percent gain in 2012, extending its bull market to 12 consecutive years, as investors hoard record amounts and central banks expand reserves for the first time in a generation.
Gold bullion may rise to $1,897 an ounce in New York by Dec. 31 from $1,566.80 at the end of 2011, based on the average of 14 respondents in a survey at the Bloomberg Link Precious Metals Conference yesterday in New York. The rally that began in 2001 is the longest since at least 1920 in London, including a 10 percent gain last year.
Demand has strengthened as Europe seeks to contain its debt crisis, China’s economic expansion slows, and governments from the U.S. to the U.K. keep interest rates at all-time lows to shore up growth. Central banks have been net buyers for three straight years, the longest stretch since 1973, World Gold Council data show. Holdings (.GLDTONS) in exchange-traded funds backed by the metal reached a record 2,410.2 metric tons yesterday, data compiled by Bloomberg show.
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February 15th, 2012
Gold futures rose, ending the longest slump this year, as China’s pledge to help resolve Europe’s debt crisis boosted demand for commodities.
The Standard & Poor’s GSCI Spot Index of 24 raw materials rose to a six-month high. Zhou Xiaochuan, China’s central bank governor, indicated the nation will invest in Europe’s bailout funds. Paulson & Co., the $23 billion hedge fund run by John Paulson, said that “now is the time” to buy gold as an inflation hedge. Paulson is the biggest holder in the SPDR Gold Trust, the largest exchange-traded fund backed by the metal.
The signal from China “is definitely helping all commodities, including gold,” Miguel Perez-Santalla, a vice president at Oklahoma City-based Apmex Inc., an online metal dealer, said in a telephone interview from New York. “Also, some investors are buying because they are not sure whether Greece will finally be able to get out of the mess.”
Gold futures for April delivery rose 0.6 percent to settle at $1,728.10 an ounce at 1:53 p.m. on the Comex in New York, the biggest gain for a most-active contract since Feb. 7.
The metal dropped 1.3 percent in the previous three sessions, the longest slump since late December. Gold has gained 10 percent this year.
Evangelos Venizelos, Greece’s finance minster, said today that Europe’s wealthier countries are “playing with fire” by indicating that the country may be expelled from the 17-nation euro bloc.
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