Gold Slips to 34-Month Low

On June 26, 2013, in gold futures trading news report, by Infinity Trading
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Gold futures slip

June 26th, 2013

Gold futures plunged to a 34-month low, set for a record quarterly drop, as improving U.S. economic data strengthened the case for the Federal Reserve to reduce stimulus. Silver futures fell to the lowest since August 2010.

Gold dropped 23 percent this quarter, heading for its biggest loss since at least 1920 in London. Fed Chairman Ben S. Bernanke said last week the central bank may slow its asset-purchase program this year if the economy continues to improve. U.S. durable-goods orders rose more than expected, home sales advanced to the highest in almost five years and consumer confidence climbed, data showed yesterday.

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Gold Rebounds in New York

On June 21, 2013, in gold futures trading news report, by Infinity Trading
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Gold futures rebound

June 21st, 2013

Gold futures rose from their lowest level since 2010 on speculation the slump may spur purchases. The metal is still set for its worst week since April after Federal Reserve Chairman Ben S. Bernanke said that the central bank may start curbing stimulus.

Bullion futures slid 6.4 percent yesterday, a day after Bernanke said the central bank may start reducing $85 billion in monthly debt buying this year and end the program in 2014. Prices reached $1,268.70 an ounce today, the cheapest since Sept. 16, 2010. Gold’s 14-day relative strength index was at 30.3, near the level of 30 that indicates to some analysts who study technical charts that a rebound may be imminent.

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gold futures drop

May 28th, 2013

Gold futures may decline to a three-year low if the price breaches the April 16 low by the end of June, extending a bear market that started last month, according to technical analysis by research company JSC Corp.

The most-active contract on the Comex in New York fell below the so-called cloud on Ichimoku charts and traded below the 50-day moving average since February, said Takaki Shigemoto, an analyst at the Tokyo-based company. If futures retreat below $1,321.50 an ounce in coming weeks, they will then drop to $1,155.80, reached in April 2010, he said.

Gold has dropped 17 percent this year in New York after climbing in the previous 12 years. Futures plunged into a bear market as some investors lost faith in the metal as a store of value amid economic optimism, low inflation and a rally in equities. The drop will be intensified if the Federal Reserve begins scaling back monetary stimulus later this year, he said. Bullion for August delivery rose 0.2 percent to $1,389.90 at 4:19 p.m. in Tokyo.

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Gold Bears Revived as Rout Resumes

On May 17, 2013, in gold futures trading news report, by Infinity Trading
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gold futures fall

May 17th, 2013

Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.

Seventeen analysts surveyed by Bloomberg expect prices to fall next week, with eight bullish and three neutral, the highest proportion of bears in two weeks. The analysts were divided a week ago after gold rebounded as much as 13 percent from the two-year low of $1,321.95 an ounce on April 16. ETP holdings slid 16 percent to 2,207.1 metric tons this year, the lowest since July 2011, data compiled by Bloomberg show.

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Gold futures move higher

April 24th, 2013

Gold futures rose for the fourth time in five sessions as investor demand for coins surged amid a slump in exchange-traded products backed by the metal.

Britain’s Royal Mint sold more than three times the amount of coins this month than a year earlier after prices dropped the most in three decades, while the U.S. Mint ran out of its smallest American Eagle coin. Last week, futures plunged 7 percent, the most since September 2011, and ETP holdings headed for a record monthly plunge.

“Support for gold prices is coming from the cash market,” Jeffrey Friedman, a senior commodity broker at RJO Futures in Chicago, said in a telephone interview. “There’s still a bearish tone to things, but a lot of the weak longs have been flushed out. People who take physical delivery of gold tend to hold onto it for a while.”

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Gold Futures Slump

April 16th, 2013

Gold Futures – The selloff in gold that cut futures 13 percent over two days was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings, according to Goldman Sachs Group Inc.

The slump, which drove prices to their lowest level since January 2011 today, was exacerbated as the metal fell below so- called technical-support levels, analysts including Jeff Currie and Damien Courvalin said in a report dated today, entitled “There Are Weeks When Decades Happen.”

Gold has plunged into a bear market as investors reduced holdings in exchange-traded products amid signs the U.S. economy is recovering, paring haven demand. Goldman said April 10 the turn in the gold cycle was quickening and investors should sell the metal. The drop in the past two days was one of the largest corrections in modern history, according to Deutsche Bank AG.

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April 15th, 2013

Gold Futures – Hedge funds and other speculators added to bullish gold bets before the metal slumped into a bear market and Goldman Sachs Group Inc. warned the retreat is accelerating after the longest rally in nine decades.

The investors increased net-long positions by 19 percent to 56,084 futures and options in the week ended April 9, the first gain in three weeks, U.S. Commodity Futures Trading Commission data show. That contrasts with a 7.9 percent decline in bullish wagers across 18 U.S.-traded raw materials, which fell to a five-week low of 431,581 contracts. Holdings in agriculture dropped to the lowest since September 2006.

The turn in the gold cycle is quickening and investors should sell the metal, Goldman Sachs said in an April 10 recommendation that returned 5.4 percent in three days. Gold retreated as the Standard & Poor’s GSCI Index of 24 raw materials fell to a nine-month low, extending a slump that Citigroup Inc. said marks the “death bell” for the supercycle, or longer-than-average period of rising prices. Global equities advanced to the highest since June 2008 as U.S. stocks reached a record.

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April 11th, 2013

Gold futures gained for the second time in three days as a weaker dollar increased demand for the precious metal as an alternative investment.

The dollar slipped as much as 0.6 percent against a basket of six currencies. Cyprus denied that it plans to sell bullion to ease its debt crisis. Gold tumbled 1.8 percent yesterday, the most since November, after a draft of a European Commission report obtained by Bloomberg News showed that Cypriot authorities would sell metal reserves.

“A weaker dollar is supporting gold,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “The Cyprus denial is helpful, and we are definitely seeing some demand as prices have fallen sharply.”

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gold poised for gain

March 14th,2013

Gold was set for the first back-to- back weekly advance since January as investors weighed prospects for more stimulus against improving U.S. economic data. Silver, platinum and palladium headed for weekly losses.

Spot gold traded at $1,591.70 an ounce at 9:37 a.m. in Singapore from $1,590.20 yesterday. The metal climbed to a two- week high of $1,599.85 an ounce on March 13 and is 0.8 percent higher this week. Assets in gold-backed exchange-traded products rose for the first time in five weeks, climbing from the lowest level since September, according to data compiled by Bloomberg.

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Gold futures climb

March 11th, 2013

Gold futures swung between gains and losses as investors weighed data showing an improving U.S. economy against signs that Europe’s debt crisis is continuing.

The Dow Jones Industrial Average reached an all-time high last week and the dollar traded near a seven-month high against six counterparts on signs that the U.S. economy is strengthening. Fitch Ratings cut Italy’s credit rating by one level on March 8. Gold exchange-traded holdings fell for a fourth straight week.

“The positive data out of the U.S. is very negative for gold, and at the same time the Fitch downgrading of Italy is providing some support,” Fain Shaffer, the president of Infinity Trading Corp. in Medford, Oregon, said in a telephone interview. “Gold has been getting slaughtered because of equities this year.”

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