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© 2012 Infinity Trading Corp
January 2nd, 2013
Gold futures rose to a two-week high in New York, as commodities gained and the dollar weakened after U.S. lawmakers passed legislation to avert the so-called fiscal cliff of automatic spending cuts and tax increases.
The U.S. Dollar Index, a gauge against six currencies, fell 0.4 percent and the Standard & Poor’s GSCI gauge of raw materials rose 1.1 percent after the House of Representatives approved a bill that prevents income taxes from rising for most U.S. workers. Republicans vowed to fight President Barack Obama in coming weeks for spending cuts in exchange for raising the debt ceiling. Japan’s Prime Minister Shinzo Abe reiterated his intention to weaken the nation’s currency.
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Gold extends longest streak
December 31st, 2012
Gold futures rose, poised for a 12th consecutive annual gain, as central banks from Europe to China pledge more steps to spur economic growth and U.S. lawmakers near a deadline for budget talks.
Gold for immediate delivery added 0.3 percent to $1,661.38 an ounce by 12:44 p.m. in London, extending this year’s climb to 6.2 percent. Prices rebounded from a five-week slump as the deadline for the so-called U.S. fiscal cliff of automatic tax increases and spending cuts due to take effect tomorrow loomed with no accord in sight among lawmakers.
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December 28th, 2012
Commodity Investing: Gold traders are the most bullish in four months as U.S. lawmakers near a deadline for budget talks, at a time when hedge funds are cutting bets on higher prices.
Fifteen of 19 analysts surveyed by Bloomberg expect prices to rise next week and one was bearish. A further three were neutral, making the proportion of bulls the highest since Aug. 24. Investors bought 60 percent more this year through gold- backed exchange-traded products compared with 2011, boosting holdings to a record on Dec. 20 and which are now valued at $140.5 billion, data compiled by Bloomberg show.
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December 21st, 2012
Gold futures rose for the first time in four days in New York on expectations central banks will continue buying bullion after data showed Brazil boosted its reserves for a third month.
Brazilian holdings expanded the most in 12 years, rising 14.7 metric tons in November, data from the International Monetary Fund showed. The nation’s holdings doubled since August. Central banks have bought 426.5 tons of gold so far this year, UBS AG said in a report today. Bullion is 5.3 percent higher this year, set for a 12th annual gain.
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Gold futures decline
December 20th, 2012
Gold futures fell to the lowest since August after a report showed the U.S. economy grew more than forecast last quarter, damping expectations that the Federal Reserve will expand monetary stimulus.
The U.S. grew at a 3.1 percent annual rate in the third quarter, more than previously reported and exceeding all projections in a Bloomberg survey, Commerce Department figures showed. The Fed said Dec. 12 it will boost its main stimulus tool by adding $45 billion of monthly Treasury purchases to an existing pledge of $40 billion in mortgage debt a month. The program is its third round of debt buying, known as quantitative easing, aimed at spurring growth.
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December 18th, 2012
Gold futures fell for the first time in three sessions after U.S. House Speaker John Boehner’s call for a “backup plan” tempered optimism that lawmakers are close to agreement on avoiding automatic spending cuts and tax increases.
Boehner and President Barack Obama are negotiating to avert the so-called fiscal cliff, more than $600 billion in tax increases and spending cuts set to start in January. Boehner will push a “plan B” measure that would include tax increases on income of more than $1 million, while continuing to negotiate with Obama, a Republican aide said.
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Gold futures drop
December 12, 2012
Gold futures declined to a one-week low as a rally to the highest level this month prompted some investors to sell the metal amid concern about the U.S. budget deadlock. Silver, platinum and palladium retreated.
Spot gold slumped as much as 1 percent to $1,694.35 an ounce, the lowest price since Dec. 7, and traded at $1,700.90 at 10:49 a.m. in Singapore. The metal climbed to $1,723.40 yesterday, the most expensive since Nov. 30, after the Federal Reserve said it will expand asset purchases. The rally was “modest” as additional Fed balance sheet expansion was already “priced in,” according to Goldman Sachs Group Inc.
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Silver futures advance
December 10th, 2012
Silver futures and gold advanced Monday as some investors stocked up on precious metals ahead of the U.S. Federal Reserve’s policy-setting meeting while others sought a haven from concerns about Europe’s political upheaval.
The most actively traded contract, for February delivery, rose $8.90, or 0.5%, to settle at $1,714.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
The Federal Open Market Committee is due to hold a two-day policy-setting meeting starting Tuesday. Some precious-metals investors hope to see the central bank extend “Operation Twist,” its inflation-resistant Treasury purchasing program, while others speculate that a new easing effort will be announced.
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December 4th, 2012
Gold futures slumped to a four-week low, closing under $1,700 an ounce, as a stalemate in U.S. budget talks drove commodities down. Silver, platinum and palladium also dropped.
Twenty-one of 24 raw materials in the Standard & Poor’s GSCI Spot Index fell. Democrats and Republicans have four weeks left before more than $600 billion in tax increases and federal spending cuts are triggered. Gold slid about $12 an ounce in about a minute during Asian trading, data compiled by Bloomberg show.
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Gold futures move higher
November 29th, 2012
Gold futures rose for the first time in four days on speculation that the Federal Reserve will buy more debt to boost the U.S. economy. Silver climbed to a seven-week high.
“I will be assessing the employment and inflation outlook in order to determine whether we should continue Treasury purchases into 2013,” Federal Reserve Bank of New York President William C. Dudley said in a speech in New York. Treasury Secretary Timothy F. Geithner began talks with congressional leaders on a budget accord.
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