(1888PressRelease) Gold rises along with stocks.MIAMI, FL - All the precious metals showed substantial gains again today as the stock market soared. Not surprisingly, the biggest gains were in the white metals with platinum and palladium gaining $33 and $29 respectively. For palladium, particularly, this is a noticeable rise in percentage terms. Increased confidence in the economy will obviously be reflected in increased demand for the platinum...more
(1888PressRelease) Platinum shows signs of recovery.MIAMI, FL - Lower than normal platinum prices have been a concern to platinum producers with a threat of production cuts down the line. Three-quarters of the world's platinum comes from South Africa; fortunately the dollar has strengthened against the rand, meaning that it is still possible for producers to profit, even at lower prices. However, labor and production costs have been rising, so...more
(1888PressRelease) Gold prices buoyed by European crisis.MIAMI, FL - The outlook for gold remains very positive for this week with the vast majority of analysts predicting a rise in price due to the ongoing debt crisis in Europe. The continuing sovereign debt crisis should be bullish for gold based on safe-haven demand as long as Europe doesn't slide into recession, which would mean that inflation was no longer a concern. Those analysts who predict stronger prices for gold this week suggest targets of $1700 or above."The European situation is at the forefront of everyone's minds at present," says Bill Hionas of Pan American Metals of Miami. "While the economy is struggling, precious metals will benefit."Angela Merkel and Nicolas Sarkozy have given themselves a three-week deadline to sort out the crisis and get Greece back on track. Europe will need 'considerably in excess' of $100 billion euros to satisfy the needs of the struggling economies. Meanwhile, in the US, it seems that more and more people are hoarding gold bars and coins as an insurance policy and many of them are keeping their gold bullion in their homes, sometimes hidden or even buried. The philosophy is that gold...more
(1888PressRelease) Trichet's remarks cause gold's rise to stall.MIAMI, FL,Gold prices settled today with a slight correction leaving the yellow metal in the $1660 range. As anticipated, yesterday's strong rally provoked some profit taking but a stronger dollar also contributed to gold's sideways move. There is still considerable concern about the...more
(1888PressRelease) Gold slides slightly on profit taking and rising dollar.MIAMI, FL, Gold slipped slightly today, October 13, following some profit taking and a rising dollar. We should expect a certain amount of volatility as changing news, or even people's perceptions of changing news, affects the market. Gold tends to move inversely to the...more
(1888PressRelease) Macroeconomic factors are supportive of increased prices for gold.MIAMI, FL - Gold prices continued to rise again today and are slated to be even higher next week. Apart from the ongoing crisis in the euro zone, economic news from the US this week was the worst since September 2010. According to the Weekly Leading Index growth indicator of the Economic Cycle Research Institute (ECRI), the US posted the weakest growth figures in 57 weeks, with a reading of minus 9.6%; this in itself should be enough to set investors clamoring in search of a safe haven. The ECRI claims that, while it is too early to establish a definite trend, the US appears to be heading for a new recession.Traders in gold bullion are predicting a bullish trend in view of slowing growth, Europe's debt issues and a bear market in equities. Almost 90% of market analysts anticipate a rise in price for gold next week, seeing macroeconomic factors driving demand. The US dollar already slipped against major currencies today in light of gains in the euro as rumors abound about the efforts to solve the sovereign debt crisis. Gold tends to move inversely against the dollar, giving further credence to...more
(1888PressRelease)Palladium is likely to experience problems with supply in the not-too-distant future, suggesting that a significant rise in price could be on the cards.MIAMI, FL,A Russian source states that the country has only 9 tons of palladium...more
(1888PressRelease) All eyes are on European situation in the coming week.MIAMI, FL, As predicted gold prices rose slightly today, October 17, trading within reach of $1700 at one point, though the price rise was tempered by a stronger dollar....more
(1888PressRelease) A strong dollar and rumors that commodity contracts may be limited combined to cause a drop in the price of gold today.MIAMI, FL - Following yesterday's rise in price, today saw another sharp correction for gold. The euro dropped...more
The team played at the Miami Arena, and its first major stars were New York Rangers goaltender castoff John Vanbiesbrouck, rookie Rob Niedermayer, and Scott Mellanby, who scored 30 goals. Their first game was a 4-4 tie on the road against the Chicago...more
(1888PressRelease) Wall Street reported its worst quarter since the 2008 crisis, not an encouraging picture for the US economy.MIAMI, FL - Concerns about slow growth in the US, combined with the ongoing sovereign debt issues in Europe, are causing...more
(1888PressRelease) Fundamentals underpinning gold are strong.MIAMI, FL - It seems as if there is no happy ending to the European debt crisis and the effect on gold has been the opposite to what one would expect. As the preferred safe haven, gold...more