Mar-26-2012

PRECIOUS-Gold bounces with euro, set for 4th weekly loss

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Coming up: U.S. new home sales, Feb; 1400 GMT (Adds details, comments; updates prices) By Rujun Shen SINGAPORE, March 23 (Reuters) - Gold prices were little changed on Friday and on track for their fourth-straight week of losses, after weak economic data from China and the euro zone sent bullion to a two-month low in the previous session. Surveys showed shrinking manufacturing activity in China and an unexpected turn for the worse in the euro zone economy in March, fanning worries of faltering growth in these regions. Economic and political turmoils usually benefit gold given its appeal as a safe-haven asset, but a global crisis can easily plunge gold, together with riskier assets. Gold has lost 2.8 percent so far this month after hopes were dashed on further monetary easing from the U.S. central bank and investors turned to chase higher-yielding assets with U.S. Treasury yields at multi-month highs. "With U.S. interest rates higher, holding metals will be a little more expensive and people will try to scale down their positions." Tse expects gold to test its overnight low of $1,627.68 in the next few sessions, as the overall trend remains bearish. Spot gold was little changed at $1,645.15 an ounce by 0656 GMT, on course for its fourth consecutive week of losses, with a 0.5-percent decline. [1] Coming up: Euro zone Markit Mfg flash PMI, March; 0858 GMT (Updates prices) By Rujun Shen SINGAPORE, March 22 (Reuters) - Gold prices were little changed on Thursday, hovering around $1,650 an ounce, as investors weighed a recent improvement in the U.S. economy against the continuing shrinkage of Chinese manufacturing activities. Bullion prices have fallen more than 2 percent so far this month, after the U.S. Federal Reserve dashed hopes for further asset purchases in its latest policy statement and recent data showed the U.S. economic recovery was on track. Some economists said the global economy remains vulnerable this year, as the euro zone debt crisis faces the risk of resurgence, the U.S. recovery is still in a early stage and China faces slower growth. [2]

Gold fell to its lowest price in more than two months on Thursday, as worries about continued contraction in manufacturing in both the euro zone and China triggered a broad sell-off. Bullion ended down 0.5 percent, but off its earlier low on some technical support. The metal, which has taken to follow riskier assets, was pressured as data showed manufacturing activity in both China and the euro zone have shrunk further. That more than offset a four-year low in U.S. initial jobless claims. Gold, which was $150 lower than its Feb. 29 peak of about $1,800 an ounce, has been hit by fading hopes of more U.S. monetary easing and a better U.S. economic outlook. [3] NEW YORK, March 22 (Reuters) - U.S. gold and copper futures slid in early Thursday business when the euro tumbled after release of weak manufacturing data out of both the euro zone and China. Gold fell to its lowest level since mid-January on a stronger dollar, soft Asia consumer demand and weakening investor appetite for the metal. Spot gold fell by as much as 1 percent to a session low of $1,631.74 an ounce, its lowest since January 16, to then trade at $1,633.69 an ounce by 0934 GMT. [4]

SINGAPORE, March 23 (Reuters) - Gold prices edged up on Friday, after hitting a two-month low in the previous session on global growth concerns triggered by weak manufacturing data from both China and the euro zone. Spot gold edged up 0.1 percent to $1,646.89 an ounce by 0031 GMT, on course for its fourth consecutive week of losses with a 0.4-percent decline. [5] SINGAPORE: Gold prices were little changed on Friday and on track for their fourth-straight week of losses, after weak economic data from China and the euro zone sent bullion to a two-month low in the previous session. Surveys showed shrinking manufacturing activity in China and an unexpected turn for the worse in the euro zone economy in March, fanning worries of faltering growth in these regions. [6]

Gold's inverse correlation to the dollar index, which broke a key level of support Friday, has held for the last week at around -45 percent, indicating that the gold price is tending to move in the opposite direction to the dollar. While this is normally the case, the unfolding of the euro zone debt crisis last year saw the relationship between the two turn positive for much of 2011 as investors fled the euro and euro-denominated assets. Markets are attaching lower probability to the U.S. Federal Reserve's embarking on a fresh round of government-bond buying, or quantitative easing, to keep short-term interest rates low to stimulate growth, and this shift has been a key driver in this month's fall in the price of gold. [7] A stronger U.S. currency can make dollar-priced gold less attractive to non-U.S. investors. Gold has shed some 3.3 percent this month, cutting its overall gain on the year to 4.6 percent. "All the people who piled in back in January when the Fed went very public on low interest rates,. that has all been unwound now," said Simon Weeks, he ad of precious metals at Scotia Mocatta. There may be another move toward $1,600 but that's possibly enough for the time being," he added. Stock markets were also down, with MSCI's main world equity index down 0.4 percent to its lowest in eight days, after hitting its highest level since August earlier in the week. [8] Economic and political turmoils usually benefit gold given its appeal as a safe-haven asset, but a global crisis can easily plunge gold, together with riskier assets. Gold has lost 2.8 per cent so far this month after hopes were dashed on further monetary easing from the U.S. central bank and investors turned to chase higher-yielding assets with U.S. Treasury yields at multi-month highs. "With U.S. interest rates higher, holding metals will be a little more expensive and people will try to scale down their positions." Tse expects gold to test its overnight low of $1,627.68 in the next few sessions, as the overall trend remains bearish. Spot gold was little changed at $1,645.15 an ounce by 0656 GMT, on course for its fourth consecutive week of losses, with a 0.5-per cent decline. [6]

Gold has given back the gains in January that had been based on expectations of further U.S. monetary easing, as the Federal Reserve has offered few clues on any further action. U.S. gold futures settled down $7.80 at $1,642.50, with trading volume about 10 percent below its 30-day average, preliminary Reuters data showed. Losses in spot silver outpaced those in gold, with the metal shedding 2.5 percent to $31.32 an ounce. [9] Gold futures for April delivery rose 0.2 percent to settle at $1,650.30 an ounce at 1:37 p.m. on the Comex in New York. The metal, which reached an eight-week low of $1,634.70 on March 14, has rallied 5.3 percent this year. Retail-gasoline prices have jumped 18 percent this year to a 10-month high of $3.864 a gallon yesterday, AAA data show. [10] Gold futures for April delivery fell 0.5 per cent to $US1,642.50 an ounce at 1:44 p.m. on the Comex in New York, after touching $US1,627.50, the lowest since Jan. 13. Prices are up 4.8 per cent this year. [11]

U.S. gold futures for April delivery settled up $19.90 at $1,662.40 an ounce in moderate volume. Momentum weakened somewhat after the metal failed to breach resistance at $1,670, near the highs of its last seven sessions, said Daniel Hwang, senior technical strategist at FOREX.com. [12]

April gold was threatening to take out the $1,800 a mark in late February before a slide brought about by reduced market hopes for further U.S. quantitative easing. That idea was triggered by the lack of any such hints from Federal Reserve Chairman Ben Bernanke in a Feb. 29 congressional appearance, a slightly improved Fed assessment of the economy in its last policy statement, and three straight months with rises of more than 200,000 jobs in U.S. non-farm payrolls. "That took away one peg leg of the stool (that had been) supporting the gold market," said Dave Meger, director of metals trading with Vision Financial Markets. Data from Europe and Asia pushed April gold overnight below its previous multi-week low of $1,634.70, which was hit on March 14. The preliminary reading for HSBC's manufacturing Purchasing Managers Index for China fell to 48.1, its lowest level in four months, compared to the final February reading of 49.6. [13] Reasons behind the decline included weak manufacturing data from China and euro zone stalwart Germany, which is bearish for the yellow metal and other commodities. Meanwhile the U.S. dollar index inched higher, and crude oil prices were marginally lower, both bearish signals for gold and other metals. [14] Gold prices are higher, stuck in a narrow range as investors await manufacturing data from China and the eurozone to assess the health of their economies, while a slightly lower U.S. dollar lent some support. [15]

SINGAPORE:Gold prices were little changed on Thursday, hovering around $1,650 an ounce, as investors weighed a recent improvement in the U.S. economy against the continuing shrinkage of Chinese manufacturing activities. Bullion prices have fallen more than 2 percent so far this month, after the U.S. Federal Reserve dashed hopes for further asset purchases in its latest policy statement and recent data showed the U.S. economic recovery was on track. [16] Global equities came under pressure on Friday, having touched eight-month peaks earlier in the week, as concerns resurfaced over the health of the Chinese and euro zone economies and a renewed focus on the debt burdens of Spain and Italy tempered some investors' enthusiasm. This month, the gold price has lost nearly 3 percent in value, as a shift in the perception among investors of the health of the U.S. economy in particular has made so-called safe-haven assets such as gold or U.S. Treasuries less attractive compared with stocks or higher-yielding currencies. [17] Global equities drifted lower Friday, touching eight-month peaks earlier in the week, and were pulled down by a decline in U.S. home sales as concerns about global growth cooled enthusiasm. This month, the gold price has lost nearly 2 percent in value as a shift in the perception among investors of the health of the U.S. economy in particular has made so-called safe-haven assets such as gold or U.S. Treasuries less attractive compared with stocks or higher-yielding currencies. [7]

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Analysts expected that with a reassessment of global economic health, including slightly improved U.S. data, gold prices might give way further. "Right now we think this short-term trend lower could have further to go. "All the people who piled in back in January when the Fed went very public on low interest rates. that has all been unwound now," said Simon Weeks, he ad of precious metals at Scotia Mocatta. [18] "I think we will get some considerable buying interest in terms of bargain hunting around the current level, probably between $1600 and $1650, so I don't expect gold prices to fall significantly below $1600." "All the people who piled in back in January when the Fed went very public on low interest rates. that has all been unwound now," said Simon Weeks, he ad of precious metals at Scotia Mocatta. [19]

Gold price per ounce and silver price per ounce trends have been choppy this week. Gold and silver price trend-lines have fluctuated through the week as he stronger dollar and mixed home economic reports have pushed precious metal price trend-lines around. Prior to opening bell this morning, the spot gold and spot silver price trends were tracking negatively again. This negative action comes just one day after gold and silver contracts finished on the positive side of break-even Wednesday. [20] Prior to opening bell this morning, the spot gold price and spot silver price trends were tracking in a positive direction. This action did little to reduce the fear that gold price would drop even lower to end this trading week. It has been a challenging week for precious metal gold and silver futures. Last session, gold and silver futures dropped to their worst level in almost 10 weeks. Safe haven commodities have been pressured this week by the rising dollar and the potential for reduced demand in places like China and India. [21]

Manufacturing data out of China and Germany was below expectations which pushed stock index trends lower. The potential of reduced demand in these markets, paired with the strengthened dollar, pushed precious metal gold and silver prices lower. [20]

Gold ended lower $7.80 to $1,642.50 an ounce, a nine-week low, on disappointing China's manufacturing data that weighed on commodities and global stocks. The data was followed on the heels of worries earlier this week that Chinese demand for metals such as iron is waning in the face of a slowdown in growth. [22] The number of Americans claiming new unemployment benefits dropped to a four-year low last week, bolstering hopes a recent pick-up in job growth will prove lasting. U.S. Treasury debt prices rose on Thursday, retracing some of their recent losses, as a decline in manufacturing in China and the euro zone's two largest economies raised demand for safe-haven assets including government debt. Cyclical sectors led U.S. stocks lower on Thursday, setting the S&P; 500 up for its first negative week in six, after factory data showed a slowdown in both the euro zone and China. [5] Worries about faltering global growth hit equities and commodities after weak data on manufacturing activity in China and the euro zone. Weighing on market sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.59 percent, or 7.553 tonnes, to 1,282.69 tonnes on Thursday. It was the biggest one-day drop in tonnage terms in three months. [5]

Gold prices have contracted about 1.1 percent this week to the lowest price since January, primarily due to reports of weaker manufacturing data from China and Germany. [23]

The import duty for refined gold is being doubled from 1.5 percent to 3 percent. For investors, gold prices may be supported at these levels as demand in India is expected to increase due to pent-up jewelry demand on the subcontinent. It is relatively significant that India has traditionally been the largest gold-consuming nation in the world, last year importing a record 933 tonnes, as there is now stronger potential for China to eclipse India's position as the world’s biggest gold market. [23] ETP holdings hit a record of nearly 70.9 million ounces on Tuesday, but the past couple of days of outflows have wiped out all of the build-up that had taken place so far in March. "Yesterday's decline was the largest outflow since the beginning of the year, which pushed this month's net position into negative territory: month-to-date, global ETFs are down by 155koz. This now raises the question of whether this is the beginning of a much more substantial exit," Edel Tully, a strategist at UBS, said in a note. "Right now, we're paying attention to their behaviour in the short-term, as being the less-fickle investor grouping, their actions emit important signals at a time when confidence in gold is shaky," she said, referring to the normally longer-term horizon of a typical ETF investor. Silver took its lead from gold, rising by 0.5 percent to $31.71 an ounce, as did the platinum group metals. [17] Spot gold stood at $1,653.10/1,653.70 per ounce, up $6.10. The metal lost 1.5 percent at one stage yesterday, hitting its cheapest since January 13 at $1,628.20, undermined by a cross-commodity sell-off following negative surprises in leading indicators in Europe and China. [24] Spot gold was down 0.4 percent at $1,642.65 an ounce by 2:56 p.m. EDT (1856 GMT). The metal earlier hit a low of $1,627.68, its weakest since Jan. 13. [9] Spot gold was up around 0.3 percent at $1,649.76 an ounce by 1105 GMT, having recovered from a low of $1,627.68 on Thursday, but still on course a 0.6 percent decline on the week, the fourth weekly loss in a row. [17] Spot gold was up 1.06 percent at $1,662.24 an ounce, recovering from a two-month low hit in the previous session. [12]

May contract silver finished negative on the day by 2.74 percent to post a floor price close at 31.34 per troy ounce. Prior to opening bell this morning, spot gold price and spot silver price trends were moving positively again. [25] Spot gold price per gram was tracking higher at mid-day, as was spot silver price per ounce. [21] Gold price per ounce trends and silver price per ounce trends weakened last session again as a result of the strengthening dollar. [25]

The dollar fell lower versus the euro and the British pound. This action helped support precious metal positioning during the session and as a result, gold and silver prices finished the day in the green. [26] Gold rose 0.4% while the other major metals declined with losses of 2.3% for silver, 3.6% for platinum and 6.4% for palladium. Demand softened for U.S. Mint bullion coins this week as compared to a week ago when buying activity heated as both gold and silver prices tumbled. This week gold bullion coin sales retreated marginally as American Gold Eagles and American Gold Buffalo totaled 16,500 ounces versus the prior week's 19,000. [27] One might reasonably ask: Just what on earth am I thinking by continuing to invest in a market in which I perceive frequent price suppression that is coordinated by powerful and deep-pocketed Western central banks? To that question, I would respond in two parts. For starters, the meaningful appreciation of gold and silver in U.S. dollar terms over the trailing decade confirms that any such price suppression is employed not as a mechanism to prevent the metals from rising in price. Even central banks have limits to the reach of their power. I believe that a maturing bull-market cycle combined with a constrained physical supply of the metals is eroding the efficacy of such measures over time, and in my view the increasingly obvious nature of those interventions coincides with a closing window of opportunity for the banks to engage in such practices. [28] Oil surged to nearly $107 a barrel over supply fears, weaker-than-expected U.S. homes sales were reported and the U.S. dollar declined against the euro and yen. These ending-week events were among factors analysts cited for turning the yellow metal around. "This unexpected Friday gain," in gold, and advance for the week, "can be traced to not much other than a bolstered euro," MarketWatch quoted Seth Rabinowitz, who covers commodities as a partner at Silicon Associates. As the reality of a recession clearly starting in the euro-zone countries sets in, "the euro will be the weakened this coming week, erasing at least the euro's effect on the spike in gold today," he said. [27] CHICAGO, Mar 23, 2012 (Xinhua via COMTEX) -- Gold futures on the COMEX division of the New York Mercantile Exchange further hiked on Friday, buoyed up by a weaker U.S. dollar, reversing earlier weakness and bringing the metal's weekly gain to 0.4 percent. [29] Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday, as strength in the U.S. dollar and concerns about economic growth in China and Europe dominated the market. [30]

Gold futures dropped to the lowest since January as signs of slowing growth from China to Germany sent the dollar higher, curbing demand for the precious metal. Palladium slumped the most this year. [31]

Materials companies increased today, driven by precious metals stocks, as gold advanced the most in four weeks on speculation that investors will buy more bullion as an alternative to the slumping dollar. Gold had dropped 4 percent this month on concern over an economic slowdown in China before rebounding. [32] The existing workforce on the doorstep of Far Southeast is part of a community established around mining over the past 70 years." Gold Fields is aiming to produce some 60 percent of its gold from mines outside South Africa by 2015. Of note for investors in junior gold mining and exploration-stage companies is a Pipeline Activity Index ( PAI ) release from the Metals Economics Group which notes that the total number of initial gold resources announced this year matched the highest two-month total since early 2009. [23]

In the longer term, gold's upward momentum remains unchanged, with the metal likely to peak "just before the Federal Reserve raises interest rates in 2014", BNP Paribas analyst Anne-Laure Tremblay said. Prices should average $1,850 this year and $2,225 in 2013. [24] Markets are attaching a lower chance of the U.S. Federal Reserve embarking on a fresh round of government-bond buying, or quantitative easing, to keep short-term interest rates low to stimulate growth, and this shift has been a key driver in this month's fall in the gold price. [17] "We think that quantitative easing and abnormally low U.S. interest rates have been a huge support for gold prices. It's no surprise that the falling gold price recently has been accompanied by quite a significant rise in U.S. interest rates," Brown said. [17] Spot market gold prices are trading in the range of $1,641.30 per troy ounce, having declined slightly during the week. [23] At the time I concluded that gold prices at $1,850 an ounce had been far too high; then in a follow-up piece after a large decline in gold prices, I suggested that gold even at $1,700 was still above a proper valuation range. [33] April gold prices gained $19.90, or 1.2%, to $1,662.40 an ounce on the Comex in New York. [27]

James Steel, chief commodity analyst at HSBC, said that the level of pent-up gold demand in India will be an important factor for the future direction of gold prices. The recent economic optimism helped platinum regain its premium over gold earlier in the month. The spread flipped to a discount again this week, with gold standing roughly $30 above platinum. [9] Technically, gold futures bears have downside near-term technical momentum and gained more Thursday as prices fell to a fresh nine-week low and are also in a three-week-old downtrend on the daily bar chart. The bulls' next near-term upside price breakout objective is to produce a close above technical resistance at this week's high of $1,670.10. [34] My lowest scarcity based models would put gold at around $1,200. He looks at the difference between conventional Treasury rates and inflation protected Treasury rates, forgets that he and his monetary authorities have used their powers to set those Treasury rates at artificially low levels, and then concludes that the market expects low inflation. Of course, in order to use this as an argument that inflation is not a problem, he has to assume that the market has enough wisdom in it to properly gauge future inflation, but then he immediately turns around and forgets the wisdom of the markets when he overrules its price setting mechanism with an unprecedented series of operations, from open market to twist. [33]

NYC, NY, United States (AHN) Comex gold futures prices ended the U.S. trading session moderately lower Thursday, but up from the daily low. [14] Comex gold futures prices are solidly lower and have hit a fresh nine-week low in early trading Thursday. [34]

As of 11:20 a.m. EDT, April gold futures were $13.80, or 0.8%, lower at $1,636.5 an ounce on the Comex division of the New York Mercantile Exchange. The contract traded down as far as $1,627.50, its weakest level since Jan. 10. [13] On the New York Mercantile Exchange, palladium futures for June delivery declined 5.5 per cent to $US651.05 an ounce, the biggest fall for a most-active contract since Dec. 14. [11] Silver futures for May delivery tumbled 2.7 per cent to $US31.345 an ounce on the Comex. [11]

Silver futures for May delivery gained 1.2 percent to $32.227 an ounce on the Comex. Prices are up 15 percent this year. [10] Platinum futures for April delivery declined 0.8 percent to $1,640.40 an ounce. The metal, up 17 percent this year, is still the best performer among the precious metals in 2012. [10] Platinum prices for April delivery added $15.80, or 1.0%, to $1,627.90 an ounce, ranging from $1,613.50 to $1,638.50. Platinum remains the best performing precious metal this year, gaining $223.00, or 15.9%. [27]

For starters, we're now dealing with: GDP numbers that are all but meaningless, Fudged unemployment numbers and perhaps most important, Fudged CPI numbers Not to mention, a Proven manipulated paper precious metals market that highly distorts and confuses real price discovery of the actual metal itself. Right now, considering Debt both public & private, True Inflation and $money supply growth, would put the accurate valuation of Gold in an area that to most 'mainstream' commentators (fearful of being lumped in with the tin-foil hat crowd), at a price north of $5k. [33] We advise precious metal investors to take advantage of a lower gold price by entering the precious metal market. Although we are not a precious metal retailer, we can help investors who would like to get their start in precious metal dealing. [35] BMO Financial Group strategy adviser Don Coxe indicated that "we have entered the most favorable era for gold prices in our lifetime." In the March issue of his Basic Points bulletin, he went on to say that it is only a matter of time before shares in "the great mining companies" start to outperform the price of their products, echoing his previous view that investors should buy the producers' stock instead of the metal. [23]

Gold prices are in a three-week-old downtrend. For bullish investors, gold's next upside price breakout objective is to close above solid technical resistance of $1,670.10, this week's high mark. [14]

Gold has settled into a spot which is at the high end of my expected range, which is to say that of several models I use which are based on the relative scarcity of gold, gold prices have been converging on the models which have given the highest valuations to gold, at $1,676. [33] After the week's worth of trading sessions, spot gold price and spot silver prices were posting in the green. [26] Gold Price and Silver price trend-lines moved in a positive direction throughout the final trading session of this week. [26]

Gold and silver prices pierced a nine-week low and near-tern chart damage was mete out. [14] Last April the Gold/Silver Ratio hit a 32-year low, with each ounce of gold equivalent in price to just 30 ozs silver. It peaked near 85 in the wake of Lehman Brothers' collapse in September 2008. [36]

The reduction of gold ETF positions by hedge fund manager John Paulson in late December helped drive bullion prices as low as $1,521.94, down 21 percent from an all-time high above $1,920 hit last September. [1] Investors are closely watching for signs of end-quarter fund flow, wary that large-scale redemption by hedge funds could further depress prices in the last week of March. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.59 percent, or 7.553 tonnes, to 1,282.69 tonnes on Thursday. That marked the biggest one-day drop in tonnage terms in three months. [1]

NEW YORK, March 22 (UPI) Gold prices fell Thursday as the dollar rose and equities spent the entire day in the red. [37] Dollar gold prices got far ahead of the levels that one would expect even given the rapid increase in U.S. money supply. [33] Analysts expected that with a reassessment of global economic health, including slightly improved U.S. data, gold prices might give way further. [19] "In the last month or two people are taking the view that the kind of tail risks around the outlook for the world economy have diminished," Standard Chartered analyst Daniel Smith said. "In terms of the U.S. macro story there's no doubt it's been outperforming people's expectations. and in terms of Europe, Greece got its second bailout and bond yields in Germany have come in pretty sharply so those kind of things are certainly weighing on gold and have helped to bring prices down," he said. The decline in the gold price earlier this week took its toll on investment in exchange-traded funds backed by physical metal, resulting in the largest one-day fall in holdings Friday in months. [7] Similar to forecasts that had been made for gold prices this week, there is a slight majority of market-watchers who expect gains during the final trading days in March. "In the Kitco News Gold Survey, out of 37 participants, 24 responded this week. "Curiously, those looking for both higher and lower prices cited technical-chart considerations for their expectations. Those looking for more declines, however, say they expect a continuation of the weak technical momentum lately with gold still not able to mount a re-challenge of the $1,700 area." [27]

Gold's average price in May 2006, for example, was around $675 an ounce based on PM London Fix prices. [38] COMEX April gold was down $16.50 per ounce, or 0.99 percent, to $1,633.90. [4] The most active gold contract for April delivery rose 19.9 dollars, or 1.2 percent, to settle at 1,662.4 U.S. dollars per ounce. [29] The most active gold contract for April delivery declined 7.8 dollars, or 0.47 percent, to settle at 1,642.5 dollars per ounce, the lowest since Jan. 13. [30]

Silver for May delivery fell 88.2 cents, or 2.74 percent, to close at 31.345 dollars per ounce. [30] Among other precious metals, silver, which fell to a two-month low of $31.10 in the previous session, was up 15 cents to $31.74/31.82 per ounce. [24] Among other precious metals, spot silver edged down 0.1 per cent to $31.52 an ounce, on course for a 3-per cent weekly decline. [6]

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Spot silver was last at $31.86, down 0.8 percent. The dollar found its legs as the euro took a hit from unexpected declines in euro zone manufacturing and services activity in March, dented by a sharp fall in French and German factory activity. [8] As much as Bernanke may like to promote the impression that the Federal Reserve maintains a dismissive attitude toward gold, a growing body of evidence tells another story entirely. On two particularly noteworthy occasions over the past year, the gold and silver markets exhibited behavior so thoroughly bizarre and deeply counterintuitive that even former skeptics were forced to acknowledge the likely hand of central banks in these dramatic sell-off events. The first such event took place Sept. 6, 2011, when Switzerland's central bank declared it was prepared to "purchase foreign currencies in unlimited quantities" in order to prevent the Swiss franc from appreciating beyond the euro exchange rate of 1.20. On that same date, $740 million worth of gold bullion changed hands on the COMEX during just one single minute. [28] The astonishing circumstances surrounding the sell-off -- popularly dubbed the "Leap-Year Gold Massacre" -- were so divorced from normal market dynamics as to yield a chorus of memorable commentary from some surprising sources. It appears more and more market observers may be ready to concede that GATA was right all along. To set the stage, it's important for readers to recall that this sell-off in gold and silver occurred on the very same day that the European Central Bank reported doling out $713 billion in low-cost, three-year loans to a staggering 800 financial institutions! Meanwhile, the financial headlines of the day were dominated by Bernanke's congressional testimony, and the purported revelation that further monetary easing may not be immediately forthcoming. [28]

Gold, which was oversold after falling $150 in the last four weeks, rallied after data showed U.S. new home sales fell to a four-month low, a fund manager said. [12] "As technical momentum is deteriorating in several markets, sentiment looks set to remain shaky in the days ahead," broker Credit Suisse said. "However, today's speech by Fed Chairman Bernanke at the Federal Reserve Conference could lift sentiment if he delivers a credible commitment toward low rates," it added. "In this context, today will be a very important day for gold as the perception of the Bernanke speech is likely to set the tone for trading in the weeks ahead." Bernanke is scheduled to give a speech at a central banking conference in Washington, DC at 17:45 GMT. Meanwhile, the release of February U.S. new homes sales figures is also due later this afternoon. [24] London 23/03/2012 - Gold rebounded in Europe on Friday morning, shrugging off yesterday's washout on a more robust euro ahead of an eagerly awaited speech by U.S. Federal Reserve chairman Ben Bernanke. [24]

Prior to Friday's session, gold and silver had been pressured by weak economic growth estimates overseas and also by a strengthening U.S. dollar. [26] Gold futures have extended early-Friday gains, boosted by a softer tone in the U.S. dollar and strength throughout the commodities complex. [39] Gold futures for April delivery climbed 1.2 percent on the Comex in New York while silver futures for May delivery increased 3 percent, the most since Feb. 28. [32]

May silver futures prices are also in a three-week-old downtrend on the daily bar chart and prices are poised to take out solid chart support at last week's low of $31.625, which would also produce fresh chart damage. [34] Sprott then concluded: "No rational person could believe it had anything to do with the real market for silver." Although the U.S. Commodity Futures Trading Commission's investigation into silver manipulation is now in its fourth year, Commissioner Bart Chilton has already stuck his neck out for silver investors by declaring publicly: "I believe that there have been repeated attempts to influence prices in the silver markets. [28]

Crude oil prices are trading lower, which is also bearish for today's price action in gold and silver. These two major markets will continue to have at least some daily influence over the precious metals markets. [34] Canadian stocks rose, paring a weekly decline, as precious metal producers rallied after a decline in the U.S dollar spurred demand for gold and silver as alternative investments. [32]

"The sell-off in gold I think is overdone. It's been tagged to the strength of the dollar and whether there will be further economic stimulus," and price volatility will rise even though global economic worries and geopolitical tensions should underpin the metal, Sica said. [9] Gold prices ended higher over 1%, bouncing back from its recent fall supported by weak dollar, which had pushed the yellow to 9-week low in yesterday's session. [22] Gold rose more than 1 percent on Friday for its biggest one-day gain in a month, as higher crude oil prices and a sharp drop in the dollar triggered short-covering after a sell-off earlier in the week. [12] Seasonal swings in gold prices may become more muted due to reduced demand even during Diwali, which customarily has created a strong volatility in gold price appreciation. One of the world's largest producers, Gold Fields Ltd. (NYSE: GFI ), exercised its 40 percent option in the gold- copper Far Southeast project in the Philippines. [23] Gold Fields acquired the interest for a $110 million down payment to private holding company Liberty Express Assets. A second option to the project for a further 20 percent for Gold Fields could be acquired from Lepanto Consolidated Mining Co. (OTC Pink: LECBF ). Gold Fields' decision to exercise its 40 percent option in the Far Southeast project was the result of encouraging exploration results and the fact that Philippines authorities are expected grant the company permission to own a majority stake in the project in the second half of this year. The Far Southeast project is viewed by the company as one of its "best greenfields growth opportunities" and "has ready access to established infrastructure, including roads, tailings facilities, power and water. [23] "Gold's been 100 percent focused on the China slowdown," said Jeffrey Sica, chief investment officer of SICA Wealth Management with more than $1 billion in assets. [9]

Gold went back into negative territory after Wednesday's brief rise, as weak PMI data from Europe and China heavily impacted the financial markets on Thursday. Both China and Europe saw declines in manufacturing, giving rise to fears that slowing economic growth could affect demand. [30] PHYSICAL DEMAND MUTED Physical buying was particularly quiet in Asia as disappointing China's manufacturing data fanned concerns about China's retail gold appetite. [9] Soft manufacturing data in China fueled worries about demand from this key commodity consumer, sending industrial commodities like crude oil and copper lower and pulling gold down with them. [13]

People are very nervous. The index had its fourth-straight weekly decline, the longest slump since November 2011, as manufacturing contracted in China and Europe and gold fell to a 10-week low before rebounding today. [32] Weak Chinese manufacturing activity, showing the overall rate of contraction accelerating and new orders sinking to a four-month low, also fanned concerns about China's retail gold appetite. [8]

Gold fell with a wide range of commodities on Thursday after soft manufacturing surveys in China and the eurozone dented risk sentiment. [35] NEW YORKPalladium tumbled 5.5%, while silver fell 2.7%, as weak manufacturing data from China sparked fears of lower demand for precious metals with industrial applications. [40] The euro fell on Thursday after weak euro zone data revived concerns about a recession in the region, and the Australian dollar slumped on data showing a contraction in Chinese manufacturing. [19] A soft European manufacturing reading undercut the euro and gave the U.S. dollar a lift, thereby hurting the yellow metal. [13] The key "outside markets" are also bearish for the precious metals Thursday morning, as the U.S. dollar index is firmer and crude oil prices are lower. [34] The U.S. dollar index is firmer in early trading Thursday. That's also a negative for the precious metals. [34]

The euro fell back versus the dollar once again during the last full trading session. This action also reduced the number of investors positioning with precious metal safe havens. [25] LONDON: Gold climbed Friday, helped by an advancing euro, but still looked set to end the week on a flat footing as patchy consumer demand weighed and increasing optimism about the economic outlook dampened investor appetite for the metal. [7] LONDON, March 23 (Reuters) - Gold rose on Friday, led by a rebound in the euro, but was still set for a fourth consecutive weekly loss, due to patchy consumer demand and evidence of the waning investor appetite for the metal as confidence in the economic outlook strengthens. [17]

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"Gold doesn't have a yield or a dividend or anything like that so as interest rates rise, your opportunity cost of holding gold increases." Investors in gold via ETFs have cashed in on their positions fairly heavily this week, forcing an outflow of nearly a quarter of a million ounces of gold in just one day, the largest net one-day fall since Dec. 23 2011, and bringing holdings to a one-month low of 70.431 million ounces. [17] Today, on Friday morning in London, it sits around $20 above that level - having also hit a 10-week low at $1628 within the last 24 hours. While six months of sideways action is frustrating for investors who bought gold last summer, it is by no means unique in the history of this bull market. [38]

Smith put nearby technical-chart support for April gold around $1,642-$1,640, then the $1,634 area before Thursday's low of $1,627.50, the contract's weakest level since Jan. 10. Smith added, the market's ability to bounce from here may be prompting some short covering, or buying to offset positions by traders who recently sold into the downward move that has occurred in gold this month. [35] Technical analysis suggested that spot gold may remain neutral in the range of $1,643 to $1,671 during the day, Reuters market analyst Wang Tao said. PHYSICAL MARKET MUTED Asia's physical market was muted, with the narrow price range drying up interest from both buyers and sellers, traders said. [2] Spot gold was little changed at $1,649.49 an ounce by 0622 GMT, down from an intra-day high of $1,656.01 hit in the early hours. [2] Gold lost $7.30 to $1,643 per troy ounce on the Comex division of the New York Mercantile Exchange. [37] Gold for April delivery added $21.30, or 1.3%, to settle at $1,663.80 an ounce on the Comex division of the New York Mercantile Exchange. [22]

Platinum futures for April delivery retreated 1.7 per cent to $US1,612.10 an ounce. [11] Palladium futures for June delivery slid 1.2 percent to $688.65 an ounce. [10]

Silver prices for May delivery gained 92.7 cents, or 3.0%, to $32.272 an ounce, ranging from $31.435 to $32.300. [27] Silver bears have downside technical momentum. Bulls' next upside price breakout objective is closing prices above solid technical resistance at this week's high of $33.09 an ounce. [34]

"Buying demand isn't bad, but smelters are unwilling to sell at the current price level," said a Shanghai-based trader. The gold-silver ratio, a gauge of how many ounces of silver are needed to buy an ounce of gold, rose to 52.2, its highest level since the end of January. [6] The Gold/Silver Ratio rises when the gold price outperforms silver, and vice versa. [36] The pressure from the weaker gold price on investment in exchange-traded funds backed by physical metal, made itself felt, resulting in the largest one-day fall in holdings on Friday in three months. [17] WHOLESALE bullion fell hard in early London trade on Thursday, with the gold price ]] gold price dipping to nearly its lowest level in 2012 as world stock markets and commodity prices also fell. [36] LONDON, March 22 (Reuters) - Gold fell on Thursday to its lowest since mid-January as a strong dollar weighed on price, with the market having unwound all of the premium built up on expectations for a third round of quantitative easing in the United States. [19] London, March 22 (Reuters) - Gold hit its lowest level since mid-January on Thursday, influenced by dollar strength, with the market having unwound all of the premium built up on expectations for further U.S. quantitative easing. [8] While dollar strength may frustrate gold investors in all currency areas, gold's properties as a hedge against the U.S. currency would appear to be as strong as ever. [38] NEW YORK (Dow Jones)--Gold futures settled higher Friday, mirroring gains in crude oil amid worries about Iran and as a weaker dollar fanned interest in gold among investors using other currencies. [41] The soft PMI reports are also "somewhat anti-inflationary," said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures. Investors tend to buy gold as a hedge when they are worried about inflation, and vice-versa. [13]

Even though gold hit a 10-week low yesterday, we at Hunter Wise Commodities are far from worried about the yellow metal's performance. We agree with this week's Kitco survey participants that gold is likely to improve in the very near future. [35]

Haberkorn put support around $1,628, near Thursday's 10-week low of $1,627.50 for April gold. This would boost confidence of buyers, he added. [39] Gold moved between an intraday low of $1,641.50 and a high of $1,666.30. [27]

SPDR Gold Trust (ETF)(NYSEARCA:GLD) jumped 1.43% to $161.82, iShares Silver Trust (ETF)(NYSEARCA:SLV) surged 2.50%. [22] Six months later, the November 2006 average was $627. This is a highly selective use of data, but it illustrates a point: gold sometimes delivers no net gain for months at time. [38] Crude oil prices moved slightly lower Thursday on weak economic data from Europe, falling to less than $106 per barrel. [42] Crude oil prices meanwhile fell 1% Thursday morning, with Europe' benchmark Brent price slipping to $122 per barrel after French industry minister Eric Besson said that major G7 governments are considering a co-ordinated release of emergency stockpiles to push prices down. A Gallup poll this month found that 85% of U.S. citizens think Washington "should take immediate actions to try to control the rising price of gas." Brent crude hit fresh all-time highs in mid-March for both Eurozone and UK oil consumers,peaking 3% above the previous all-time high of July '08, reachedtwo months before the global banking crisis accelerated with the Lehman Bros. collapse. [36]

Construction and building materials companies declined after purchases of new homes in the U.S. unexpectedly fell in February for a second month, a sign the recovery in the housing market may be uneven. West Fraser Timber, which earned 47 percent of its revenue in the U.S. last year, dropped 2.2 percent to C$48.70. Energy stocks in the S&P;/TSX increased as oil surged almost $3 a barrel after Reuters reported Iranian oil exports will drop by 300,000 barrels a day this month because of tighter sanctions. [32] The average in the past 30 years stands at just below 64. Spot platinum gained 0.6 percent to $1,624.45, headed for a weekly slide of 2.7 percent, its biggest weekly loss in three months. Spot palladium rose nearly 1 percent to $654.95, also on course for its sharpest one-week fall since late December, with a 6.3-percent decline. [1] The average in the past 30 years stands at just below 64. Spot platinum gained 0.6 per cent to $1,624.45, headed for a weekly slide of 2.7 per cent, its biggest weekly loss in three months. [6]

Elsewhere, platinum edged $4 up to $1,626/1,635 per ounce after hitting a one-and-a-half month low of $1,603.30 yesterday. Palladium fell $2.50 to $655/670 per ounce, having dropped to its lowest since January 18 at $648.40 in the previous session. In mining, the Zimbabwean government accepted a proposal by Impala Platinum and Aquarius Platinum to transfer a 51-percent majority stake in their Mimosa mine - a partnership between the two miners - to locals. [24] April platinum settled at 1,612.1 dollars per ounce, down 28.3 dollars or 1.7 percent. [30] April contract gold closed the day lower by.47 percent at 1642.50 per troy ounce. [25] Silver contract finished the day higher by 2.96 percent with a floor price at 32.27 per troy ounce. [26]

As the trading session progressed today, gold and silver contract prices were tracking higher. [21] A strongly held stake in Central Fund of Canada ( ASE: CEF ), for example, theoretically disempowers price manipulation by gradually reducing the available physical supply of gold and silver as the basis for highly leveraged shorts in the paper markets. [28]

Analysts expected that with a reassessment of global economic health could send gold prices down further. [9] It is not that simple. When the Euro strengthens, for example, this has tended to be associated with a higher gold price in all currencies, including the euro itself. [38] Over the past decade, since 2001, the money supply has roughly tripled, while the gold price has nearly sextupled. This was a puzzle to me. [33] Since 2008, the money supply has gone up by roughly one third while the gold price has roughly doubled. [33] Gold prices inch higher Skip to navigation Skip to content Help using this website - Accessibility statement JavaScript disabled. [15]

Gold rose on speculation that demand will increase when jewelry shops end a five-day shutdown tomorrow in India, the world’s largest buyer, and as Federal Reserve Chairman said higher oil prices may stoke inflation. [10] All one need do is to go back roughly (35) years to start at a baseline level of how inflation and other key metrics of economic health were measured in order to arrive at a reasonable estimate of gold's price. [33] Get the safest gold at the lowest prices with BullionVault ]] BullionVault. He was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. [38]

In India, the world's largest gold consumer, jewellers have been closed since the weekend in protest against an import duty hike on bullion. The recent economic optimism helped platinum regain its premium over gold earlier in the month. The spread flipped to a discount again this week, with gold standing roughly $19 above platinum. [8] Economic uncertainties usually benefit gold as a safe haven asset, but a global crisis could easily cause a plunge in the precious metal, together with other financial assets. [2] Fading hopes of further U.S. monetary easing had led to weakness in the precious metal, reflected in a huge outflow from bullion exchange-traded funds and some funds exiting the gold trade. [12] London precious metals ran the gamut Friday with palladium unchanged, silver lower and gold and platinum higher. [27] In a Bloomberg survey, 11 of 26 analysts expect higher gold prices. 9 are bearish and 6 are neutral. Palladium tumbled this week and that lifted gold from last into third place in relation to best performing precious metals for the year. [27]

Barrick Gold Corp. (ABX), the biggest producer of the metal, advanced 1.6 percent. [32] Benchmark copper on the London Metal Exchange (LME)fell to $8,317.50 a tonne at 1015 GMT, down 1.6 percent from Wednesday's close of $8,455 a tonne. [4] Bearish market participants' next downside price objective is a closing price for the precious metal below the psychological support of $1,600. [14] Palladium prices for June delivery advanced $8.85, or 1.4%, to $659.90 an ounce, ranging from $653.00 to $664.90. Its weekly loss nearly put it into the red for the year. [27] After looking over the data, fund manager Eric Sprott noted in a separate King World News interview that the paper equivalent of 500 million ounces of silver changed hands on the COMEX that day. That included an astounding 225 million ounces -- or nearly $8 billion in market value -- in the span of just 30 minutes! For context, Sprott points out that "in one year the silver miners only produce 800 million ounces." [28] May silver was up 72 cents, or 2.3%, to $32.065 an ounce. "It's a move in the entire commodity sector," said Mike Zarembski, senior commodities analyst with optionsXpress. [39]

Spot platinum traded down 0.2 percent to $1,630.69 an ounce, and spot palladium edged up to $682.17. [2] Bullion for immediate delivery gained 0.4 percent to $1,657.35 an ounce by 9:05 a.m. in London. [10]

The June contract for sister metal palladium rose $8.65, or 1.4%, to $659.70 an ounce. [22] Palladium for June delivery, the most actively traded contract, fell $37.60, or 5.5%, to settle at $651.05 a troy ounce on the New York Mercantile Exchange on Thursday. [40]

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Copper prices fell to a two-week low after shrinking factory activity in top consumer China and worsening euro zone purchasing managers indexes (PMIs) raised concerns about the outlook for demand, with a weak euro adding pressure to prices. [4] Some economists said the global economy remains vulnerable this year, as the euro zone debt crisis faces the risk of resurgence, the U.S. recovery is still in a early stage and China faces slower growth. [16] Metal traders reacted to the weak economic report from global markets, worried about a slowdown in China, and fears that the euro zone region could slip into a recession. [14]

Late-January's Chinese New Year - a peak season for consumers to buy gold ]] buy gold - coincided with sharp falls in the volume of bullion being imported to China from Hong Kong, falls which followed an earlier surge in China’s gold imports during late 2011. Albert Cheng of global market-development organization the World Gold Council said earlier in March that Beijing and Shanghai stores had reported "fantastic" sales over the Lunar New Year, "completely clear out the inventory they had built up." [36] The lacklustre China data also fanned concerns about China's retail gold appetite. [2] India's jewelry sector remained on strike in protest at last week's doubling of import duties, and "with physical demand not at full strength and waning investor enthusiasm, the potential for further downside in remains exposed," says today's note from Standard Bank. Worse-than-expected European data was this morning preceded by news that China's manufacturing activity has now contracted for five months running. [36] Today's preliminary China PMI report has disappointed investors, thus indicating a further manufacturing slowdown. [43]

The Standard & Poor's GSCI Index of 24 raw materials fell as much as 1.6 per cent after Germany's manufacturing and services industries unexpectedly weakened and a report showed China's manufacturing may contract for a fifth straight month in March. [31]

Investors will focus on China HSBC flash purchasing managers index data, amid recent worries about Chinese economic growth. [15] U.S. economic data due for release Thursday includes the weekly jobless claims report, the housing price index and leading economic indicators. [34]

The dollar rose against the euro as U.S. data showed unemployment benefits dropped to a four-year low in the latest week, offering evidence the jobs market recovery was gaining traction. [19] The dollar extended gains versus the euro as U.S. jobless claims data offered evidence the jobs market recovery was gaining traction. [18]

In wider markets, the euro rebounded from yesterday's one-week low of 1.3131 against the U.S. dollar and was recently at 1.3257. [24] Situations like eurozone debt and a weak U.S. dollar help fuel gold's bullish fire. Those situations are far from resolved. [35]

A stronger U.S. currency can make dollar-priced gold less attractive to non-U.S. investors. [18] Higher interest rates can reduce investor interest in gold, which carries no yield. [9]

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Even the release of U.S. weekly unemployment claims, which stood at the lowest level since February 2008, did little to bolster the market, as gold closed at a nine-week low. [30] Global equities and commodities fell, including gold and silver; all were under heavy selling pressures. As in trading sessions of late, gold bugs were disturbed that their "safe haven" asset acted more like a "risk-on" asset on Thursday. [14] U.S. home sales fell in February, but upward revisions to the prior month's pace and the first yearly increase in prices in 15 months pointed to steady improvement in the housing market. [15] U.S. Treasury prices rallied on Wednesday as heavy buying by the Federal Reserve and a lack of new Treasury supply contributed to demand for the newly cheapened U.S. debt. [44]

The national average price of unleaded gasoline reached $3.881 per gallon Thursday, up from Wednesday's $3.864, AAA said. [42] Henry Hub natural gas prices gained 0.5 cents to $2.274 per million British thermal units. [42]

April delivery West Texas Intermediate light sweet crude shed $1.98 to $105.60 per barrel. [42]

"With the dollar was weaker in the overnight session, that pushed us toward the $1,650 level," said Bob Haberkorn, senior commodities broker with RJO Futures. [39]

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Silver Wheaton Corp. (SLW), the country’s third- biggest precious metals company by market value, rose 5.3 percent after reporting fourth quarter profit that beat analysts’ average estimate. [32] The number of investors positioning with precious metal safe havens dropped lower as a result. [26]

Investors are waiting for the euro zone PMI data due later today, to gauge how the economy has fared after Greece managed to avert a chaotic default earlier in the month. [2]

NEW YORK, Mar 23, 2012 (Xinhua via COMTEX) -- Crude prices surged on Friday as data showed that Iran's oil export fell sharply in March because of the West's sanction. [29] West Fraser Timber Co., Canada’s largest forestry company, fell 2.2 percent after a U.S. report showed purchases of new homes unexpectedly fell. The Standard & Poor’s/TSX Composite Index (SPTSX) advanced 103.85 points, or 0.8 percent, to 12,465.66 in Toronto, reducing its weekly decline to 0.3 percent. [32] The U.S. Mint has not sold any additional five ounce bullion silver coins since Monday, March 12. [27]

SOURCES

1. PRECIOUS-Gold off 2-mth low but heads for 4th week of losses | Reuters
2. PRECIOUS-Gold sluggish after China factory activity falls | Reuters
3. News Headlines
4. US gold, copper tumble as euro loses on weak PMIs | Reuters
5. PRECIOUS-Gold rebounds after growth fear triggers sell-off | Reuters
6. Gold off 2-month low but heads for 4th week of losses - Economic Times
7. THE DAILY STAR :: Business :: International :: Price of gold bounces with advance of euro, set to end week flat
8. PRECIOUS-Gold at lowest since mid Jan, investors back away | Reuters
9. PRECIOUS-Gold hits two-month low on slowdown fears | Reuters
10. Gold May Gain as a Weaker Dollar Spurs Investment Demand - Businessweek
11. Gold Miners a Buy, Gold Price Falls | Live Trading News: Economic and Investment Research
12. News Headlines
13. Gold Extends Current Downtrend After Weak Chinese, European Economic Data - Forbes
14. Gold and silver pressured Thursday amid worries of a global slowdown | GantDaily.com
15. Gold prices inch higher
16. Gold prices sluggish after China factory activity falls - Economic Times
17. PRECIOUS-Gold bounces with euro, set for 4th weekly loss | Reuters
18. PRECIOUS-Gold hits lowest since mid-Jan, investors back off | Reuters
19. PRECIOUS-Gold slumps to two-month low - Yahoo!7 Finance Australia
20. Gold and Silver Price Drop, Gold Price per Ounce Spot gold price per gram; Today's Spot Silver price per ounce Mid-Day Prices : Learning and Finance
21. Spot Gold Price Up; Today's Gold price per ounce Spot gold price per gram and Silver price per ounce spot price trends today : Learning and Finance
22. Gold Jumps Over 1.50% On Weak Dollar (GLD, SLV, GG, CDE, SWC, HL, FCX, SCCO) | Retirement Planning
23. Gold Prices React to Manufacturing in China and Europe | Gold Investing News
24. BULLION MORNING - Spot gold rebounds on stronger euro ahead of Bernanke speech
25. Gold Price Falls; Gold Price per ounce Spot gold price per gram, Spot Silver price per ounce Trends Today : Learning and Finance
26. Today's Gold Price per ounce Spot gold price per gram Spot silver price per ounce; Gold Finishes Stronger with Positive Close : Learning and Finance
27. Gold Logs Weekly Gain, Silver Falls, US Coin Sales Soften | Coin News
28. Currency Intervention and the Leap-Year Gold Massacre - DailyFinance
29. Top Economy Summaries - Friday, March 23, 2012 - 3:21 PM
30. Gold Falls on Dollar Strength, Economic Concerns
31. Gold falls to nine-week low
32. Canadian Stocks Pare Weekly Decline as Gold Producers Advance - Businessweek
33. What Gold Sees, and Ben Bernanke Does Not - Forbes
34. A.M. Kitco Metals Roundup: Comex Gold Lower, Hits 9-Week Low, Amid Bearish "Outside Markets" | Resource Intelligence
35. Comex Gold Futures Bounce Modestly As U.S. Dollar Weakens - Forbes
36. China Contraction Sees Gold Fall Again, "Downtrend Continues" in Silver as G7 Weighs Emergency Action on Oil Price | Resource Intelligence
37. Gold loses ground Thursday - OMGLOBE.com
38. Interpreting the Sideways Bullion Price | Resource Investor
39. Comex Gold Extends Gains As Dollar Softens, Crude Oil Rises | Resource Intelligence
40. Precious Metals Fall Across Board - WSJ.com
41. PRECIOUS METALS: Gold Rises In Tandem With Crude Oil On Iran - WSJ.com
42. Gold, Crude Oil Slide Slightly - HispanicBusiness.com
43. Market Leader : News :: Gold And Silver: Daily Market Outlook. March 22nd 2012
44. REFILE-PRECIOUS-Gold ticks up; China, euro zone data eyed | Reuters



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