Monday, February 23, 2009

Striking $1000/ounce

Gold Friday hit $1000 an ounce then bounced down, but today (Monday) it continues to reach up. Both technical and psychological observers are standing fast, as they await any news that will help sustain this price.

tc

Tuesday, January 20, 2009

Congratulation Mr. Obama

Mr. Obama was greeted on Inauguration Day with the likely fall of another national bank, Citibank. If it fails before the week's end, this could be it.

Currently, Citibank, aka Citigroup, sits at about $3 per share. This makes it an FDIC take over target. Next inline could be Bank of America, its common stock shares have also been beaten down. What the market traders at this point want is transparency - and be damm with the pain. Because whatever happens, if it does not happen soon, even market traders will be looking for day jobs.

In the meantime, food cost has fallen heavily, by as much as 25%. This more than anything else is a result of the fallen fuel prices. But most recently the price of oil has risen, mostly to reflect to true cost of oil.

Even so, the T-Bills (Federal Treasure Bonds) remain the safe haven of choice. This gives the US Dollar the marked advantage in trading, but could falter quickly, if market see any stability or profit anywhere else. Along this measure, gold has been stead fast in holding its value.

Wednesday, December 3, 2008

Gold irradict

As the market has moved over the last few weeks, gold has remain irradict. Sometimes moving as expected - higher, at other times following the market. This is not good. The only saving point is that gold remains in the 700 - 800 dollar range.

Tuesday, October 21, 2008

Gold lower, but steady as Credit starts to flow.

This is for Tuesday (10/21)

LBMA- $781.00 am/ $772.00 pm
goldprice.org $760.27 (15 after midnight)

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For Tuesday, several items seemed to push gold lower. First, the Overnight Dollar Libor Rate declines to 1.28 Percent the largest move in five (5) weeks. Second, the Fed announced is will provide up to $540 Billion to aid Money Market Funds. Third, the Lehman Credit-Swap Auction set the payout to 91.38 cents. It was later reports at $5.6B in payouts. The late in the day there were reports that the dollar was gaining strength.

Friday, October 17, 2008

Gold Below $800

LBMA - $784.50
goldprice.org - $786.58

10:30 am Pacific Time

tc

Unused Cash Piles Up

Yesterday NPR's Market Place reported a large pile of cash being unused at the Federal Reserves . Known as "reserve balances", this is cash parked in the Reserve by US banks. Last week they hit historic highs. After 9/11(2001) the unused cash amounted to $67 B. In the last few weeks, it has gone from $175 B. to $265 B. That B. for billioin.

tc

Down she goes

Gold slid down across all markets to close at $804.50 an ounce on the New York Mercantile Exchange after earlier falling to $786.70

LBMA - $802.50
goldprice.org - $811.66 and going up
The mixed news helped keep gold volatile. Unemployment up. Spending down. Libor still high, but is inching down. Oil prices are plumeting as well as gasoline.

And add UBS and Credit Suisse to the bail out list.

tc