About Face
Gold pulled back today in the face of stronger equities, a solid rise in the dollar and new weakness in oil.
Read moreAnalysts See Short-Term Boost For Gold, Euro Thursday With No New ECB QE
(Kitco News) – Gold and the euro could see short-term rallies Thursday as the European Central Bank holds off introducing new quantitative easing measures following its monetary policy meeting, some analysts say.
Read moreGold Sees Corrective Pullback Amid Bearish Outside Markets
Gold prices ended the U.S. day session solidly lower Tuesday and gave back about half of Monday’s strong gains. Lower crude oil prices and a sharply higher U.S. dollar index were bearish “outside market” forces working against the precious metals markets on this day. February Comex gold was last down $20.00 at $1,198.10 an ounce. Spot gold was last down $13.70 at $1,199.50. March Comex silver last traded down $0.257 at $16.43 an ounce.
Metals Focus: India Changes Gold Import Regime; Will It Make A Difference?
India’s decision last week to scrap the so-called 80-20 rule on gold imports may have only a modest impact on unofficial bullion imports, or smuggling, says Metals Focus. The rule had required 20% of all imports to be re-exported as a finished product. The surprise announcement was apparently taking with the current account deficit “seemingly under control,” helped by weaker oil prices, and aimed at curtailing unofficial imports and “round tripping,” Metals Focus says. “Of these two flows, round tripping, inextricably linked to 80-20, should now weaken considerably,” the consultancy says. “However, as the 10% import duty remains in place, we expect to see only a modest impact on unofficial bullion imports.” Round tripping refers to the export of crudely made gold jewelry, in order to meet the 80-20 rule, with the product then melted and shipped back to India. The impact of no 80-20 rule is less clear-cut on unofficial imports, Metals Focus says. “It is worth remembering that a key reason why unofficial flows have surged is not the introduction of 80-20, but the increase in the bullion import duty, which stands at 10%,” Metals Focus says. “This explains why unofficial shipments had already surged well before the 80-20 restriction was introduced in August 2013.” An estimate of 100 metric tons of bullion imports in November appears to have been weighted toward the first half of the month, Metals Focus says. This may have been due to confusion about what to expect in the way of policy changes, since many had expected the import rules to have been tightened and thus were buying gold ahead of time.
Higher Prices Encourage Large Speculators To Boost Gold Holdings – CFTC
Large speculators’ Comex gold futures and options holdings rose in the latest Commodity Futures Trading Commission weekly data, but the gains in the net-long position came on the back of short covering, which occurs when market participants buy back previously sold positions and exit the trade.
Average Gold Price Seen At $1,200/Oz In 2015, Silver At $17/Oz – Commerzbank
Gold prices are expected average $1,200 an ounce in 2015, as the metal sees weakness in the first half of the year ahead of expected interest rate hikes in the U.S., but rebounds in the second half of the year, said a German bank Tuesday.
Read moreSantacruz Silver Reports 3Q Loss, Silver Eq Production Up
Santacruz Silver Mining Ltd. (TSXV:SCZ) reports a net loss of $1.05 million, or 1 cent per share, during the third quarter of 2014, an improvement from a net loss reported during the second quarter of 2014 totaling $1.57 million, or 2 cents per share.
Read moreAncient Gold Found In Toilet Hole Leads To Investigation
(Kitco News) – Although the pot of gold at the end of a rainbow might be elusive, one at the bottom of a soon-to-be toilet pit was a reality, at least briefly for four laborers in India.
Read moreGold Solidly Lower Amid Bearish “Outside Markets”
(Kitco News) – Gold prices are sharply lower in early U.S. trading Tuesday and have given back about half of Monday’s strong gains.
When No Reason Finds Real Reasons
The bulls took command today, as the moment of truth about the direction of gold came to hand after a long, slow holiday in the U.S. Part of the bullish momentum was provided by a faltering equities market, although those recovered somewhat in the lat…
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