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Gold Reaches $700 an Ounce in New York for 1st Time Since 1980
Tuesday, MAY 9 2006
Today, I decided to post an article that drives home the threatening world-wide issues surrounding our precious comforting borders of US soil. I encourage you to read this article and post your thoughts on how this may or may not affect the economy and the U.S. position as a world power. Additionlly, I urge you to educate and prepare yourself by building assets. This is the only way to protect yourself against a dieing economy.
"Gold has surged to $700 an ounce for the first time in 26 years after Chinese economists suggested the country should quadruple its bullion reserves to protect against a falling dollar.
Speculators have been alert to any sign that Beijing may be planning to switch a portion of its massive $875bn reserves into gold, a move that would electrify the market.
They seized on comments yesterday by Liu Shanen, an official at
the Beijing Gold Economy Development Research Centre, who
said China should raise the portion of gold in its reserves from
1.3pc today to between 3pc and 5pc. Such a move would entail
the purchase of 1,900 tonnes of gold, equivalent to gobbling up
nine months of global mine production.
Washington's cold response to Iran's move to defuse nuclear
tension also helped fuel yesterday's rally. "No one is buying Iran's
overtures," said Frank McGhee, a metals trader at Integrated
Brokerage Services. "This is a purely geo-political move for gold.
We've been here before. The difference is that this time, there are
nukes involved."
Tan Yaling, an economist at the Bank of China, backed the call for
higher gold reserves to "help the government prevent risks and
handle emergencies in case of future possible turbulence in the
international political and economic situation".
John Reade, a UBS analyst, said neither economist had any
official role but hints were enough to drive prices in the current climate. "This is an investor frenzy, and China has become the biggest rumour in the gold world right now," he said.
"Speculative and investment interest has replaced jewellery demand. The last time that happened was in 1979 to 1980," he said.
He said it was likely that Middle Eastern investors were switching petrodollars into gold after burning their fingers in local stock markets.
"This market has been bouncing back so quickly after each bout of profit-taking that it looks as if somebody big is trying to get in. It's too darn hot for my liking," he said.
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7 Stocks You Need To Know For Tuesday
Tuesday, MAY 16 2006
By Brice Wightman
Here are 7 stocks for traders for Tuesday, from TradingMarkets.com:
OSI Systems (NasdaqNM:OSIS - News) beat by $0.11 and reaffirmed guidance for the second half of 2006. OSIS's PowerRating is 5.
Agilent (NYSE:A - News) beat by $0.03, ex-items; revenue was $1.43 billion. A's PowerRating is 6.
Deere (NYSE:DE - News) is due to report before the opening bell Tuesday; look $2.30. DE's PowerRating is 6.
Wal Mart (NYSE:WMT - News) is set to report before the bell Tuesday ; look for $0.61. WMT's PowerRating is 6.
Home Depot (NYSE:HD - News) is also set to report Tuesday morning; look for $0.67. HD's PowerRating is 5.
BJ's Wholesale (NYSE:BJ - News) is scheduled to report on Tuesday morning; look for $0.19. BJ's PowerRating is 5.
American Eagle Outfitters (NasdaqNM:AEOS - News) is scheduled to report on Tuesday morning; look for $0.40. AEOS's PowerRating is 7.
PowerRatings are courtesy of PowerRatings.Net.
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Platinum 2006
Tuesday, MAY 16 2006
Johnson Matthey - Demand for platinum reached 6.7 million oz. in 2005, an annual rise of 160,000oz. Purchased by the autocatalyst sector again grew strongly, and use of the metal in the glass industry and electrical applications also increased. more
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Investors 'rush exits' on commodities
Global markets fall
Tuesday, MAY 16 2006
TORONTO - Stock markets in Canada and around the world tumbled sharply yesterday after a drop in commodity prices from their record highs hurt share prices for companies that produce oil, natural gas, gold, copper and other natural resources. more
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Gold Resumes Rally as Dollar Falls, Investors Return to Metals
Wed., MAY 17 2006
May 17 (Bloomberg) -- Gold rose in London, heading for the biggest gain since the terrorist attacks on the U.S. on Sept. 11, 2001, as the dollar fell against the euro, making the precious metal more attractive as an alternative investment. more
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Will not sell any commodity, despite fall: Jim Rogers
Thur., MAY 18 2006
All markets have reactions and consolidations even within the context of the bull market. In the 1970s, gold went up 600% and then it went down 50% over a two-year period only to turn around and go up another 800%. So there may be big reactions and we may be overdue for one. more
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Gold Declines in Asia on Speculation Five-Year Rally Has Ended
Monday, MAY 22 2006
May 22 (Bloomberg) -- Gold in Asia fell on speculation that a five-year rally in the metal has ended as investors deemed its rise to the highest level in 26 years was overdone.
Gold futures in New York fell 7.6 percent last week, their biggest decline is almost six years. The drop erased $900 million of market value more
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Edgy oil, copper and gold bounce
Tues, MAY 23 2006
Gold, copper and oil were higher on Tuesday as investors returned, but their confidence was brittle as they feared a repeat of the selling that had knocked copper and gold prices down by 10% last week. more
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MPS want 'online gold trading' to be stopped
Tues, MAY 30 2006
Group of MPs have appealed to the Centre to immediately stop "online gold trading," which they described as "gambling" and "affected marriage of women in middle class families." In a memorandum to the Prime Minister, a copy of which was released to the media here, 12 Mps from Tamil Nadu, West bengal and Kerala said traders across the world were earning crores of rupees through their "monopolistic online trading", and they were mainly responsible for the steep hike in gold prices. more
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Is gold's bull market at an end?
Thur, June 1 2006
I have been warning that volatility will increase since last year, but because most of the volatility we have seen thus far has been to the upside, it was ignored. Well, there is still more volatility ahead. more
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Gold lifted by dollar woes
Frid, June 2 2006
Gold futures recovered today (June 2nd) following yesterday's month low.
A stronger dollar pushed gold to $630.50 per ounce in New York yesterday, but the precious metal was up today. US labour market statistics showed only a modest rise in the number of jobs last month, which left analysts disappointed and pushed the dollar down. more
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Analysts predict gold upturn
Mon, June 5 2006
Analysts are expecting an upturn in the price of gold this week as a result of further decline in the value of the dollar. While a lower priced dollar can look like an attractive alternative to precious metals, it is also likely to push analysts away from US stocks and bonds.
A survey of analysts by the Bloomberg news agency found the vast majority advised buying gold. more
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Ospraie closes $250 mln commodity hedge fund
Thur, June 8 2006
A $250 million hedge fund specializing in commodity trading is being closed by Ospraie Management LLC, a spokesman for the firm confirmed on Thursday. The Ospraie Point Fund, which lost 29 percent in the first five months of the year, incurred heavy losses betting that the price of copper and other commodities would fall. more
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Merrills flags potential opportunity in Gold
Frid, June 9 2006
The potential of inflationary pressures in the US, the epectation of a weaker US dollar and increased geopolitical risks, leads Merrill Lynch's analysts Andrew Richards to raise the banks average gold price forcasts by US $125/oz to US $650/oz in 2006, 2007 by US $175/oz to $675/oz and 2008-2010 to US $600/oz, US $550 respectively. more
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Gold still a safe haven asset despite plunge: Japanese analyts
Wed, June 14 2006
Commodity market analysts in Tokyo said the nature of gold as a safe
haven asset has not changed despite its sharp fall in prices this week from
$600/oz on Monday to $546/oz Wednesday. more
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Commodities 'bubble may be about to burst'
Frid, June 16 2006
The recent fall in commodity prices may have signalled the end of the sector's bull run as higher interest rates will curb demand growth, one of the UK's largest pension funds said yesterday. "People are talking about a 10- or 15-year bull run. I think we have seen it after three years," said Julien Garran, head of asset allocation at Legal & General. more
