Will gold rally to $1,500 per ounce? According to leading analysts, the answer is yes. Bloomberg News surveyed 29 analysts and their median number was $1,500 per ounce.

Dan Brebner of Deustche Bank (DB) was the most accurate forecaster this year. His prediction is also for $1,500 per ounce.

Continue reading Will Gold Rally to $1,500 per Ounce?

Will Gold Rally to $1,500 per Ounce? originally appeared on BloggingStocks on Wed, 01 Sep 2010 10:40:00 EST. Please see our terms for use of feeds.

In a footnote in a 216-page report released last week, the Bank for International Settlements (BIS) disclosed that since December, it has taken in 349 metric tons of gold from central banks, which swapped it for $14 billion in cash.

Why is this important? First off, the BIS is the central bankers' bank. We can gather from this that central banks needed cash to pay their bills. So they pawned their gold.

Continue reading Central Banks Swap Tons of Gold for Cash

Central Banks Swap Tons of Gold for Cash originally appeared on BloggingStocks on Sun, 11 Jul 2010 14:10:00 EST. Please see our terms for use of feeds.

The flight to safety is still on. Spot gold in London traded at $1,251.20 per ounce, setting a new all time high.

One analyst, Edel Tully of UBS in London, said: "A number of external variables indicated that all is not well in financial markets and gold is benefiting as a result."

Another analyst, James Steel of HSBC, in New York stated: "The fact is sovereign risk is elevated."

Continue reading Gold Hits New High of $1,251.20 per Ounce

Gold Hits New High of $1,251.20 per Ounce originally appeared on BloggingStocks on Tue, 08 Jun 2010 10:20:00 EST. Please see our terms for use of feeds.

After a brief sell off, buyers are returning to the gold market. Spot gold in London is trading at $1,212.85 per ounce. On the COMEX, June gold futures are at $1,210.50 per ounce, up $12.50.

The demand for gold continues. Investors are worried about the euro and eurozone sovereign debt. They wonder where all the money will come from to refinance upcoming bond maturities. Banks in Europe were gun shy about lending to one another. Chairman Bernanke of the U.S. Federal Reserve opened credit lines with Europe to ease the tightness. However, in a recent statement he said that the credit lines would not remain open forever. Those words added fuel to the euro fears.

Continue reading Gold Moves Higher on Euro Outlook

Gold Moves Higher on Euro Outlook originally appeared on BloggingStocks on Wed, 26 May 2010 13:30:00 EST. Please see our terms for use of feeds.

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New York Mercantile Exchange – London – BloggingStocks – Spot price – Federal Reserve System

Despite the ever high gold prices, Indians have ignored the price factor and continued to buy the yellow metal on the auspicious day of Dhanteras, when Indians believe they could attain fortuity by having gold.
Reports showed that around 15 tonnes of gold were sold off in a single day across India on Dhanteras, though the prices for a ten gram gold cost at Rs 16000 as against Rs 12070 per 10 gram in the previous year.
Traders said the business was dull during October until 15 Thursday, when consumers poured into the jewellery shops and banks to purchase gold. Traders expressed hopes that this buying streak is expected to continue to next couple days after Diwali.

Marketmen said gold soared in tune with global rates, where prices touched a new peak of USD1,070.80 an ounce on weakening of dollar against its major rivals.

Besides, buying activity gathered momentum as stockists indulged in creating fresh positions to meet demand from jewellery fabricators ahead of Diwali, they said.

In London, gold set a new peak of USD1,070.80 an ounce on weakening dollar. Gold has jumped around 20% this year. Silver also touched a fresh high of USD18.08 an ounce, the highest since July 2008, as weakening dollar shifted investors’ attention to fast yielding assets like bullion.

The Gold Price ticked lower in early London trading on Friday, slipping through yesterday’s low of $1045 per ounce to stand unchanged on the week.
Dropping 2.5% from Wednesday’s new record high for Dollar investors, the Gold Price headed towards the weekend lower against all other major currencies bar the Japanese Yen.

US gold futures ended lower on Thursday as the dollar stemmed recent losses and the metal consolidated gains after a sharp rally to record highs in the last two sessions. Gold decreased $14.10 in New York trading to close at $1,050.60 per ounce.

GOLD SALES IN INDIA

“By tomorrow, we expect the sale of almost 200 kg of gold and 1,000 kg of silver in Lucknow city market alone,” Uttar Pradesh Bullion Association office bearer Shiv Narain Agarwal told Business Standard.

“There is no effect of high bullion prices or the so called economic slowdown in the buying pattern of the shoppers this year,” he noted.

Interestingly, he claimed that the sale of gold and silver jewellery was almost three times the volumes recorded last year. The bullion shops are open till late night hours to allow people buy.

With the Diwali festival of lights celebrated across the Hindu world tomorrow, "Some Indian buying has picked up," reports London dealer Mitsui, "but we expect this to retreat again fairly quickly.

"Perhaps that the supply side is winning the battle at the moment, with physical sales appearing in Asia today – the third day running we have seen this."

"Selling in the physical gold market is adding to resistance," agrees Walter de Wet at Standard Bank. "However, we still favour Buying Gold dips. Gold support is at $1402 and $1035."