• Apr. 14, 2013, 7:51 AM

    Notwithstanding Friday's implosion, Barron's Randall Forsyth says gold looks undervalued, and pitches the precious metal as the anti-bitcoin: "It is incongruous that gold - money that can't be printed, just minted - would enter a bear market Friday." Calafia Beach Pundit disagrees. His next target for gold: $1,000.

    | Apr. 14, 2013, 7:51 AM | 36 Comments
  • Apr. 12, 2013, 5:26 PM
    The week's ETF movers - Gainers: TAN +14.8%. GAZ +5.1%. REMX +3.9%. EWJ +3.7%. IDV +3.5%.
    ETF Losers: GDXJ -9.1%. VXX -8.7%. GDX -8.1%. PHYS -7.0%. GLD -5.8%.
    | Apr. 12, 2013, 5:26 PM
  • Apr. 12, 2013, 2:27 PM

    Goldman's short call on gold looks prescient, as comex gold sinks $63.50 to settle at $1,501.40/oz. for its lowest close since July 2011. Traders and analysts see no obvious trigger for the selloff, which seems to reflect the malaise that has gripped the market. Silver slips $1.37 to $26.33/oz. Miners are huge losers: HMY -7.5%, ABX -7.3%, AEM -6.9%, AUY -6.2%, SLW -5.6%, NEM -5.2%, EGO -4.9%, GFI -4.8%, GG -4.5%.

    | Apr. 12, 2013, 2:27 PM | 38 Comments
  • Apr. 12, 2013, 12:50 PM

    Gold miners (GDX -4.5%) are getting destroyed as gold prices cross into bear territory. Capitulation, if it’s here, would mean a true bottom in price, and Tocqueville Gold Fund's John Hathaway says that's what we’re approaching; he sees strong macro fundamentals for gold, investor sentiment at a negative extreme and compelling valuations in mining shares - "a contrarian's dream scenario."

    | Apr. 12, 2013, 12:50 PM | 18 Comments
  • Apr. 12, 2013, 10:52 AM

    A slide in commodity prices turns into a rout: GLD -3.2%, SLV -4.2%, USO -3%, Copper (JJC) -2.2%. At $1,506/oz., gold is threatening a $1,400 handle for the first time in nearly 2 years. After an early bounce, stocks move to session lows, the S&P 500 -0.7%. The long bond gains three-quarters of a full point, its yield down to a 2013 low of 2.93%. Update at 11:05: Now off 4.3%, gold slips below $1,500.

    | Apr. 12, 2013, 10:52 AM | 54 Comments
  • Apr. 12, 2013, 8:54 AM

    The gold bear market/correction continues with the metal sliding to $1,537/oz., the lowest since last summer. Looking at a longer-term chart, gold has bounced off the low-mid $1,500 level a few times over the last 18 months.  A drop below that would break what the technicians like to call "long-term support." The pattern in silver is similar. GLD -1.6%, SLV -2.2% premarket.

    | Apr. 12, 2013, 8:54 AM | 12 Comments
  • Apr. 11, 2013, 11:18 AM

    Gold doesn't have many friends left, but Julian Jessop, head of commodities research at Capital Economics, still sees "plenty of upside" with gold possibly hitting $2,000/oz. Worries about the Fed curbing its bond-buying efforts earlier than expected as well as Cyprus being the first eurozone country forced to sell its gold reserves are both overblown, he says.

    | Apr. 11, 2013, 11:18 AM | 21 Comments
  • Apr. 10, 2013, 2:04 PM

    Gold futures fell nearly $28/oz. in their biggest one-day percentage loss since November following the surprise early release of the FOMC Minutes and Goldman's cut of gold forecasts through 2014; a stronger dollar index also weighed. Goldman says gold could fall faster and larger than its forecast if ETF owners keep exiting, which is happening today: GLD -1.5%, IAU -1.5%, GDX -3.2%.

    | Apr. 10, 2013, 2:04 PM | 9 Comments
  • Apr. 10, 2013, 8:07 AM

    With gold prices struggling to shine as a safe haven, Goldman Sachs cuts its gold price forecasts for the second time in two months. Goldman's gold team now sees an average price of $1,545/oz. in 2013 vs. its earlier forecast of $1,610, with prices falling to $1,350 in 2014 from $1,490 expected previously. The move comes a day after Deutsche Bank poured cold water on its own outlook for gold.

    | Apr. 10, 2013, 8:07 AM | 11 Comments
  • Apr. 5, 2013, 8:35 AM

    S&P 500 (SPY) futures -1.3% following the big miss for Nonfarm Payrolls. Treasury prices soar, the long bond up a full point and a half. TLT +2%. Crude oil tumbles, USO -1.5%, and gold flies, GLD +1%.

    | Apr. 5, 2013, 8:35 AM | 12 Comments
  • Apr. 4, 2013, 8:07 PM

    Australian miners are trading higher today, regaining much of what they lost in the previous session after metal futures rose overnight in London: BHP Billiton (BHP +1.7%), Rio Tinto RIO +1.5%), Fortescue Metals Group (FSUMY.OB +1.6%), and Newcrest Mining Ltd. AU:NCM +1.92% (NCMGY.PK +2.2%).

    | Apr. 4, 2013, 8:07 PM
  • Apr. 4, 2013, 7:16 AM

    A healthy market is supposed to rally on good news, yes? If so, things don't look good for the gold bulls, as the metal fails to muster any bounce on news of the massive BOJ easing. GLD -0.9% premarket with gold at $1,544/oz. - its lowest level since late June.

    | Apr. 4, 2013, 7:16 AM | 18 Comments
  • Apr. 3, 2013, 2:19 PM

    Precious metals (GLD -1.4%, SLV -1.3%) tumble to new multi-month lows, with gold at $1,552/oz. the weakest since last summer and right near what technicians like to call long-term support going back to mid-2011. At $26.87, silver also threatens key chart levels.

    | Apr. 3, 2013, 2:19 PM | 24 Comments
  • Apr. 2, 2013, 3:01 PM

    More on SocGen's bearish gold (GLD) call: The price is in "bubble territory," say the authors - driven there by fears aggressive QE would spur inflation. Instead, consumer prices have actually been trending lower for the last 2 years, and now economic conditions have improved to the point where the Fed can begin thinking about QE's end. "It seems unlikely that investors would want to add much to their long gold postions."

    | Apr. 2, 2013, 3:01 PM | 21 Comments
  • Apr. 2, 2013, 2:59 PM

    Gold futures fell $25 to settle at $1,575.90/oz., near four-week lows, as strength in the dollar and rallying U.S. equities has wiped out gains logged when Cyprus began to hit the headlines. Mining stocks such as Goldcorp (GG -2.8%), Barrick (ABX -2.2%), Kinross (KGC -4.3%) and Newmont (NEM -3.7%) are down in tandem with gold prices.

    | Apr. 2, 2013, 2:59 PM | 9 Comments
  • Apr. 2, 2013, 9:17 AM

    Gold may have had its "last hurrah," says SocGen, expecting $1,375/oz. by the end of the year thanks to an improving U.S. economy bringing with it a stronger dollar and higher interest rates. SocGen also notes the turn in professional sentiment as evidenced by heavy ETF redemptions. GLD -0.9% premarket.

    | Apr. 2, 2013, 9:17 AM | 47 Comments
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