Gold Falls for Third Day After Dollar Gains, Crude Oil Falls
Bloomberg, 07-07-08
Gold fell for a third day in Asia as the dollar traded near the highest in one week against the euro and crude oil declined, eroding the appeal of the precious metal as a hedge against inflation.
Gold outlook bullish says Saxo
The Gulf Daily News
A weaker US dollar and equity markets still on a sell mode provided a boost to gold prices last week, with the next month's gold price rallying to $950, a one month high.
Climate change, commodity prices top G8 agenda
Marketwatch, 07-07-08
Leaders of the Group of Eight industrialized nations kicked off a three-day meeting in Japan Monday, with climate change topping the agenda at this year's summit.
Oil's Rapid Rise Stirs Talk of $200 a Barrel This Year
The Wall Street Journal, 07-07-08
Oil's historic ascent from $100 to nearly $150 a barrel in just six months is lending weight to a far grimmer prediction: Crude could reach $200 a barrel by the end of the year.
Gold Little Changed After Dollar Rises on Europe Rate Outlook
Bloomberg, 04-07-08
Gold was little changed after falling more than $10 an ounce yesterday as the dollar rose against the euro on expectations of a halt in European rate hikes, eroding the appeal of the precious metal as alternative asset.
Oil Rises for Second Week as Investors Seek Stocks Alternatives
Bloomberg, 04-07-08
Crude oil rose for a second week to record levels in New York as investors purchased commodities as an alternative to flagging equities markets.
Even Buffett fortunes slump 20pc as bears maul Berkshire
The Independent, 03-07-08
It must be a bear market -- even billionaire Warren Buffett's Berkshire Hathaway has slumped 20pc since December. It's the worst first-half for the investment and holding company since 1990 and the six-month decline exceeded the 15pc drop in the Standard & Poor's 500 Index from December 10.
Markets News Friday: Brent crude price above $146 in London; UBS says it may avoid a loss in Q2; Nikkei 225 in longest losing streak in 54 years
Finfacts, 04-07-08
In thin trading in New York Thursday, with markets closed early at 1:00 pm Eastern for today's July 4th holiday weekend, the big focus was on the June employment report on a day when crude oil breached the $145 a barrel level in both New York and London.
Gold Holds Near 2-1/2 Month High in Asia on Crude Oil, Dollar
Bloomberg, 03-07-08
Gold held near a 2-1/2 month high as record energy costs and a declining dollar boosted demand for bullion as an alternative investment.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 02-07-08
"Peru's nationwide mining strike has entered its second day as miners demand for a fair share of surging profits," said Mark O'Byrne, an executive director at Gold and Silver Investments Ltd.
Peru is the world's largest silver producer, he said. The country is also the world's second-largest copper producer, according to Reuters.
The strike "is likely to result in silver remaining well bid and outperforming in the coming trading sessions," said O'Byrne.
Gold Investments Quoted in Forbes
Forbes, 07-02-08
'Gold has succumbed to profit taking with the dollar flat and oil prices down marginally,' said analysts at Gold Investments on Wednesday.
Markets News Thursday: Brent crude oil surges above $145 a barrel in London; European markets down again; Irish shares in sharp fall
Finfacts, 03-07-08
In New York Wednesday, a late selloff in stocks pushed the Dow into a bear market for the first time in more than 5-1/2 years as oil again hit a new record and concerns mounted about the financial fragility of General Motors.
Gold Investments Quoted in Sunday Business Post
The Sunday Business Post, 29-06-08
Irish firm Gold Investments is expanding into the British market with a planned investment of more than €600,000.
Mark O’Byrne, the firm’s founder and executive director, said the Gold Investments’ aim was to become the leading bullion dealer in Britain and internationally‘ ‘using London as a hub to target the international marketplace’’.
(continued)
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 01-07-08
For now, gold prices should be well supported in the $910-$920 region and $952 is "now the key resistance for this market," said Mark O'Byrne, an executive director at Gold and Silver Investments Ltd. "Any close above $952 should see us re-challenging the psychological $1,000 in very short order," he said in emailed comments.
Global stocks close dismal half
Reuters, 01-07-08
The worldwide credit crisis that burst onto investors' radar screens nearly a year ago wiped out some $3.3 trillion (650 billion pounds) in global stock market wealth in the first half of this year, and optimism for a second-half recovery is fading fast.
Top US bond fund manger Bill Gross urges 'President' Obama to double budget deficit to $1 trillion; Jolt of $500 billion in additional spending needed
Finfacts, 01-07-08
Bill Gross, manager of the world's biggest bond fund at PIMCO - Pacific Investment Management Co., says that a Barack Obama administration may have no other choice than to produce the first $1 trillion US budget deficit.
Global economy faces deep slowdown and deflation threat, BIS warns
The Telegraph, 01-07-08
The global economy may be heading for a far deeper crisis than is expected and a bout of deflation in the world's biggest economies is now a possibility, according to one of the world's most highly regarded economic institutions.
Central bankers on high alert against inflation
Reuters, 30-06-08
Even countries like the United Arab Emirates, enjoying surging revenues from oil exports, say oil prices have gone too far.
Gold Investments in Bloomberg Survey
Bloomberg, 30-06-08
Gold may rise for a third straight week on speculation food and energy costs will climb, sparking demand for the precious metal as a hedge against inflation.
Avoid U.S. Dollar, Buy Commodities, Jim Rogers Says
Bloomberg, 30-06-08
Investors should avoid the dollar and buy commodities, which is the ``best investment'' for this year, said Jim Rogers, chairman of Rogers Holdings.
Peruvian miners ready for nationwide strike
Reuters, 29-06-08
Miners in Peru, the world's leading silver producer and second-largest copper and zinc miner, were readying a strike for midnight on Sunday that will see walkouts at the country's leading pits.
Gold revs its engine and squeals down the track
Marketwatch, 27-06-08
The U.S. Federal Reserve gave gold the fuel it needed to restart its engine and the precious metal has already driven through the trading range barrier it's been stuck in for the past month.
Spot Gold Jumps As Oil Hits New High; Investors Risk Averse
FX Street, 27-06-08
A cocktail of bullish factors is lifting gold higher with risk-averse investors taking cues Friday from record high oil prices and a weak U.S. dollar. With crude oil futures above $141 a barrel in early London trade, spot gold has resumed its upside path. As of 0805 GMT, spot gold is up 4% from Thursday's low at $921.45 a troy ounce, and up 1.2% overnight.
Gold Futures Surge Most in 16 Months on Inflation Concerns
Bloomberg, 26-06-08
Gold surged the most in 16 months on speculation the Federal Reserve won't rush to raise borrowing costs to curb inflation. Silver jumped the most since March.
Gold Investments Quoted in Bloomberg
Bloomberg, 26-06-08
"We've seen a pick-up in demand in the past week or two,'' Mark O'Byrne, managing director of brokerage Gold and Silver Investments Ltd., said by phone from Dublin. He reiterated a forecast of $1,200 an ounce by the end of the year.
Gold Rises as Euro Holds Gains Versus Dollar After Fed Decision
Bloomberg, 26-06-08
Gold rose in Asia as the euro traded near the highest against the dollar in more than two weeks, boosting the appeal of the precious metal as an alternative asset.
Platinum Futures Gain as Fed Inflation Signal Lures Investors
Bloomberg, 26-06-08
Platinum futures gained for the first time in six days in Tokyo after the Federal Reserve warned of higher inflation, boosting demand for precious metals as a store of value when consumer prices rise.
Fed signals aggressive rate cutting is done
Yahoo Finance, 26-06-08
The Federal Reserve's aggressive period of cutting interest rates to keep the country from falling into a recession is over. That point is in general agreement. The trouble starts when you try to figure out what period the Fed has now entered.
Bank Of England Chief In The Hot Seat
Sky News via Yahoo Finance, 26-06-08
The fight against inflation will be back in the spotlight when Bank of England Governor Mervyn King appears before MPs. He will be quizzed by the Treasury Select Committee a week after UK inflation hit 3.3%. That is way above the Bank's 2% target and the highest figure since it was made independent 11 years ago.
Gold Investments Quoted in Marketwatch
With the interest rate decision due Wednesday, traders may be "reluctant" to take large positions in gold -- long or short," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
Spectre of inflation over global economy
The Financial Times, 24-06-08
The spectre of inflation returned to haunt the global economy on Tuesday as companies ranging from Dow Chemical of the US to South Korea’s Posco unveiled sharp price rises to combat the soaring cost of energy and raw materials.
Gold Declines in Asia Before Fed's Decision on Interest Rates
Bloomberg, 25-06-08
Gold fell in Asia amid investor concerns that the dollar may gain as the U.S. Federal Reserve is forecast to keep borrowing costs unchanged later today, ending a run of seven interest-rate cuts.
Marc Faber Favors Commodities as Inflation Quickens
Bloomberg, 24-06-08
Japanese stocks, Asian real estate and commodities are investors' best bets as faster inflation erodes returns in the rest of the world's markets, investor Marc Faber said.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 23-06-08
Looking at the bigger picture, gold's fundamentals remain "as sound as ever and inflation and stagflation concerns [are] rising internationally," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
Metals investors should look for any selling in gold to be "brief and shallow," he said in a note to clients, "especially as oil prices remain near record levels on fears that Saudi Arabia's promise to boost output may not be enough to quell supply concerns."
Gold Gains as Crude Rises, Spurring Demand for Inflation Hedge
Bloomberg, 24-06-08
Gold rose in Asian trading as crude oil gained for a third day, spurring demand for the precious metal as a hedge against inflation. Silver also gained.
Brokers threatened by run on shadow bank system
Marketwatch, 20-06-08
A network of lenders, brokers and opaque financing vehicles outside traditional banking that ballooned during the bull market now is under siege as regulators threaten a crackdown on the so-called shadow banking system.
Eurozone indicators raise stagflation fears
The Financial Times, 23-06-08
Eurozone economic activity contracted this month for the first time in five years according to a closely-watched survey that showed a significant slowdown is underway across the region.
Gold Investments in Bloomberg Survey
Bloomberg, 23-06-08
Fifteen of 27 traders, investors and analysts surveyed from Mumbai to Chicago on June 19 and June 20 advised buying gold, which rose 3.5 percent to $903.70 an ounce last week in New York. Five said to sell, and seven were neutral.
Gold Rises for Seventh Day in London After Crude Oil Advances
Bloomberg, 23-06-08
Gold advanced for a seventh day in London as crude oil rose, boosting investors' demand for the metal as a hedge against inflation. Platinum also gained.
Gold Rallies in Asia as Dollar Near Two-Week Low Against Euro
Bloomberg, 23-06-08
Gold rose in Asia for the seventh day as the dollar traded near a two-week low against the euro, boosting the appeal of the metal as an alternative investment.
Australia gold output falls 7 pct over past 12 mos
MSN Money, 23-06-08
Gold production in Australia, the world's third-largest miner, has fallen 7 percent over the past year, a deeper than expected decline, but should still rebound 10 percent in the year ahead, a government forecaster said on Monday.
Oil Rises as Saudi Pledge Fails to Ease Global Supply Concerns
Bloomberg, 23-06-08
Oil rose to within $3 of a record on speculation Saudi Arabia's output increase may not raise global supply because of production halts in Nigeria and the North Sea.
Gold slips below $900, palladium off 3-month high
Reuters, 20-06-08
Gold edged below $900 an ounce on Friday, surrendering the previous session's gains, after oil extended losses, while palladium dipped after hitting a 3-month high.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 19-06-08
"In the medium to long term, the combination of strong international safe-haven demand and decreasing production and supply of gold in most major producers, and particularly in South Africa, will likely result in gold going significantly higher in the coming months," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
...
Strong fundamentals for gold include "a deteriorating global economy and concerns regarding global stagflation -- and this was added to by the very poor South African gold production figures this morning," said O'Byrne.
South African gold output in April fell more than 10% in volume terms, compared with a year earlier, he said in emailed comments. "South African production of gold was over 1,000 tonnes per annum in 1970 and has been steadily declining to nearly 250 tonnes per annum today," according to O'Byrne.
"South African gold production has fallen sharply after state-owned power utility Eskom struggled to provide sufficient power to mines," he said. That followed a near collapse in the electricity grid in January, which led to a five-day countrywide mine shutdown, he said.
"Eskom have admitted that the power and electricity problems are a major challenge and may take years to rectify which would likely result in further falls in gold production in South Africa," said O'Byrne.
Gold Investments Quoted in Resource Investor
Resource Investor, 19-06-08
See above quote in Marketwatch.
Gold May Rise to $5,000 on Inflation, Schroder Says
Bloomberg, 19-06-08
Gold prices may rise to $5,000 an ounce as investors seek to protect themselves against accelerating inflation, said Schroder Investment Management Ltd., which oversees $277 billion of assets globally.
Gold Investments Quoted in Bloomberg
Bloomberg, 18-06-08
"As long as the Federal Reserve continues to keep real interest rates negative and money supply in the U.S. and internationally continues to surge at unprecedented rates, the dollar will remain weak and gold will remain in a bull market,'' Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd., said in a report.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 18-06-08
"With oil remaining near record highs in a narrow range between $130 and $140 a barrel and the price of commodities surging, many to new record highs, inflation pressures continue to grow," said Mark O'Byrne, director at Gold and Silver Investments Ltd., in a note to clients.
S.Africa gold output down 10.1 pct yr/yr in April
Reuters, 19-06-08
South African gold output fell 10.1 percent in volume terms, while overall mineral production declined 2.0 percent in April compared to the same month in the previous year, official data showed on Thursday.
Rare metal prices soar on demand for more fuel-efficient jet engines
The Financial Times, 18-06-08
The airline industry's fight for survival in the face of soaring oil prices has triggered a massive jump in the price of a number of obscure and scarce metals that are used to improve the fuel economy of jet engines.
Gold Little Changed as Dollar Near One-Week Low Versus Euro
Bloomberg, 18-06-08
Gold was little changed in Asia as the dollar traded near a one-week low against the euro and the yen after the U.S. reported lower housing starts in May, boosting the appeal of the precious metal as alternative asset.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 17-06-08
But "the inflation genie is well and truly out of the bottle, and central banks internationally are in an extremely difficult situation," Mark O'Byrne, director at Gold and Silver Investments Ltd., said in emailed comments. "Unfortunately, present macroeconomic conditions look set to worsen, possibly considerably, in the coming months before they get better," he said.
U.S. Stocks Retreat, Led by Financials; Regional Banks Tumble
Bloomberg, 17-06-08
U.S. stocks fell for the first time in four days as Goldman Sachs Group Inc. predicted banks will have to raise $65 billion in new capital to cover losses and housing starts and industrial production trailed forecasts.
Learn to live with inflation, says King
The Financial Times, 17-06-08
British households must learn to live with higher prices and without increased wages, Mervyn King warned on Tuesday, as he predicted inflation would reach at least 4 per cent by the end of the year. The governor of the Bank of England also surprised markets by failing to use the letter to signal a series of interest rate rises to combat higher inflation.
Gold higher on rampant inflation fears, dollar weakness
Interactive Investor, 17-06-08
Gold ticked higher on Tuesday, well supported by rampant inflation jitters and some weakness in the U.S. dollar. The move follows a surge for the yellow metal on Monday to a one-week high of $894.53 an ounce as crude oil rallied to a record $139.89 a barrel, and as the dollar weakened.
Gold steadies ahead of U.S. inflation data
Reuters, 17-06-08
Gold was steady after Monday's sharp gains as the dollar languished against the euro and oil held above $130 a barrel, with traders awaiting U.S. economic data to give fresh market direction.
JPMAM and BlackRock repudiate commodities bubble
FT Financial Adviser, 16-06-08
JPMorgan Asset Management and BlackRock commodities managers have dismissed concerns of a growing bubble in the sector, claiming demand will continue to sky-rocket.
Silver bulls predict price bounce
The Globe and Mail, 17-06-08
Silver has a reputation as a "poor man's gold," but some market watchers are betting the metal is poised to gain more respect. While its price in New York is off 17 per cent from its multidecade high of $20.66 (U.S.) an ounce in March, some predict it will rebound and blow past that peak by year end.
Gold Little Changed as Dollar Rally Pauses, Crude Oil Declines
Bloomberg, 16-06-08
Gold was little changed in Asia as a rally in the dollar against the euro stalled and crude oil fell further from record levels.
Platinum Futures Gain in Tokyo as Weaker Yen Increases Appeal
Bloomberg, 16-06-08
Platinum futures in Tokyo gained as the Japanese currency fell to a four-month low, boosting the appeal of yen-denominated contracts for the metal, which trades globally in dollars.
Gold creeps higher on investor buying, dollar
Reuters, 16-06-08
Gold rose further Monday after an early dip in the U.S. dollar and as recent weakness in bullion prices spurred demand from some investors, but weaker oil prices could cap the upside.
Stagflation worries dog G8 meeting
The Sydney Morning Herald, 16-06-08
Finance ministers from the world's richest nations face another week of inflation headlines after signaling concern that the global economy risks a dose of stagflation as commodity prices soar.
China gold fund manager sees potential for rally
Reuters, 13-06-08
After doubling his money in the gold market in just six months, Wang Weilie, one of China's leading gold fund managers, believes another surge in gold prices is likely in the next few years as global inflation escalates and the dollar sags.
Ahmadinejad Says Bush Administration Can't Hurt Iran
Bloomberg, 11-06-08
George W. Bush's administration is in its dying days and won't be able to harm Iran, the Islamic Republic's president, Mahmoud Ahmadinejad, said.
Gold fever - BBC Money Programme
BBC News, 12-06-08
The value of gold has been going through the roof. Its price has quadrupled since 1999, and in March this year it reached $1,000 an ounce for the first time.
Gold, Silver Tumbles as Dollar Gains
International Business Times, 12-06-08
Gold futures fell on Thursday to a five week low after the dollar rebounded, lowering the investment appeal of the precious metal. Gold for August dropped $10.90 to end at $872.00 an ounce on the Comex division on the New York Mercantile Exchange. Also on the Nymex, July silver fell 70 cents to settle at $16.48 an ounce.
France to Issue Gold and Silver Coins as Legal Tender, and Without Dissuasive Taxation?
Sybil's Star blog, 29-06-08
Although I'm not an expert on the legalities of legal tender either in the US or France, I think that France is about to begin issuing euro coins in silver and gold equal to the metals' market price.
Global inflation impacts from rains in Iowa to China's Sichuan earthquake
Finfacts, 13-06-08
Reports today say that Cedar Rapids in Iowa, is experiencing the worst flooding in the city’s history. Events such as six weeks of rain in the American Mid-West, the so-called "breadbasket" of America to China's Sichuan earthquake, can impact inflation across the globe. Besides natural disasters, political tensions influence oil price movements but like food, supply and demand fundamentals, are the main drivers of inflation.
Inflation fears could push gold to $1,000
Reuters via Gulf News, 12-06-08
London: Gold is poised to climb back above $1,000 per ounce this year, as inflationary pressures and financial turmoil prompt investors to seek shelter in the metal used as a store of value.
Platinum Futures Drop as Oil Decline Cuts Investment Appeal
Bloomberg, 12-06-08
Platinum futures in Tokyo fell for the second time in six days after crude oil dropped below $135 a barrel and the dollar gained, sapping demand for the metal as a haven against inflation.
Gold Investments Quoted in Finfacts
Finfacts, 12-06-08
Further talk of intervention by Treasury Secretary Henry Paulson led to a sharp rally in the U.S. dollar yesterday and a selloff in the gold market. And this despite very bad data yesterday including another near record trade deficit in April and U.S. consumer confidence sinking to a record low in June as a surge in gasoline prices to more than $4 a gallon and a jump in the unemployment rate helped depress the modest rebound in Americans' outlook seen the previous month.
...
Gold Rises First Time in Three Days on Euro, Physical Demand
Bloomberg, 11-06-08
Gold gained for the first time in three days in Asia after the dollar's rally against the euro stalled, and demand from jewelers resurfaced after prices fell to the lowest in almost a month.
Gold Trades Near Lowest in More Than Three Weeks on Dollar Gain
Bloomberg, 11-06-08
Gold traded near the lowest in more than three weeks as the dollar surged, eroding the appeal of the precious metal as alternative asset to the U.S. currency.
Gold futures fall sharply as dollar rises vs. rivals
Marketwatch, 10-06-08
Gold futures on Tuesday extended stiff losses into a second day, falling 3% and coming under heavy selling pressure as the U.S. dollar surged against other major currencies.
An ominous warning that the rapid rise in oil prices has only just begun
The Independent, 11-06-08
The chief executive of the world's largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel "in the foreseeable future".
Gold Falls for Second Day as Dollar Advances, Oil Below Record
Bloomberg, 10-06-08
Gold fell for a second day in Asia as the dollar rallied on signs the Federal Reserve may be finished cutting interest rates and as crude oil traded below record highs, eroding the appeal of the precious metal as an inflation hedge.
India gold futures fall on overseas weakness
Reuters, 10-06-08
Indian gold futures fell on Tuesday tracking weakness in overseas markets, but firm oil prices may restrict the losses, analysts said.
Inflation data trigger rethink on rate rises
The Financial Times, 10-06-08
Investors are betting the Bank of England will have to raise interest rates at least once before the end of the year to curb inflation, after wholesale gas prices hit a new high and official data showed producer prices increasing at a record pace.
Inflation shock leaves markets fearing three interest rate increases this year
The Telegraph, 10-06-08
Investors have bet that the Bank of England will have to raise interest rates as many as three times before the end of the year. Swap rates - the key money market measure reflecting traders' expectations for borrowing costs - rose at the fastest rate since Black Wednesday 16 years ago after a "shocking" rise in factory gate inflation.
Medvedev blames US for financial crisis
The Financial Times, 07-06-08
Russian president Dmitry Medvedev on Saturday blamed the US and its banks in large part for provoking today’s financial crisis - and pushed for a role for Russia in finding a way out of the turmoil.
Gold above $900 on record oil, hits 2-week high
Reuters, 09-06-08
Gold was little changed in Asia above $900 an ounce after the biggest rally in more than four months as near-record energy costs and a weaker dollar spurred demand for the precious metal as a hedge against inflation.
Gold Little Changed in Asia After Biggest Rally in Four Months
Bloomberg, 09-06-08
Gold was little changed in Asia above $900 an ounce after the biggest rally in more than four months as near-record energy costs and a weaker dollar spurred demand for the precious metal as a hedge against inflation.
Gold Investments in Bloomberg Survey
Bloomberg, 09-06-08
Seventeen of 35 traders, investors and analysts surveyed from Mumbai to New York on June 5 and June 6 advised buying gold, which rose 0.8 percent last week to $899 an ounce in New York. Thirteen said to sell, and five were neutral.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 06-06-08
The "surprisingly bad jobs data has reversed recent short-term trends in markets," said Mark O'Byrne, a director at Gold and Silver Investments Ltd., in emailed comments. "Risk aversion was witnessed immediately after the report, with the dollar and international equity markets selling off and gold immediately rallying strongly."
...
"A serious recession has begun or is soon to be entered into the world's largest economy, and this will negatively impact the dollar and lead to higher gold prices," said O'Byrne.
Gold up ahead of US payrolls data, off 3-week low
Reuters, 06-05-08
Gold firmed on Friday on bargain hunting and rising oil prices, having fallen to its lowest level in three weeks, but investors maybe careful about taking large positions ahead of U.S. payrolls data.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 05-06-08
"With the dollar largely flat and oil slightly stronger, gold may take its cue from the wider equity markets today," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
Gold Heads for Second Weekly Decline on Crude Oil, Dollar
Bloomberg, 06-06-08
Gold headed for a second weekly decline as crude oil traded below a record and the dollar gained, reducing the appeal of precious metals as a hedge against inflation and a weakening currency.
Platinum Futures Gain in Tokyo as Oil Drives Inflation Concern
Bloomberg, 06-06-08
Platinum futures in Tokyo gained for a fourth time in five days after oil jumped more than $5 a barrel yesterday, prompting investors to buy the precious metal as an inflation hedge.
Gold Drops as Dollar's Rally Limits Metal Demand; Silver Gains
Bloomberg, 04-06-08
Gold fell as the dollar climbed for the third straight day, reducing the appeal of the precious metal as a hedge against inflation. Silver gained.
Gold dips on dollar, bargain hunters resurface
Reuters, 04-06-08
Gold prices recoiled on Thursday as some investors ditched the precious metal after the dollar held onto gains against other currencies and oil dropped on rising inventories in the United States.
Up to a million headed for negative equity
FT Financial Adviser, 05-06-08
As many as a million people could find themselves in negative equity by the end of next year, a report has warned. According to Citibank's UK chief economist Michael Saunders, house prices face a "grim" 15 per cent drop this year, which would leave as many as 950,000 homeowners losing out.
Dollar Concerns Hurt Gold, But Long-Term Views Mixed
FX Street, 03-06-08
Federal Reserve Chairman Ben Bernanke's dollar-bullish comments Tuesday may mean further weakness for gold in the foreseeable future, but analysts offered mixed opinions on whether this portends a death knell for gold's long-running rally.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 03-06-08
Even though the dollar rose and gold fell during and after the speech, "no amount of jawboning by Bernanke or anyone else will help rectify the huge fundamental headwinds facing the U.S. economy in the face of a housing crash, huge deficits, huge credit and systemic risks and the increasing reality of stagflation," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
S.African gold output falls 15.6 pct in Q1
Reuters, 03-06-08
South Africa's Chamber of Mines said on Tuesday the country's gold production fell 15.6 percent to 52,228 kg in the first quarter of 2008 compared to the fourth quarter of 2007, owing to a power shortage.
Gold Investments in Bloomberg Survey
Bloomberg, 02-06-08
Seventeen of 35 traders, investors and analysts surveyed from Mumbai to Chicago on May 29 and May 30 advised selling gold, which fell 3.7 percent to $891.50 an ounce last week in New York. Eight said to buy, and 10 were neutral.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 30-05-08
"Gold has had a difficult week, experiencing a sharp sell off due to profit taking, dollar strength and oil weakness," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
"However, these would seem to be short-term phenomenon and the primary trends in oil and the dollar remain up and down, respectively, which should result in gold being well supported above $850 per ounce," he said in emailed commentary.
...
"Inflation and stagflation are now stalking developed western economies and developing and emerging markets alike -- and this bodes well for gold in the long term as it was in the 1970s," said O'Byrne.
Gold Advances in Asia on Expectation Dollar May Weaken on Data
Bloomberg, 03-06-08
Gold rallied for the third day in Asia on expectation that the U.S. dollar may fall as the U.S. economic data releases may show the economy is stagnating, boosting the appeal of the bullion as alternative investment.
Gold Rises in London on Demand for Haven; Platinum, Silver Gain
Bloomberg, 03-06-08
Gold rose for a third day in London on speculation credit-market losses will spur demand for the metal as a haven from declines in shares and the dollar.
Markets News Friday: Oil price falls to $125 a barrel in New York
Finfacts, 30-05-08
In New York Thursday, a sharp fall in oil prices and an economic report, which showed that annual GDP growth in the first quarter, was better than expected, boosted stocks.
Gold steady after recent falls on oil
Reuters via AFX Financial News, 30-05-08
Gold was steady in early European business on Friday but remained close to its two-week low as the dollar held on to recent gains, traders said.
Negative equity fears soar after record slump in house prices
The Times, 30-05-08
The cost of an average home fell by 2.5 per cent during May, the biggest monthly decline since records began in 1991, figures from the Nationwide Building Society show. House prices have fallen by nearly £12,500 since the market turned in October.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 28-05-08
With oil falling, "gold was bound to come under pressure and should oil continue to fall, then gold may come under pressure," said Mark O'Byrne, executive director of Dublin, Ireland-based Gold and Silver Investments, in a note.
Repossessions crisis 'could be worse than 1992'
The Daily Mail, 27-05-08
More homebuyers are at risk of losing their homes than during the property bust of 1992, new research says. A report published by insurance giant AXA yesterday said as many as 1.8million buyers will be struggling to cover monthly repayments by the end of this year.
Gold Trades Little Changed in Asia as Inflation Concerns Remain
Bloomberg, 28-05-08
Gold traded little changed above $900 in Asia as inflation concerns persist after a report showed U.S. consumer confidence fell to the lowest level in more than 15 years on high energy prices and falling home values.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 27-05-08
"Gold was up 3% last week and silver surged nearly 8%, and thus profit-taking would be expected in the early part of this week," said Mark O'Byrne, a director at Gold and Silver Investments Ltd., in emailed comments.
Early profit-taking was "subsequently exacerbated by the sell-off in oil and another tentative dollar rally," he said.
...
"A good way to support the dollar is to short the anti-dollar, or gold," said O'Byrne.
"Talking heads, and more gullible pundits on the financial networks, will point to the falling price of gold as proof that inflation is not an issue, the dollar is fine and all is again perfect in the economic world and investors can go back to sleep," he said. "If only it were that simple."
"Gold is likely to be well supported at these levels, especially as physical demand internationally continues to surge," he said.
Gold trading in Dubai has witnessed consistent growth over the last six months, up 42% over the fourth quarter of 2007, O'Byrne said, citing data from the Dubai Multi Commodities Centre.
Gold Investments in Bloomberg Survey
Bloomberg, 26-05-08
A majority of analysts surveyed May 15 and May 16 anticipated gold's gains last week. The survey has forecast prices accurately in 130 of 212 weeks, or 61 percent of the time.
Gold extends losses as oil slumps
Reuters, 28-05-08
Gold slid below $900 an ounce for the first time in a month on Wednesday, extending 2 percent losses from the previous day as oil prices fell sharply.
VN the biggest gold consumer in first quarter
VietNamNet, 27-05-08
Vietnam's retail investment in gold in the first quarter this year amounted to 31.5 tons, making the country the biggest gold consumer in the world, the World Gold Council says in its most updated quarterly survey Gold Demand Trends.
High prices as good as gold in jewelry market
The Associated Press via The Columbia Daily Tribune, 25-05-08
Yellow gold has never completely fallen out of favor with the fashion crowd, but over the past decade the public took more of a shine to sterling silver and platinum. But gold’s fortunes had already started to turn when it hit $1,000 an ounce in March.
Gold edges down on dollar rise but eyes oil
Reuters, 27-05-08
Gold edged lower on Tuesday, erasing earlier gains, as the dollar bounced off a one-month low and on a recovery in equity markets, but traders kept an eye on rising oil prices following supply disruptions in Nigeria.
Dubai gold trade up 73% in Q1
BBJ, 27-05-08
Dubai Multi Commodities Centre said that gold trade through Dubai reached $7 billion in the Q1 of 2008, up by 73% during the same period in 2007.
India gold futures rise on firm oil, weak rupee
Reuters, 27-05-08
Indian gold futures rose on Tuesday on firm crude oil prices and a weak rupee, analysts said.
"Fundamentals are still bullish. Higher crude oil and falling rupee are supporting the market," said Harish Galipelli, head of research, Karvy Comtrade Ltd.
Gold takes breather after rally on oil, dollar
Reuters, 26-05-08
Gold edged down on Monday after last week's rally as oil prices resumed their march upwards and the U.S. dollar steadied at near a one-month low.
Poor Man's Gold
The Wall Street Journal, 23-05-08
Since 1986, the United States has minted and sold more than 130 million silver coins called American Eagle Silver Bullions, often known as "silver eagles." The coins have a face value of $1 but are sold for the going price of silver plus a markup. Each coin weighs a troy ounce of 99.9% pure silver.
Asian stocks slide as inflation fears rise
Reuters via The Guardian, 26-05-08
Asian stocks fell on Monday, with shares in Japan suffering their biggest fall in six weeks, as investors feared rising inflation and sluggish U.S. economic growth would seriously dent consumer demand in the region's biggest export market.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 23-05-08
"With increasing doubts about the sustainability of the recent rebound of the dollar and of global stock markets, safe haven demand for gold is likely to reaccelerate in the coming weeks," said Mark O'Byrne, a director at Gold and Silver Investments Ltd., in a note to clients.
US Mint Rations Silver Coins
The Wall Street Journal, 23-05-08
The government rationed food during World War II and gasoline in the 1970s. Now, it's imposing quotas on another precious commodity: 2008 dollar coins known as silver eagles.
Gold drifts lower, hovers above $915
Reuters, 23-05-08
Gold slipped on Friday but dug in its heels around $915, taking a breather after profit-taking knocked crude oil prices off an all-time high and the dollar steadied.
Protracted slowdown looming, says Bank
The Financial Times, 21-05-08
The economy is heading for its most protracted slowdown since the early 1990s, according to detailed growth forecasts from the Bank of England that show a sharply widening gap between its and the government's outlook.
Gold Rallies to One-Month High as Crude Oil Gains to Record
Bloomberg, 22-05-08
Gold gained for a sixth day to the highest in more than a month as crude oil's rally to a record stoked global inflation concerns and boosted the appeal of bullion as a hedge.
Gold tops $930 as crude jumps to new record
Reuters, 22-05-08
Gold climbed back above $930 on Thursday as oil set a new record high, fanning fears of inflation and encouraging investors to buy the precious metal as a hedge, while a weak dollar added to the upward momentum.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 20-05-08
As of Monday, gold is up nearly 9% year-to-date -- unlike most equity markets, said Mark O'Byrne, a director of Gold and Silver Investments Ltd., in a note to clients. And "in the last 12 months, gold is up 37%, and thus corrections are healthy and to be expected."
Gold Trades Near One-Month High on Record Oil Price, Dollar
Bloomberg, 20-05-08
Gold gained for a fifth day to trade near a one-month high in Asia as crude oil held close to a record, stoking inflationary expectations, and the dollar fell.
Gold holds its sharp gains as inflation looms
Reuters, 21-05-08
Gold held firm on Wednesday, clinging on to sharp overnight gains sparked by growing inflation worries after oil climbed to a new record.
Platinum prices 'set to rise 50%'
BBC News, 19-05-08
The price of platinum could increase by 50% in 2008, according to a poll of analysts by the Reuters news agency.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 19-05-08
"There is a definite air of the 1970s in recent economic data and the reality of falling economic growth and rising inflation or stagflation," said March O'Byrne, director at Gold and Silver Investments Ltd.
...
"With the dollar having strengthened against the euro, the prime reason for gold's early strength looks to have been inflation hedging buying due to oil going above $127 prior to a small sell off," said O'Byrne, in emailed comments.
Since last Thursday, gold has soared by more than 5% and "profit taking is to be expected," said O'Byrne. "Gold needs to consolidate between $885 and $915 before the next leg up in the bull market."
...
"The dollar remains a currency facing substantial headwinds in the form of the huge annual trade, current and now increasing budget deficits and burgeoning stagflation," said O'Byrne, in a note to clients. "Until these deficits are materially corrected and the threat that is stagflation dissipates, gold will remain in a bull market."
Gold Investments Quoted in Thomson Financial via Forbes
Forbes, 19-05-08
'Inflation hedging and safe haven buying is reemerging on both the surging oil price, inflationary pressures and with much of the economic data being very negative last week, especially the appalling consumer sentiment numbers which showed consumer confidence falling to their lowest levels since 1980, 28 years ago,' said analysts at Ireland's Gold Investments in a note.
Gold Trades Above $900 in Asia as Crude Oil Holds Near Record
Bloomberg, 20-05-08
Gold traded above $900 an ounce in Asia as crude oil held near a record, boosting energy costs and the appeal of the precious metal as hedge against inflation.
Gold Investments in Bloomberg Survey
Bloomberg, 19-05-08
A majority of analysts surveyed May 8 and May 9 anticipated gold's gains last week. The survey has forecast prices accurately in 129 of 211 weeks, or 61 percent of the time.
Gold Rises to Three-Week High on Dollar Outlook, Inflation Risk
Bloomberg, 19-05-08
Gold rose to a three-week high in Asia on speculation the weakening dollar and rising energy costs will boost demand for precious metals as a hedge against inflation.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 16-05-08
"Safe-haven buying is likely to have reemerged on both the surging oil price but also on the appalling consumer sentiment numbers which showed consumer confidence falling to their lowest levels since 1980 -- 28 years ago," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in emailed comments.
...
"Silver has stronger fundamentals than gold," said O'Byrne.
He pointed out that "all the gold that was in existence in 1980 is still in existence," but some of the silver since then has been used in electronic applications.
And because the silver is used in minute amounts for those applications, it doesn't come back into the system, he explained.
Worst of credit crunch 'could still be to come', warns bank chief as house sales set to plummet
The Daily Mail, 19-05-08
The head of the European Central Bank today suggested that he did not believe the difficulties in the world financial markets had run their course.
Now desperate middle class families face huge debt crisis as more and more professionals plunge into the red
The Daily Mail, 19-05-08
Middle Britain has been hit by a devastating debt crisis, experts said yesterday. Even apparently well-off people with good jobs have plunged into the red.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 15-05-08
"Gold surged initially on technical buying and short covering prior to weak data in the form of Empire and Philly Federal Reserve indices, industrial production, weekly jobless claims and the TICs data -- all of which were neutral to negative, which exacerbated the move to the upside" for gold, said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
The U.S. Treasury released its monthly TICS capital flow data Thursday, which showed that net overall capital flows reversed "sharply" in March to show an outflow of $48.2 billion after a revised $48.9 billion inflow in February, he said. The data was "dollar bearish and gold bullish." Venezuela stops open-pits and gold mines.
Venezuela stops open-pits and gold mines
Reuters, 15-05-08
Mineral-laden Venezuela on Thursday shut the door to new gold projects and threatened other mining and logging concessions in a step by leftist President Hugo Chavez to tighten control of natural resources.
Private investors shun US assets, data show outflow
The Guardian, 15-05-08
Net overall U.S. capital flows reversed sharply in March to show an outflow of $48.2 billion after a revised $48.9 billion inflow in February, the U.S. Treasury Department said on Thursday.
Merrill Lynch Fund Manager Survey May 2008; Inflation overtakes growth as No. 1 Stagflation fear; European investors seek refuge in Oil Sector
Finfacts, 15-05-08
Stagflation fears are gripping investors, but inflation concerns are fast overtaking worries about economic growth, according to Merrill Lynch's Survey of Fund Managers for May.
Economic 'misery' more widespread
CNN Money, 14-05-08
Some experts argue that true inflation and unemployment - the components of the economy's 'Misery Index' - are higher than the government's official figures.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 14-05-08
"Despite the big picture fundamentals remaining extremely favorable to gold, it is finding it hard to get traction after this most recent sharp sell off," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.
"Periods of consolidation are common after such sharp sell offs and this type of sideways movement can often frustrate bulls and bears alike, prior to the market reasserting its primary trend," he said in emailed comments.
And it's primary trend is "likely to be up as none of the fundamental macroeconomic, geopolitical and geological issues driving the gold markets have been resolved," he said.
...
"The inflation figures were bad, but not as bad as expected and this may have led some traders to take some money off the table and the shorts to press their recent advantage," said O'Byrne.
...
"Momentum traders and short-term speculative players continue to exert pressure on the gold market, but continuing demand for physical bullion from those with a more medium- to long-term investment horizon ... will ultimately lead to higher gold prices in the medium and long term," said Dublin-based O'Byrne.
Ultimately for gold, however, physical supply and demand will "dictate the price rather than the manipulative short selling and momentum trading of speculative paper traders in the future markets," he said.
Geopolitical risk "remain ever-present," he said, "and it would be prudent not to completely ignore continuing tensions in the Middle East in Lebanon, in Kurdish Iraq and between the U.S. and Iran."
Gold Investments Commentary in Finfacts
Finfacts, 15-05-08
Physical supply and demand of the physical metal will ultimately dictate the price rather than the manipulative short selling and momentum trading of speculative paper traders in the future markets. This is especially the case with supply continuing to be flat at best as seen in the continuing sharp falls in production in South Africa and physical demand remaining robust especially in Asia.
While geopolitical risk has been ignored in recent weeks, it remains ever-present and it would be prudent not to completely ignore continuing tensions in the Middle East in Lebanon, in Kurdish Iraq and between the U.S. and Iran. There is increasing speculation that the Bush administration may authorise the bombing of an Iranian al-Quds-run camp that is believed to be training Iraqi militants in Iran. Yesterday President Bush said that Iran poses the 'single biggest threat' to the Middle East, calling for measures to be taken against the country. "To me it's the single biggest threat to peace in the Middle East, the Iranian regime," he said.
Gold Trades Near One-Week Low After Declining for Three Days
Bloomberg, 15-05-08
Gold was little changed near a one- week low in Asia After declining for the past three days on concern that strength in the U.S. dollar may erode the precious metal's appeal as an alternative asset.
HSBC write-downs 'should be $50bn'
The Times, 12-05-08
Knight Vinke, the activist shareholder laying siege to HSBC, today accused the bank of massively understating its probable losses on US subprime debt, suggesting it should have written off another $25 billion or more to be as prudent as its biggest rivals.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 13-05-08
"With gold having difficulty sustaining the recent rally, it succumbed to further profit taking when the dollar continued its recent rally (against the euro)," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd.
...
But looking ahead, "gold will likely be underpinned due to increasingly negative real interest rates in the U.S. and increasing inflation in the U.S. and in most economies internationally," said O'Byrne, who's based in Dublin.
He also points out that the supply of gold continues to fall at the world's second largest producer. South African gold production fell again in March, down a "significant" 10.9% from March of last year, he said.
And "recent news regarding the massive power issues facing South African and the mining industry there is not encouraging," he said, noting that power savings at Eskom, the largest producer of electricity in Africa, reported Monday that the target of 10% power savings has not been met. So, "the mining industry looks set to be further hampered by power issues in the coming weeks and months," said O'Byrne.
Gold Investments Quoted in Bloombeg
Bloomberg, 13-05-08
"With the dollar stronger and oil slightly weaker, gold has come under pressure,'' said Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd.
Gold Trades Near One-Week Low in Asia Before Inflation Report
Bloomberg, 14-05-08
Gold traded near a one-week low in Asia as the dollar's rally against the euro paused before a report that may show U.S. consumer prices increased in April.
SAfrica's March gold output falls 10.9 pct yr/yr
Reuters, 13-05-08
South African gold output fell 10.9 percent in volume terms, while overall mineral production declined 17.2 percent in March compared to the same month in the previous year, official data showed on Tuesday.
Caroline Flint blunder lets slip Government's house price pessimism
The Telegraph, 13-05-08
Caroline Flint, the Housing Minister, today made an embarrassing blunder by revealing she told Cabinet this morning that she now expects house prices to fall by between five and ten per cent this year “at best”.
Gold Investments in IFA Online
IFA Online, 08-05-08
Financial advisers should consider protecting their clients’ portfolios from increasing economic uncertainty by diversifying into gold, according to Stephen Flood, director of Gold Investments.
Gold edges down as oil rally halts
Reuters, 13-05-08
Gold slipped on Tuesday, weighed down as a halt in crude oil's climb dented its appeal as a hedge against inflation.
China growth to keep commodity boom alive
Reuters, 13-05-08
Long-term growth prospects in China should continue to fuel the country's insatiable demand for raw materials like copper and keep a commodity boom in place for years to come, a hedge fund executive said.
Gold Rises for Third Day on Record Oil Price, Dollar Weakness
Bloomberg, 12-05-08
Gold rose in Asia for a third day as record oil prices and a weaker dollar boosted demand for a hedge against inflation. Silver also rose.
Bet on gold to catch up with oil in the price steeplechase
Business Day, 12-05-08
The race is on again between the prices of oil and gold. Oil is in the lead, but my gut-feel is that gold is ready to move up.
Bank of England warns of two years of stagflation
The Telegraph, 10-05-08
The Bank of England will this week admit for the first time that it is set to breach its inflation target in the coming months and warn that Britain is destined for two years of soaring costs and weak growth.
Jim Rogers Says Financial Crisis Hasn't Hit Its Worst
Bloomberg, 08-05-08
Jim Rogers, co-founder of the Quantum Fund with George Soros, said the global credit squeeze triggered by U.S. housing-loan delinquencies may not be nearing an end.
Crude Oil Is Little Changed Near $122 Amid Nigerian Disruption
Bloomberg, 07-05-08
Crude oil was little changed near $122 a barrel in New York after rising to a record yesterday on supply disruptions in Nigeria, Africa's largest producer.
Countrywide Takes Away Home-Equity Credit Lines in Las Vegas
Bloomberg, 06-05-08
Countrywide Financial Corp. has suspended the home equity credit lines of almost all its Las Vegas customers, including the $60,000 Christopher Whipple says he needed to expand his cell-phone accessories business.
Gold steady as firmer dollar offsets inflation-driven buying
Forbes, 07-05-08
Gold was steady in early trade as rising inflation fears amid near-record oil prices were offset by strengthening in the U.S. dollar, which dented the precious metal's appeal as an alternative investment.
Dollar extends gains, Fed speculation brews
Reuters via The Guardian, 07-05-08
The dollar rose on Wednesday, heading towards a two-month high against a basket of currencies after a Federal Reserve official's comments added to a view that the cycle of aggressive U.S. interest rate cuts may be ending.
India gold demand "good" ahead of Akshaya Tritiya
Reuters, 02-05-08
India's gold demand was "good" on Friday amid steady prices as manufacturers bought the metal ahead of the Akshaya Tritiya festival next week, when consumers buy at least a bit of the metal to invoke prosperity, dealers said.
Gold Trades Near Four-Month Low as Dollar's Gains Reduce Appeal
Bloomberg, 02-05-08
Gold traded near its lowest in four months, almost erasing this year's gains after the dollar's rally to a five-week high against euro eroded the precious metal's appeal as an alternative asset.
House prices post biggest fall since 1993
Reuters, 02-05-08
House prices suffered their biggest annual fall in 15 years in April, data from HBOS shows, raising fears of a deep downturn this year.
U.S. Unemployment Benefit Rolls Climb to 4-Year High
Bloomberg, 01-05-08
The number of Americans receiving unemployment insurance climbed to a four-year high, a sign of a weakening labor market as employers remain reluctant to hire. First-time claims for jobless benefits also rose.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 29-04-08
"Gold is again under pressure with the dollar continuing to strengthen and oil continuing to sell off, but caution remains the predominant theme ahead of the Federal Reserve's interest rate decision," said Mark O'Byrne, executive director of Gold and Silver Investments Ltd., in a research note.
Gold Trades Near Lowest Since January on U.S. Rate Speculation
Bloomberg, 30-04-08
Gold was little changed near its lowest price in more than three months on speculation the Federal Reserve may signal that it's close to ending interest rate cuts at a policy meeting today.
House Prices Fall By £45 A Day
Sky News via Yahoo News, 30-04-08
House prices have fallen by an average of nearly £45 a day since the beginning of the year.
New figures show that the average value of a home in the UK has dropped by £44.39 every 24 hours or £310.73 a week so far during 2008, as the property market slows down.
UK house prices drop year-on-year for first time since 1996
The Telegraph, 30-04-08
House prices across the nation are now falling year-on-year for the first time in more than a decade, Nationwide Building Society said today.
S&P/Case-Shiller U.S. Home-Price Index Fell 12.7%
Bloomberg, 29-04-08
Home prices in 20 U.S. metropolitan areas fell in February by the most on record, pointing to an imbalance between supply and demand that shows no sign of ending.
Gold falls in cautious trade ahead of Fed decision
FX Street, 29-04-08
Gold fell in light trading early Tuesday, with many investors cautiously on the sidelines ahead of a U.S. interest rate decision on Wednesday.
Gold Rises as Oil Costs Jump, Signaling Inflation; Silver Gains
Bloomberg, 28-04-08
Gold climbed as energy costs rose to a record, boosting the appeal of the precious metal as hedge against inflation. Silver also gained.
Bank bail-outs to be kept secret
This is Money, 27-04-08
The Bank of England has imposed a permanent news blackout on its £50bn-plus plan to ease the credit crunch.
OPEC president sees $200 oil possible: report
Reuters, 28-04-08
OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
Gold Rises in Asia as Crude Oil's Rally to Record Spurs Demand
Bloomberg, 28-04-08
Gold advanced in Asia as crude oil's rally to a record spurred demand for the precious metal as a hedge against inflation. Silver also gained.
Platinum Futures Advance as Oil Rally Boosts Inflation Concern
Bloomberg, 28-04-08
Platinum futures in Tokyo gained for the first time in three days as crude oil rose to a record, boosting the metal's appeal as a hedge against inflation.
House price inflation hits 'negative' as over half of properties lose value
The Independent, 28-04-08
The annual rate of house price inflation has now turned negative for the first time since the property market began its decline, figures to be released today will show.
Oil prices up on word US ship fired on boats in Persian Gulf
Associated Press via Yahoo Finance, 25-04-08
Oil prices rose sharply Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two boats in the Persian Gulf. Retail gas prices as expected rose further into record territory, nearing $3.60 a gallon.
Many states appear to be in recession as deficits grow
Associated Press via Yahoo Finance, 25-04-08
The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
DJ IRA Investors Increasingly Turning To Precious Metals
Dow Jones Newswires, 23-04-08
Demand for precious metals in self-directed U.S. Individual Retirement Accounts is growing for many of the reasons other investors have been drawn to the metal - a hedge against inflation, dollar weakness and credit-market worries.
Gold Trades Near Three-Week Low in Asia as Euro, Oil Decline
Bloomberg, 25-04-08
Gold traded little changed near a three-week low in Asia as oil's decline and the dollar's gain versus the euro reduced the appeal of the precious metal as a hedge against inflation.
Power problems take bite out of SA precious metals production
Platts, 24-04-08
South Africa's power problems are beginning to take a huge bite out of the country's precious metals production and the situation is likely to get worse, according to industry insiders.
Fuel Supply Fears As Oil Refinery Closes
Sky News via Yahoo Finance, 25-04-08
The Grangemouth oil refinery will shut down today ahead of a strike that could disrupt fuel supplies to half the country.
Gold May Drop in London as Dollar Strengthens; Platinum Gains
Bloomberg, 24-04-08
Gold, little changed today in London, may drop as the dollar strengthens against the euro, eroding demand for the precious metal as a hedge against further declines in the U.S. currency.
Gold-India in mood to buy, price drop entices jewellers
Reuters, 24-04-08
Jewellers took advantage of a drop in gold prices to stock up, with main consumer India abuzz with activity during the wedding season and ahead of a religious festival, dealers said on Thursday.
Gold Little Changed in Asia as Oil, Euro Decline From Records
Bloomberg, 24-04-08
Gold was little changed in Asia after energy prices declined from a record and the euro eased against the dollar, eroding the precious metal's appeal as a hedge against inflation.
Gold May Climb for Six Years, TheBullionDesk.com Says
Bloomberg, 23-04-08
Gold may climb for another six years, buoyed by demand from investors seeking a haven from declines in equities, Ross Norman, a director of London-based TheBullionDesk.com, said.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 22-04-08
"Gold continues in a tight range between $910 and $930, but the path of least resistance looks to be to the upside, especially with oil [surging] on supply concerns," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note.
Gold jumps as oil, euro hit records
The Australian Business, 23-04-08
Gold finished higher in New York, after drawing strength from record highs in the euro and crude oil as well as weaker equities.
Surge in oil prices prompts warnings of global recession
The Independent, 23-04-08
The price of oil has surged to a new record above $119 per barrel. Given the spate of "Record Oil Price!" stories that have filled newspapers in recent months, investors might be inclined to dismiss the latest threshold crossed – if it weren't for the increasingly dire warnings being issued about the havoc that expensive oil may wreak on the global economy.
Japan's hunger becomes a dire warning for other nations
Fairfax Digital, 23-04-08
A 130% rise in the global cost of wheat in the past year, caused partly by surging demand from China and India and a huge injection of speculative funds into wheat futures, has forced the Government to hit flour millers with three rounds of stiff mark-ups. The latest — a 30% increase this month — has given rise to speculation that Japan, which relies on imports for 90% of its annual wheat consumption, is no longer on the brink of a food crisis, but has fallen off the cliff.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 21-04-08
"The lower weekly close in gold was bearish from a technical point of view," said Mark O'Byrne, executive director of Gold & Silver Investments Ltd., in a research note.
However, "with oil and the dollar remaining near record highs and record lows respectively and with physical demand internationally and particularly in Asia and China remaining strong, gold is unlikely to fall below $900 per ounce," he said.
Goldman Sachs warns on gilt market after BoE's bail-out
The Telegraph, 22-04-08
Goldman Sachs has advised clients to take out "short" positions on British 30-year Gilts before a rash of new issues by the Government floods the bond market.
Sterling suffers as Bank of England unveils rescue package
AFP, 21-04-08
The Bank of England's 50 billion lifeline to the beleaguered banking sector -- in the latest bid to combat the global credit crisis -- was met with an unenthusuastic response by the currency markets on Monday.
Newly rich Chinese take a shine to gold
AFP, 19-04-08
Li Zhixin spent weeks planning his one-day family tour of Beijing's historic sites, but instead found himself in one of the city's shopping malls, watching his wife happily trying on gold necklaces.
Report: Iran's president says oil prices too low
Yahoo Finance, 19-04-08
Iran's hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday.
Gold clings to gains as dollar, oil eyed
Reuters, 17-04-08
Gold steadied on Thursday, keeping gains made the previous day when record-high oil prices and the dollar's tumble to all-time lows against the euro helped to lift the metal's price by more than 2 percent.
Gold Little Changed in Asia as Crude Oil Trades Near Record
Bloomberg, 17-04-08
Gold traded near the highest in more than two weeks in Asia as oil climbed to a record and after the dollar fell on bets the Federal Reserve will cut borrowing costs.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 16-04-08
"With oil and commodities surging, the dollar continuing to weaken and economic growth slowing, gold's best friend stagflation is a real and growing threat to much of the global economy," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note.
The precious metal will likely challenge recent resistance at $950 in the coming days "as investors realize that inflation is not some short-term phenomenon, but rather a medium and possibly long-term problem yet to be priced into the market," O'Byrne said.
Zimbabwe's runaway inflation hits 165,000 per cent
Agence France Press via The Globe and Mail, 16-04-08
Zimbabwe's annual rate of inflation soared to an all-time high of almost 165,000 per cent in February, according to the latest government statistics obtained Wednesday.
Gold Little Changed in Asia as Investors Await Inflation Report
Bloomberg, 16-04-08
Gold traded little changed in Asia ahead of a report forecast to show U.S. consumer inflation accelerated in March, raising speculation the Federal Reserve will slow the pace of interest-rate cuts.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 15-04-08
With oil "surging to a near record price today, gold's role as a hedge against inflation will likely see it supported at $900 and again challenge resistance at $950 in the coming days," said Mark O'Byrne, executive director at Gold and Silver Investments Limited.
Biggest grain exporters halt foreign sales
The Financial Times, 15-04-08
Gold and platinum rose, snapping a three-day decline in London, as the dollar traded near a record low against the euro, spurring demand for precious metals as a hedge against further declines in the U.S. currency.
Gold, Platinum Snap Three-Day Decline in London as Dollar Falls
Bloomberg, 15-04-08
Gold and platinum rose, snapping a three-day decline in London, as the dollar traded near a record low against the euro, spurring demand for precious metals as a hedge against further declines in the U.S. currency.
Gold Advances in Asia on Dollar Outlook, Rising Crude Oil Costs
Bloomberg, 15-04-08
Gold climbed in Asia on speculation the dollar may weaken after the Group of Seven nations failed to stem its decline, and as higher energy costs boosted the appeal of the precious metal as a hedge against inflation.
House prices decline at record levels
The Telegraph, 15-04-08
House prices are experiencing their most widespread decline since records began because of the fallout from the credit crisis, a report released today shows.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 14-04-08
Gold futures finished slightly higher Monday, as weakness in the U.S. dollar underpinned demand for the precious metal.
Goldman Says 'Awful' Profits Will Drag Down S&P 500
Bloomberg, 14-04-08
Goldman Sachs Group Inc. strategists said the U.S. corporate earnings season got off to an "awful'' start and shares will drop as companies slash forecasts for the rest of 2008.
Finance Ministers Emphasize Food Crisis Over Credit Crisis
The New York Times, 14-04-08
The world’s economic ministers declared on Sunday that shortages and skyrocketing prices for food posed a potentially greater threat to economic and political stability than the turmoil in capital markets.
Gold Investments in Bloomberg Survey of Analysts
Bloomberg, 14-04-08
A majority of analysts surveyed April 3 and April 4 predicted gold's gains last week. The survey has forecast prices accurately in 128 of 206 weeks, or 62 percent of the time.
Chavez Muses About Buying IMF Gold
Yahoo Finance, 12-04-08
Venezuelan President Hugo Chavez said Saturday that his government could afford to buy some of the International Monetary Fund's gold reserves as the Washington-based lender faces hard times.
Investors fear for US bank losses
FT Alphaville, 14-04-08
Wall Street is bracing itself this week for news of large losses, multibillion dollar writedowns and thousands of job cuts as Citigroup and Merrill Lynch, two of the biggest casualties of the credit crunch, report results. Citi is likely to report a writedown of more than $10bn and Merrill, more than $7bn, say analysts.
Nations in secret deals over grain supplies
The Financial Times, 11-04-08
Governments are racing to strike secretive barter and bilateral agreements with food-exporting countries to secure scarce supplies as the price of agricultural commodities jump to record highs, diplomats and cereal traders say.
Gold Investments Commentary in Bloomberg
Bloomberg, 11-04-08
"Stock markets are all up strongly overnight, this would weigh on the gold price,'' said Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd.
Gold Investments Commentary in China Post
China Post, 11-04-08
"With oil remaining near new record highs, there is likely to be inflation-hedging gold buying," Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd., said in an e-mail.
Gold may rise to US$950 an ounce as early as Thursday, he said.
S.Africa gold output falls 28.2 pct y/y in February
Reuters, 10-04-08
South African gold output fell 28.2 percent year-on-year in February in volume terms, while total minerals production fell by 7.3 percent, official data showed on Thursday.
Gold, Platinum Advance in London as Oil Gains, Dollar Drops
Bloomberg, 10-04-08
Gold rose to its highest in 10 days in London as record oil prices and a weaker dollar spurred investors to buy the metal as a hedge against inflation and as an alternative investment. Platinum also advanced.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 10-04-08
"With oil reaching new record highs, there is likely to be inflation-hedging gold buying," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
As a result, the gold contract may be in a position to challenge resistance at $950 an ounce in the coming days, he said.
Gold Investments Commentary in Resource Investor
Marketwatch via Resource Investor, 10-04-08
"With oil reaching new record highs, there is likely to be inflation-hedging gold buying," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
Gold Trades Near Highest This Month on Dollar, Commodities
Bloomberg, 10-04-08
Gold traded near its highest this month as the dollar fell against the euro and commodities from crude oil to corn traded near records, underpinning demand for the precious metal as a hedge against inflation.
Consultant GFMS says gold at $1,100 possible this year
Marketwatch, 09-04-08
The price of gold can very well reach $1,100 an ounce this year or early 2009, the London-based consultancy group GFMS Ltd. said Wednesday in its latest survey of the gold market.
Commodities Rise Most in 2 Weeks; Oil, Fuel, Corn Hit Records
Bloomberg, 09-04-08
Commodities jumped the most in two weeks as crude oil, gasoline and corn surged to records following U.S. government reports signaling demand for energy and grain is still outpacing supplies.
Bullion should shake off IMF's gold sales
Reuters, 08-04-08
The International Monetary Fund's (IMF) plan to sell part of its gold should not affect bullion prices since any possible sales by the institution will be within an existing central bank gold agreement.
Gold Little Changed After Fed's Minutes Point to U.S. Slowdown
Bloomberg, 09-04-08
Gold was little changed in Asia after minutes of a Federal Reserve meeting added to concern that a slowing U.S. economy may weigh on the dollar and boost the appeal of the precious metal as alternative to the currency.
Gold regains lustre, focus on c.bank meetings
MSN Money, 09-04-08
Gold rose on Wednesday with the help of bargain hunters, and as investors took another look at a plan by the International Monetary Fund to sell around 400 tonnes of its gold and reckoned the market could absorb it.
IMF says worldwide losses stemming from the US subprime mortgage crisis could run to $945 billion
Finfacts, 08-04-08
The IMF (International Monetary Fund) said today that the widening and deepening fallout from the US subprime mortgage crisis could have profound financial system and macroeconomic implications. This view is set out in the Fund's latest Global Financial Stability Report (GFSR). The Fund says that the worldwide losses stemming from the US subprime mortgage crisis could run to $945 billion.
Gold Investments Commentary in Thomson Financial
Hemscott, 0-04-08
'Friday's poor jobs data and the continuing poor economic data out of the U.S. suggests the economy is worsening and this will put pressure on the dollar in the coming weeks,' said analysts at Gold Investments. 'Oil's rally back above $107 will also lead to inflation hedging by investors as will the surge in soft commodity pric