February
26
February
China May Buy More Gold; $1,100 An Ounce Appears To Be Support Level
26 February 2010 Forbes
A report that China's central bank will buy another $7 billion of gold bullion from the IMF, which has been periodically raising funds by the sale of its precious metals reserves, has been touted as helping to put a floor under the price of gold at around $1,100 an ounce Wednesday.
26
February
Gold May Rise for Second Day in London as Dollar’s Rally Stalls
26 February 2010 Business Week
Feb. 26 (Bloomberg) -- Gold, little changed in London today, may rise for a second day as concerns about Greece’s debts and a stall in the dollar’s rally increased the metal’s appeal as an alternative investment.
Greece may have its sovereign debt rating lowered within months if it fails to meet the objectives in its plan to reduce its budget deficit, Moody’s Investors Service said yesterday. The dollar fell as much as 0.6 percent against the euro after yesterday climbing to near a nine-month high. Gold, down for the first week in three, typically moves inver
25
February
Deal on Financial Reform Bill Pushed by Key Senators
25 February 2010 CNBC
Key U.S. senators pushed for a bipartisan agreement on a package of reforms to tighten rules for financial industry behavior as President Barack Obama on Wednesday blasted critics who call his policies "socialism." Negotiations for some kind of Senate pact, possibly ready by early next week, seemed to build as Senate Banking Committee Chairman Chris Dodd and Republican Senator Bob Corker of Tennessee prepared to meet Treasury Secretary Timothy Geithner. "We're working, a lot of members are, the door's open," Dodd told reporters after addressing the Credit Union National Association. A spok
24
February
Gold Falls to One-Week Low as Inflation Outlook May Curb Demand
24 February 2010 Business Week
Feb. 24 (Bloomberg) -- Gold declined to the lowest price in more than a week in New York on speculation that a slower economic recovery will curb the metal’s appeal as an inflation hedge and as other commodities dropped.
The U.S. Conference Board’s gauge of consumer sentiment fell to the lowest level in 10 months, a report showed yesterday. Five of the six main industrial metals on the London Metal Exchange and crude oil prices declined today, while other precious metals also fell.
“The market is nervous after th
23
February
Gold May Extend Rally as Bullion in Euro Hits Peak, Takai Says
23 February 2010 Business Week
Feb. 22 (Bloomberg) -- Gold may extend its rally even as the dollar strengthens as investors seek an alternative to a declining euro, according to Sumitomo Corp.
Gold priced in the 16-nation currency reached a record 826 euros today on concern debt-laden economies in the region will hamper recovery and amid speculation the European Central Bank will keep its benchmark lending rate at a record low.
“There is still a lot of appetite in the gold market,” Bob Takai, the general manager of financial services at Sumitomo Corp., said in a Bloomberg Television interview
22
February
South Carolina Lawmaker Seeks to Ban Federal Currency
22 February 2010 CBS News
South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state. As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina. In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic syst
18
February
Gold May Advance to $1,400 in 12 Months: Technical Analysis
18 February 2010 Bloomberg.com
Feb. 18 (Bloomberg) -- Gold may climb to about $1,400 an ounce in the next 12 months, according to technical analysis by Chartered Market Technician Daniel Bruno, who advises banks and hedge funds. The attached chart shows gold is trading above a trend line that starts from the metal’s low in January last year. A climb to $1,419 an ounce would equate to a 150 percent projection of bullion’s rally from January 2009 to its record in December, according to a series of numbers known as the Fibonacci sequence. Gold “remains robust above its rising trend line,” and the recent rebound f
17
February
Gold jumps most since November
17 February 2010 Bloomberg.com
LONDON: Gold rose the most in more than three months on speculation that Greek debt concerns will spur demand for the metal as an alternative to holding currency. European finance ministers pressured Greece to rein in budget deficits and refused to say how they would rescue the nation if it can't contain its debt. Gold rose to a record $1,227.50 an ounce last year as central banks in the U.S., the U.K. and European Union kept lending rates low to revive growth. "There's a lack of faith in fiat currencies that's driving the market," said Matt Zeman, a metals trader at LaSalle Futures Grou
17
February
CORRECTION: Gold faces resistance at the $1,120 zone
17 February 2010 FX Street
FXstreet.com (Córdoba) - The yellow metal is consolidating important gains for the second day in a row accumulating an increase of $25. Currently the ounce holds near daily highs and trades at $1,119. The rally of the price of gold was capped at the $1,121.50 (2-week high). XAU/USD is facing resistance around the $1,120 zone; if it breaks above, the next one lies at $1,125. According to the GoldCore Bullion Services Team, technically gold is looking better after the recent "vicious selloff". "A close today over trend line resistance at $1,106/oz could quickly see us challenge the next l
16
February
Gold futures rally over $20 an ounce
16 February 2010 MarketWatch
FRANKFURT (MarketWatch) -- Gold futures rose 2% on Tuesday, joining a broad-based rally in commodities, as dollar weakness heightened the appeal of the precious metal. Gold for April delivery rose $22.60, or 2%, to $1,112.60 an ounce in electronic trading on Globex. The April contract is the most actively traded. It earlier climbed to an intraday high of $1,117.50 an ounce. Gold gained "on the back of the stronger euro," said James Moore, an analyst at TheBullionDesk.com, in a note to clients. "The metal is vulnerable to a euro-related pullback and now needs to clear resistance aro
16
February
PRECIOUS-Gold steadies near $1,100/oz, Greece woes eyed
16 February 2010 Ninemsn
TOKYO, Feb 16 (Reuters) - Gold prices steadied near $1,100 per ounce on Tuesday as bullion benefited from investor risk aversion on worries about Greece's fiscal crisis, but trading was subdued with many Asian players out for the Chinese new year. FUNDAMENTALS * Spot gold was little changed at $1,100.50 an ounce as of 0015 GMT. * U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange were also steady from London trading on Monday at $1,101.30, but were up about 1 percent from New York levels on Friday. U.S. markets were closed on Monday for Pres
16
February
Gold futures climb as much as $16 on Globex
16 February 2010 MarketWatch
Gold futures rallied on Tuesday, boosted by the euro's rise against the U.S. dollar, as investors awaited details on possible help for Greece from the European Union. Gold for April delivery rose $24, or 2.2%, to $1,114 an ounce in electronic trading on Globex.
16
February
Gold steadies near $1,100/oz, Greece woes eyed
16 February 2010 MSN
Gold prices steadied near $1,100 per ounce on Tuesday as bullion benefited from investor risk aversion on worries about Greece's fiscal crisis, but trading was subdued with many Asian players out for the Chinese new year. FUNDAMENTALS * Spot gold was little changed at $1,100.50 an ounce as of 0015 GMT.
15
February
Gold, Little Changed, May Decline as Dollar Gains Against Euro
15 February 2010 Business Week
Gold, little changed, may decline as the dollar strengthened on speculation European Union efforts to avoid a default by Greece will undermine the euro, making U.S. assets more attractive and eroding the appeal of precious metals.
15
February
Gold steady around $1,095 in holiday-thinned trade
15 February 2010 MSN
Gold prices steadied around $1,095 an ounce on Monday as pent-up demand from the physical side remained solid despite recent dollar strength, which often dulls the allure of the precious metal.
12
February
Gold steady before Chinese holidays, currencies eyed
12 February 2010 MSN
Gold prices steadied near $1,095 on Friday as trading remained subdued ahead of China's new year holidays, with investors watching currencies for direction.
12
February
Gold futures get a boost from Greek bailout (GC in DJM)
12 February 2010 MarketWatch
Gold futures finished 1.7% higher on Thursday, receiving a lift as Europe's plan to help Greece handle its debt crisis didn't apparently involve any sale of gold. Gold for April delivery finished up $18.40, or 1.7%, at $1,094.70 an ounce at the New York Mercantile Exchange.
12
February
Gold Falls, Paring Weekly Gain, as Dollar Gains on Greece Woes
12 February 2010 Business Week
Gold declined, paring its first weekly advance in five, on speculation the dollar will strengthen against major global currencies as the European Union struggles with fiscal deficits in member states. Gold for immediate delivery slipped 0.5 percent to $1,090.52 an ounce at 1:45 p.m. in Singapore, after jumping 2.2 percent yesterday. The metal has gained 2.3 percent this week. The euro traded near a one-week low against the dollar after the EU stopped short of offering concrete steps to help Greece following a summit yesterday.
11
February
Pound hit by downbeat Bank forecast
11 February 2010 The Financial Times
Sterling gave up early gains on Wednesday after the Bank of England’s quarterly inflation report painted a gloomy picture of the UK economy. The pound fell after the Bank cut its forecast for economic growth and said inflation would undershoot its 2 per cent target significantly if interest rates rose as fast as markets were predicting.
11
February
Gold slips as Greek rescue delay lifts dollar (GC in DJM)
11 February 2010 MarketWatch
Gold futures finished slightly lower Wednesday, as a delay in a rescue plan for Greece lifted the dollar, reducing the precious metal's appeal as a hedge. Gold for April delivery ended 90 cents lower at $1,076.30 an ounce on the New York Mercantile Exchange, though that was well above an intraday low of $1,063.10.