June
30
June
Gold may reach new high amid fears of double-dip recession
30 June 2010 The Guardian UK
The gold price could smash new records as investors pile into bullion on fears of a worsening economic outlook. The spot price today flirted with the all-time high of $1,264.90 (£838.93) reached last week.
"Debt on government balance sheets and worries that the world could be heading towards a double-dip recession are driving the gold price higher," says Charles Cooper at Oriel Securities.
30
June
Central banks see growing reserve asset role for gold
30 June 2010 The Financial Times
Nearly a quarter of central banks believe gold will become the most important reserve asset in the next 25 years, according to an annual poll by UBS.
The result highlights the sea-change in attitudes in the official sector towards the yellow metal.
For two decades, central banks were net sellers of gold but that trend has reversed as central banks in Europe are scaling down their sales and others, such as China, India and Russia, are making significant purchases.
30
June
Drop dollar as reserve currency, U.N. report says
30 June 2010 Reuters
A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
30
June
Gold Set for Biggest Quarterly Gain Since 2007 on Europe Woes
30 June 2010 Business Week
Gold is headed for its biggest quarterly advance since the final three months of 2007 as Europe’s sovereign-debt crisis and concern over the economic recovery fuel investment demand for safer assets.
Gold for immediate delivery rose 0.2 percent to $1,242.75 an ounce at 12:14 p.m. in Singapore. The metal has gained 11.6 percent this quarter. August-delivery futures were little changed at $1,243.40 an ounce.
29
June
World's biggest gold coin fetches over 3 million euros
29 June 2010 Reuters
A Spanish precious metals trading company bought the world's largest gold coin for 3.27 million euros ($4.02 million), its exact material worth, from the estate of an insolvent investment firm at a rare auction in Vienna on Friday.
29
June
Gold May Advance After Biggest Drop in Week as Woes Spur Flight to Safety
29 June 2010 Bloomberg.com
Gold fell for a second day as some investors sold the metal to lock in gains from its rally to near a record.
Bullion dropped 1.3 percent yesterday after earlier trading within 0.2 percent of an all-time high. European equities declined today amid concern China’s economy is growing at a slower pace than estimated. Reports today may show worsening sentiment in Europe and the U.S.
29
June
Gold Erases Gains - Uptrend remains intact
29 June 2010 CNBC
Gold retreated 1 percent Monday on a sharp technical sell-off and dwindling safe-haven buying, after an initial rally fizzled that would have lifted gold to an all-time high.
24
June
Gold Fluctuates, Traders Await Fed Statement (GC in WSJ)
24 June 2010 Wall Street Journal
Gold futures fluctuated Wednesday, falling slightly as some investors headed to the sidelines to await the results of the Federal Reserve meeting.
The most actively traded contract, for August delivery, was recently down $5.50, or 0.4%, at $1,235.30 an ounce on the Comex division of the New York Mercantile Exchange.
23
June
Gold Rises on Bets Dollar to Drop, Spur Metal's Investor Appeal
23 June 2010 Business Week
Gold rose on speculation that the dollar will ease, boosting demand for the precious metal as an alternative investment. Platinum rose, capping the longest rally in two months.
The dollar fluctuated against a basket of six major currencies. The euro has climbed 3.3 percent from a four-year low on June 7 as European-debt concerns abated. Yesterday, gold futures reached a record $1,266.50 an ounce. The metal has gained 13 percent this year.
23
June
Gold steadies as economic worries linger
23 June 2010 Ninemsn
Gold held steady to slightly weaker on Wednesday as investors sought a safe haven from sliding stock markets and worries about the pace of global economic recovery.
22
June
Gold rises on bargain hunting; price off record
22 June 2010 Ninemsn
Gold gained on Tuesday after China's central bank raised the yuan's mid-point, spurring early buying in the euro that encouraged bargain hunting after bullion dropped sharply from a record high the previous day. Gold could still revisit $1,250 an ounce due to worries about the global economy, but an increase in risk appetite following China's move could cap gains. Silver and platinum group metals were higher, partly driven by firm base metals.
22
June
Gold Advances After Biggest Decline in a Month on Strong Investment Demand
22 June 2010 Bloomberg.com
Gold rebounded from the biggest slide in a month in London as speculation that European banks will struggle to raise money boosted demand for the precious metal as a means of protecting wealth.
The metal dropped 1.8 percent yesterday after reaching a record $1,265.30 an ounce. European Central Bank governing council member Christian Noyer yesterday said some banks in the 16-nation euro region face funding difficulties. European equities fell for the first time in 10 days.
22
June
Saudi gold reserve guesstimate doubles
22 June 2010 BBC
Estimates of the gold reserves held by Saudi Arabia have been doubled to 323 tons after an accounting change.
The Middle East kingdom had previously been calculated by the World Gold Council as owning a mere 143 tons.
The trade organisation said it changed its estimate "as a result of the adjustment of the Saudi Arabian Monetary Agency's gold accounts".
21
June
Gold rises towards record; digests China's yuan move
21 June 2010 Reuters
Gold prices rose to a record high at $1,264.90 an ounce in Europe on Monday as a slip in the dollar added impetus to the metal's existing rally on the back of rising concerns over financial and sovereign risk.
The metal later eased back below $1,260 an ounce, however, as news that China was to lift the yuan's peg to the dollar to allow greater flexibility in its exchange rate, which hurt the U.S. currency, lifted interest in assets seen as higher risk.
21
June
Gold Approaches Record as Investment Demand Surges on Europe Turbulence
21 June 2010 Bloomberg.com
Gold advanced, approaching an all- time high, as investors flocked to the precious metal to protect their wealth from ongoing turbulence in Europe and growing uncertainty in the global economy.
Bullion for immediate delivery strengthened as much as 0.3 percent to $1,261 an ounce and traded at $1,259.50 an ounce at 1 p.m. in Singapore. The metal climbed to a record $1,262.50 an ounce on June 18. August-delivery futures were up 0.2 at $1,258 an ounce. Gold futures in Shanghai gained to a record 276.7 yuan ($40.54) a gram.
21
June
Saudi Arabian gold reserves double
21 June 2010 The Financial Times
Gold prices hit on Monday a fresh record high of almost $1,265 a troy ounce following the revelation that Saudi Arabia, the world’s largest oil exporter, is sitting on more than twice as much gold as previously thought, according to new estimates.
The disclosure points to the revival of bullion as part of emerging economies’ official reserves and comes as investors pour money into the yellow metal.
21
June
Russia Backs Stronger Rivals to Dollar
21 June 2010 Wall Street Journal
Russian President Dmitry Medvedev on Friday said he hosted talks with Chinese leaders about turning the yuan into a convertible reserve currency, part of a broader goal to move international reserves assets into emerging-markets currencies and away from the dollar.
Mr. Medvedev, speaking with Wall Street chiefs at an economic forum here, also outlined steps to boost foreign investment, including a cut in the capital-gains tax and overdue financial reforms, but investors said numerous barriers still obstruct Russian investment.
18
June
Greenspan Says U.S. May Soon Reach Borrowing Limit
18 June 2010 Bloomberg.com
Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing.
“Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt challenge, Greenspan wrote in an opinion piece posted on the Wall Street Journal’s website. “Long-term rate increases can emerge with unexpected suddenness,” such as the 4 percentage point surge over four months in 1979-80
18
June
Gold steady near all-time high on econ worries
18 June 2010 Ninemsn
Gold held steady on safe-haven buying on Friday and was seen challenging its all-time high on a rise in physical bullion holdings, a weaker dollar and persistent worries about Europe's fiscal outlook.
Holdings in the world's largest bullion-backed Exchange Traded Fund rose for the first time in a week to a record, as investors built up positions due to uncertainty in the global economy.
18
June
Gold May Climb to Record as Investors Seek Refuge From Europe
18 June 2010 Bloomberg.com
Gold, headed for the biggest weekly gain in three weeks, may rise on investor buying stemming from Europe’s financial turbulence and on concern that the economic recovery may be weaker than expected.
The metal, set for an eighth weekly gain in nine weeks, rose to within 0.4 percent of a record $1,252.11 an ounce set last week. U.S. data yesterday showed slowing manufacturing growth and an increase in jobless claims. European Union leaders yesterday agreed to disclose how banks perform on stress tests, seeking to show the financial system can withstand shocks.
