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ixic

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  1. Just before the U.S. stock markets closed today, Gold hit $1,175 an ounce, it's highest point since late October 2015. With the U.S. dollar taking a hit against other currencies, and the jobs numbers not being too stellar at second glance, Gold dropped to $1,144/oz this morning then rallied all the way to the $1,170's. Imho, still room to go higher this month, but be cautious with the Fed speaking next week. Looks like the "bottom" for Gold was that $1,050 area back in December. You were smart if you were buying at those prices. Glad I and few other members here on DV did. Still time to buy before it gets to $1,200/oz!
  2. Gold Hits 3.5-Mo. High As Big Downdraft In U.S. Dollar Aids Precious Metals Bulls Thursday February 04, 2016 13:33 (Kitco News) - Gold prices ended the U.S. day session solidly higher and hit a 3.5-month high Thursday. Add the slumping U.S. dollar index to the list of bullish elements helping to drive gold and silver prices higher recently. Silver prices also scored a 3.5-month high Thursday. Safe-haven and technical buying continue to support the yellow metal amid volatile world stock markets that presently still have a downside bias. April Comex gold was last up $15.30 at $1,156.60 an ounce. March Comex silver was last up $0.126 at $14.86 an ounce. The sharply lower U.S. dollar index the past couple days has helped to lift raw commodity markets. A weak U.S. manufacturing report on Wednesday spiked the dollar index lower, and there was follow-through selling pressure on the greenback Thursday. Most raw commodities on the world market are priced in U.S. dollars. A decline in the value of the dollar makes those commodities less expensive to purchase with non-U.S. currency. The marketplace is now awaiting Friday morning’s U.S. employment report for January. The key non-farms payroll number is expected to be up 185,000 following a strong rise of 292,000 in December. A number outside of market expectations is likely to cause higher price volatility, at least in the aftermath of the 8:30 a.m. eastern standard time report. Technically, April gold futures closed prices hit a 3.5-month high today and closed nearer the session high. Prices are in a six-week-old uptrend and the bulls have technical momentum on their side. Bears also have gained the slight overall near-term technical advantage for the first time in months. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,175.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,130.00.
  3. Precious Metals Recap: Gold & Silver To Shine – Capital Economics Tuesday February 02, 2016 13:42 (Kitco News) - Despite oil’s downward pressure on commodity prices since the start of the year, with Bloomberg’s Commodity index falling to levels last seen in 1991, analysts from one U.K.-based research firm note that gold has managed to shine; and, say precious metals should continue to benefit from market uncertainty. “Gold prices rose by more than any other commodity on the back of safe-haven demand generated by the turmoil in global financial markets [in January],” said analysts from Capital Economics in a research note Monday afternoon. A major factor expected to weigh on gold prices this year is further U.S. monetary tightening, they noted. However, given current market volatility, markets are now expecting the Federal Reserve to delay its next rate hike until later in the year, which should help gold. “Indeed, combined gold imports by China and India surged in December, up by 116% y/y, as low prices stimulated buying in the two biggest consumers. Meanwhile, preliminary data show that buying of gold by global central banks remained strong in December, with Russia and China adding 22 and 19 tonnes of gold to their reserves, respectively,” the analysts noted as other supportive factors for the yellow metal. In a Capital Economics report released earlier this year, the analysts said they even expect gold prices to end the year at around $1,250 an ounce, nearly 11 % higher from where prices are today. January saw investors flock to gold in search of a safe-haven amid weaker global equity markets and oil prices. The metal has pushed back above $1,100 an ounce and April Comex gold futures were last quoted 0.07% down at $1,127.20 an ounce. Silver has also managed to benefit so far this year, despite the industrial component to its price, as gold pushed it higher. Prices are up 3.4% so far this year with March Comex silver futures last quoted down 0.37% at $14.29 an ounce. “Indeed, the latest data released by the USGS suggest that U.S. demand for silver in electronics fell sharply in 2015. However, low prices have already stimulated retail investment, with demand for U.S. silver coins reaching the highest level in three years in January,” they said. In fact, the latest U.S. Mint data showed that American Eagle silver coins sales were up 7.68% year-over-year at over 5.95 million ounces in January, its highest level since January 2013. Precious metals as a whole diverged in January, the analysts continued, with palladium posting the most losses. “Palladium was the biggest loser, as abundant above-ground stocks and the latest financial market turmoil in China weighed on prices,” they said. “However, the price of palladium appears to have now fallen beyond what could be expected based on China’s unofficial manufacturing index and car production alone.” Palladium futures had a rough start to the year but have managed to steadily rise since mid-January. March Comex palladium futures were last down$9.90 at $492.45 an ounce. Meanwhile, platinum futures were last quoted down $12.90 at $857.20 an ounce.
  4. Gold Up, Hits 3-Month High, As Bulls Continue To Gain Momentum Monday February 01, 2016 13:27 (Kitco News) - Gold prices ended the U.S. day session higher and poked to a three-month high Monday. Continued safe-haven demand and technical buying interest are featured in the yellow metal so far this year. Some of the money flowing out of world stock markets early this year is moving into the safe-haven gold market. April Comex gold was last up $11.10 at $1,127.50 an ounce. March Comex silver was last up $0.072 at $14.315 an ounce. There was more downbeat economic data coming out of China Monday. The January official China manufacturing purchasing managers index (PMI) was reported at 49.4 versus 49.7 in December, for the sixth month in a row of a lower reading than the previous month. A number of 49.6 was expected for the January report. A reading below 50.0 suggests contraction in the sector. The services sector, or non-manufacturing, PMI for China came in at 53.5 in January versus 54.4 in December. Chinese stock indexes fell on the PMI reports. Meantime, the Euro zone manufacturing PMI came in at 52.3 versus 53.2 in December. The January number was right in line with forecasts. European stocks were weaker Monday. The U.S. manufacturing PMI for January came at 48.2 versus 48.0 in December. A reading of 48.0 was expected. The January number marked the fourth month in a row of contraction (below 50.0). U.S. stock indexes were lower Monday afternoon. The weaker worldwide stock market postures are and have been supportive for safe-haven gold. Nymex crude oil prices were sharply lower to start the trading week and hovering just above $31 a barrel. The other key “outside market” saw the U.S. dollar index solidly lower Monday. Technically, February gold futures prices closed nearer the session high and poked to a three-month high today. While the gold bears still have the overall near-term technical advantage, prices are in a choppy six-week-old uptrend and the bulls have technical momentum on their side. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,150.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,100.00.
  5. Gold Traders Take Notice as The Fed Sits Up Lazily And Speaks Wednesday January 27, 2016 18:07 One would think that for equities a temporary hold on Federal Reserve rate hikes would have produced at least a neutral if not positive resonance. Rather, equities markets chose to interpret the FOMC’s maintaining of the status quo as a statement that sketches the world economy as weakening, if not sliding toward recession. On that note, it is China that is generating those fears. Notably, the Fed said it is "closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the [Fed’s] outlook." "People are nervous so they probably fasten on the fact that the Fed needs to keep an eye on market and international developments," said Lisa Kopp, head of “traditional investments” at U.S. Bank Wealth Management. "People are just jittery and it will take time for things to settle out... I think the market being down is just indicating it's a tough market right now.” Gold experienced a nice pop on the Fed tango, helped by a modestly weaker dollar but sailing ahead on its own with following winds. Traders and investors seem to have rediscovered the yellow precious metal’s magic – err, safe–haven properties. Silver was held down by profit taking. Palladium and platinum also rose smartly. Crude oil has rebounded over 20% from its most recent lows. That seems to have had little effect on equities, which were damaged by oil’s fall. The Federal Reserve made a renchant observation in today’s meeting statement: “Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook.” Curiously, U.S. bond yields held steady on the day. That gives support to something we sensed yesterday. The rise in gold prices is only tangentially connected with safe-haven interest. Longer-term investment in gold may well be at hand.
  6. I've got a safe-full and am adding to it weekly.
  7. Gold Traders To Monitor Equities, Crude Oil, U.S. Data For Clues On Price DirectionBy Allen Sykora of Kitco News Friday January 15, 2016 13:51 (Kitco News) - All eyes in the gold market will be on global equities and crude oil next week as traders watch to see if these markets continue to collapse, thereby lending a safe-haven bid to gold. Additionally, traders will keep monitoring U.S. economic data for clues on how much the Federal Open Market Committee will hike interest rates, as well as watching for any further geopolitical flare-ups. As of 1:43 p.m. EST, Comex February gold was at $1,090.20, a loss of $13.90 for the week even though the contract bounced by $16.60 on Friday. While lower for the week, February gold is stronger for the year to date, having benefited from the huge selloff in global equities so far in 2016. Participants in a pair of Kitco News’ surveys look for higher prices next week. In an online survey of retail investors, 157 people, or 51%, are bullish on gold in the short term. Ninety-seven participants, or 32%, are bearish, and 53, or 17%, are neutral. In a survey of Wall Street professionals, 13 respondents, 62%, said they expect to see higher prices next week. Two professionals, or 15%, see lower prices, while three, or 23%, are neutral on gold. Traders will keep tabs on stocks after recent turbulence, said Bob Haberkorn, senior commodities broker with RJO Futures. As gold futures were settling Friday, the Dow Jones Industrial Average was down by nearly 500 points. Gold was higher, although it has been choppy lately. “It feels like heading into next week, we are starting to build a base of support here,” Haberkorn said of gold. “I expect more flight to safety in metals, whether it be in gold or silver. There is a fear out there in equity markets right now. You were seeing money flowing into Treasuries as well as gold this morning.” Much of the U.S. stock-market weakness appears to have been triggered by sell-offs in Chinese equities. However, the tumble in crude oil below $30 a barrel is also playing a role. Market participants are aware that the global market for crude is oversupplied at the moment, said Charles Nedoss, senior market strategist with LaSalle Futures Group. However, there are worries about just where demand will pick up. In the meantime, he continued, market participants are viewing soft oil prices gold as an economic barometer signaling weak demand for a wide range of goods globally. As a result, he said, crude oil will remain a major focus for not only gold but markets collectively. Meanwhile, Societe Generale analyst Robin Bhar commented that traders will continue to monitor U.S. economic data for clues on how aggressively Federal Reserve policymakers might up rates after the first hike in nearly a decade. The Fed raised rates by 25 basis points in mid-December. There is a feeling that the upcoming January Fed meeting will be too soon for officials to hike again without getting more economic data first, Bhar said. So traders are trying to gauge whether policymakers might hike again in March. Likewise, events in markets and other economies generally – such as China – may have implications for the Fed, Bhar added. The main U.S. economic reports next week are the Consumer Price Index and housing starts Wednesday, weekly jobless claims and Philadelphia Federal Reserve survey on Thursday, then existing-home sales on Friday. Fed tightening tends to hurt gold since it strengthens the dollar and adds to the so-called “opportunity cost” of holding the metal rather than an interest-bearing asset. Additionally, Bhar added, the market will keep tabs on geopolitical events. At the start of the year, gold also drew a safe-haven bid when tensions between Saudi Arabia and Iran flared over the Saudi Arabia’s execution of a Shiite cleric, as well as North Korea’s claim to have tested a hydrogen bomb.
  8. Gold Ends Firmer On Bargain Hunting, Short Covering Wednesday January 13, 2016 13:40 (Kitco News) - Gold prices at mid-morning moved up from moderate overnight losses to trade modestly higher, where they ended the U.S. day session. Some short covering and perceived bargain hunting were featured following the selling pressure seen earlier this week. The U.S. dollar index backed down from its daily high and crude oil prices were firmer today, which also encouraged some buying interest in the gold and silver markets. The gold bulls needed to step up and show some strength, in order to keep the chart-based sellers from gaining confidence and stepping into the market on the short side. February gold was last up $3.00 at $1,088.50 an ounce. March Comex silver was last up $0.414 at $14.165 an ounce. Technically, February gold futures prices closed nearer the session high on short covering and bargain hunting after recent selling pressure. The gold bears still have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,113.10. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,070.00. First resistance is seen at today’s high of $1,092.80 and then at $1,100.00. First support is seen at today’s low of $1,079.40 and then at $1,070.00.
  9. Gold Ends Slightly Lower On Mild Profit Taking From Recent Gains Monday January 11, 2016 13:35 (Kitco News) - Gold prices ended the U.S. day session slightly down Monday, on a profit-taking and corrective technical pullback from recent gains that saw prices hit a two-month high late last week. The mild downside correction was not unexpected given the good advance in gold prices, which have rallied by about 4% so far in 2016. February Comex gold was last down $1.90 at $1,096.0 an ounce. Technically, gold bears still have the overall near-term technical advantage, but the bulls have gained upside momentum to suggest a market bottom is in place. Price action recently produced a bullish upside “breakout” from the sideways trading range at lower levels seen the past month. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,125.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,080.00. First resistance is seen at today’s high of $1,108.30 and then at last week’s high of $1,113.10. First support is seen at Friday’s low of $1,091.80 and then at $1,080.00.
  10. Iraq might be taking a page out of other countries' playbook: Today: "we are not changing the exchange rate of our currency's value" Tomorrow: "our currency's exchange rate is now 1 dinar equals 10 cents to the dollar" It could happen...i'm hoping.
  11. Gold To Keep "Hugging" $1,100 Level; China & USD To Drive Pricesby Neils Christensen Friday January 08, 2016 14:22 (Kitco News) - Investors should continue to monitor the economic uncertainty in China and outside markets to determine if gold’s momentum will continue for another week, according to some analysts. The gold market is ending the first week of the new year on a strong note as February Comex gold futures ended Friday’s session at 1097.90 an ounce, up more than 3% on the week. This is the yellow metal’s best weekly performance since mid-August. While gold saw an impressive rally, silver underperformed as it was unable to close Friday above the psychological $14 an ounce area. March Comex silver futures showed a gain of less than 1% for the week. While gold hit a bit of a speed bump Friday, following a massively stronger-than-expected employment report, for some analysts, the fact that it was able to hold near-term support bodes well for prices in the near-term. Not only did gold bounce higher after hitting a session high of $1,091.50 an ounce, but it managed to near $1,100 an ounce, an area many analysts have called “a line in the sand” for any potential uptrend. According to the latest Kitco News Wall Street vs. Main Street Weekly Gold Survey, a clear majority of retail investors and analysts expect to see higher prices in the near-term. This week, 464 people participated in Kitco’s online survey. Of those, 304 participants, or 66%, said they are bullish on prices next week; at the same time, 117 people, or 25%, are bearish; and 43 people, or 9%, are neutral. Although not quite as optimistic as retail investors, most market professionals also expect prices to move higher in the near term. Out of 34 market experts contacted, 18 responded, of which 10, or 56%, said they expect to see higher prices next week; four professionals, or 22%, said they see lower prices; and four analysts are neutral on gold. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts. While some analysts are suspicious of a rally based on safe-haven flows, the economic turmoil in China, which threatens global equity markets, does not appear to be abating anytime soon. Analysts noted that this should continue to support prices in the near-term. ...Glad I bought/panned Gold a month ago when it was $1,050/oz.
  12. Gold Hits 2-Mo. High, Above $1,100, On Safe-Haven And Chart-Based Buying Thursday January 07, 2016 08:24 (Kitco News) - Gold prices are higher and hit a two-month high Thursday, on more safe-haven demand amid geopolitical tensions and plunging world stock markets. Importantly, the near-term technical posture for gold has improved markedly this week, which is prompting short covering in the futures market and fresh chart-based buying. February Comex gold was last up $11.40 at $1,103.20 an ounce. March Comex silver was last up $0.119 at $14.095 an ounce. World stock markets are under solid selling pressure again Thursday as trader and investor anxiety in the world market place remains elevated on this first trading week of the year. China’s stock market traded for only a half-hour Thursday and then circuit-breakers kicked in to halt trading for the rest of the session. It was the second time this week that trading in Chinese stocks was halted by circuit-breakers. Asian investors were also spooked when Chinese monetary authorities devalued the yuan again. The heavy selling in China quickly spread throughout Asia, including Japanese, Hong Kong and Australian stock markets. European stock markets also saw strong selling pressure Thursday. U.S. stock indexes are also sharply lower Thursday morning and hit three-month lows overnight. Nymex crude oil futures dropped to a 12-year low below $32.00 a barrel Thursday, to add to the fear and uncertainty in the marketplace. Brent crude oil futures also dropped to a 12-year low. The raw commodity sector has been hit hard this week by fears of slowing world economic growth sapping demand for many raw commodities. Weak economic data from China was reported earlier this week. China is the world’s largest raw commodity importer. Other very worrisome matters for the markets this week include North Korea on Wednesday saying it had tested a hydrogen bomb. However, western intelligence sources said the detected blast was not big enough to be an H-Bomb. Still, the world was reminded that North Korea’s rogue regime possesses nuclear weapons despite its isolation. The tensions in the Middle East remain high this week as Iran and Saudi Arabia are in a stare-down after Saudi Arabia executed a cleric who was popular with Iranians. Other perceived safe-haven assets are also performing well this week, including U.S. Treasuries and the U.S. dollar. U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job cuts report, and monthly chain store sales. With all the other markets-moving events this week, traders and investors are less-focused on Friday’s U.S. jobs report, which is arguably the most important U.S. economic report of the month. Friday’s non-farm payrolls component of the Labor Department’s employment report is expected to show a 210,000 rise in December. Still, the jobs data is likely to have a significant impact on many markets.
  13. Gold Bounces on Safe-Haven Demand, Short Covering Monday January 04, 2016 14:00 (Kitco News) - Safe-haven buying amid keener uncertainty in world markets on Monday boosted gold prices. Unrest in the Middle East and weak Chinese economic data worked to lift gold to a three-week high, while putting downside pressure on stock markets worldwide. Gold and silver futures markets also saw some short-covering buying support. February Comex gold was last up $14.60 at $1,074.80 an ounce. March Comex silver was last up $0.067 at $13.87 an ounce. The precious metals did back down from their daily highs as the trading day progressed. The key “outside markets” were in a bearish posture for the metals Monday as the U.S. dollar index moved higher as the day wore on, while crude oil prices posted modest losses. There was anxiety in the marketplace to start the trading week and the new trading year Monday. World stock markets were under selling pressure partly due to rising tensions in the Middle East. Saudi Arabia executed what it said were terrorists over the weekend, including an Iranian cleric, which enraged Iran and other Arab nations. Saudi Arabia cut diplomatic ties with Iran after its embassy in Iran was attacked. Meantime, there was another downbeat economic report coming out of China that sunk Asian stock markets and has spilled over into weaker European and U.S. equity markets Monday. China’s stock market sank the daily permissible limit and trading was halted. The Shanghai stock index dropped nearly 7% on Monday. China’s Caixin manufacturing purchasing managers index (PMI) came in at 48.2 in December from 48.6 in November, for the 10th month in a row with a reading below 50.0. A number below 50.0 suggests contraction in the sector. Adding to the marketplace worries were reports that Puerto Rico was unable to make and missed a debt payment to its creditors. Interestingly, reports said the big U.S. stock market sell off on this first trading day of the year is the worst first-day-of the-year decline since the early 1930s. There’s an old market adage that says, as goes the first trading week of the year, so goes the entire year. If that adage plays out for 2016, it would likely be bullish for the precious metals, given that moves out of paper assets (stocks) tend to favor hard assets like metals. In other overnight news, the Euro zone manufacturing PMI came in at 53.2 in December from 52.8 in November. A reading of 53.1 was forecast. The U.S. manufacturing PMI was also a miss to the downside Monday, showing a reading of 48.2 in December from 48.6 in November. A reading of 49.0 was expected. The U.S. PMI report did give gold a brief boost to its daily high, but those gains could not be held. Technically, February gold futures prices closed nearer the session high and hit a three-week high today. There is the potential for a bullish double-bottom reversal pattern to play out on the daily bar chart. However, bulls will need to show that important follow-through price strength this week to suggest the pattern to be an early clue that a market bottom is in place. Right now the gold bears still have the firm overall near-term technical advantage.
  14. Turn-Around Year For Gold As Fundamentals, Low Interest Rates Support Market – GLD Marketing Agent By Neils Christensen of Kitco News Thursday December 31, 2015 11:02 (Kitco News) - The gold market is preparing to end the year close to its lowest point in six years; however, one market analyst is confident that prices should recover enough in 2016 to retest the top of its long-term range. George Milling-Stanley, head of gold investments at State Street Global Advisors, said in an interview with Kitco News that there are reason he is optimistic for the precious metal in 2016. State Street Global Advisors has a lot of experience in the gold market as the firm is the marketing agent of the largest gold-backed exchange traded fund, SPDR Gold Shares (NYSE: GLD). “I have been calling for quiet sometime now for a trading range of somewhere around $1,050 on the bottom and $1,300 on the top,” he said. “That is the range we have been in since the bubble, which started in 2010 and 2011, finally burst by 2013.” Milling-Stanley added with the speculative bubble finally bursting for gold, the market can now focus on the bullish fundamentals and the next year could be the important base-building phase. Milling-Stanley added that he doesn’t see prices falling much below $1,050 an ounce in the near-term as the market is “well supported on the downside from a fundamental standpoint.” “I think the market is poised right now to go higher,” he said. “I am not desperately concerned about the price right now.” What makes Milling-Stanleythe most optimistic on gold for 2016 is the fact that interest rates are only going up slowly. He explained that gold has predominantly been hurt by the surging U.S. dollar. But now that the Federal Reserve has embarked on its new rate hike cycle -- the first in almost a decade, he is expecting the U.S. dollar to top out, providing some relief to the beleaguered gold market. “By the end of next year, in 12 months’ time, interest rates will only be around 1%,” he said. “That isn’t a big interest rate at all. The Fed has signaled that we are not going to see anything that is aggressive. When that expectation settles into people’s mind you will start to see the U.S. dollar come off its highs.” Milling-Stanley, is also optimistic on gold as he expects traditional supply and demand fundamentals to play an important role in the marketplace in 2016. He explained that global demand for physical gold remains strong but supply continues to dwindle. “The price of gold is pretty close to the real all in sustainable cost of production and I don’t think we are going to see higher mine production as companies stop producing ounces that don’t make them a profit,” he said. Finally, Milling-Stanley said that the third factor the he sees benefiting gold in 2016 is investors moving back into precious metals to diversify their portfolio, limiting the risks of a equities that are entering bubble territory. In the last few years, in a low interest rate environment, investors have been piling on the risk in search of higher yields. “The stock market, to me, is getting vaguely reminiscent of 1999, not 2000 yet. I think the housing market is starting to resemble 2006 and I am concerned about that,” he said. ...here's to Gold profits in 2016...and hopefully an IQD-RV.
  15. Gold Up on Short Covering, Friendly Outside Markets in a Quiet, Pre-Holiday SessionBy Jim Wyckoff of Kitco News Thursday December 24, 2015 12:32 (Kitco News) -Gold prices ended the U.S. day session and a holiday-shortened trading week modestly higher Thursday. Some short covering in the futures market and perceived bargain-basement buying in the cash market heading into a long weekend gave gold its lift. The key “outside markets” were also in a bullish posture for the precious metals on this day. The U.S. dollar index was lower and crude oil prices were firmer. February Comex gold was last up $7.90 at $1,076.20 an ounce. March Comex silver was last up $0.103 at $14.39 an ounce. There were no major international news developments Thursday and the marketplace worldwide was very subdued ahead of the Christmas holiday on Friday. Many U.S. markets closed early today. Technically, gold bears still have the solid overall near-term technical advantage. However, if the gold bulls can produce a good rally soon, then the specter arises for a bullish “double-bottom” reversal pattern forming on the daily bar chart. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the December high of $1,088.30. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the contract low of $1,045.40. First resistance is seen at this week’s high of $1,081.40 and then at $1,088.30. First support is seen at the overnight low of $1,069.50 and then at this week’s low of $1,063.10. Wyckoff’s Market Rating: 2.5 Silver bears have the firm overall near-term technical advantage. However, the recent choppy trading at lower price levels begins to hint of a near-term low. But the bulls need to show more power soon to better suggest such. Bulls’ next upside price breakout objective is closing December futures prices above solid technical resistance at the December high of $14.64 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the contract low of $13.62. First resistance is at $14.50 and then at $14.64. Next support is seen at this week’s low of $14.045 and then at $14.00.
  16. Gold Holds On To Early Gains Following As-Expected Fed Rate Hike Wednesday December 16, 2015 14:26 (Kitco News) - Gold prices were trading higher in afternoon dealings Wednesday and holding on to early gains in the aftermath of the first interest rate increase from the U.S. Federal Reserve since 2006. Short covering and position evening in the futures markets, and bargain hunting in the cash markets, were featured in gold and silver ahead of this afternoon's FOMC statement. February gold was last up $10.70 an ounce at $1,072.30. March silver futures were last up $0.39 an ounce at $14.16. Many traders reckoned the gold market would exhibit a "sell the rumor, buy the fact" scenario regarding the Fed rate increase this afternoon, and wanted to get a jump on that scenario. Thus, the gains seen in gold prior to the Fed rate hike. Silver prices followed gold’s lead today. The Federal Reserve’s Open Market Committee (FOMC) statement this afternoon was deemed to be in the dovish camp. However, the U.S. dollar index did rally on the FOMC news. What will now be closely watched is Fed Chair Janet Yellen’s press conference after the meeting that could provide more clues on the pace of future interest rate increases. In overnight news, the Euro zone consumer price index for November came in at down 0.1%, month-on-month and up 0.2% year-on-year. The report suggests deflation remains a serious concern in the European Union and that the European Central Bank is likely to embark upon more monetary policy stimulus measures sooner rather than later. The ECB wants to see an annual inflation rate of 2.0%. The Euro zone December composite purchasing managers index (PMI) came in at 54.0 in December versus 54.2 in November. A reading of 54.2 was expected for December. However, the manufacturing PMI came in at 53.1 in December compared to 52.8 in November. The manufacturing number was expected to show a reading of 52.8 in December. Technically, February gold futures prices were near mid-range in afternoon trading. Gold bears still have the solid overall near-term technical advantage. There are still no early clues of a market bottom being close at hand. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the December high of $1,088.30. Bears' next near-term downside price breakout objective is pushing prices below solid longer-term technical support at the contract low of 1,045.40. First resistance is seen at today’s high of $1,077.90 and then at $1,085.00. First support is seen at today’s low of $1,060.20 and then at this week’s low of $1,057.40. Encouraging for the Gold Bulls, price remains higher, stable.
  17. Earlier this year in a chat in, January I think, you said you could see the dinar rv upwards to the 50 cent range. With all that has gone on with Iraq this year, more oil, more gold, security, government, IMF and UN aid, etc...do you still feel/think they can rv that high? I know about your 10 cent stance, and believe me...I'm a believer in 'at least' that for an rv. I was just curious if you've heard anything about a possible rate of 13-26 cents, like a few other middle east countries are currently valued at as well. Just so Iraq can be 'on par' with some of their neighbors.
  18. If it were $2,300 for every 25K dinar note, that would 9.2 cents per dinar...close to Adam's 10 cent mark!
  19. not a problem, figuring out rate-calculations has become a semi-hobby.
  20. Gold Rebounds from 5.5-Year Low as U.S. Dollar Hammered, Euro Currency Surges Thursday December 03, 2015 13:43 (Kitco News) - Gold prices saw a moderate short-covering and bargain-hunting bounce in the aftermath of the European Central Bank easing its monetary policy Thursday. The ECB move was not unexpected but did prompt big price reversals in the U.S. dollar index (down) and the Euro currency (up) on this day. That led to the rebound in gold after its price overnight dropped to a 5.5-year low. Silver prices hit a six-year low Thursday. February Comex gold was last up $7.80 at $1,061.50 an ounce. March Comex silver was last up $0.096 at $14.105 an ounce. The regular meeting of the ECB saw the central bank make its easing move, lower the deposit rate by 0.1%. Mario Draghi’s ensuing press conference was deemed by many European market watchers as not going far enough in the ECB’s easing measure. What is surprising is that the Euro currency rallied sharply and the dollar index sold off sharply. This is a classic “buy the rumor, sell the fact” scenario for the USDX and a “sell the rumor, buy the fact” for the Euro currency. Don’t be surprised if the same contrary effect occurs if the FOMC raises its interest rates on December 16. The marketplace was still digesting some data and comments from the U.S. Federal Reserve Wednesday. While containing no surprises, the Fed’s beige book and comments from Fed Chair Janet Yellen reinforced notions the U.S. central bank will slightly raise U.S. interest rates in two weeks—for the first time in nine years. This did limit stronger buying interest in gold and silver markets Thursday. Yellen delivered a speech and testimony on the economy to U.S. lawmakers Thursday, but it was pretty much in line with what she said Wednesday. The important U.S. jobs report is due out Friday. The key non-farm payrolls number is expected to be up around 205,000 in November. An OPEC oil cartel meeting also begins Friday and will be closely watched by the marketplace. There is talk Saudi Arabia may propose a collective oil-production cut for 2016, with the stipulation that non-OPEC members also cut their production levels. Most believe such a plan is a non-starter. Technically, February gold futures prices closed nearer the session high today and did hit another contract and a 5.5-year low early on. Gold prices are still in a six-week-old downtrend on the daily bar chart. Bears still have the solid near-term technical advantage and there are no early clues of a market bottom being close at hand. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,080.50. Bears' next near-term downside price breakout objective is pushing prices below solid longer-term technical support at 1,000.00. First resistance is seen at $1,062.40 and then at Wednesday’s high of $1,071.00. First support is seen at $1,050.00 and then at today’s contract low of $1,045.40. Wyckoff’s Market Rating: 1.5 March silver futures prices closed nearer the session high on short covering after hitting a contract and six-year low early on today. The silver market bears still have the solid overall near-term technical advantage. Prices are in a five-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $14.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.00. First resistance is seen at this week’s high of $14.24 and then at $14.44. Next support is seen at today’s contract low of $13.805 and then at $13.50. Wyckoff's Market Rating: 1.0. March N.Y. copper closed up 285 points at 206.10 cents today. Prices closed nearer the session high on short covering. The key “outside markets” were fully bullish for copper today as the U.S. dollar index was sharply lower and crude oil prices were solidly higher. Copper bears still have the firm overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 220.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 200.00 cents. First resistance is seen at this week’s high of 208.85 cents and then at 210.00 cents. First support is seen at today’s low of 202.55 cents and then at the contract low of 200.20 cents. Wyckoff's Market Rating: 1.5.
  21. Been buying since Gold fell under $1,200/ounce. Yes, a pretty substantial decline so far this morning. I know what I'm buying this Black Friday!
  22. Recent articles this week include: 50k notes, 100k notes new 500 notes, coins lower than 250 dinar IMF IQD rate at 1500-1, Turki saying 2000-1 raising value against the dollar... Confusion, smoke,....? Something is up.
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