Friday Market

Gold prices slipped in Europe on Friday as the euro eased from a two-month high, entrance underneath vigour as a confidence sparked by Greece’s agreement of a purgation measures it needs in sequence to accept a second rescue package dissipated.

Euro section financial ministers are seeking serve measures from Greece before signing off on a second bailout, gripping a hazard of a pell-mell default alive and pressuring investors’ ardour for risk.

Spot bullion [ XAU= 1717.00  -14.00 (-0.81%) ] was down 1.1 percent during $1,712.39 an ounce.

U.S. bullion futures for April [ GCCV1 1718.50  -22.70 (-1.30%) ]delivery were down $28.60 an unit during $1,712.60.

“Gains in a U.S. dollar and unchanging beating from a European Union per a Greece debt understanding are curbing any gains in gold,” pronounced Pradeep Unni, comparison researcher during Richcomm Global Services.

He added: “Even if a debt understanding does come out, a complications are distant from over. With an over 26 percent stagnation rate in Greece, purgation means serve pursuit cuts, and taxation increases. The pivotal indicate on pensions are still to be finalized.”

Gold is still adult 10 percent this year as traders gamble U.S. financial process will sojourn accommodative this year. It rose above $1,750 an unit on Thursday after Greek leaders concluded to a understanding on reforms indispensable to equivocate a default, lifting a euro.

But a single currency [ EUR= 1.3184  -0.0098 (-0.74%) ] eased behind 0.2 percent opposite a dollar on Friday. Eurogroup authority Jean-Claude Juncker pronounced a serve 325 million euros ($428 million) of spending cuts indispensable to be found by Greece and, with Greek elections looming, domestic assurances were indispensable that a devise would be implemented.

European shares fell, dragged reduce by banks on concerns about a outcome of a euro section sovereign debt crisis, while safe-haven German supervision holds rose.

Oil prices slipped on Friday in line with other markets, yet they are approaching to sojourn resolutely underpinned by ongoing tensions with Iran, a world’s fourth-largest wanton oil producer.

Indian Demand Firms

Physical bullion direct from a world’s biggest bullion consumer, India, softened on Friday as prices eased behind from two-month highs. “Demand is improved than a final dual days as prices have cooled off a bit,” pronounced one bullion play in Mumbai.

Also certain for prices, a biggest user of U.S. futures exchanges, a CME Group [ CME 284.94  +1.57 (+0.55%) ], on Thursday lowered trade margins for a operation of line contracts, including gold, silver, and platinum.

“In Aug and Sep of final year, CME roughly doubled a domain within only a few weeks, thereby contributing to a pointy tumble in a cost of gold,” Commerzbank pronounced in a note.

Indonesia is to anathema exports of some tender materials, including bullion and china as good as bottom metals like copper and tin, from 2014, a Mineral Resources Ministry pronounced on a website.

Indonesia was a world’s seventh-largest bullion writer final year with outlay of 115 metric tons, according to metals consultancy GFMS, and constructed 6.9 million ounces of china in 2010, creation it Asia’s fourth-largest miner of a metal.

Silver [ XAG= 33.54  -0.34 (-1.00%) ] was down 0.8 percent during $33.60 an ounce. Spot platinum [ XPT= 1644.00  -7.99 (-0.48%) ] was down 0.6 percent during $1,642.49 an ounce, while spot palladium [ XPD= 697.00  -9.75 (-1.38%) ] was down 1.3 percent during $697.30.

President Jacob Zuma squashed some-more than dual years of speak on Friday about a nationalization of South Africa’s large mining sector, observant state control or tenure of a mines in a world’s biggest bullion writer could not work.

However, South Africa’s mining zone — a fifth-biggest in a universe by value — faces a awaiting of aloft taxes and royalties as a supervision tries to fist out improved earnings for a country’s 50 million people.

“Had a ANC promoted a pro-nationalization bulletin we trust a impact on PGM prices would have been really bullish as unfamiliar investment and utterly presumably veteran imagination would have forlorn a country, with a co-ordinate disastrous impact on production,” pronounced HSBC in a note. “As it stands we trust a news is still modestly bullish. Higher taxes on producers are firm to quell investment and prolongation to some degree, all other factors being equal.”

Spot bullion was headed for a 0.4-percent weekly fall, a second uninterrupted week of declines, after following a ups and downs of Greece’s struggle to determine to reforms and purgation measures in sell for an mercantile rescue package.

Spot gold mislaid 0.6 percent , headed for a third event of losses. U.S. gold tumbled as most as 1.4 percent to $1,717.2, before paring some waste to $1,722.90. Traders pronounced a fast decrease was triggered by stop-loss offered as prices approached $1,725.

Although Greek domestic leaders clinched a understanding during a final minute, a bailout is still tentative capitulation of general lenders, gripping investors guessing and pulling a euro off two-month highs opposite a dollar and a yen.

Even a cut in COMEX bullion trade margins by a biggest user of U.S. futures exchanges, a CME Group, unsuccessful to hint investors’ enthusiasm.

“Many are still station on a side watchful for something new to occur in a market,” pronounced Peter Fung, conduct of traffic during Wing Fung Precious Metals in Hong Kong.

“COMEX cut margins substantially given a marketplace sensitivity was low and people didn’t have most interest,” he added.

The CME Group on Thursday lowered trade margins for a operation of line contracts, including gold, china and platinum, effective after a tighten of business on Monday. This is a initial domain cut for COMEX bullion given Jun 2011.

Technical research suggested mark bullion could tumble to $1,698 during a day, Reuters marketplace researcher Wang Tao said.

Asia’s earthy marketplace remained subdued, as a parsimonious operation in prices sapped trade interest, dealers in Hong Kong and Singapore said.

“My phone hasn’t stage for a prolonged while,” pronounced a Singapore-based dealer. “Unless prices mangle above $1,755 or next $1,700, earthy buyers aren’t interested.”

Traders feel demure to make bullish bets for now, though analysts pronounced bullion stays a plain longer-term investment due to a ghastly mercantile opinion and geopolitical tensions.

SPDR Gold Trust , a world’s biggest gold-backed exchange-traded fund, reported that a land increasing to 1,278.344 tonnes by Feb. 9, a tip turn given late December.

The sum volume of bullion hold by bullion ETFs was small altered from a week earlier, after 4 weeks of gains.

Spot platinum  declined, headed for a 1.6-percent weekly rise, a sixth true week of gains. An 18-percent year-to-date arise helped bullion slight a bonus to bullion to nearby $70 progressing this week, a lowest in some-more than 4 months.

Concerns about supply shortfalls in South Africa, a world’s tip writer of a metal, might continue to support bullion prices and reduce a bonus to gold, analysts said.

Rioters Clash With Greek Police during Athens Protests

Consumer Sentiment Falters, Despite Job Growth

Greek Aid Deal ‘Much Better’ Than Euro Exit: Summers

Bonus Bloodbath as European Banker Backlash Continues

US Trade Deficit Swells to $48.8 Billion on China Gap

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– Posted Wednesday, 25 Jan 2012 | | Source: GoldSeek.com

We’re not penetrating on marketplace alerts, dear readers, since we substantially have distant too many of them to differentiate by already, any with a opposite and infrequently deliberately vast indicate of view. Even so, we should like to counsel we that recent, concurrent tops in Comex Gold and a SP 500 are best not ignored. Although we sojourn bullish on both of these vehicles, we can infer that a yellow dwindle is out. This means that bullion and a extended indexes will be receiving some-more inspection than common in a days and weeks ahead, so that Rick’s Picks subscribers will be improved prepared to evasion a avalanche that is increasingly a possibility. Our specific predictions, disseminated to subscribers in a form of daily “Trading Touts,” had called for a shortable tip during 1316.75 in a E-Mini SP, and during 1681.50 in Comex Mar Gold. In a tangible event, a new high in Gold occurred during 1681.80, 3 ticks from a target; and in a E-Mini during 1318.25, 6 ticks from a target.

These targets were subsequent from a exclusive Hidden Pivot Method, and nonetheless they are dictated for traders, they can also be utterly useful for functions of forecasting. In this case, if a E-Mini SP were to slice by a new high within a subsequent day or two, it would indicate that bulls have a energy to expostulate bonds significantly higher. Any pointer of this would change a courtesy toward a 13085 Hidden Pivot aim identified progressing for a Dow Industrials. That’s 409 points above stream levels – a good week on Wall Street, nonetheless it could take a bit longer, or even abort, if Europe’s financial problems lapse to inflection in a news.

Why “Abort”?

Why “abort”? For starters, euroheadlines such as yesterday’s – that Greece and a lenders are carrying some-more difficulty entrance to terms than had been approaching – tend to break a euro. That drives always-crazed “investors” into U.S. Treasurys and a dollar, sapping a upsurge of dollars into shares. This energetic is customarily referred to by a news media as a “flight to quality,” yet as we’ve explained here many times, it is indeed caused by a garland of income managers so positively witless they would have had difficulty subordinate for CETA jobs. They work underneath a arrogance that if a tellurian income complement were to collapse, a euro would uncover first. Rick’s Picks thinks this will indeed infer to be a case, yet not in a approach that a benighted, miserably clueless income managers competence imagine.  In a scenario, those who have fled to a ostensible reserve of dollars will have a beauty duration of maybe an hour or dual before their “safe haven” collapses like all a others. We evade predictions about what bullion and china will do on that day, nonetheless it seems like a no-brainer to assume that they will transport many improved than T-bonds, stocks, or many other forms of investable assets. We do not embody currencies on a list of  involved resources since we sojourn resolutely assured that currencies, essentially meaningless yet they be, will continue to disseminate and have good application during and after a extended  bank holiday that is certainly coming.

Information and explanation contained herein comes from sources believed to be reliable, yet this can't be guaranteed. Past opening should not be construed as an denote of destiny results, so let a customer beware. There is a estimable risk of detriment in futures and choice trading, and even experts can, and infrequently do, remove their self-evident shirts.  Rick’s Picks does not yield investment recommendation to individuals, nor act as an investment advisor, nor away disciple a squeeze or sale of any confidence or investment. From time to time, a editor might reason positions in issues referred to in this service, and he might change or enlarge them during any time. Investments endorsed herein should be done usually after consulting with your investment advisor, and usually after reviewing a handbill or financial statements of a company. Rick’s Picks reserves a right to use e-mail endorsements and/or distinction claims from a subscribers for selling purposes. All names will be kept unknown and usually subscribers’ initials will be used unless demonstrate created accede has been postulated to a contrary. All Contents © 2011, Rick Ackerman. All Rights Reserved.www.rickackerman.com

– Posted Wednesday, 25 Jan 2012 | Digg This Article | Source: GoldSeek.com

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By Frank Tang and Susan Thomas

NEW YORK/LONDON |
Mon Oct 24, 2011 8:26pm BST

NEW YORK/LONDON (Reuters) – Gold gained around 1 percent on Monday, relocating in line with riskier resources rather than protected havens, increased by hopes that European leaders were rebellious a region’s debt predicament and signs of resiliency over China’s economy.

Bullion rose for a second day on confidence that a EU was impending agreement on bank recapitalization and how to precedence their rescue account to stop bond marketplace contagion. News that China’s production zone grew in Oct also carried bullion as line led by copper and wanton oil rallied.

Gold was adult 2 percent over a final dual sessions. The steel has seemed to remove a common safe-haven status, with a prices mostly relocating in tandem with equities.

Price sensitivity of bullion futures has depressed to a lowest turn given mid-August, when bullion was nearby a all-time highs, a pointer that choice traders are not awaiting large moves in a nearby term.

“Gold has changed divided from a some-more normal protected breakwater to a risker asset, commodity-type play. And riskier resources are all trade in tandem right now with a Europe situation,” David Meger, executive of metals trade during futures attorney Vision Financial Markets.

Spot bullion was adult 0.9 percent during $1,655.04 an unit by 2:31 p.m. EDT, following a 2 percent decrease final week.

The 30-day pragmatic sensitivity of bullion fell to 26 on Friday nearby a two-month low, Reuters information showed. Wild cost swings have sent bullion about $300 off a early Sep record, and cost sensitivity strike a rise of 37 on Sep 26.

Jonathan Jossen, COMEX bullion options building trader, pronounced that a dump in sensitivity indicated investors were not awaiting large moves for a underlying futures in a nearby term.

U.S. bullion futures for Dec smoothness staid adult $16.20 during $1,652.30. Futures volume was around half a 30-day normal during Monday’s gains, identical to a weaker-than-usual trend during a final several weeks, suggesting bullion’s convene might not hold.

COMMODITIES GAINS, PHYSICAL DEMAND HELP

Bullion rose on commodity gains led by copper’s 7 percent rally, after information showed China’s immeasurable production zone picked adult tolerably in October, gnawing a three-month contraction and underscoring clever domestic direct in a world’s second-largest economy.

“Gold popped adult this morning along with many of a line markets. The commencement of a EU debt fortitude has had a strengthening outcome on line and equities as a whole,” pronounced Credit Suisse researcher Tom Kendall.

Despite some swell over a weekend, final decisions from a EU leaders are deferred until a second limit on Wednesday and pointy differences sojourn over pivotal issues associated to Greece.

Physical direct from a world’s biggest bullion customer India nearby a Hindu festival of Diwali – a vital bullion shopping eventuality – upheld changed metals. Dealers pronounced that Indian consumers chose a cheaper china instead of bullion in hopes of destiny cost gains.

Silver was 1.1 percent aloft during $31.68 an ounce.

Among gold organisation metals, gold rose 2.5 percent to $1,543.50 an ounce, while palladium climbed 4.5 percent to $638.97 an ounce.

(Additional stating by Simon Price in London and Rujun Shen in Singapore; Editing by Marguerita Choy)

–UBS cuts 1-month and 3-month bullion and china prices to simulate downward cost pierce

–Says bullion has a intensity to convene on brief covering as Comex bullion net positions grow

–A intensity matter for bullion is a European Central Bank preference on Thursday

(Adds bullion and china cost in divide 3, Comex prolonged and brief positions in paragraphs 7-8.)

LONDON -(Dow Jones)- Investment bank UBS AG (UBS) Monday lowered a mark bullion and china forecasts to simulate a new dump in both changed steel prices, though pronounced a intensity for a bullion cost arise stays strong.

UBS lowered a 1-month normal mark bullion cost by 9% to $1,775/oz and a 3-month normal mark bullion cost by 7.1% to $1,950 a troy ounce. It also lowered a 1-month normal mark china cost 30.4% to $32/oz and a 3-month normal mark china cost 30% to $35/oz.

At 0844 GMT, mark bullion was trade adult 1.5% during $1,655.35/oz while mark china was adult 2.4% during 30.757/oz.

“Our core bullish perspective on bullion stays unvaried and a light inlet of [speculative] positioning is a large positive, though a prior one-and three-month [prices]…are overly desirous given a new slack in marketplace momentum,” UBS said.

It also remarkable that it sees a gold/silver ratio strengthening in a months forward as bullion outperforms.

“The ‘clean’ inlet of stream spec positions, along with earthy and long-term demand, is formulating a really healthy substructure for bullion to stand from,” UBS said. “We design earthy direct to be utterly decent in a entrance days, exclusive China where markets are sealed for a week, though buyers there should lapse with vitality after a holidays.”

The bank pronounced that net prolonged positions on Comex bullion forsaken 5.2 million ounces to 19.98 million ounces, according to a latest weekly Commitment of Traders Report. This outlines a lowest net prolonged position given Jul 2009 and a largest weekly commission dump in a net prolonged position given Aug 2008, according to UBS.

Conversely, a series of brief positions on Comex grew 12% especially in a non-commercial category, so lifting a intensity for a short-covering convene if arriving information releases and events are certain for gold, a bank said.

UBS pronounced Thursday’s European Central Bank’s seductiveness rate preference will be a subsequent closely watched event. The bank expects a ECB to cut a seductiveness rate by 50 basement points.

Copyright © 2011 Dow Jones Newswires