December 6, 2013
Gold prices close lower as traders react to stronger-than-expected jobs data. U.S. stocks rally Friday but finished down for the week. Gold last traded at $1,229 an ounce. Silver at $19.52 an ounce.
Gold Prices Ignore Weaker Dollar, Focus On U.S. Data And Tapering - Forbes--12.5.13
Gold prices dropped sharply as prices react to positive U.S. economic data rather than to a weaker dollar, say analysts. Weekly jobless claims were better-than-expected, however, economists pointed out that the data could be skewed as a result of the U.S. Thanksgiving holiday.
Gold Surges On Short Covering Ahead Of Payrolls; Dip In Equities Also Cited - Forbes--12.4.13
Gold prices surged on Wednesday as traders bought the metal to cover short positions ahead of a key U.S. jobs report. Gold prices jumped 1.7% higher while silver was up 3%.
In Praise Of Gold. Not A 'Barbarous Relic' But A Spiritual Value - Forbes--11.30.13
Only is recent times has gold had any utilitarian value. Gold, throughout time, has a spiritual value. Gold has value because it is beautiful and it is the esthetic pleasure gold brings that makes man esteem it.
China to start gold swaps trading on Nov. 25 - Reuters--11.22.13
China will start gold swaps trading on the interbank market on November 25, allowing more hedging tools for banks dealing in bullion. The start of gold swaps trading comes as China is taking steps to open up its gold markets and increase financial investments.
Rare Coin Collection Sells For More Than $23 Million - Huffington Post--11.19.13
A rare St. Louis coin collection sold for more than $23 million at a two-day New York City auction. Retired St. Louis lawyer Eric P. Newman only paid about $7,500 for the 1,800 piece collection of early American coins, many of which had been off the market for 50 years. Proceeds from the sale will go toward supporting the nonprofit Eric P. Newman Numismatic Education Society, which operates the Newman Money Museum.
China becomes world's top gold buyer - CNN Money--11.15.13
China has raced past India to become the world's top gold consumer. So far this year China has purchased 798 tonnes of the metal, compared to India's 715 tonnes, according to the latest World Gold Council report. China's growth may be slowing but affluent Chinese consumers have shown no sign of curbing their spending habits.
Gold Climbs as Yellen Signals Continued Federal Reserve Stimulus- Businessweek--11.14.13
Gold prices jumped after Federal Reserve Chairman nominee Janet Yellen signaled she will carry on with U.S. monetary stimulus and more Americans than forecast filed claims for jobless benefits. In a testimony to the Senate Banking Committee, Yellen stated that the central bank should take care no to withdraw stimulus too early.
Fund manager: If you believe in math, buy gold! - CNBC--10.24.13
CEO of Santiago Capital, Brent Johnson, believes that economic problems in the U.S. will lead to a gold rally over the next two months. He is predicting a $200 gold rally, bringing the price of the metal to $1,500 before year-end. Gold will benefit from the current debt situation in the U.S. and the continuation of quantitative easing.
Gold and silver prices bounce back as the Fed stops manipulating them down and why this will continue- Arabian Money--10.24.13
Manipulating the price of gold is one way the Fed defends the U.S. dollar. Since the Fed has stopped manipulating bullion, it is expected to advance gradually against depreciating paper currencies. The central banks are expected to keep the printing presses running for as long as it takes to achieve their goal of a global recovery.
Gold climbs 2% to trade near five-week high - Market Watch--10.22.13
Gold prices rose 2% on Tuesday as a disappointing jobs report spurred bets that the Fed's stimulus measures aren't going away anytime soon. The employment report showed the economy added 148,000 jobs in September, while the unemployment rate dipped to 7.2% from 7.3%. Economists polled had expected 185,000 jobs and an unchanged jobless rate.
A Green Light for Gold? - Kitco--10.21.13
Gold confidence is fueled by three beliefs: Fed tapering, strength of U.S. economy and confidence in the U.S. dollar. Recent developments suggest the Fed has no exit strategy from its stimulus program, the U.S. is stuck in below-trend growth and America's refusal to deal with fiscal problems will undermine international faith in the dollar.
US gold coin sales surge in Oct. on price drop, Washington impasse - Reuters--10.16.13
Demand for U.S. gold coins has surged in October on bargain hunting as prices fell below $1,300 an ounce and safe-haven appeal due to the U.S. budget crisis. On Tuesday, the U.S. Mint sold 10,000 ounces of the most popular 22-karat American Eagle gold coins, for a total of 22,000 ounces so far in October, according to a Mint spokesman.
Gold Ends Higher After Agreement On U.S. Budget, Debt - RTT News--10.16.13
Gold ended higher Wednesday amid news of an agreement to end the more than two-week federal government shutdown and raise the U.S. debt ceiling limit in order to avoid a default. As a result of the ongoing crisis, Fitch Ratings put the U.S. Treasury on Ratings Watch Negative, considered a first step toward a downgrade.
Gold price suppression theory mainstream after single $650 million sell trade - Resource Investor--10.15.13
Gold, whose safe-haven appeal is usually attractive during times of geopolitical and economic uncertainty, has failed to gain despite the current conflict over the fiscal deadlock in Washington. Instead, since the government shutdown, gold has dropped about 5%. Many are attributing a massive single sell trade, estimated to be worth $650 million, to be the reason gold prices have been struggling.
Why Uncle Sam is hoarding gold- Market Watch--10.7.13
The United States Treasury remain firm believers in gold, despite any recent price action. The U.S. Treasury itself considers gold to be a key element in maintaining confidence in the country's soundness and the stability of the international financial system.