Gold & Silver Digest: 8/7/13

Adam Taggart
By Adam Taggart on Wed, Aug 7, 2013 - 11:35pm

The Gold & Silver Digest contains headlines of stories that members of this group deem relevant and/or interesting to precious metals enthusiasts.

If you have articles to submit for the next digest, please email them to me by clicking here.

8/7/13 8:18 PM EST US close metals price quotes from Finviz

Reuters: Gold rises on dollar drop, Fed outlook eyed

Gold rose on Wednesday to snap a two-day losing streak, as the dollar fell on lingering uncertainty about the scope and timing of the Federal Reserve's eventual tapering of its bond-buying program.

After having earlier hit a three-week low, the metal staged a $13, or 1 percent, rebound on a combination of the drop in the U.S. currency, lower U.S. Treasury bond yields and a weaker U.S. equities market.  

Forbes: Elemental Forces On The Price Of Gold

In part two of my series on gold, What’s Moving The Price Of Gold?, I looked at the short-term market forces that wrenched gold so much lower in such a short time. Today I will discuss the larger fundamental forces pulling the price of gold in different directions.

A lot of smart people have widely divergent views on where gold is headed. To a large extent, the differences in opinion stem from their different view of the function of gold. Some see gold primarily as a hedge against political chaos, a breakdown of the financial system or war. Some see it as a universal, incorruptible currency. Many talk about its function as an inflation hedge.

GoldSeek: COMEX Gold Backwardation Continues

As we mentioned yesterday in What is Wrong with this Picture, including a screen shot of the futures backwardated, COMEX gold has moved into a more robust form of backwardation.

Not only is the spot or cash price (the price for gold sold for immediate delivery) trading above the near active futures contract, but we are now seeing the near months' contracts trading at higher prices to months thereafter in the front part of the futures strip.

USA Today: Auction set for gold fortune amassed by recluse

The final treasures of a quiet man who collected a fortune in gold coins will be auctioned off Tuesday in Nevada.

The body of Walter Samaszko Jr. was found in his Carson City home in June 2012. After his death, a cleaning crew hired to tidy his modest, ranch style home where he had lived for four decades came upon a stunning discovery — boxes and boxes full of gold coins and bullion collected over an unassuming lifetime. It was enough to fill two wheelbarrows.

SilverSeek: Silver and Gold – a New Divergence?

Silver demand continues to grow as gold seems to have lost its luster. Read about market machinations and learn the facts.

Silver has been resilient, though the price of the metal has not. What do I mean by that?

Since the collapse of precious metals prices started in May of this year we’ve seen valuations fall tremendously. Even greater has been the drop of demand for certain metals. Probably the most brutal attack on a metal that we can visualize is that of the gold ETF known as GLD.

BusinessWeek: Silver Investors Betting on Recovery Prospects

In today's "Global Outlook," Bloomberg's Mia Saini takes a look at silver prices. She speaks on Bloomberg Television's "On The Move Asia."

 

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