Gold & Silver Digest: 8/15/13

Adam Taggart
By Adam Taggart on Thu, Aug 15, 2013 - 10:42pm

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.

8/14/13 9:32 PM EST US close metals price quotes from Finviz

Reuters: Gold up 2 pct to above $1,360 on technical breakout

Gold rose to a near two-month high on Thursday, gaining nearly 2.5 percent as a drop in the U.S. dollar triggered short-covering and a technical breakout once prices breached key resistance at $1,350 an ounce.

Silver climbed almost 6 percent to extend its winning streak to a seventh session. Platinum and palladium also rose sharply.

Forbes: Paulson GLD Sale Won't Impact Gold Prices

Commodity analysts are not expecting to see major moves in gold-backed exchange-traded funds despite the news that prominent hedge fund Paulson & Co. halved its stake in SPDR Gold Trust (NYSE: GLD).

On Wednesday, a filing with the Securities and Exchange Commission showed that major gold bug John Paulson reduced his stake in GLD to 10.2 million shares in June, compared to 21.8 million shares he owned as of March 31.

Bloomberg: Gold Imports by India More Than Double Before Tax Increases

Gold imports by India, the world’s largest buyer, more than doubled in the second quarter after a slump in prices in April spurred demand for bars and coins, according to the World Gold Council.

Inbound shipments climbed to 338 metric tons in the three months ended June 30 from 153 tons a year earlier, the London-based, producer-funded group said in a report today. Total demand rose 71 percent to 310 tons, with consumption of bars and coins increasing to 122 tons from 56.5 tons and sales of jewelry gaining 51 percent to 188 tons, the council said.

BusinessWeek: Precious Metals Extend Rally as Equities Fall

Video

Bloomberg's Zeb Eckert and David Ingles discuss the broad-based gains in precious metals and tell us why things are moving on Bloomberg Television's "First Up with Susan Li."

GoldSeek.com: Flash in Pan or Pot of Gold?

This seems to be the question everyone is asking themselves. Many seem to come up with all sorts of “valid sounding” fundamental justifications of why gold is heading to $1000 or why its going to $2000 and higher. Naturally, these opinions lead to divisive behavior among many investors and confusion or uncertainty with the remainder. While we may not know the absolute fundamental factors that will cause tradeable movements in precious metals (except in hindsight), InvestorKey is not confused as to where we stand today.

In our Jul 25 – Blog and similar articles posted Jul 30 on 321Gold, we stated that gold might have one more pullback to the $1300 area, which is pretty much what happened.

Mining.com: Gold not dead yet: Hits seven-week high, Bernanke said nothing

After a slow start to the month, gold fetched its highest price since June 19 on Thursday. Comex gold futures hit $1362 while the spot price reached as high as $1370.

And for once the bullion's rise is not attributed to Ben Bernanke: Analysts say gold is up on safe-haven buying from political violence in Egypt and stock market weaknesses.

Cairo erupted in bloodshed on Wednesday, resulting in the deaths of more than 600 people. Egypt controls the Suez Canal which is a vital international gateway for oil and other commodities.

Silver Bear Cafe: Silver Bull Back!!! Up At LEAST 100% By Spring '14

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