Gold & Silver Digest: 8/19/13

Adam Taggart
By Adam Taggart on Mon, Aug 19, 2013 - 11:17pm

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.

8/19/13 9:09 PM EST US close metals price quotes from Finviz

Reuters: Gold falls on worries over Fed stimulus curb

Gold fell on Monday, snapping a three-day winning streak, as rising U.S. bond yields signal the U.S. Federal Reserve could be moving closer to reducing monetary stimulus next month, analysts said.

Bullion has rallied in recent weeks due to uncertainty about the timing of the Fed's planned stimulus scale-back, technical buying triggered by a break above the key $1,350 mark, and fresh inflows into bullion-backed exchange-traded funds. 

Forbes: Technical Trading: The Next Few Weeks Could Be Explosive For Gold

The next few weeks could be explosive for gold. If the Fed doesn’t taper in September there will be “disappointment” registered in the U.S. dollar. Greenback weakness would in turn be bullish for gold. Also, on the horizon over the next few months lies a series of U.S. fiscal challenges including the debt ceiling, the budget and continuing resolution issues. These all could potentially provide bullish fodder for gold.

Technically, to break the current minor uptrend pattern, December gold would need to close under the August 14 low at $1,315.10. If that level remains intact near term, gold could prove to be a “buy the dip” trade in the days and weeks ahead.

Bloomberg: U.K. Gold Shipments Climb Eightfold as Metal Seen Moving to Asia

Gold exports from the U.K. to Switzerland in the first half of 2013 were more than eight times the total for all of 2012 as metal was probably moved from Europe to investors in Asia, Macquarie Group Ltd. said.

U.K. gold exports were 797 metric tons in the first six months this year, compared with 92 tons for all of 2012, Macquarie said in an e-mailed report dated today. Investors sold 586 tons of gold in exchange-traded products in January through June this year, data compiled by Bloomberg show.

RT: Is the golden dragon set to breathe fire on the US dollar?

In the third edition of Venture Capital, Katie Pilbeam explores the reasons why the world’s largest producer of gold, China, is buying up the shiny commodity in record quantities. This sudden gold rush is igniting speculation that the country is getting set to create a new gold standard for its currency. Also, the Eurozone breathed a sigh of relief this week: It’s officially out of recession, but for how long? And what does this mean for the countries in southern Europe still struggling with historically high unemployment rates? Plus, is Britain ready for a shale revolution to jump-start its sputtering economy, and what will be the implications for the UK environment? Find out the biggest Russian corporate news stories rocking domestic markets, and RT’s in-house trader Sean Thomas just about manages to keep his shirt on. World’s Largest Silver Producing Company States Big Decline in Production

The world’s largest silver producer saw its production decline substantially in the first half of 2013.  Many assume this decline came from Fresnillo, which is known as the largest primary silver miner in the world.  However, it was recorded by KGHM Polska Miedz, the largest by-product silver producer on the planet whose annual silver production was 41 million oz in 2012.

Silver Bear Cafe: Silver price up 14% in best week for five years and ready for an autumn spike?

The most volatile of commodities posted a thumping 14 per cent gain last week, its best week in five years. Is this just a flash in the pan or is silver now set up for an autumnal price spike?

Step back a little and consider the win-win position for precious metals. Silver is just a leveraged play on gold, also up by 4.5 per cent last week.

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