Gold & Silver Digest: 8/27/13

jasonw
By jasonw on Tue, Aug 27, 2013 - 6:40pm

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.

8/27/13 6:51 PM EST US close metals price quotes from Finviz

Reuters: Gold rises 1 pct on safe-haven bids, Syria fears

Gold rose 1 percent to its highest price in more than three months on Tuesday, as investors sought safe havens from rising geopolitical tension, with an attack by Western powers on Syria seen imminent.

Western forces could attack Syria within days, the United States and its allies have told rebels fighting President Bashar al-Assad, opening up new risks in a war that is spreading hatreds across the Middle East. 

Bloomberg: Record Gold in India Seen Hurting Jewelry Demand as Rupee Slumps

Gold advanced to a record in India after the nation’s currency extended a plunge to an all-time low, threatening jewelry demand during the main festival season in the world’s largest consumer.

The contract for delivery in October surged as much as 3.3 percent to 32,933 rupees per 10 grams ($1,555.96 an ounce) on the Multi Commodity Exchange of India Ltd. (MCX) in Mumbai today. Futures have rallied 33 percent since reaching a two-year low in June as the rupee tumbled about 10 percent, more than the 14 percent gain in bullion priced in dollars.

Forbes: GOLD Makes Bullish Cross Above Critical Moving Average

In trading on Tuesday, shares of Randgold Resources, Ltd. (NASD: GOLD) crossed above their 200 day moving average of $84.09, changing hands as high as $84.61 per share. Randgold Resources, Ltd. shares are currently trading up about 2.2% on the day. The chart below shows the one year performance of GOLD shares, versus its 200 day moving average:

MarketWatch: Gold surges 2%, enters bull market on Comex

Gold futures finished 2% higher on Tuesday, moving into a bull market as charted by the Comex contracts, as fears over possible U.S. military action against Syria and concerns over the U.S. debt ceiling drew investors into the perceived safety of the precious metal.

Gold for December delivery GCZ3 -0.18%  jumped $27.10, or 2%, to settle at $1,420.20 an ounce on the Comex division of the New York Mercantile Exchange. Intraday it hit as high as $1,424. Prices closed at their highest since mid-May, according to FactSet data, based on the most-active contracts. Gold on Monday lost 0.2%,

ZeroHedge: Loud War Drums Send Gold Into New Bull Market, Oil Soaring

A flurry of Reuters headlines climaxing with:

  • WESTERN POWERS TELL SYRIAN OPPOSITION TO EXPECT STRIKE WITHIN DAYS - SOURCES WHO ATTENDED MEETING BETWEEN ENVOYS, SYRIAN COALITION
  • MILLER SAYS CHANCE OF U.S. STRIKE ON SYRIA ‘VIRTUALLY 100%’

has sent investors scrambling for cover and added war premia to risk assets. Gold is now up over 20% from its 6/28 lows to $1,418.90; WTI jumped to over $108.50 - its highest since early March - collapsing the Brent-WTI spread back to $4. S&P futures are at their overnight lows -12pts (as all-important AAPL loses the $500 level and Icahn's dreams); 10Y yields have slid to 2.76%; and the JPY is surging back to 97.50 as carry-unwinds escalate.

GoldSeek: Russia, Turkey And France Among 15 Central Banks Buy Gold In July

France, Russia and Turkey were among 15 central banks who added gold to their foreign exchange reserves in July, IMF data showed today.

Russia expanded their gold reserves for a 10th straight month in July. Russian holdings, the seventh-largest by country, gained another 6.3 metric tons to 1,002.8 tons.

SilverSeek: Gold and Silver Gain But Miners Fall

Gold climbed $20.83 to as high as $1423.23 at about 10:30AM EST before it drifted back lower into the close, but it still ended with a gain of 0.93%. Silver surged to as high as $24.681 before it also fell back off, but it still ended with a gain of 0.66%.

Euro gold rose to about €1057, platinum lost $20.25 to $1521.75, and copper rose slightly to about $3.33.

Gold and silver equities opened up as much as 3% higher, but they then fell back off for most of the rest of trade and ended with over 4% losses.

Note: If you're reading this and are not yet a member of Peak Prosperity's Gold & Silver Group, please consider joining it now. It's where our active community of precious metals enthusiasts have focused discussions on the developments most likely to impact gold & silver. Simply go here and click the "Join Today" button.

1 Comment

westcoastjan's picture
westcoastjan
Status: Platinum Member (Offline)
Joined: Jun 4 2012
Posts: 561

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments