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Gold futures and options quick facts:
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100 ounce contract size
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One dollar move equals $100
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Trades Feb., April, June, Aug., Oct.,
Dec. + Serials
2/3/12 Gold futures prices rallied this week as the U.S. dollar
is continuing its slide. The USD is now down 3 full basis points
over the last few weeks which is helping to push many commodity
markets higher. Friday's strong jobs report is also helping
commodity prices strengthen. It also seems that bad European
Union headlines are having less affect on the markets and the
worst case may already be factored into many of these markets.
1/27/12 Gold futures prices are trading mostly higher again this
week. The bullish news was the weakening U.S. dollar that
continues its 2 week slide of about 3 full basis points which
helps push dollar denominated commodity markets higher. The FOMC
meeting left rates unchanged and opened the door for more
quantitative easing by the Federal Reserve Bank. European
sovereign debt issues and saber rattling from Iran seemed to
have little affect on the markets.
1/20/12 Gold futures prices traded mostly higher this week as
the recent influx of capital from hedge funds and other large
speculators into the commodity markets and especially the soft
sector pushed many commodity markets higher. The recent
successful debt auctions from Spain and France helped stabilize
the European Union for the near term and in turn weaken the U.S.
dollar.
1/6/12 Gold futures prices traded mostly higher this week. The
U.S. dollar rose to new contract highs as concerns over European
banks pushed the Eurocurrency down to a 16 month low. New
tensions with Iran and its nuclear program has pushed American
and British aircraft carriers to enter the Persian Gulf and the
Straits of Hormuz and in turn pushed crude oil prices to the
highs.
12/23/11 Gold futures prices rallied this week with many other
commodity markets as the U.S. dollar sold off from its contract
highs in the thin volume holiday trade that is typical for this
week and next. Iran tensions and possible sanctions pushed oil
higher and positive economic reports out of the U.S. and Europe
also pushed investors back into risk assets like stocks and
commodities.
12/16/11 Gold futures prices sold off this week along with most
other commodity markets. The lack of an additional quantitative
easing announcement by Bernanke and the Federal Reserve Bank at
the FOMC meeting surprised some market participants and
pressured the markets. More bad news out of Europe and very
positive news from the U.S. economy pushed more assets in to the
U.S. dollar as it hit another high kept the stock markets
trading down to sideways as well.
12/9/11 Gold futures prices traded mostly sideways to down this
week again as most of the commodity and stock markets took their
directional cues from the European headlines again. In other
words, bad news out of the European Union pressured the markets
and good news helped push markets higher. The week ended on a
positive note as the European Union summit yielded ideas of
tightening anti-deficit rules and punishments for member
countries. This heartened the markets as it symbolized the idea
that forced accountability of member nations may curb government
spending.
12/2/11 Gold futures prices rallied this week along with many
other commodity markets. Crude oil broke through $100 a barrel
as Iranian students broke into the United Kingdon embassy in
Tehran. Positive job growth in the U.S. and other encouraging
economic data helped many commodities push higher. Also adding
to the bullish tone was stability in Europe as a concerted
effort by 5 central banks to add liquidity to Europe eased some
fears and a sell off in the U.S. dollar also helped commodity
prices.
11/25/11 Gold futures prices traded mostly down along with the
majority of the commodity markets. The U.S. dollar index rallied
almost to its October 4th high which is coincidentally when many
commodity markets' made their recent contract lows. The recent
German bond auction was a failure and couldn't managed to sell
all of the bonds issued as more problems out of Italy and Greece
hurt the European Union as investors flee to cash and the U.S.
treasury markets.
11/18/11 Gold futures prices traded mostly down this week as
more problems came out of the European Union suppressing most
commodity rally attempts. The talk of Italy potentially
defaulting on its debt and Italian bond yields breaching the
critical 7% area hindered most bullish support for most markets.
The European Central Bank chose to purchase Italian and Spanish
bonds to support the markets and prove that they would support
the teetering European Union and its weak links from default.
11/4/11 Gold futures prices traded mostly higher this week as
more uncertainty about Greek and Italian solvency added to
European Union woes. Also adding to the uncertainty was the
bankruptcy declaration by MF Global who supposedly was
overleveraged in European high risk assets and it was a very bad
bet. This uncertainty pushed assets towards the U.S. dollar and
U.S. treasuries pushing both higher on the week. The strong
dollar often depresses dollar denominated assets like
commodities.
10/14/11 Gold futures prices traded sideways this week in spite
of the positive rhetoric out of the European Union and the idea
that the EU has plenty of assets to back up its support of
failing economys like Greece, Spain and Italy has led investors
back into stocks and commodities. The U.S. dollar continues its
fall which is also helping out the dollar demoninated commodity
markets become more bullish.
10/7/11 Gold futures prices traded mostly sideways this week.
The market moving news of the week was Moodys' cutting the
senior debt and deposit ratings of 12 UK financial institutions
while at the same time the European Commission put together a
possible coordinated European bank recapitalization plan to
stabilize weak links in the financial chain like Greece and
Italy. Market volatility continues to be extreme in stock and
commodity futures contracts.
9/30/11 Gold futures prices are trading mostly sideways to down
this week along with most other commodity markets as more
problems with Greece and its potential default to its bond
holders and other European woes has led to an extremely volatile
trading environment for stocks and commodity investors. The U.S.
dollar is also near its recent highs which is also hindering the
bulls for now.
9/23/11 Gold futures prices sold off this week along with just
about every other commodity as more problems out of the European
Union and Federal Reserve Bank chairman Ben Bernanke saying that
the U.S. economy was probably going to slip back into a
recession. This fear of a double dip global recession sent
investors fleeing out of the stock and commodity markets around
the globe and strengthened the U.S. dollar significantly.
9/16/11 Gold futures prices sold off this week along with most
other commodity contracts as more European soveriegn debt
problems (Greece) and more bad economic reports out of the
United States have come together to add more uncertainty about
the world's economic future. The weakening U.S. dollar did
little to prop up commodity prices. Volatility can be extreme at
times as the market reacts to economic reports.
9/1/11 Gold futures prices traded sideways this week in spite of
the strengthening U.S. dollar and the idea that the Federal
Reserve Bank is thinking about another round of quantitative
easing to stimulate the economy as interest rates should remain
low until 2013 if not longer.
8/19/11 Gold futures prices had an extremely volatile week along
with most of the rest of the commodity markets. The stock market
indices were quite volatile and affected most other asset
classes as European Union problems resurfaced again and put many
investors in doubt about future U.S. and global growth prospects
over the near term.
8/5/11 Gold futures prices have been mostly up this week. This
week's main stories are about Europe's continued problems and
the foreseeable end of the European Union as the PIIGS continue
to harm. A slower global economy and the 10% correction in the
U.S. stock markets have many commodity investors heading for the
sidelines.
7/29/11 Gold futures prices have been trading much higher to a
new contract this week as the United States faces a political
impasse on raising the debt ceiling. This has led to talk about
the U.S. losing its AAA credit rating and potentially defaulting
on its debt obligations. The U.S. dollar is trading sideways
near its lows probably because things seem to be even worse in
Europe. Many of the other commodity markets have also been
trading sideways for the most part.
7/15/11 Gold futures prices rallied by about $40 an ounce this
week as Ben Bernanke left the door open for QE3 or printing more
U.S. dollars to be used for buying treasuries to help buoy the
economy. Also the European Bank Authority said 8 out of 90 banks
failed their stress tests this week. 5 were from Spain, 2 from
Greece and one from Austria. The U.S. dollar sold off this week.
7/1/11 Gold futures prices sold off by about $30 and ounce this
week in spite of the fact that the U.S. dollar lost about 2
basis points once the markets decided that the greek soveriegn
debt issues would be resolved for the short term in spite of the
agreement that most analyst share that Greece is doomed to be
bankrupt sooner or later. Many commodity sectors look to be
selling off such as the precious metals, energies and grains
seem to be trending sideways to down over the near term.
6/24/11 Gold futures prices sold off by about 40 dollars and
ounce this week along with the collapse in crude oil prices and
as the U.S. dollar strengthened. The Obama administration
decided to release 30 million barrels of oil from the strategic
petroleum reserve to help pressure energy prices. The
International Energy Agency plans to add 2 million barrels a day
from non-OPEC reserves. Also pressuring the markets is the idea
that Greece will default sooner or later and may be released
from the European Union in order to strengthen the Euro. Reports
of slower growth out of India and China is also pressuring
commodity prices in general.
6/10/11 Gold futures prices are mostly trading sideways to up as
many other metals such as silver and copper are also trading
mostly sideways. The recent lack of volatility has made option
premiums get a bit cheaper.
6/3/11 Gold futures prices rallied this week in spite of quite a
bit of bad U.S. economic data in manufacturing, housing and jobs
has consumer confidence falling along with the stock market and
most of the commodity markets. Many economists fear a soft patch
in the economy this summer and a slowing of Asian demand for
many commodities as attempts to battle inflation by raising
rates are slowing growth.
5/27/11 Gold futures prices are trading sideways along with most
of the other commodity markets as large speculators such as
hedge funds seem to be exiting the riskier assets. The lack of
aggressive buying and selling of these futures contracts has
caused many of them to trade sideways in small trading ranges.
The recent 3 cent rally in the US dollar should have been more
of a catalyst pushing commodity prices higher but this has
largely been ignored. This is most likely caused by the
perception that China's economy may be slowing down as well.
5/20/11 Gold futures prices are trading mostly sideways this
week as the US dollar continues to strengthen and investors seem
to be heading for the exit when it comes to their riskier assets
and are getting in to cash and cash equivalents. The volatility
in many markets has dropped considerably as some like silver,
gold, crude oil and cotton are consolidating sideways. This in
turn is bringing option premiums back down to more normal levels
for some markets as this volatility premium is taken out of the
options.
5/13/11 Gold futures prices sold off again this week as the
market digests the idea that Greece may default on its debt just
a year after this same predicament that forced Germany to infuse
money into the system. This news crushed the Euro Currency and
pushed the US dollar higher which in turn hurt most commodity
prices and pushed volatility much higher. Quantitative easing is
set to end this summer which might be why the stock market is
soft in spite of energy prices coming down violently. Option
premiums are very high for most commodities because of the
recent volatility.
5/6/11 Gold futures prices sold off this week along with most of
the other commodity markets. A cocktail of bearish happenings
have been a catalyst initiating a huge exodus out of risk assets
to reduce investors' risk exposure. The ECB president Trichet
let the market know that a ECB rate hike is not a done deal in
July which in turn pushed the US dollar up a full basis point.
Also hitting the markets were the CME group's increase in silver
margin requirements which totalled 5 increases over the last 2
weeks which pushed weak longs out of the market and caused
silver to correct by about 25% making it the worst sell off
since the early 1980's. Lastly, many US economic reports have
been weaker than expected which is weakening the confidence of a
strong economic recovery in the US over the near term.
4/29/11 Gold futures prices rallied about $50 per pound this
week. The FOMC meeting left Bernanke signalling that QE 3 would
not happen and QE 2 would end in June and that interest rates
will probably stay on hold for a while leaving the US dollar to
get crushed as other countries plan on continued interest rates
hikes to fight inflation and attract foreign assets to the
stronger currencies.
4/22/11 Gold futures prices rallied about $30 per ounce this
week along with most of the other commodities as the US dollar
hit levels not seen since the "Great Recession" summer of 2008.
The market seems to be factoring in an unwillingness by the
United States' federal reserve bank to raise interest rates in
spite of the fact that many other economies like Australia,
China and the European Union are raising interest rates. This
rising interest rate environment draws money away from US
investments into stronger currency assets.
4/8/11 Gold futures prices rallied about $40 an ounce this week
along with many other commodity markets as the bulls seem to
have control for now. Gold hit an all time high and crude oil
broke through $110 a barrel pulling other commodities with them.
The US dollar coincidentally hit new contract lows this week as
well. The new earthquake in Japan seems to be a non-event this
time for the markets.
4/1/11 Gold futures prices are trading mostly sideways this week
as the problems in Japan seem to be contained and the Libyan
conflict seems to be factored into the markets already. Interest
rates have been creeping up recently as well. Gold option
premiums are high.
3/25/11 Gold futures prices were mostly higher this week based
on the fact that the risk trades like commodities were the
weekly theme. The Japan nuclear scare seems to have been averted
for the most part and the markets factored in a worst case
scenario which caused the massive sell off last week. The US
involvement in Libya and tensions in the Middle East seem to be
growing which pushed crude oil prices over the $105 level. The
US dollar has been sliding for most of the month of March which
is also helping push most commodity futures prices higher.
3/18/11 Gold futures prices came down this week along with most
of the commodity and stock markets as investors try to figure
out what affects the tsunami and its destruction of the cities
and nuclear plants in Japan will have over the short, medium and
long terms. Japan's economy is the 3rd largest in the world and
demand destruction for some commodities may occur.
3/11/11 Gold futures prices have been coming down after a
volatile few weeks in the commodity markets. Geopolitical issues
in the Middle East put the bias in the commodity markets in the
hands of the bulls for the last few weeks but the buy the rumor
sell the fact side of the equation and China's first trade
deficit in many years seems to be behind the massive liquidation
of most of the commodity markets.
3/4/11 Gold futures prices rallied again this week to another
record high as its safe haven status continues and as as the
world wonders about the violence and ubiquitous unrest in
northern Africa and the middle east. Egyptians got rid of their
despot. Libya is trying along with Bahrain, Tunisia and others
which is pushing crude oil prices sky high again. Higher oil
prices are very inflationary and helps push the bias of all
dollar denominated commodities higher.
2/11/11 Gold futures prices continue to rally with most of the
metals markets this week. The uprising in Egypt by the people to
oust the long time president out of power has turned violent and
caused many commodity markets to become very volatile because of
the belief that turmoil may spread to other Muslim countries
near Egypt. On February 10th the ousted president appointed his
vice president as ruler much to the dismay of the protesters.
2/4/11 Gold futures prices rallied this week as worry about the
Egyptian uprising spreading to other Muslim countries had the
markets on edge. In spite of the Suez canal being only
responsible for about 3% of the oil shipping, the oil markets
rallied and pulled many other markets higher as well. The idea
that inflation and especially food and energy inflation is
starting to get traction in the media and may have a significant
impact of the economy soon.
1/28/11 Gold futures prices sold off by about $100 an ounce
recently in spite of recent talk about food inflation in the
United States and talk of inflation in China and India which
pushed those countries to raise interest rates to slow growth.
Gold option premiums are high.
1/21/11 Gold futures prices followed the trend of most of the
other commodity markets as they sold off violently in
anticipation that China will step up its efforts to quell
inflation by making it harder to get money out of its main banks
by increasing reserve requirements and raising interest rates.
1/7/11 Gold futures prices are coming down hard this week based
on the recent strength of the US dollar and the idea that China
is tightening its monetary policy to battle inflation by raising
lending rates will slow economic expansion. Many of the other
commodities are selling off as well.
12/24/10 Gold futures prices traded sideways this week. The week
before and after Christmas are notoriously thinly traded and the
markets can have very volatile price swings because of the lack
of trading volume. Many money managers call it quits for the
year in early December to lock in before year end.
12/17/10 Gold futures prices have been running out of steam
every time they break through the $1400 an ounce level. This may
be because of the idea that a double dip recession is unlikely
and because China may raise its interest rates again soon to
slow inflation.
12/3/10 Gold futures prices have been running this week as the
European Union has decided to give Ireland the loan it needs so
that it won't have to default on its debt. Also helping the
market is the idea that the worst of the problems in the United
States are in the past and its economy will likely begin to grow
at a better pace than expected. There is also the idea that
capital gains taxes and taxes on dividends will not be
implemented now that republicans are in charge.
11/19/10 Gold futures prices sold off again this week as China
raised interest rates in an attempt to slow its overheating
economy and inflation. Also pressuring the commodity markets was
the idea that Ireland may default on loans might lead to more
Eurozone economic problems coming soon.
11/12/10 Gold futures prices are correcting significantly after
the huge run up in prices. The most prevelant perception is that
the global recovery may be stalling based on worse than expected
economic reports as of late and the idea that China will hike
interest rates to battle inflation which should push commodities
lower.
11/5/10 Gold futures prices are still heading higher as the FOMC
meeting yielded more quantitative easing by the Fed. Printing
more money should lead to high inflation or hyperinflation for
the next few years. Especially when you consider the fact that
the Fed bought so much of the toxic real estate assets from
Freddie Mac and Fannie Mae. It makes sense that they won't raise
rates to fight inflation because it would cost the government
billions of dollars.
10/22/10 Gold futures prices sold off from the highs as the US
Dollar strengthened and bullish investors used that to take
profits. India has been an active buyer on price dips and the
largest Hindu festivals are yet to come. Jewelers in India will
probably stay active over the near term. South Korea's central
bank may start accumulating gold.
10/15/10 Gold futures prices are near another all time high as
gold seems to be the currency of choice when the US Dollar is
coming down. Until investor confidence gets better high gold
prices may continue. High prices have slowed Indian buying for
now. Money printing by the Fed may destabilize the world economy
and start a currency war.
10/8/10 Gold futures prices hit another all time high this week
as more quantitative easing by the Fed will most likely push the
value of the US dollar even lower for a while. The Fed seems to
be more afraid of deflation than inflation which can keep the
interest payments to zero of less for the US.
9/24/10 Gold futures prices hit new all time highs again this
week as the recent FOMC meeting opened the door for more
quantitative easing ie. money printing. Developing nations
around the world like China, India and Brazil supposedly hold
less than 4% of their reserve currency in gold versus developed
nations like France, Germany, Britain and the US having
estimated 70% of their currency reserves in gold. Many of the
developing countries might start diversifying out of paper
currency.
9/17/10 Gold futures prices hit a fresh new all time high this
week as investors continue to seek "safe" investments.
Unexpected weak German economic data and the idea that the Fed
will continue with more quantitative easing is helping push gold
higher. Money printing is highly inflationary and India recently
raised its repo rate to battle any inflation potential.
9/10/10 Gold futures prices hit new highs this week on more
economic concerns. Some analysts believe that some European
banks have more exposure to risky government debt than
originally suspected which is pushing some to gold a a presumed
safe haven investment.
8/20/10 Gold futures prices are still trending higher as this
week's bad jobs report helped the stock markets sell off and
scare investor money into the precious metals sector again. The
recent FOMC meeting concluded with rhetoric that the Fed will
continue to keep interest rates low for some time to come.
8/13/10 Gold futures prices are still trending up for the most
part as unemployment and the real estate situations do not seem
to be getting any better and may be getting slightly worse. The
recent strength in the US Dollar may begin to slow the movement
of investors into gold.
8/6/10 Gold futures prices are rallying this week after a huge
bout of profit taking in the previous weeks. The news that China
is allowing more banks to import and export gold is helping gold
prices move higher. China is the number on gold producer and the
number three gold consumer.
8/2/10 Gold futures prices are still trending down in spite of
the recent bounce in prices. Investors seem to be exiting gold
in favor of riskier assets as the European and American
economies seem to be stabilizing. This is occurring as we
approach the Indian demand season for weddings and festivals
between September and December.
7/24/10 Gold futures prices continue to trade sideways in spite
of the weakening US Dollar. Recent ideas that some of the Asian
economies are starting to grow again is lending credence to the
idea of a global economic recovery. Gold option premiums are
high.
7/10/10 Gold futures prices were range bound this week as the
weaker US Dollar battles the idea that better economic news out
of the US and the European Union may mean less danger of a
double dip recession occurring.
7/2/10 Gold futures prices fell hard this week in spite of the
weak US Dollar. The idea that the European debt problems are not
as bad as initially presumed is beginning to get some traction
in the markets. Gold prices came down to a 3 week low this week.
6/24/10 Gold futures prices rallied again this week as bad news
about the US economy is pushing investors away from the stock
markets and into precious metals. The idea of a double dip
recession has been circulating recently. The weak housing
numbers are also pushing prices.
6/11/10 Gold futures prices came down some this week after a $77
rally after some good news hit the markets and investor optimism
the the worst may be behind rallied the stock markets. Gold has
been viewed as a safe haven for investors looking to avoid paper
assets.
6/1/10 Gold futures prices traded mostly sideways this week in
spite of the lingering tensions between North and South Korea
and the tensions between Israel and Turkey. The US Dollar is
also making new highs this week.
5/28/10 Gold futures prices rallied this week as the Eurozone
bailouts might not help much and tensions between North and
South Korea are also causing investors to flee to the metals
again. The recent World Gold Council meeting estimated that
world production is up 5% in the first quarter of 2010 and the
total world demand was down 25%.
5/21/10 Gold futures prices came down with the rest of the
commodity markets this week as the European problems stemming
from Greece and the other PIIGS are expected to hurt demand for
many commodities. Investors seem to be choosing cash over gold,
stocks and commodities for now.
5/14/10 Gold futures price rallied this week to a 5 month high
as investors flee to a perceived safe haven investment. The
European Union bail out plan for Greece has some investors
wondering if the EU will be able to stay together.
5/7/10 Gold futures prices rallied this week as investors' are
decreasing their risk appetites based on all of the Greece
problems and pushing assets towards safe havens such as gold, US
Dollars and US Treasuries. Gold hit a 5 month high this week.
4/25/10 Gold futures prices rallied this week along with many of
the other commodity markets as the idea that many economies
around the globe including the United States are begining to
show signs of growth.
4/16/10 Gold futures prices sold off towards the end of the week
along with many stock and commodity markets as the SEC charged
Goldman Sachs with fraud relating to the subprime markets.
4/9/10 Gold futures prices rallied this week in spite of the
higher US Dollar to a 12 week high. The recent FOMC minutes
showed interest rates will probably stay low for a while longer
and Greece might get bailed out by the European Union soon.
3/27/10 Gold futures prices rallied on Friday because of fears
that something aggressive may have happened between North and
South Korea when a ship exploded. The US Dollar also sold off on
Friday to help the rally along.
2/26/10 Gold futures prices rallied on the idea that China may
buy up the rest of the IMF gold. But this is just a rumor for
now. The Fed hinted that interest rates would remain low for a
while in spite of the recent surprise increase in the discount
rate. The strong US Dollar has been keeping a lid on gold
prices. Gold option premiums are high.
2/12/10 Gold futures prices rallied a bit this week as the idea
that Europe will help Greece with its financial problems
weakened the US Dollar and pushed many commodity prices higher
including gold and silver. Gold prices bounced from a 4 month
low.
2/5/10 Gold futures prices collapsed the most since 2008 in one
day along with many other commodities as the strength in the US
Dollar is expected to diminish demand for commodities. The
recent attempts by China to tighten monetary policy is also
hurting commodities. Gold prices hit a 4 month low.
1/30/10 Gold futures prices came down again this week as the
strength in the US Dollar continues and the US economic reports
that came out were weaker than expected for the most part. The
slide in the US stock markets are also hurting ideas of an
economic recovery.
1/22/10 Gold futures prices came down again this week along with
the other commodity markets as the US Dollar continues to
strengthen and the idea that China is restraining its economy by
raising rates and increasing the amount of capital reserves
banks must keep will diminish demand.
1/15/10 Gold futures prices are still trading sideways as the US
Dollar decides if it wants to sell off or rally from its current
levels. The low interest rate environment should support prices.
1/8/10 Gold futures prices rallied again this week in spite of a
stronger US Dollar to a one month high. The weak unemployment
report today may also keep the Federal Reserve Bank from raising
interest rates anytime soon.
1/1/10 Gold futures prices rallied by about $200 an ounce in
2009 as low global interest rates, the weakening US Dollar and
investor speculation about inflation coming helped keep prices
high. Gold options premiums are high.
12/11/09 Gold futures prices fell by $50 an ounce this week to a
4 week low as the US Dollar continues to strengthen and in spite
of the South African mining production estimates that are down
8.5% in October from a year ago.
12/4/09 Gold futures prices crashed on Friday after the upbeat
jobs report in the US pushed the US Dollar dramatically higher.
Gold was down as much as $50 an ounce which is the biggest one
day drop of the year. Barrick Gold announced the cessation of
its gold hedging this week as well.
11/28/09 Gold futures prices hit another all time high as the
news of Dubai potentially defaulting on its sovereign debt
spooked the stock and commodity markets. News that India is
looking to make another huge gold buy from the International
Monetary Fund and the US Dollar hitting an 18 month low kept
gold from staying down. Gold option premiums are high.
11/20/09 Gold futures prices hit another all time high as the US
Dollar hit another contract low and the worries about low
interest rates allowing inflation to become entrenched has many
investors worried. The idea that many central banks may be
precious metals to replace some of their US treasuries and other
US Dollar assets also has many investors spooked towards the
gold market.
11/13/09 Gold futures prices hit another all time high this week
as the US Dollar continues to weaken and the Federal Reserve
Bank seems to be invested in keeping interest rates down as long
as possible at the expense of maybe high inflation next year.
11/6/09 Gold futures prices made new highs this week as the US
Dollar continues to weaken and the FOMC meeting ended with rates
staying the same and rhetoric implying that they will stay that
way for a while. The IMF sold 200 tons of gold to the Reserve
Bank of India for $6.7 billion this week.
10/24/09 Gold futures prices are still near the highs as the US
Dollar is still near its lows for the year. Extreme investor
demand and the fears that the global economy is improving is
pushing people towards an inflationary hedge like silver and
gold.
10/12/09 Gold futures prices hit an all time high this week as
the week US Dollar as countries are rumored to be moving away
from the US Dollar as a reserve currency and the fears of
inflation are pushing prices to the record highs. The recent
good economic reports from around the globe are pointing to a
recovery.
9/25/09 Gold futures prices sold off below the $1000 an ounce
this week as the US Dollar rallied from its yearly lows and the
FOMC meeting ended with no near term interest rate changes being
likely.
9/18/09 Gold futures prices are still above $1000 an ounce as
the weakening US Dollar and the idea that the strengthening
global economy will cause inflation are helping hold up gold
prices.
9/11/09 Gold futures prices broke through $1000 an ounce again
as the return of inflation fears and the US Dollar making its
lowest low of the year versus the Eurocurrency is helping the
gold bulls currently. Gold hit a 12 month high. Gold option
premiums are high.
9/4/09 Gold futures prices are near 6 month highs based on the
idea that money is leaving the stock market and coming towards
the gold and silver markets as a hedge. Gold option premiums are
high.
8/21/09 Gold futures prices are trading sideways this week
around $940 per ounce. The lack of any new bullish or bearish
news has the gold market consolidating sideways for now. Gold
option premiums are high.
8/7/09 Gold futures prices are running this week as the US
Dollar sold off near its contract lows. Gold option premiums are
high.
7/31/09 Gold futures prices are still range bound as strong
economic news is being offset by the weakening US Dollar. Gold
option premiums are high.
7/20/09 Gold future prices are finding some strength as the
weakening US Dollar and low interest rates are helping prices.
Also helping are the recent positive economic reports coming out
of China and Singapore. Gold option premiums are high.
7/10/09 Gold futures prices sold off this week as the Indian
government doubled its import taxes on gold and silver. India is
the largest consumer of gold. Recent economic news also points
to stable interest rates. Gold option premiums are high.
7/4/09 Gold futures prices sold off this week as the US Dollar
can't seem to break the 80 level and hold and in spite of the
report that China's manufacturing output improved in June. Gold
option premiums are high.
6/21/09 Gold futures prices are trading sideways in spite of The
World Bank's estimate that China's GDP will grow from 6.5 to
7.2% in 2009. Gold option premiums are high.
6/5/09 Gold futures prices are gaining strength as the inflation
scenario seems to be gaining traction and investors look for an
inflation hedge as the US Dollar weakens. Gold option premiums
are high.
5/30/09 Gold futures prices are running to the highest close in
3 months as the US Dollar is beginning to free fall to yearly
lows versus many of the other major currencies. Gold option
premiums are high.
5/22/09 Gold futures prices are running again as bad economic
news, strong investment demand and higher jewelry demand is
pushing prices higher. Record gold etf inputs are also pushing
prices. The World Gold Council predicts that demand is up 38%
from a year ago levels. Gold option premiums are high.
5/15/09 Gold futures prices are at a 6 week high as central
banks around the globe are still printing money to support the
banking system. Gold option premiums are high.
5/8/09 Gold futures prices are up this week as the US Dollar is
near its lows and more news of European money printing is making
inflation a very likely scenario. Gold option premiums are high.
4/30/09 Gold futures prices are still consolidating sideways as
rallies that tend to push the gold higher are offset by days of
a strong US Dollar which tend to push prices back down. Gold
option premiums are high.
4/23/09 Gold futures prices are still range bound between $865
and $900. The USD has been rallying recently along with the
stock market which has hurt the demand for gold as a hedge. Gold
option premiums are high.
4/10/09 Gold futures prices are still coming down as inflation
fears based on the world wide stimulus packages battles with the
expectations that the US Dollar will stay strong. The world bank
expects China's economy to recover this year. Gold option
premiums are high.
3/27/09 Gold futures prices are selling off as the 10 day rally
in the stock market drew money away from gold and into stocks.
Gold option premiums are high.
3/20/09 Gold futures prices rallied $80 this week as inflation
may soon replace the current deflationary cycle that is the
worst since the Great Depression. The recent move by the Fed to
print a trillion dollars and use them to buy treasuries has
significantly decreased the value of the US Dollar. Gold option
premiums are high.
3/13/09 Gold futures prices are still coming down to the $900
level. This is a $100 drop in the last 3 weeks for the yellow
metal. Gold futures prices are moving in a sideways to down
trend currently. Gold option premiums are high.
3/7/09 Gold futures prices are holding their value this week as
the massive sell off in the stock market is pushing more people
towards gold. Gold prices may be saying that inflation is coming
once the stimulus works its way through the economy. Gold option
premiums are high.
2/27/09 Gold futures prices sold off this week after breaking
the $1000 an ounce mark last week. The world's largest gold
producer, Barrick Gold, said that it expects to produce 1.2
million ounces less than last year and South Africa's total gold
production was down 14% in 2008 which is that lowest since 1922.
Gold option premiums are high.
2/13/09 Gold futures prices rallied to the highest prices seen
since last July. A poor economic outlook around the globe and a
report showing output from South Africa being down 18% last
December is also helping prices higher. Gold option premiums are
high.
2/6/09 Gold futures prices are trending higher as investors lose
confidence in currencies and stock markets around the world and
as inflationary fears may be realized as governments continue to
print money to stimulate their economies. Gold option premiums
are high.
1/30/09 Gold futures prices have been in an uptrend for over a
month now and any setbacks have been short term so far.
Investors are pouring into gold as a protective hedge against
their weakening currencies and the risk of inflation coming
sometime soon. Gold option premiums are high.
1/16/09 Gold futures prices have been very volatile this week as
the currency markets have been in flux. The demand for gold is
still very high and South Africa said that its production in
November was down 8.7% from a year ago. Gold option premiums are
high.
1/10/09 Gold futures prices fell this week as the US Dollar
found strength and crude oil prices fell. Gold option premiums
are high.
12/27/08 Gold futures prices rallied this week as the flight to
safety continues in the face of worsening economic news, a
falling USD and lower interest rates. Gold option premiums are
high.
12/19/08 Gold futures prices rallied again this week with the
weakening US Dollar. The prices rose to over a two month high.
Gold option premiums are high.
12/12/08 Gold futures prices rallied along the the rest of the
commodity markets as the US Dollar fell sharply from its highs..
Gold had fallen the least of the commodity markets at only 25%
from the highs. Gold option premiums are high.
12/5/08 Gold futures prices are near the $750 as the US Dollar
makes another run to the upside. Gold option premiums are high.
11/30/08 Gold futures prices rallied to a 5 week high based on
the economic uncertainty, low bond yields and potential
inflation concerns. Gold option premiums are high.
11/21/08 Gold futures prices are down $250 in October and has
disconnected from crude oil and the US Dollar . Gold option
premiums are high.
11/7/08 Gold futures prices are falling again in spite of the
recent coordinated rate cuts from the BOE, ECB, US Treasury,
Switzerland and Australia. Gold option premiums are high.
11/1/08 Gold future prices are falling in spite of banks
hoarding gold and silver to restore investor confidence which is
making it hard for spot traders to lease gold and silver.
Newmont mining earnings were down 51% from last year in spite of
their production costs being $480 and ounce. Gold option
premiums are high.
10/24/08 Gold futures prices are falling partly because of the huge
rally in the US Dollar that is strengthening because of the
massive repatriation of US Dollars back into the US from other
countries. Argentina's nationalization of pension funds is
causing a mass exodus of capital out of the country into more
stable areas of the world. Gold futures prices have fallen $200
an ounce in the last few weeks. Gold option premiums are high.
10/10/08 Gold futures prices are getting the benefit of massive
buying and the other commodities suffer. Gold prices are near
the $950 mark again as the flight to safety and the coordinated
6 central bank rate cuts are helping gold. Gold option premiums
are high.
10/6/08 Gold futures prices have shown some strength recently.
The flight to quality has helped gold out somewhat but the fears
of a global recession and the strong US Dollar are limiting
gains. Gold option premiums are high.
9/26/08 Gold futures prices have rallied based on a rush to
precious metals as a safe haven in uncertain economic times.
Physical gold demand is very strong recently as the US mint
can't keep up with demand for golden eagles and Indian gold
imports are up 56% from last year. Gold option premiums are
high.
9/19/08 Gold futures prices rallied $80 an ounce in one day as
the flight to safe havens was the main idea of many investors.
This was the biggest one day move ever. Gold option premiums are
high.
9/12/08 Gold futures prices fell again this week as the US
Dollar rallied big time. Friday we did see a reversal of a basis
point. Gold option premiums are high.
9/5/08 Gold futures prices fell again this week as the US Dollar
is still rallying and South African production is up 9% in the
second quarter. Gold option premiums are high.
8/29/08 Gold futures prices are trying to rally again following
crude oil prices and the news that Anglo American in South
Africa had to buy hundreds of large power generators
because the power supply is so unreliable. Gold option premiums
are high.
8/22/08 Gold futures prices bounced this week after the huge
sell off. Chinese demand helped BHP (the world's largest mining
company) earn $15.4 billion in the year ending on June 30 which
is up from 13.4 billion last year. Slow economic news may keep
rates low and week overseas economic data may help prices. Gold
option premiums are high.
8/15/08 Gold futures prices are falling again this week as the
US Dollar is becoming a safe haven again based on the Russian
invasion of Georgia and weakening European and other non US
economies. Gold option premiums are high.
8/8/08 Gold futures prices sold off this week because the
Federal Reserve Bank held rates steady and the US Dollar had a
huge rally. South African gold production was down by 12.3% in
June from a year ago. Gold option premiums are high.
7/25/08 Gold futures prices sold off this week as the Fed talked
prices down with the rhetoric of higher inflation necessitating
a raising of interest rates by the Federal Reserve Bank. Gold
option premiums are high.
7/18/08 Gold futures prices sold off from 4 month highs in the
wake of the broad based commodity sell off led by crude oil.
Gold futures are being supported by the Federal Reserve Banks
soft monetary policy and the potential for a national strike in
South Africa by miners. Gold option premiums are high.
7/11/08 Gold futures prices hit a 3 month high because of the
potential conflict with Iran and the weakening US Dollar. Gold
option premiums are high.
7/4/08 Gold futures prices rallied this week because of the
tensions with Iran and Israel makes investors want to hedge
inflation using precious metals. The weak US Dollar at the
beginning of the week also helped prices. Gold option premiums
are high.
6/27/08 Golf futures prices rallied again this week based on the
Federal Reserve Bank's inaction concerning interest rates which
pushed the US Dollar sharply lower. Gold option premiums are
high.
6/20/08 Gold futures prices rallied this
week above $900 based on the decline in the US Dollar. Gold
option premiums are high.
6/13/08 Gold futures prices fell this week
because of the strong rally in the US Dollar. Gold has been in a
roughly $50 range as of late and inflation hedgers and dollar
bears are not aggressively buying. Gold option premiums are
high.
6/6/08 Gold futures prices rallied this week
to $900 again because the US Dollar sold off based on the EU
talking about raising interest rates to battle inflation. Also
helping gold was the South African Chamber of Mines' estimation
that gold production was down 17% from a year ago levels. Gold
option premiums are high.
5/30/08 Gold futures prices fell about $50
an ounce this week as the US Dollar strengthened. Gold option
premiums are high.
5/23/08 Gold futures prices are being
supported by the weak US Dollar this week. Gold futures prices
rallied about $50 an ounce this week and is holding above the
$900 level. The World Gold Council says that gold demand was
down 16% in the first quarter of the year from one year ago
levels. Gold option premiums are high.
5/15/08 Gold futures prices look as if they
have found a bottom for now. South Africa gold production is
down 10.1% in the first quarter of 2008 form a year ago. Gold
option premiums are high.
5/9/08 Gold futures prices rallied this week
based on resumed weakness in the US Dollar. The world's largest
gold mining company, Barrick Gold, expects to produce 7.8
million ounces this year and is profitable at $400 an ounce.
Gold option premiums are high.
5/1/08 Gold futures prices sold off again
this week to the $850 level based on the strength in the US
Dollar and the potential for a cessation of interest rate cuts
by the Fed. Gold option premiums are high.
4/25/08 Gold futures prices sold off again
this week to break the $900 mark based on the US Dollar rally
and lack of speculative buying. The US Dollar rally is hurting
all of the metals because of the direct inverse relationship
between futures prices and the movement of the US currency. Gold
option premiums are high.
4/18/08 Gold futures prices are still
trading sideways in a $50 range. A few bad US reports helped
push the metal higher but the US Dollar began to rally killing
the increase in gold futures prices as it did. Gold option
premiums are high.
4/11/08 Gold futures prices are still
languishing around $930 after bouncing some after the weak US
employment figures and Barrick gold (the world's largest
producer) estimated that its gold production will fall by
250,000 ounces in 2008. Gold option premiums are high.
4/4/08 Gold futures prices are holding near
the $900 level after selling off over $100 an ounce over the
last couple of weeks. The rally in the US Dollar and the flight
to cash by many investors helped pull gold futures prices down.
Also helping the decline is end of quarter liquidation by large
commodity and hedge funds. Gold option premiums are high.
3/28/08 Gold futures prices kept within a
roughly $50 range this week. There is still uncertainty in the
markets and the US Dollar bounced a bit. Gold option premiums
are high.
3/21/08 Gold futures prices kept falling
this week as Wall Street hedge funds and commodity funds
liquidated futures positions to cover margin calls in stocks and
to pay back borrowed money. The Bear Stearns issue took the
confidence from investors. The Fed's 75 basis point cut
surprised investors because a full 100 basis point cut was
expected. Gold option premiums are very high.
3/14/08 Gold futures prices hit an new all
time high this week and seem to be comfortable above $1,000 an
ounce. The main driver in gold futures prices seems to be the
weakening US Dollar and investors' perception that gold is a
good inflationary hedge. Famed commodity guru Jim Rogers is
predicting $3,500 an ounce gold before this commodity bull
market is done. Gold option premiums are very high.
3/7/08 Gold futures prices broke $1,000/oz.
this week only to sell off $30 a contract. Gold futures prices
had been held up by lack of electricity in many South African
mines and the falling dollar. The inflation adjusted 1980 high
would be around $2,239/oz. Gold option premiums are very high.
2/29/08 Gold futures prices hit another
record high this week based on record oil prices and more
potential rate cuts by the Fed. The US Dollar plummeted this
week based on poor economic reports and a probable interest rate
cut of 50 basis points at the next FOMC meeting. The IMF
reported that they would allow gold sales by certain countries
to pay debt. Gold option premiums are very high.
2/22/08 Gold futures prices hit a record
high this week because of record crude oil prices and a broad
based commodity rally. It was the largest weekly advance in gold
futures prices in 18
months. The weak dollar, stronger than expected CPI and more
problems in South African mines also buoyed gold prices. Gold
option premiums are very high.
2/15/08 Gold futures prices have been
volatile again this week. Talk on Wall Street that there may be
no recession or at worst a mild one has taken money away from
the perceived safety of gold back into the stock markets. In
2007 global demand for gold hit an all time high of $79.2
billion dollars. Allowing Chinese citizens to own gold was
probably a decent portion of this number. Gold futures prices
are around $917 an ounce. Gold option premiums are very high.
2/8/08 Gold futures prices have been
extremely volatile this week. Gold futures prices sold off below
$900 and rallied the very next day and are currently near $920
basis June. Barrick Gold Corp. (the world's largest producer of
gold) sees gold spot prices at $1000 an ounce this year because
of lower global spending by mining companies, slow mine
permitting procedures, longer production times, a lack of
skilled workers and higher capital costs. Gold option premiums
are very high.
2/1/08 Gold futures prices rallied through
the $940 level this week. The rally occurred because of the continued rate cuts, the weakening
dollar combined with European Central Banks agreeing to
limit
gold sales to 500 tons per year until September 2008 and the South Africa Chamber of Mines
said that the nation's gold production was down by 7.6% in the
first quarter from a year ago. Gold option premiums are very
high.
-T & K Futures and Options Inc. |
