Friday, April 21, 2006
Gold Up 6% For The Week
Gold and silver end a wild week. "Gold futures climbed 2% Friday to recoup almost all of the previous session's loss; silver recovered from a two-week low. 'Although gold remains vulnerable to at least another bout of selling as we head into next week, the fact that it erased Thursday's losses demonstrates (for the time being) the fact that this bull is alive and kicking,' said Jon Nadler, at bullion dealers Kitco.com."
"Gold for June delivery rose $12.40 to close at $635.50 an ounce on the New York Mercantile Exchange, rebounding from a $12.90 pullback on Thursday. It closed up 5.9% from last Thursday's close, which was the final trading day for last week."
"'Iran's continuing stubborn stance, Russia's back-pedal posture against Iranian retributions, $75 per barrel oil, and continued worries about the day of reckoning for the dollar outweighed the nice feelings that most profit-takers experienced on Thursday,' said Nadler."
"Market strategist Emanuel Balarie said a pullback below the $600 level could be triggered by 'some heavy profit selling.' However, 'pullbacks and consolidations along the way are good for the long-term movement of this gold bull market,' he said, adding that these serve 'the purpose of shaking loose speculators and short-term traders that do not believe in the longevity of this bull market.'
"'In either case, I still expect gold prices to now break $700 before the end of the year,' Balarie said."
"Silver prices bounced higher following Thursday's nearly 14% drop. May silver closed up 44 cents, or 3.5%, at $12.965 an ounce, but not before touching a two-week low of $12.15 during the session. Futures prices reached a 23-year high of $14.575 on Wednesday. They're up 0.9% for the week. 'Silver has good interest around $12, but $10 remains in the cards,' said GoldSeek.com's Peter Spina."
"'Follow-through selling in the current volatile market could see silver dip to $11.25-$11.50, but with ETF speculation still rife funds/speculators will still be keen to buy dips,' said TheBullionDesk.com's James Moore."
"July platinum moved up $30.40, or 2.7%, to $1,139.20 an ounce after a record of $1,140.90. The contract gained 4.6% for the week. June palladium closed at $359.80, up $9.90 for the day and up 3% for the week. The Amex Gold Bugs Index tacked on 4% to close at 373.68, just shy of a record set at 385.37 on Wednesday. The benchmark dropped 6.7% on Thursday, but still gained 7.2% for the week."
"'The gold market held its ground,' said Daniel Vaught, an analyst at A.G. Edwards. 'That it stayed well above $600 in the face of the silver sell-off convinced investors that it's still involved in a bull market.'"
"Some investors recommended selling gold and buying silver after silver dropped more than gold, narrowing the ratio between the metals. 'Buying silver and selling gold this morning might well be the way to go,' said Dennis Gartman, editor of the Gartman Letter. Yesterday, it took about 44 ounces of silver to buy an ounce of gold. Today, it takes about 50 ounces, he said."
"Gold for June delivery rose $12.40 to close at $635.50 an ounce on the New York Mercantile Exchange, rebounding from a $12.90 pullback on Thursday. It closed up 5.9% from last Thursday's close, which was the final trading day for last week."
"'Iran's continuing stubborn stance, Russia's back-pedal posture against Iranian retributions, $75 per barrel oil, and continued worries about the day of reckoning for the dollar outweighed the nice feelings that most profit-takers experienced on Thursday,' said Nadler."
"Market strategist Emanuel Balarie said a pullback below the $600 level could be triggered by 'some heavy profit selling.' However, 'pullbacks and consolidations along the way are good for the long-term movement of this gold bull market,' he said, adding that these serve 'the purpose of shaking loose speculators and short-term traders that do not believe in the longevity of this bull market.'
"'In either case, I still expect gold prices to now break $700 before the end of the year,' Balarie said."
"Silver prices bounced higher following Thursday's nearly 14% drop. May silver closed up 44 cents, or 3.5%, at $12.965 an ounce, but not before touching a two-week low of $12.15 during the session. Futures prices reached a 23-year high of $14.575 on Wednesday. They're up 0.9% for the week. 'Silver has good interest around $12, but $10 remains in the cards,' said GoldSeek.com's Peter Spina."
"'Follow-through selling in the current volatile market could see silver dip to $11.25-$11.50, but with ETF speculation still rife funds/speculators will still be keen to buy dips,' said TheBullionDesk.com's James Moore."
"July platinum moved up $30.40, or 2.7%, to $1,139.20 an ounce after a record of $1,140.90. The contract gained 4.6% for the week. June palladium closed at $359.80, up $9.90 for the day and up 3% for the week. The Amex Gold Bugs Index tacked on 4% to close at 373.68, just shy of a record set at 385.37 on Wednesday. The benchmark dropped 6.7% on Thursday, but still gained 7.2% for the week."
"'The gold market held its ground,' said Daniel Vaught, an analyst at A.G. Edwards. 'That it stayed well above $600 in the face of the silver sell-off convinced investors that it's still involved in a bull market.'"
"Some investors recommended selling gold and buying silver after silver dropped more than gold, narrowing the ratio between the metals. 'Buying silver and selling gold this morning might well be the way to go,' said Dennis Gartman, editor of the Gartman Letter. Yesterday, it took about 44 ounces of silver to buy an ounce of gold. Today, it takes about 50 ounces, he said."
# posted by Ben Jones @ 3:32 PM 
