Analysis Topic: Commodity Markets - Metals, Softs & Oils
The analysis published under this topic are as follows.Thursday, April 03, 2008
Gold Downtrend Forecast Update / Commodities / Gold & Silver
This is an update to the gold price forecast posted on the 20th of March which illustrated a downtrend target for gold of $850. Subsequent price action now enables me to refine the forecast trend as illustrated by the below graph.Read full article... Read full article...
Thursday, April 03, 2008
Elliott Wave on Gold and Silver Retracements / Commodities / Gold & Silver
Short Term ForecastThe price action for Gold and Silver appears to be in a wave (2) or wave (B) correction. We should see the price of Gold and Silver advance to the recent highs attained on Mar 26th 2008. This wave up will also confirm if the intermediate highs are in place for the metals.
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Thursday, April 03, 2008
Gold Works Off Oversold Condition Ahead of Next Downleg / Commodities / Gold & Silver
The strength off of yesterday's low at 86.05 to 88.40 in the streetTRACKS Gold Shares (NYSE: GLD) represents a recovery bounce within an incomplete downside correction that projects into the 83.00 target zone prior to completion. The only question for me is whether or not "the bounce" continues higher to 90.00 prior to the next rollover. My intraday work is telling me that at the very least, the GLD needs more time to work off the near-term oversold condition ahead of the next downleg. I will remain on the sidelines for now.Read full article... Read full article...
Thursday, April 03, 2008
A New Floor in the Gold Price? / Commodities / Gold & Silver
"...And here's where the thick red-wax crayon joins the slump of Spring 2008 to the big spike of May 2007..."
AFTER NOTING an historic move higher in the Gold Price last month, maybe we should be wary of picking a bottom today.
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Wednesday, April 02, 2008
A $1 million Wager for Gold Bears / Commodities / Gold & Silver
Gold bullion is under water at the moment with the price having dived sharply over the past two weeks. This move has triggered a myriad opinions ranging from the end of gold's 7-year bull market to a mere healthy correction in an ongoing uptrend. But few pundits have as strong a conviction as Jim Sinclair who is putting his money where his mouth is – $1 million smackaroos, to be exact, that the gold price will trade at US$1,650 before the second week of January 2011. Any takers? (Let's hope this is not Jim's version of an April Fool's hoax!)Read full article... Read full article...
Wednesday, April 02, 2008
Gold Recovers as Emerging Economies Scramble to Cap Food-Price Inflation / Commodities / Gold & Silver
THE PRICE OF GOLD rose steadily in European trade early Wednesday, adding more than 1% from last night's New York finish as Asian stock markets closed sharply higher.European stock markets held flat, however, while crude oil added one dollar to $101.96 per barrel and short-dated US Treasury bonds bounced higher from Tuesday's sell-off.
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Wednesday, April 02, 2008
Gold and Silver- What's Changed? / Commodities / Gold & Silver
The Metals, both Gold and Silver , as well as the entire commodity spectrum in recent sessions have been/are being pounded for hefty losses as crimson litters the landscape.It is apparent that the entire complex now seems to be taking the "elevator down".
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Wednesday, April 02, 2008
Soaring Rice Prices Cause for Developing World Food Riots / Commodities / Agricultural Commodities
Rice is an all important staple food in much of the world. In the past year, the price of rice has rocketed from under $11 to more than $19, and even above $20 in overnight electronic trading. These prices are now the cause of food riots around the world. In recent times they occurred in Guinea, Mauritania, Mexico, Morocco, Senegal, Uzbekistan and Yemen (NY Times,29 Mar 2008) . In the Philippines, the government is worried about hoarding as that nation imports almost twenty percent of its rice consumption. Restrictions on global supplies are slowly developing.Read full article... Read full article...
Tuesday, April 01, 2008
Gold Sinks Below $900 on "Panic Selling" of Commodity Investments / Commodities / Gold & Silver
THE SPOT PRICE of physical gold bullion sank to a two-month low of $889 at the start of London trade on Tuesday, taking the last fortnight's losses to more than 14% before recovering to $897 per ounce.Crude oil recovered $1 after dropping to $100 per barrel, copper futures dropped 2.5%, and soft commodities continued to plunge in what one analyst called "panic selling".
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Tuesday, April 01, 2008
Gold Correction Continues Lower on Break Below $900 / Commodities / Global Stock Markets
Gold is down in Asian and early trading in London this morning. Gold was down $14.40 to $916.20 per ounce in trading in New York yesterday while silver was down 62 cents to $17.16 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $897.00, £453.90 and €572.32 (from $937.25, £472.17 €592.82 yesterday).Read full article... Read full article...
Monday, March 31, 2008
Gold and a Newer Generation / Commodities / Gold & Silver
Well, now that gold has surpassed 1,000 an ounce it should be preparing for its dramatic descent. The fact is that the common man has been brainwashed for 20 years that gold is bad and evil. Now that it is over 900 he knows by all his learning that gold should soon drop through the floor. Small investors all around the country are selling their physical gold for paper dollars.Read full article... Read full article...
Monday, March 31, 2008
Silver, Gold and JFK the Last American Hero / Commodities / Gold & Silver
hero, def. a man distinguished by exceptional courage and nobility and strength - wordnet.princeton.edu/perl/webwn
Like everything in our past, the late American president, John Fitzgerald Kennedy, exists as a memory. Struck down by an assassin in a decade where bullets—democracy's deadly equalizer—quieted those brave enough to champion change, e.g. JFK, Martin Luther King and Robert Kennedy, President John Fitzgerald Kennedy was a true American hero; and heroes, while a champion to many are, by definition, a threat to some.
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Monday, March 31, 2008
Gold and Silver Bearish Momentum / Commodities / Gold & Silver
The week started okay but ended on a sour note. It's not the time to panic yet but not the time to plunge in either. One should have well placed stops, relax and watch the action in comfort. Let others tear their hair out worrying what will happen next.
GOLD : LONG TERM
Nothing much has happened in the long term P&F chart so no need to comment on it this week. You may go to archive commentaries for still appropriate P&F analysis.
Sunday, March 30, 2008
Why Food Prices will go through the Roof in coming Months / Commodities / Agricultural Commodities
A deadly fungus, known as Ug99, which kills wheat, has likely spread to Pakistan from Africa according to reports. If true, that threatens the vital Asian Bread Basket including the Pu nj ab region. The spread of the deadly virus, stem rust, against which an effective fungicide does not exist, comes as world grain stocks reach the lowest in four decades and government subsidized bio-ethanol production, especially in the USA, Brazil and EU are taking land out of food production at alarming rates. The deadly fungus is being used by Monsanto and the US Government to spread patented GMO seeds.Read full article... Read full article...
Sunday, March 30, 2008
Gold and Silver Remain Overbought / Commodities / Gold & Silver
“Notice two important indicators may be showing short term support ahead in gold. Silver may be putting in an internal fourth wave.” ~ Precious Points: What Goes Up…, March 22, 2008
If last week's update said gold could go to $800 and silver to $15 without technically damaging their bull markets, then some might assume the positive price action last week in precious metals must be super-bullish and that it's time to pile back in. But that's clearly not the case, as shown in the weekly gold chart below.
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Sunday, March 30, 2008
Gold Fundamentals Are Being Ignored / Commodities / Gold & Silver
Almost every article on gold seems to be stating that the yellow metal is being bought up due to these troubled economic times. If I hear the words “safe haven” again, I'm going to be sick. In other words, it is proposed that investors will lose confidence in the value of the dollar and revert back to the olden days of bartering in physical goods. Analysts are throwing around ridiculous forecasts for gold of $2,000, $5,000, even $100,000 per troy ounce.Read full article... Read full article...
Saturday, March 29, 2008
The Mega Commodity Move: Why It's Happening / Commodities / CRB Index
The precious metals have been soaring. Gold, silver, platinum, palladium… you name it. If it's a metal, it's been booming. The same is true of other commodities too. So are commodities the new bubble? Have they replaced the real estate bubble, which replaced the tech stock bubble, as investors move from one bubble to another? It sure looks like it. But the big difference is that this metals and commodities bubble has a lot further to go. Why?Read full article... Read full article...
Saturday, March 29, 2008
Investing in Junior Gold Stocks / Commodities / Gold & Silver
“Junior gold stocks” is a three-word expression that for some breeds dismay, trepidation, and anger. But for others it illuminates excitement, opportunity, and profits. Regardless of which camp an investor resides, one thing is for certain. During this fantastic 7-year-running secular gold bull, the junior gold stock realm has been host to a highly-volatile range of sentimental extremes.Read full article... Read full article...
Friday, March 28, 2008
A New Era in the Energy Sector / Commodities / Energy Resources
Last month we delivered a lecture at Southern Methodist University to our Oil & Gas Law class on the 'New Era of Oil: The Age of Scarcity'. This is not a standard law school topic, but relevant when discussing the legal history and development of market demand prorationing, allowables, and conservation regulations.Read full article... Read full article...
Friday, March 28, 2008
Gold Drops 1.5% as US Core PCE Inflation Falls / Commodities / Gold & Silver
SPOT GOLD PRICES dropped to a three-session low as the New York opening drew near on Friday after the Commerce Dept. said a key measure of US price inflation dipped last month.The "Core PCE" inflation – which strips out both food and fuel prices, and which is closely watched by the Federal Reserve – rose by 2.0% in the year-to-February, just shy of Wall Street forecasts.
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