Peter Spina
Peter Spina
case gold higher major market move past precious several tend vicious
As is so often the case in the precious metals, corrections tend to be vicious and quick. With the major move higher over the past several sessions, the gold market is working off some of the excesses.
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News that the German government has deserted plans to invest proceeds from gold sales into a special fund assigned for research and education has given a boost to a weak gold market.
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Silver is taking center stage ... with the news of Barclays' silver ETF a step closer to possible approval. We have some gold investors moving into the silver market.
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It is just a matter of time before we have another leg down in the U.S. dollar and this will just add to the luster of gold and silver.
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Gold Fields had a stellar second-quarter earnings release Thursday, with a combination of a strong Rand gold price, slightly lower production costs and an increase in production to 1.04 million ounces (from 993,000).
appear calls continues correction despite due gold industry looking perform run
Gold continues to perform very well, despite calls from industry analysts that a correction is due at these levels. In fact, gold does not appear to want to correct just yet and is looking to run to $600.
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The typical investor has yet to discover the attractiveness of this asset -- the gold price is just starting to reflect this move as investment dollars flow in.
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All indications are that the geopolitical tensions will continue to support gold at this juncture, with the breakdown in the U.S. dollar adding even more ammo to the run.
bias dollar future gave increase lift next strong
Uncertainty on future FOMC interest-rate hikes, with a strong bias of at least another quarter-point increase at the next meeting, gave the U.S. dollar a lift after the FOMC decision.
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We are undergoing a healthy bull market consolidation, with the likelihood there may be more pain to the downside.
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Mining equities continued to march higher but overhead resistance is seen in many equities.
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Silver stocks are powering ahead ... taking the HUI above the 315-316 resistance to all-time record highs.
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Silver is taking center stage...with the news of Barclays' silver ETF a step closer to possible approval.
action remains taking
The real action remains in silver, taking away from gold's luster.