Gold's Artificial Lows: Price Surge Coming
Mark O'Byrne | Aug 10, 2015 08:08AM ET
Please Note: Future editions of our Daily Market Update will focus on breaking news and important market commentary of the day. Our Weekly Market Update, published on Fridays, will now deliver to you value-added content and more detailed and comprehensive market analysis.
- With gold languishing near deep secular lows, its technicals look hopelessly broken.
- Sentiment is off-the-charts bearish, with traders universally convinced gold is doomed to spiral lower indefinitely.
- But gold’s weakness this year is very deceiving, as it wasn’t the product of global fundamental supply-and-demand forces.
- Extreme record shorting by American futures speculators spawned these artificial lows.
- Gold’s imminent short-covering rally should be the largest ever, coming from record extremes.
Today’s AM LBMA gold prices were USD 1,094.80, EUR 998.50 and GBP 707.74 per ounce.
Friday’s AM LBMA gold prices were USD 1,091.35, EUR 998.99 and GBP 703.01 per ounce.
Last week, gold and silver were mixed with gold marginally lower for the week - down 0.28% to $1,092.10 and silver up 0.4% to $14.77 per ounce.
This morning, gold is 0.1% higher to $1,096 per ounce. Silver is up 0.74% to $15.02 per ounce.
Platinum and palladium are 0.74% and 0.5% higher to $973 and $607 per ounce respectively.
GoldCore in Marketwatch – Market Watch
Gold stalls as US jobs data keeps door open to Sept Fed hike – Reuters
Gold Bulls Catch a Break as Dollar and Equity Drops Eclipse Jobs – Bloomberg
Gold turns higher in wake of jobs report – MarketWatch
Grim China data keeps stimulus hopes alive – Reuters
Marc Faber: Gold To Be Revalued From $1,000/oz to $10,000/oz – Zero Hedge
China is hiding gold… lots of it – Mining.com
China is hiding 9,500 tonnes of gold – Business Insider UK
JPMorgan (NYSE:JPM) Gold Vault Hubbub – TF Metals Report
Greece inches closer to 3rd bail-out deal but Finns insist rescue package ‘won’t work’ – Telegraph
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.