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[BillMarkSteve]

Gold Touches Four-Year Low Friday; US Jobs Data Awaits Next Week

 

http://www.bloomberg.com/news/2014-10-30/low-inflation-means-societe-generale-eyes-gold-at-1-000.html

 

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(Kitco News) - Talk about a Halloween trick for bullish gold traders: the yellow metal fell to its lowest level in four years, as the U.S. dollar rose on the bank of unexpected stimulus by the Bank of Japan.

For next week, market watchers said gold will take its cue from any comments from the European Central Bank, but more importantly, the outcome of the October U.S. nonfarm payrolls report. With U.S. data coming in stronger than expected, such as Thursday’s third-quarter gross domestic product news, and the Federal Reserve being more upbeat on the labor markets in the Wednesday Federal Open Market Committee meeting, gold bulls may have to brace for some additional frights.

December gold futures fell Friday, settling at $1,170.90 an ounce on the Comex division of the New York Mercantile Exchange, down 4.9% on the week. December silver fell Friday, settling at $16.080 an ounce, down 6.4% on the week.  For the month, December gold lost 3.4% and December silver lost 5.7%. Gold fell to its lowest level since July 2010 and silver since February 2010.

In the Kitco News weekly Gold Survey, out of 36 participants, 22 responded this week. Of those, seven see higher prices, 14 see lower prices and one sees prices trading sideways or neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

After spending much of the month bouncing off a triple-bottom low around $1,180 made on Oct. 6, and previously in December and June 2013, gold prices turned weaker and spent the last week and a half drifting lower. Gold took out support at $1,200 on Thursday, but the catalyst to move through $1,180 was the surprise announcement by the BOJ to expand its stimulus program at its monetary-policy meeting. Japan’s central bank said downside risks to its inflation forecast from lower crude oil prices and weak demand after it raised taxes were the reasons to increase the monetary base target

Sources said along with gold, silver fell through key support at $16. While gold’s losses have drawn attention, Commerzbank analysts said silver has been hit even harder than gold recently. Since July, prices are down more than 20%.

“The much-regarded gold/silver ratio has now climbed to 73.3 – the last time silver was this cheap as compared to gold was five and one-half years ago. Once again silver has shown itself to have virtually no life of its own and to respond considerably more strongly during weak phases,” Commerzbank said.

One floor trader said the difference between gold’s behavior during Friday’s break of $1,180 and when the market made its triple bottom in early October is the positioning of speculators. In early October, speculators had sizable short positions, so when gold bounced from its early-month losses, a mix of short covering and new buying pushed gold back to $1,255.

This time, the floor trader said, there were more long position-holders in the market, so when the support at $1,180 broke, traders sold their losing positions, likely uncovering sell stops.

Some market watchers said given how hard gold and silver fell Friday, the two metals could see a short-covering bounce to start off November if they can find support around the $1,150-$1,160 area. However, the markets also need to contend with the European Central Bank meeting next week and the U.S. October jobs report, due out Friday.

 

 

 

 

 

http://www.forbes.com/sites/kitconews/2014/10/31/gold-touches-four-year-low-friday-us-jobs-data-awaits-next-week/

 

 

 

 

[BillMarkSteve]

Most economists don’t expect any policy action by the ECB, but analysts at Nomura said ECB President Mario Draghi could remind listeners that the governing council will act if economic conditions warrant.

It’s likely that the ECB meeting may reinforce the stance that the rest of the global central banks are taking versus the Fed, especially in light of the BOJ’s surprise move on Friday and the unexpected move by Sweden’s Riksbank to lower rates earlier this week, currency analysts said.

“Policy divergence has been and will likely remain a key theme as we head into the final months of 2014,” analysts at BNP Paribas said.

That’s supporting the U.S. dollar, which also reached its highest level since 2010. Frank Lesh, senior broker and futures market analyst at FuturePath Trading, said that’s the main weight for gold.

“We can talk about all the reasons and which factors have the most influence, but the bottom line is new highs for the dollar and new lows for gold. As long as the dollar is bid, gold will be offered. There will be oversold bounces for gold but traders will be selling into rallies, either to liquidate longs that they may still be holding or establish and add to short positions,” he said.

Some economists said they expect next week’s U.S. economic data to continue the trend of positive results. For Friday’s October nonfarm jobs report, Barclays’ analysts are expecting payrolls to rise 225,000, citing the down trend in jobless claims.

“Broadly speaking, U.S. data continue to point to a solid recovery, with Thursday’s GDP report the latest upside surprise,” said Barclays’ analysts.

[BillMarkSteve]

http://www.bloomberg.com/news/2014-10-30/low-inflation-means-societe-generale-eyes-gold-at-1-000.html

[idiBeZaWaDa]

inka tagudi antunnaru kada

[BillMarkSteve]

inka tagudi antunnaru kada

 

yaa... 1troy of oz will go to $1000 ani telling.....

 

http://www.bloomberg.com/news/2014-10-30/low-inflation-means-societe-generale-eyes-gold-at-1-000.html

[ChampakDas]

neek gold pichi patindi

[k2s]

below $1000 per Oz vasthunda billu uncle ? 

[ronitreddy]

Ninna konesa..malla thaggudi endi lol...

[ronitreddy]

below $1000 per Oz vasthunda billu uncle ? 

nu kontava scrooge vuncle..

[k2s]

nu kontava scrooge vuncle..

families konu konu ani telling smartboy .... thappatledu 

[Guest]

yendi vayya gold venakaala padinav..prathi gold taadu lo racha chestunnav

[MathuloMazaaahhh]

Ninna konesa..malla thaggudi endi lol...

papam nuv.. puli saab emchestunado

[MeetFriendz]

lets see

[BillMarkSteve]

neek gold pichi patindi

[BillMarkSteve]

yendi vayya gold venakaala padinav..prathi gold taadu lo racha chestunnav