Gold and Oil News
Gold and Oil News - February 26, 2013 22:38
Bernanke Speaks and Gold Spikes
It was almost humorous today in the gold pits as the hedge fund that tries to act like the ESF got run over at the outset of FOMC Chairman Ben Bernanke’s first day of testimony at the semi-annual Humphrey-Hawkins Senate review of monetary policy. Gold, which had been trading well north of $1590 per ounce […]
Gold Decouples from Euro over Election Worries
Gold prices came out of early European trading having held onto gains made during the Asian sessions with the price hitting a high near $1593 per ounce. Once the U.S. pre-market opened, however, the very normal selling pressure began and pushed the price back down to $1584. Then all hell broke loose as the exit […]
Fed’s Job Complete, Gold Holds Above Spike Low
When watching the price action in gold one should always look for anomalous behavior. As Zerohedge has been pointing out all week, gold and silver have been relentlessly hammered during the COMEX pre-market through the close of European trading and then, on balance, rising again for the rest of the day. No matter how much […]
Gold Continues to Hold $1600
There’s little doubt that the current sentiment in Gold is as bearish as it has been since the worst days after the tech bubble burst while prices would continually attempt to break higher but were constantly rebuffed and people bailing of winning positions because of fear. Today we have much the same thing. Since the […]
Gold Drops on Eurozone GDP Horror Show
For those that missed it, Gold re-coupled with the Euro in early January after the ECB’s policy meeting and Mario Draghi’s comments on about the direction of ECB monetary policy for the medium term — think tight. Since that day the daily directional moves in Gold and the Euro have been in sync, with Gold’s […]
Brent Arrests Slide as WTI Spread Widens
Brent Crude prices reversed a two-day slide that began last Friday after coming within sight of $120 per barrel on short-term inflation expectations. In doing so the spread between it and West Texas Intermediate Crude widened back above $20 per barrel. The spread had narrowed considerably on the re-opening of the Seaway pipeline. But traders […]
Gold and Silver Stabilize After G-7 Gabfest
Coming into tonight’s State of the Union address both Gold and Silver were in serious danger of washing out to recent spike lows. Bulls, however, came in to support gold at $1640, well ahead of the $1626 spike low from January which is the current downside magnet. There is little to do at this point […]
Gold Survives Another Vicious Attack Post Draghi Comments
You almost have to feel bad for whatever hedge fund(s) is trying to piggy-back on the ESF and the Fed’s capping of the gold price at this point.  The take down of gold — this seems to be something I’m writing on a daily basis now — started at 9:15 this morning and took gold […]
Silver Continues to Trade Sideways
Silver has been capped all week below $31.85 per ounce. The apparent situation for March delivery could be explosive especially considering that physical investment demand in the U.S. hit an all-time high in January. People love silver at this price. It represents one of the few undervalued assets in this new QEternity environment. One of […]
Gold Rallies to Highest Close in Two Weeks
The bulls are slowly grinding out another hard-fought uptrend as they engage in even more trench warfare and the Maginot line that has been drawn at $1685 per ounce this week. A beautiful quadruple-top was painted yesterday so the resistance will continue to be heavy. Bulls will have to be serious about wanting that level […]
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