Proactiveinvestors United Kingdom - ETF - Exchange-Traded Fund RSS feed Proactiveinvestors United Kingdom - ETF - Exchange-Traded Fund feed en Thu, 22 Feb 2018 19:07:46 +0000 Genera CMS H.C. Wainwright says gold companies should not overreach in 2015 "Our advice to any gold company is to dedicate time and efforts toward more efficient and long-term enhancements to individual projects while keeping a tight budget. The companies which can deliver better operating results in a cost effective manner could see a positive reception from the market."

Mon, 12 Jan 2015 17:47:00 +0000
"Gold: Dead Cat or Raging Bull?": Conference webinar featuring Eric Sprott this month With gold prices on the decline, traders and analysts everywhere have been quick to make predictions about the yellow metal, whose dynamics have become quite puzzling for many. The Fed's monetary stimulus program has boosted gold prices to record highs in recent years as it keeps pressure on interest rates, while also stoking inflation fears, but speculation of the central bank easing off its policies has taken the shine off the metal. 

A conference "webinar", titled "Gold: Dead Cat or Raging Bull?" will be sure to answer many questions on Tuesday June 25, at 2pm ET. 

The online video event will feature founder and chairman of Sprott Inc, Eric Sprott, as well as other industry heavy-hitters including host of CNBC's Mad Money Jim Cramer, co-founder and CEO of Gold Bullion International Steven Feldman, chairman and CEO of McEwen Mining Rob McEwen, chairman of Casey Research Doug Casey and senior editor of Big Gold, Jeff Clark. 

The call will be sure to cover, according to an email promoting the event, their thoughts on whether gold will likely drop further or make an aggressive comeback, as well as an explanation of the intense demand for physical gold, despite the fact that major gold ETFs have been crashing. 

The featured speakers will also touch on which gold assets are safe to buy, if any, as well as why gold stocks have been hammered in comparison with physical gold. 

The video conference will be available from Tuesday, June 25, 2013, 2:00 pm ET. It is free of charge, however, to ensure that there is adequate bandwidth, viewers have been asked to please sign up in advance

Fri, 14 Jun 2013 18:25:00 +0100
Gold expected to bounce back to $1,540 in the near term, says Ross Norman Gold prices bounced back from last week’s drubbing, rising more than two per cent earlier today to put the yellow metal back over US$1,400 per ounce on the Comex futures market. 


Mon, 22 Apr 2013 15:12:00 +0100
Gold sees "unusual division" as paper goes south while physical heads north Gold’s recent rout on the futures market is emerging as a buying opportunity for savvy customers, as bargain hunters across the globe snap up newly-reduced physical gold even as paper gold remains below-$US1,400 per ounce on the Comex.

Thu, 18 Apr 2013 18:22:00 +0100
Gold: pricing itself out of the market? Despite a slight recovery evident today, the copious blood-letting of the last few days has many asking what lies ahead for gold? Ultimately, the exponential increase in the cost of getting the yellow metal out of the ground is likely to be the deciding factor, according to industry observer Mickey Fulp. 

Tue, 16 Apr 2013 21:16:00 +0100
Gold declines prompted by opportunism, says Ross Norman of Sharps Pixley The bullish forecasts of late last year and the subsequent flurry of revisions to those forecasts prompted “a small number of hedge funds to test the market,” says Norman. “It opened the opportunity to hit gold big time.” 

Mon, 15 Apr 2013 19:57:00 +0100
Gold prices head south, taking materials sector for a downward ride Gold prices declined sharply on Tuesday to below the $1,600 an ounce level on the back of a stronger U.S. dollar, and as positive economic data in the U.S. dulled the yellow metal's safe haven appeal, sending the materials sector on Toronto's main index south. 

Tue, 02 Apr 2013 15:47:00 +0100
Gold futures rebound, Sharps Pixley's Norman predicts metal to remain "ultimate store of value"  

Gold futures bounced back Monday on weakness in the U.S. dollar and as concerns over the results of Italy's election were a contributing factor. 

Gold for delivery in April lately rose $13.60, or 0.9%, to $1,586.40 an ounce on the Comex division of the New York Mercantile Exchange.

It fell $5.80 on Friday to end at $1,572.80 an ounce, posting a 2.3% loss for the week and settling at the lowest level for a most active contract since mid-July. 

Italians on Monday are voting for a second day in a general election, with investors watching to see if a stable government can be formed.  The vote is seen as a referendum to the austerity and reform program of Prime Minister Mario Monti, with concerns on what strong support for Silvio Berlusconi could mean for markets. 

According to reports, first estimates are showing stronger support for the former Prime Minister Berlusconi in the Senate. 

The safe haven yellow metal asset benefits in times of economic and political uncertainty.

Moreover, Moody’s Investors Service late Friday downgraded the U.K.'s sovereign debt rating from its triple-A level to Aa1.

Ross Norman, CEO of London-based bullion broker Sharps Pixley, said on a conference call this morning that he believes that gold will remain the "ultimate store of value" for investors, despite the fact the metal may well come under pressure in the short term. 

Giving his outlook on gold today, the entrepreneur in the precious metals market and a former gold trader for Credit Suisse is viewed as one of the best forecasters of the gold price over the last 12 years. 

He says that he expects single digit growth in the gold price ahead as the weaker hands are cleared out of the market, with gold to remain an attractive investment, but perhaps not at the "racy level" seen in the early 2000s. 

Norman notes that supply of the metal is forecast to remain constrained in the future, highlighting that only one world-class deposit has been discovered since 2009, and that cash costs have risen significantly. 

Nonetheless, he adds that new investment demand for the metal continues to rise, with gold exchange-traded funds playing a key role, and central bank gold buying recently reaching a 48-year high with "several years of Chinese central bank buying yet to come". 

The prolific gold forecaster concludes that though the metal had a kick upwards when the economic crisis started in 2008 due to a significant increase in U.S. debt, the market was borne out of attractive supply fundamentals and "not economic crisis data". 

It therefore remains an attractive long-term investment. 


Mon, 25 Feb 2013 15:56:00 +0000
Goldman cuts gold price forecasts as metal extends decline, miners weigh Gold futures extended their decline further Wednesday, falling for an eighth day in the last nine, as U.S. invesment bank Goldman Sachs (NYSE:GS) cut its gold price forecasts for this year and next amid the recovery of the U.S. economy. 

Wed, 20 Feb 2013 14:09:00 +0000
Gold futures plunge after upbeat data

Gold futures plunged Friday as encouraging economic data in the U.S. lessened the yellow metal's safe haven appeal. 

Gold for April delivery earlier dropped below $1,600 an ounce, and was lately trading down $28.20, or 1.7%, at $1,607.30 an ounce in floor trade. This came on top of declines seen Thursday, when gold settled at its lowest price since August. 

In the U.S., consumer sentiment rose higher than expected in February, with the University of Michigan-Thomson Reuters consumer-sentiment gauge up at a preliminary reading of 76.3 — the highest level since November — from a final January reading of 73.8. The index was expected to rise to 75. 

The New York Federal Reserve Empire State manufacturing index also came in at positive 10.04 in February, from negative 7.8 the prior month - turning positive for the first time since July. Economists surveyed by MarketWatch expected the index to rise moderately to negative 2.0.

Industrial production slipped 0.1% in January after the Federal Reserve found the final two months of last year were stronger than initially estimated.

The G-20 meeting was also having an impact on gold. According to reports from the Wall Street Journal, G-20 officials will pledge to ensure monetary policy is focused on price stability and growth, rather than weakening countries' respective currencies. The newspaper cited a draft of a statement that is expected to be released on Saturday

Meanwhile, mainland Chinese markets are set to reopen Monday after the Lunar New Year holidays, which impacted physical demand for gold. 

There was also news that George Soros reduced his holdings in the exchange traded fund SPDR Gold Trust by 55%. 

Fri, 15 Feb 2013 16:25:00 +0000
Why Platinum has soared to 17 month high, outflanks gold Platinum prices have hit new heights on concerns over a tightening in South African supply, rising to a 17-month high and surpassing the gold price for the first time in 10 months.


Tue, 12 Feb 2013 13:23:00 +0000
Gold futures down as Morgan Stanley lowers price forecast, positive economic data rolls in

Gold futures took a sharp fall on Thursday as investors reacted to a lower price outlook from Morgan Stanley and as the yellow metal's safe haven appeal was dulled amid positive economic data. 

February gold futures fell $18.20, to $1,668.50 on the Comex division of the New York Mercantile Exchange. Future prices haven't settled above $1,700 since mid December. 

Morgan Stanley on Thursday cut its 2013 outlook for average gold prices by 4% to $1,773 a troy ounce, but said they remain bullish on the metal, despite recent selling pressure triggered by market concerns of an earlier-than-anticipated tightening in U.S. monetary policy. 

Indeed, on Wednesday, the U.S. House approved an extension of the debt ceiling until May 19, and jobs data today increased speculation that the Federal Reserve will be able to remove its easing policy sooner. 

U.S. jobless claims last week dropped 5,000 to 330,000 - marking the lowest level since January 2008. The consensus estimate was for claims to rise from 335,000 to 360,000. 

Also today, the preliminary flash manufacturing index for the U.S., released by Markit, is at 56.1 this month versus a final December reading of 54.0. The flash is well above 50 to indicate strong monthly growth and is well over December to indicate an even faster rate of growth in general activity. It was expected to fall to 53.0 in January from 54 in December. 

And the Conference Board said that its index of leading economic indicators rose 0.5% in December, exceeding estimates of 0.4%, after falling 0.2% in November.

Overseas, the initial reading of HSBC's monthly purchasing managers' index for China in January rose to a 24-month high of 51.9 versus 51.5 in December. A reading over 50 means expansion in manufacturing activity. 

Meanwhile, the preliminary Markit euro-zone composite purchasing-managers’ index showed activity continued to contract across the region, but at the slowest pace in 10 months.

Thu, 24 Jan 2013 17:33:00 +0000
Gold price forecast cut by Citi as futures edge up Gold futures inched higher Monday as U.S. markets were shut for the Martin Luther King Jr. holiday, and as Citigroup analysts cut their price target on the yellow metal for this year and next. 

Mon, 21 Jan 2013 17:36:00 +0000
Gold could touch $2,000/oz in first half of 2013, says Thomson Reuters 2012 gold survey The environment for gold investment “remains very positive into 2013”, according to the Thomson Reuters GMFS Gold Survey – Update 2 which presented in Toronto this week.

Thu, 17 Jan 2013 16:16:00 +0000
The gold bull run: the beginning of the end? According to recent research, gold prices posted their worst quarterly performance in more than four years in the final quarter of 2012, falling just over five per cent as more positive U.S.  economic data made prospects for further monetary easing uncertain. 

Tue, 08 Jan 2013 19:02:00 +0000
Gold declines sharply on Asian selling, exposure to further downside - Sharps Pixley Gold prices fell sharply on Tuesday, receiving another blow in mid-Asian trading hours with a reported move to short the market, with the yellow metal falling below the $1,700 level. 

Tue, 04 Dec 2012 14:50:00 +0000
Gold futures drop over $30 an ounce after massive sell order Gold futures dropped more than $30 an ounce on Wednesday after a massive 24 tonne sell order - equivalent to 7,800 contracts - bang on the opening of the world's largest gold exchange prompted a sharp decline in the price of the yellow metal. 

Wed, 28 Nov 2012 15:14:00 +0000
Gold futures rise in electronic trading as German data boosts euro against dollar  

Gold futures rose in electronic trading on Friday morning, as a boost in the euro pressured the dollar due to positive economic data from Germany. 

Germany's Ifo index of business sentiment beat expectations with a November rise to 101.4 from 100 in October, against forecasts that called for a drop to 99.5.

Gold futures for December delivery lately added $3.90, or 0.23%, to 1,732.10 an ounce in electronic trading.

Floor trading on the Comex division of the New York Mercantile Exchange was closed Thursday for the Thanksgiving holiday, and will see an abbreviated session today. 

The weaker dollar helps dollar-denominated commodities as it makes them less expensive to holders of other currencies. 

Gold was also supported by labour unrest at gold mines in South Africa, after it was reported that disputes between union members outside of Harmony Gold Mining's (NYSE:HMY) gold mine resulted in two deaths. 

This follows news of violent clashes at Lonmin's (LON:LMI) Marikana platinum mine in the region, which resulted in the death of several. 

Yesterday, gold was given a boost as traders continue to be optimistic about a bailout deal for Greece, and as China's manufacturing Purchasing Managers Index (PMI) rose to a 13-month high - the latest sign that the country’s growth may be rebounding. 

Growth in China is usually a boon to metal prices as the nation is a big consumer of natural resources. China is now the world's largest gold producer and likely the largest gold consumer this year.

Upcoming events for gold will include the conclusion of the EU Summit, the ECB president's speech at the 22nd European Banking Congress today, the EU's sign-off on Greek's aid on November 26, and the October U.S. durable goods order on November 27. 

Fri, 23 Nov 2012 12:50:00 +0000
Gold futures rally as US dollar weakens

Gold futures surged on Monday as fiscal cliff optimism weakened the dollar. 

Stocks were buoyed by optimism that the White House and Congress would reach a budget agreement to avoid the the spending cuts and tax increases set to begin at the start of the new year unless a deal can be reached. 

This cooled the dollar's safe haven appeal, boosting dollar-denominated commodities. 

Gold futures for delivery in December were lately up $19, or 1.13%, to $1,734 an ounce on the Comex division of the New York Mercantile Exchange. 

The yellow metal was also supported by the conflict between the Israelis and the Palestinians, boosting safe haven demand for gold. 

Mon, 19 Nov 2012 16:32:00 +0000
Gold futures edge up, but down for the week amid fiscal cliff worries

Gold futures rose just slightly on Friday, but were down for the week amid worries over the looming fiscal cliff. 

Congressional leaders who met with President Barack Obama today to discuss the fiscal cliff called the talks "constructive."

North American markets have racked up losses since the U.S. election, as traders remained wary over a host of tax hikes and spending cuts set to take effect at the start of 2013. Some economists have warned that the fiscal cliff could cause a recession in the U.S. and other countries.

Gold for December delivery rose 90 cents, or less than 0.1%, to settle at $1,714.70 an ounce on the Comex division of the New York Mercantile Exchange. Future prices for the yellow metal were down 0.9% for the week. 

On the economic front, industrial production fell 0.4% in October, disappointing traders, as Hurricane Sandy reduced total output by nearly 1%, the central bank said. Wall Street’s expectations were for a 0.2% increase. This could be good news for gold, as weak economic data lately suggests the Federal Reserve could boost its quantitative easing program. 

In the U.S., both the New York and Philadelphia manufacturing indices contracted in November this week. And on Thursday, the unemployment claims ending the week of 10 November rose by 78,000 due to the impact of Hurricane Sandy. 

Also Thursday, weaker prices were supported by the release of the third quarter gold demand report by the World Gold Council, which showed that global gold demand dropped 11% year-over-year to 1,084.6 tonnes in the third quarter, as Chinese demand weakened. 

Important data to watch out for next week, according to London-based bullion broker Sharps Pixley include Ben Bernanke's speech in New York, the October US housing starts, and the Bank of Japan interest rate meeting on November 20. Th EU Summit and the Eurozone November flash PMI index are also slated for November 22. 

Fri, 16 Nov 2012 18:33:00 +0000
Gold futures end flat on multiple factors

Gold futures closed flat on Monday, helped on the one hand by strong demand out of India and inflationary worries in Japan, but held back by uncertainty relating to the looming fiscal cliff and Greece. 

Gold for December delivery settled unchanged from Friday's close at $1,730.90 an ounce on the Comex division of the New York Mercantile Exchange. 

The fiscal cliff refers to the more than $600 billion in tax hikes and spending cuts due to take effect in January, unless the Democrats and Republicans agree on a budget compromise. 

If there is a resolution to the fiscal cliff, which would mean continued high deficit, this could lead to a strong rally for the yellow metal. 

Meanwhile, finance ministers from the 17 eurozone countries were meeting in Brussels Monday to discuss Greece's economic reforms after the country’s parliament voted over the weekend to approve the 2013 budget, while investors eyed a possible delay of bailout funds for the nation.

Traders also took in data out of Japan that showed its economy contracted at an annual rate of 3.5% in the latest quarter.

Mon, 12 Nov 2012 18:13:00 +0000
Gold futures edge up on GDP data

Gold futures received a boost from the US GDP data, lifting its appeal as an inflation hedge, as the US dollar was weaker. More central bank gold buying news also cheered gold, as Brazil added 1.7 tons in September, while Turkey added 6.8 tons, according to London-based bullion brokers Sharps Pixley. 

On the economic front Friday, it was reported that the American economy rose 2 per cent in the third quarter, better than the 1.7 per cent growth expected. 

Meanwhile, the final October reading for the University of Michigan's consumer sentiment index, at 82.6, is down 5 tenths from mid-month, but well above September's 78.3. The preliminary reading was 83.1 - which was the highest level since September 2007. 

The expectations index is up a sizable 5.5 points from September, which hints at confidence in income prospects and is a positive for the holiday shopping outlook. 

Gold for December delivery was lately up by a slight $1 to $1,714 an ounce. 

Fri, 26 Oct 2012 17:43:00 +0100
Gold up slightly as US housing data impacts metal

Gold futures were slightly higher Wednesday after gains were tempered by positive US housing data that took away from the yellow metal's typical safe haven allure. 

Gold for December delivery was lately higher by $6.00, or 0.33%, at $1,752 an ounce. It was up as high as $1,755 an ounce earlier. 

Gold finished higher yesterday after the US dollar fell on growing optimism over the prospect of Spain seeking a bailout. 

On Wednesday, the euro extended gains against the greenback, as Moody's Investor Service affirmed Spain's sovereign debt rating at Baa3, with a negative outlook. 

Weakness in the greenback typically helps dollar-denominated commodities as it makes then cheaper for holders of other currencies. 

But gold's gains on the back of this were softened as the Commerce Department reported this morning that construction on new houses jumped 15% to an 872,000 annual rate in September - the biggest number since July 2008 and far above Street views. 

Shares in homebuilders rallied on the news, with Lennar Corp (NYSE:LEN) up more than 3 per cent, D.R. Horton (NYSE:DHI) up almost 5 per cent, and Toll Brothers (NYSE:TOL) higher by 3.6 per cent. 

Other news that has impacted gold lately includes the October US consumer confidence reading - which came in at the highest level since October 2007 at 83.1 - as well as September retail sales advancing 1.1 per cent. 

Industrial production in September also jumped a higher than expected 0.4%. 

"Stronger US economic data could shorten the time the Fed will buy mortgages on an open-ended basis," says Austin Kiddle of London-based bullion brokers Sharps Pixley, "therefore lowering the inflationary impact." 

Wed, 17 Oct 2012 16:36:00 +0100
Gold-to-silver ratio on its way to break down, says Gecko Research

Gold dropped 1.5 per cent last week, while silver dropped a hard 3 per cent, taking the gold-to-silver ratio up to 52.4. 

The yellow metal closed at $1,754.30 an ounce, while silver finished at $33.48 an ounce. 

A note from Gecko Research, a small number of Swedish private investors that share investment ideas with the public through several online outlets, this morning said that they "get the impression that the gold-to-silver ratio is on its way to break down."

If Gecko is correct, they say silver will "seriously outperform" gold going forward. 

"At the same time, gold is only a few percent away from its latest high but interestingly enough, the technicals such as the RSI have retraced back to levels that gives room for another large step up. 

"We wouldn't mind seeing gold drop some more, perhaps to the $1,730-1,740 level before turning up again. That would also create another possibility of adding to our favorite stocks."

Gold for December delivery dropped this morning by $24 to $1,736 an ounce, pressured as equity markets strengthened after data reported about the two biggest global economies, and as the dollar pushed higher.

Monday, US retail sales rose 1.1% in September, beating analyst estimates. Sales growth was also revised slightly higher for August and July. 

Other U.S. data showed that the Empire state index rose to a negative 6.2 in October from negative 10.4 in September, while business inventories climbed 0.6% in August. 

Meanwhile, China eased worries over consumer demand, as it said over the weekend that its trade surplus widened in September as exports rose 9.9% to a record monthly high of $186.9 billion. 

The data took away from gold, which is considered a safe-haven asset.

December silver fell 95 cents, or 2.8%, to $32.72 an ounce on Monday. 

Gecko said that it continues to have a "very positive" outlook on both the metals, and the underlying shares. 

Mon, 15 Oct 2012 16:56:00 +0100
Gold futures drop ahead of European summit next week

Gold futures fell Friday on profit-taking ahead of a key European summit next week, as investors look for more information on whether Spain will seek a bailout. 

Gold for December delivery was lately down $9 to $1,762 an ounce, with many analysts believing that the metal has received all the support it is going to get from the Fed easing announcement last month. 

The next Federal Open Market Committee meeting is due to take place in two weeks. 

The gold price gained yesterday on a weaker dollar, but the metal is still poised to close lower for the week. 

Eurozone industrial production in August, to be announced October 12, is expected to contract by 0.4 per cent, compared to a revised increase of 0.5 per cent in July. 

But Austin Kiddle of London-based bullion brokers Sharps Pixley says that the gold price is still underpinned by strong demand from the gold-backed ETP side, as well as traders raising their bets on gold futures and options to seven-month highs as global central banks take action.

Credit Suisse raised its gold and silver forecasts for 2013 and 2014 today, citing the potential for more quantitative easing in the U.S. as well as physical demand in China and India. 

The investment bank boosted its 2013 price forecast for gold by 7%, to $1,840 an ounce, and now expects silver to reach $33.10 an ounce, up from $29.20 previously.

Important events to watch for in terms of gold include the eurozone industrial production data, the second US presidential debate and the September US industrial production data on October 16. 

The EU Summit takes place on October 18, while third quarter China GDP growth is slated for October 19.

Fri, 12 Oct 2012 17:39:00 +0100
Gold futures fall on expectations for weak industrial numbers out of Europe

Prices of US Comex gold futures fell in the past three days by 1.75 per cent, hurt by expectations for weak industrial numbers from Italy and France, as the IMF lowered its outlook for global economic growth. 

In a note to subscribers on Wednesday, Austin Kiddle of London-based bullion brokers Sharps Pixley said that according to economists' surveys, the Italian August industrial production could contract  0.5 per cent, while that of France could fall 0.3 per cent. 

Before the IMF-World Bank meeting in Tokyo, the International Monetary Fund revised its projection of developed market growth lower to 1.5 per cent from 2.0 per cent in 2012, while for the global economy, it cut its outlook to 3.3 per cent. 

The IMF further warned that while imbalances elsewhere around the globe were a concern, “further deterioration in the euro area crisis is the biggest risk to global financial stability”. Spain has still not requested that the European Central Bank purchase its bonds yet. 

In discussions today, Bloomberg reported that finance ministers seemingly agreed that the supervisory banking body will not meet the original proposal date of early 2013 on worries that banks outside the euro area could be hurt. 

Gold futures traded in a narrow range Wednesday, lately down by $1.00 to $1,764 an ounce, ending yesterday at $1,765 an ounce - down 1.75 per cent in the last three days. 

The metal gained 0.55 per cent last week, after the US Labor Department reported a September unemployment rate that was the lowest since January 2009 at 7.8 per cent, weakening the case for further stimulus.  

Kiddle of Sharps Pixley notes, however, that physical demand of the yellow metal picked up, with  gold-back ETP inflows reaching 192 tonnes as of the first week of October, up from inflows of 175 tonnes in 2011. 

Wed, 10 Oct 2012 19:10:00 +0100
Gold prices last week reach 11-month high, ETF holdings reach record

Gold prices last week reached an 11-month high of $1,796.50 an ounce, according to The Paragon Report, after comments by European Central Bank president Mario Draghi suggested that more bailouts may be forthcoming and as he reiterated commitment to his bond-buying plan. 

Draghi said the euro is "irreversible", and that the central bank was prepared to purchase the bonds of debt-stricken countries. 

"We expect fears towards the fiscal outlook will likely intensify during the fourth quarter along with the possibility of a U.S. credit downgrade event," Deutsche Bank analysts said in a recent report. 

"This will prove to be most beneficial to the precious metals complex and specifically gold, in our view."

The yellow metal has been supported lately by fears of inflation, which have been fanned by recent central bank stimulus measures such as the QE3. 

Commerzbank analysts noted that exchange-traded funds recently increased their holdings of physical gold. ETF's holdings of bullion on Wednesday reached a record of 2,554 tons, an increase of 164 tons since the end of July, Commerzbank reported.

Gold is a hot space right now, as many analysts are predicting a bull run for the yellow metal, with a host of banks boosting their precious metal price forecasts for the upcoming year. 

Deutsche Bank last Tuesday raised its outlook for gold and silver prices in 2013 and 2014, citing support from stimulus measures by central banks.

Indeed, US Comex gold futures beat most of the other major markets and rose 10.4 per cent in the third quarter this year - the second largest quarterly increase since the 11.91 per cent jump in the second quarter of 2010, according to London-based bullion brokers Sharps Pixley. 

In the third quarter, the S&P 500 index, the Euro Stoxx 50 index, the CRB Commodities index rose 6.35 per cent, 9.01 per cent and 8.84 per cent, respectively while the Dollar index fell 2.07 percent. 

Gold futures edged down slightly on Tuesday as the dollar rose, after settling $5.10 lower on Monday following the World Bank downgrading its growth forecast for China. 

Today, the IMF cut its forecast for global growth again, to 3.3% this year, from a previous outlook of 3.5% in July. The bank predicted growth of 3.6% in 2013, from a prediction of 3.9% in July.

The downgrade pushed the dollar again as the safe-haven of choice, hurting gold and other dollar-denominated commodities. 

Tue, 09 Oct 2012 16:04:00 +0100
Gold futures drop post US jobs data

Gold futures were down Friday after the positive jobs data in the US. 

The yellow metal has been supported lately by fears of inflation, which have been fanned by recent central bank stimulus measures - with the case for yet more steps weakened today with the jobs data. 

It also provides data for the market to assess when the open-ended QE3 may come to a halt. 

The U.S. economy generated a lackluster 114,000 jobs in September, but the unemployment rate still fell to 7.8% from 8.1%, the lowest level since January 2009.

Employment gains for August and July, meanwhile, were revised higher by a combined 86,000. The number of new jobs created in August was revised up to 142,000 from an original estimate of 96,000. July's figure was revised up to 181,000 from 141,000.

Economists had forecast the U.S. gained a net 110,000 jobs in September, compared to an initially reported 96,000 increase in August. The unemployment rate was expected to edge up to 8.2% from 8.1%.

The unemployment rate was above 8 percent for a record 43 months, which has weighed more heavily on consumer sentiment and spending each month. 

The news Friday is what President Obama has been waiting for in his fight in the upcoming presidential election. Jobs data is an important indicator for consumer spending and sentiment, as well as interest rate policy. 

As of late this morning, gold futures, seen as a safe haven in times of economic uncertainty, were down $11 to $1,786 an ounce for December delivery. The metal was still on track to post gains of around 0.6% for the week. 

Futures of gold have been pushing to approach $1,800 an ounce, helped by comments from central bankers this week. 

Thursday, the European Central Bank kept interest rates steady at 0.75 per cent, with Draghi reaffirming his commitment to the bond-buying program. 

The U.S. Fed also released its September FOMC meeting minutes, which revealed that members were generally united for the QE3 program based on persistent slow growth in the labor market and worries over Europe's debt problems. 

Many analysts are predicting a bull run for the yellow metal, with a host of banks boosting their precious metal price forecasts for the upcoming year. 

Deutsche Bank (NYSE:DB) Tuesday raised its outlook for gold and silver prices in 2013 and 2014, citing support from stimulus measures by central banks.

Upcoming events to watch for gold include the Holland-Rajoy meeting and the US Fed Beige Book on October 10, followed by the Chinese September new loans data a day later, and the IMF/World Bank annual meeting from the 12 to 14 of October. 

Fri, 05 Oct 2012 17:01:00 +0100
Carlyle moves into commodities with exclusive trading platform

Private equity group Carlyle (NASDAQ:CG) has made its move into commodities as it announced Wednesday that it has bought a 55 per cent stake in Vermillion Asset Management, a New York-based commodities hedge fund manager. 


Wed, 03 Oct 2012 18:36:00 +0100
Gold futures finish higher, but off earlier highs following Bernanke

Gold futures ended Monday on a positive note after data showed activity in the U.S. manufacturing sector picked up in September, exceeding economists' expectations. 

The Institute for Supply Management said Monday that its manufacturing gauge rose to 51.5 last month from 49.6 in August, the highest reading since May. 

Economists polled by MarketWatch expected the index to come in at 49.7. A figure above 50 indicates expansion, while a figure below 50 indicates contraction. 

Gold for December deliver rose $9.40, or 0.5%, to settle at $1,783.30 an ounce on the Comex division of the New York Mercantile Exchange.

The yellow metal finished off session highs after Fed chairman Ben Bernanke made a speech to the Economic Club of Indiana, giving further details on QE3. 

He attempted to answer some of the critiques of the third round of quantitative easing, saying the basic monetary policy is the same as it has always been. 

“The difference is that, with short-term interest rates nearly at zero, we have shifted to tools aimed at reducing longer-term interest rates more directly,” he said.

The central bank's chairman also highlighted that the Fed still expects inflation to remain low for the "forseeable future", and is committed to keeping inflation under control. 

The gold price was also supported by data from Europe, which showed a manufacturing gauge edge higher, yet still signaling contraction for the 14th month. 

Also in Europe, the eurozone reported a record high jobless rate in August of 11.4%.

The gains in the gold price Monday follow the yellow metal's stellar run on Friday, when it capped its biggest quarterly gain since 2010. The quarter was marked by expectations for, and the announcement, of QE3, which fanned fears of inflation. 

Mon, 01 Oct 2012 19:20:00 +0100