This is our portal to past issues of our Gold Bull Market (and Gold bottom) commentary. In March 2002, the "Gold Bottom" Commentary became a "Gold BULL MARKET" Commentary. You will find links to the current commentary and the commentary for last week above.
July 18
"Gold hit a post March 2008 high spot future close of $US 978.70 on July 15, on the day when the Dow closed below the 11000 level for the first time in two years. Then came the Wall Street turnaround and a big fall in the $US oil price."
July 11
"In the first two days of this week, the oil price plunged amost $US 9.00. In the last two days of the week, it rebounded $US 9.00. Gold trod water - until the last two days of this week - and then leaped."
July 4
"Did the US Dollar take a hit in the wake of the ECB announcement? Nope. Just the opposite. The US Dollar index USDX surged as the $US climbed sharply against the Euro."
June 27
"In what is an all but unprecedented event, Gold has soared almost $US 50 straight up in the immediate aftermath of an FOMC meeting at which the Fed did what (almost) everybody expected them to do - precisely nothing."
June 20
"Gold's rise of about 3.4 percent this week could not be blamed on the $US oil price, which was marginally down on the week. Nor could it be blamed on the US Dollar, which did fall but by just over 1.0 percent. Could it have something to do with the contrast between Mr Bernanke's "soothing" comments last week and Mr Paulson's call for action this week?"
June 13
"There is even some rumbling about the possibility of an 0.25 percent RISE in official rates when the FOMC next meets on June 25. That is brand new this week, last week, the "betting" on such an event taking place was precisely zero."
June 6
"Some fairly interesting adventures in between these two though. None more so than what happened on June 5 when oil rose $US 5.50 and the $US index (USDX) fell 0.43 - and Gold FELL $US 8.30. Even Silver was up $US 0.23 on the day."
May 30
"Americans are swiftly discovering that they can no longer afford to be the chief driver of US economic 'growth' through their spending on consumption. Those who can are now saving. Those who can't are fighting a desperate rear guard action to service their debts for a little while longer."
May 23
"US consumers have no savings and have run out of borrowing avenues. They are conspicuously cutting back on their consumption all over the US. On Wall Street and in Washington, the fear of a BIG drop off in consumer spending is palpable. Hence the very bad week this week on Wall Street."
May 16
"This week, the US government did its bit in the war against US (price) inflation. The Labor Department reported its figures for the April US CPI on May 14. The number was a truly laughable 0.2 percent. The "core" rate was 1.0 percent"
May 9
"Last week, the Fed cut official US interest rates by 0.25 percent to 2.00 percent. This week, the Bank of England abstained from altering rates - as did the ECB to the surprise of no one. A new "party line" is being pushed in the US."
May 2
"As recently as ten days ago, on April 22, the US Dollar index was down to a close of 71.54 points, a mere 0.24 points above its all time low set back in mid March (when Gold hit $US 1000). The Euro was at all time highs of $US 1.60. Oil prices had hit $US 120"
April 25
"By Tuesday, April 22, the US Dollar index was down to a close of 71.54 points, a mere 0.24 points above its all time low set back in mid March (when Gold hit $US 1000). The Euro hit $US 1.60 for the first time. Oil prices hit $US 120. And food prices (notably grain prices) went ballistic."
April 18
"So what went down? Gold - and Silver - with almost all the damage being done in New York after the rest of the markets had closed for the weekend. It's getting pretty blatant, and pretty desperate, out there."
April 11
"Another big precious metals sell-off at the start of this week as Treasurer Paulson reported on the plans being made for putting the real US economy into a regulatory straight jacket while bailing out the financial system. Gold fell nearly $US 48 on this news, hitting a spot future close of $US 882.90 on April 1"
April 4
"Another big precious metals sell-off at the start of this week as Treasurer Paulson reported on the plans being made for putting the real US economy into a regulatory straight jacket while bailing out the financial system. Gold fell nearly $US 48 on this news, hitting a spot future close of $US 882.90 on April 1"
March 28
"This was accompanied by a huge fall in open interest in the US futures markets, where open interest in the active future has plummeted by 80,000 contracts - about 16 percent - since March 14. It was also accompanied by short-term (one and two-month) Gold lease rates actually falling into negative territory."
March 20
"But then, in an instant reaction to the FOMC meeting the results of which were announced after Gold closed on the day, we got the BIG sell-off. On March 19-20, Gold plummeted from $US 1004.30 to $US 920.00 on the US futures markets."
March 14
"The Fed literally had to save the US financial system this week when it stepped in with $US 200 Billion worth of bailout assistance for Fannie Mae and Freddie Mac on March 11. It did so again when it bailed out Bear Stearns on March 14. We are now at the point where the Fed is taking almost literally ANY kind of debt paper as "collateral" for ever increasing loans."
March 7
"And this week too, further evidence that the global central bank "co-operation" always seen in times of financial trouble, let alone crisis, is a thing of the past. This week, the Australian central bank RAISED its official rates for the second time in a month. And the British and European central banks stood pat."
February 29
"The last two weeks have been absolutely stellar for Gold, as it has moved three-quarters of the way between $US 900 and the big $US 1000 over that period. Even more stellar has been the performance of Silver as many people have opted for the (much) cheaper precious metal alternative."
February 22
"This week, Gold made up even more of its recent correction on Monday, February 11, closing at $US 922.90, only $US 4.20 short of its January 28 high. And it went higher yet in Asian trading on the next day."
February 15
"This week, Gold made up even more of its recent correction on Monday, February 11, closing at $US 922.90, only $US 4.20 short of its January 28 high. And it went higher yet in Asian trading on the next day."
February 8
"Please note that this does not necessarily mean that Gold's usual "seasonalities" will not play out this time with Gold going up even faster than it went down. We are not yet back to the January 28 high. It is significant, though that Gold only closed below the $US 900 level once in its downturn, and has now made up almost 80 percent of its losses in a mere three days."
February 1
"And, of course, this was the week when the Fed cut official US rates for the second time in eight days, slashing the Fed Funds rate from the 4.25 percent it had been on January 21 all the way down to 3.00 percent. These rate cuts have not been reflected on the $US - yet. They will be."
January 25
"Gold is now at all time highs. By January 21, almost all of the major global stock markets were down by more than 20 percent from their bull market highs, most of them set within the past three months. By definition, a fall of more than 20 percent from a major bull market high marks the transition from bull to BEAR market."
January 18
"Last week, the $US Gold price finally exceeded the highs it set back in January 1980. This week, Gold went on to set another milestone, closing above the $US 900 level ever on a spot future basis on January 14 and 15."
January 11
"Technically, the situation for Gold is now very simple indeed. In $US terms, it has never been this high. That means that in $US terms, there are now NO risistance points left for Gold."
January 4
"In fact, spot future Gold's high close for 2007 was $US 842.50 set on December 28. On the first trading day of 2008, the spot future close soared $US 22.00 to $US 860. It has gone on to a high close for the week of $US 869.10 on January 3. That's quite a way to start the year."