Gold-Bullion.org
Gold Spot Price $1225.5 0.00    Silver Spot Price $15.50 +0.23    Platinum Spot Price $825.00 +20.00    Call Our Gold Bullion Hotline at 800-300-0715 For Live Quotes On Gold Coins And Bars - Always Free, Insured Delivery.
main image
Survey Shows Most Traders Bullish on Gold Bullion

November 9, 2012 - Before a pullback in mid-morning trading, prices of wholesale gold bullion traded above $1,730 per troy ounce Friday in London. The price of gold hit a new two-week high as stocks fell and the dollar and U.S. Treasury bonds gained. Analysts suggested weak growth and monetary policy are likely to persist.

Silver bullion traded near $32.20 per troy ounce for most of the morning, up 4.3 percent for the week as oil and copper prices drifted.

Marc Ground, Commodities strategist with Standard Bank, said precious metals continue to push higher with the rest of the complex being led by gold.

He added that in spite of dollar strength, the market appears to continue to take comfort from Obama’s re-election and the implied support this gives to continued monetary accommodation from the Fed.

Going into the weekend, gold bullion looks set to record the first weekly gain in the market since the beginning of October, rising more than 3 percent since the week’s start.

A rumor circulating amongst New York traders places gold’s 1.7 percent jump on Tuesday at the desk of the Soros Fund, which is said to have made a purchase so large it instigated the price swing.

Concerns over the U.S. fiscal cliff, a deadlock of tax hikes and budget deficits set to take effect in early 2013 before a divided Congress, as well as renewed attention toward the EU debt crisis, is spurring a move toward safe-haven assets such as not seen in the previous months.

Greece approved additional austerity measures in the past week and major EU countries report contraction in industrial production as the Eurozone leaders prepare to meet yet again in the next week to discuss the debt crisis.

The re-election of Barack Obama has been a herald of ultra-loose monetary policy for the markets in the U.S. Obama’s re-election is the final word that the policies of the past four years will continue for another four. Political uncertainty over the possibility of a challenger taking the White House and ousting Federal Reserve Chairman Ben Bernanke is now priced out of the market with strong gains in gold and silver and record sales with the U.S. Mint.

 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

Get Your Complementary Award Winning Guides Below

 Publish Real Money Magazine

 Publish Gold Investment Magazine

 Publish IRA 401K Kit Magazine

 Real Money Magazine

Call Our Bullion Specialists Free Info On Gold Bars Gold Bullion IRA Gold Bullion Depositories
RSS Big Icon