The Gold Economy

Gold Consolidates above $1700 as Greece signs up to austerity and US growth continues

With US economic news seen as more positive for stocks as the month opened, gold struggled to maintain its early year momentum, though doveish comments from the US Fed Chairman, Bernanke, sandwiching the trading month has helped sentiment for the medium term outlook for gold in a thin market.

Bernanke has reiterated that problems in the US economy remain, and that the Fed sees danger from the European sovereign debt situation… Continue reading

Greek Uncertainty Taints Markets

Gold has been tugged first one way and then another this week, as optimism over a Greek austerity and debt package settlement earlier in the week turned to consternation in all markets by Friday when unrest, general strikes, and cabinet resignations hit the streets of Athens.

Stronger than expected economic news from the United States helped stocks mid week, as gold’s recent shine tarnished. The four-week average jobless claims number fell to a near three month low (366,000), and wholesale inventories… Continue reading

US Jobs Data Caps Gold’s Rise in a Subdued Market

Gold struggled to maintain the positive tone of the year to date, as news that US unemployment hit its lowest rate for two years pushed equities higher and precious metals lower on Friday. Payrolls numbers helped the unemployment rate fall to 8.3%, and the Dow Jones rise 157 points on the last trading day of the week as gold retreated to $1725.52, having risen to over $1765 earlier in the week.

US Fed Chairman, Ben… Continue reading