3SOF

Today I sold my shares in GOLD, with a nice profit -

I don't want to keep it over the week-end. If all is all right monday, I'll probably buy it back.

Reason for selling was this article:


SAfrica gold miners in last-minute talks on strike

August 05, 2005 06:31:26 (ET)


JOHANNESBURG, Aug 5 (Reuters) - South Africa's Chamber of Mines said informal last-minute talks between gold miners and unions were under way on Friday in an effort to avert an industry-wide strike set to start on Sunday.

The strike was called after the unions rejected the latest offer by the Chamber of Mines, an industry group that negotiates on behalf of gold firms, of a 4.5 to 5.0 percent wage rise plus bonus payments.

Unions are demanding a 12 percent increase.

"There's been no further developments, there are informal discussions continuing, I suppose even between individual companies and unions," Frans Barker, chief negotiator for the Chamber, told Reuters.

"I'm afraid there has been no specific movement, though. The discussions will go on throughout the weekend. The strike would be very damaging to everyone, so all are trying to avoid it."

He said around 100,000 gold miners of 130,000 in the sector are represented by three unions, with 80,000 belonging to the National Union of Mineworkers (NUM).

The United Association of South Africa, representing around 15,000 members, has not yet committed to the strike since it was still counting strike ballots on Friday.

LAST-MINUTE TALKS

Gold Fields ((GFIJ.J)) Chief Executive Officer Ian Cockerill said on Thursday he was hopeful that last-minute talks with unions could avert the strike by gold miners.

Cockerill said the two sides were still communicating despite the strike declaration.

But Gwede Mantashe, general secretary of the National Union of Mineworkers, denied on Thursday talks were currently being held. Mantashe was not immediately available to comment on Friday.

Two years ago, unions declared a strike but it was averted hours before it was due to start with a last-minute deal.

A strike would lead to the loss of around 28,000 ounces of gold production and 79 million rand ($12.21 million) in lost revenue per day, a Deutsche Securities analyst has said.

The first country-wide strike in the world's biggest gold producing nation in 18 years would paralyse the South African mines of the world's second biggest producer AngloGold Ashanti ((AGLJ.J)), fourth ranked Gold Fields and sixth-placed Harmony Gold ((HARJ.J)).

The gold producers have said the bonus offered as part of the talks would kick in if the domestic gold price rose above the current 90,000 rand per kg, adding one percent to wages for each 5,000 rand/kg above the benchmark.

Mining firms, which gave workers a 10 percent wage rise two years ago, have taken a tough stand, saying they cannot afford rises much above inflation, which is running below four percent.

Chart shows that sell was a great move on your part.

To sell, or not to sell. That is what I am attempting to learn on 3SoF. I now hope, that I have learnt my lesson with setting stops. My wife cries "what! Another expensive lesson !" When will this ever end? I lean back in my chair and plead for patience

Gold Hits Fresh Six-Week Peak on Oil, Dollar.......

Gold rose to a fresh six-week high on Friday, boosted by a drop in the dollar and firm oil prices, analysts said.

Spot gold traded up to $683.50 per ounce, beating Tuesday's peak of $681.30, before slipping to a quote of $679.10/679.50 at 1509 GMT, versus $675.80/$676.30 late in New York on Thursday.

"Gold has edged higher, supported by the softening dollar and strengthening oil prices," Barclays Capital said.

Gold's slip in later trading followed a dollar rally against the euro and yen after a Group of Seven meeting.

Gold's failure to hold at key levels may trigger profit-taking, other analysts said.

There is a risk that if we continue to fail through roughly $680, then there is a risk of disillusion and some liquidation," said Stephen Briggs, economist at SG Corporate and Investment Bank.

A weaker dollar gives buyers more purchasing power in dollar-denominated gold, which is also often seen as a hedge against oil-led inflation.

Oil topped $64 a barrel, extending a 3 percent gain a day earlier, as traders pondered a series of refinery outages in the United States that drained gasoline stocks as the typically heavy summer driving period approached.

Despite gold's range-bound trading pattern, analysts said the metal would set new highs further forward.

"We continue to believe that a weakening dollar will lend further support to gold prices given the historical inverse relationship between the two assets," Goldman Sachs said.

"We therefore continue to expect gold prices to rise to $750 by year end," it said in a report.

Deutsche Bank saw gold prices rising to $740 in the long run.

In other metals, palladium traded just below an 11-month high of $372 an ounce hit on Thursday. Spot was quoted at $371/376, against $367.50/$372.50 in the U.S. market.

"It's purely speculative and I don't think the fundamentals justify the move," Briggs said, adding palladium attracted good buying on a market perception that it had gained less than other metals in recent weeks.

Platinum was up $5 at $1,270/$1,275 an ounce, while silver was at $13.99/14.02 an ounce, versus $13.84/13.89.

My mistake Cumulina , Sorry !
Did I get this thread back to the way it was ?

That was quick work, setravis.

Thanks.

Quote from: cumulina on June 27, 2007, 03:25:36 PM
That was quick work, setravis.

Thanks.

I gave you an Applaud, for bringing that to my attention !

Going for the GOLD. Instability is currently making gold attractive. Looking for a breakout here.
Let's see

uc.

AP
Sector Snap: Gold Miners
Tuesday November 6, 1:41 pm ET 
Gold Mining Stocks Gain on Higher Gold Price Amid the Dollar's Continued Weakness


NEW YORK (AP) -- Shares of gold miners climbed Tuesday, as the price of gold struck a 27-year high against the backdrop of the dollar's continued weakness.
An ounce of December gold added $14.20 to $825 on the New York Mercantile Exchange in midday trading, rising to its highest level since January 1980.



The price of gold has added about 26 percent since the beginning of the year, and gains accelerated within the last couple months as the Federal Reserve cut interest rates twice.

Lower interest rates undermine the dollar, which was already on a long-term downward spiral. Further supporting gold prices -- which typically trade inversely to the greenback -- the dollar fell against several major world currencies Tuesday, and touched a new record low against the 13-nation euro.

Meanwhile, oil prices touched an all-time high of $97 a barrel on geopolitical and other concerns. Rising oil prices are considered a signal of inflation, and gold is typically treated as a hedge against climbing prices.

In company-specific news, silver and gold miner Coeur d'Alene Mines Corp. gained 55 cents, or 14.3 percent, to $4.39, after a Bear Stearns analyst said the stock is underpriced given strong metals prices.

Other gold mining stocks posted more modest gains.

Barrick Gold Corp. shares rose 87 cents to $46.91 and Newmont Mining Corp. added $1.53, or 2.9 percent, to $53.86.

Goldcorp Inc. shares picked up $1.17, or 3.3 percent, to $36.91. Gold Fields Ltd. shares added 56 cents, or 3.2 percent, to $17.67.

AngloGold Ashanti Ltd. shares rose $2.09, or 4.9 percent, to $44.95 and Randgold Resources Ltd. shares picked up $1.01, or 2.8 percent, to $37.11.

I am a registered user on Mywallst.net (premium member) and I just saw a show called Sweet Picks featuring Jake Bernstein, President of Trade-futures.com. He had ALOT of valueable information on Gold and gold in the markets these next few months.
Apparently, gold tends to decline from now until mid to late August, but then it has a strong rally until late September (it's a long term seasonality buy). If your planning on buying any gold, buy in late July, not right now.
You guys should check it out.

Gold has taken a dip and I think it's time to take a serious look at it again!!

Gold is complete in pullback.......

Gold issues again shined as the precious metal tacked on $5.30 to $920.40 an ounce. Barrick Gold (ABX) rose 1.71 to 44.75 and regained its 50-day moving average.

Goldcorp (GG) gained 1.75 to 46.09 in fast trade. The Canadian gold producer reports earnings July 31. Profit is slated to more than double to 25 cents a share.

  Watch all 3 of this for a perfect call

Gold drops on rising dollar; grains end mixed
Tuesday August 12, 2008 
Gold prices sink again on rising dollar; grain prices finish mixed after USDA crop report


Gold prices dropped Tuesday for the eighth straight session, as speculative funds kept liquidating their holdings due to the stronger dollar.
Energy prices also moved lower, while grains finished mixed.


Gold -- regarded earlier this year as a hedge against a weakening U.S. dollar -- is now down 21 percent since its March record of $1,033.90 an ounce.

"August has thus far been a one-way staircase for bullion prices," wrote Jon Nadler, a precious metals analyst with Kitco Bullion Dealers Montreal, in a research note Tuesday. "The recent volatility in most of these metals and currency markets appears to indicate a shift in the long-term trends of the dollar, the euro, and the precious metals."

On Tuesday, gold for December delivery lost $13.70 to settle at $814.60 an ounce on the Nymex, after dipping as low as $808.60.

Other metals also declined, as the dollar held steady against the euro but reached new 20-month highs against the pound.

Silver for September delivery fell 13.5 cents to settle at $14.485 an ounce on the Nymex, after sinking as low as $14.01. September copper fell 6.4 cents to settle at $3.2275 a pound.

Oil prices also fell due to the stronger dollar, as well as a lowered forecast for developed countries' energy use by the International Energy Agency.

On the Nymex, light, sweet crude dipped by $1.44 to settle at $113.01 a barrel, after dropping to a new three-month low of $112.31 during trading. Heating oil fell 4.14 cents to $3.0781 a gallon, while gasoline futures slipped 2.34 cents to $2.8432 a gallon.

Meanwhile, grains finished mixed Tuesday after the U.S. Department of Agriculture lifted its production estimates for corn and wheat but lowered its forecast for soybeans.

On Tuesday, the USDA estimated that farmers will harvest 12.3 billion bushels of corn -- still down 6 percent from last year's crop, but better than previously believed thanks to the improvement in the weather. It estimated that the soybean crop will be 2.97 billion bushels, and the wheat crop will be 2.462 billion bushels.

If those forecasts are correct, this year's corn crop will be the second-largest ever, and the soybean crop will be the fourth-largest.

The figures were largely in line with agriculture analysts' expectations, but surprisingly positive given the storms that devastated Midwest farmland earlier this year, said Elaine Kub of commodities research firm DTN in Omaha, Neb.

"In ideal years, farmers will harvest 90 percent and lose 10 percent to the usual factors. And nonetheless, the USDA says they will harvest more than 91 percent. So that's perplexing," she said. Kub said the predictions could have a "wide margin of error."

Also, because grains prices have fallen so far so fast, it appears that supply to the market is waning a bit while demand is recovering, said Christian Mayer, an analyst with Northstar Commodity in Minneapolis. This is giving traders a reason to bid up corn and soybean prices again.

"Farmers have not been selling much grain at these levels," Mayer said. He added that livestock producers -- major buyers of grains -- have decided to buy recently because prices have been low.

After taking a tumble last week, wheat for September delivery fell another 3.5 cents to end at $7.9025 a bushel on the Chicago Board of Trade. But corn for December delivery rose 11.5 cents to $5.285 a bushel, and November soybeans rose 18 cents to $12.14 a bushel.

Gold plummets amid stronger dollar, oil decline
Friday August 15, 2008
Goodbye gold? Prices plunge below $800 as stronger US dollar erodes appeal


Gold, which scorched into the record books earlier this year, has suddenly gone cold.
Prices for the precious metal -- which touched $1,000 an ounce for the first time in March -- have plunged in recent weeks, and on Friday tumbled below $800 for the first time since late last year. It has been a sharp reversal for a bellwether of the commodities boom that only months ago seemed poised to soar to uncharted heights.

 
"All of the sudden, it seems like the bottom fell out," said David Beahm, a vice president at New Orleans-based gold dealer Blanchard and Co., who nonetheless believes the metal's decline is overblown and that prices will go up again later this year.

The dramatic sell-off -- gold has slashed more than $100 off its prices since Aug. 1 -- comes amid a host of bearish factors that have dented the metal's safe-haven appeal: The once-limping dollar is strengthening against its rivals, crude oil is easing from record levels and signs suggest the worst may be over for the flagging U.S. economy.

"It's very difficult to make a bullish argument for gold," said Rob Kurzatkowski, a futures analyst with OptionsXpress in Chicago. "There's just too many factors going against it at this point for traders to get really enthused about it."

Gold's drop Friday came as the dollar surged again, responding this time to the Federal Reserve's report of higher-than-expected industrial output for July. The greenback's rally comes as a slowdown among European economies weighs down the 15-nation euro, which bought $1.4672 in trading Friday, down from $1.4811 late Thursday.

The healthier dollar led traders to unload gold contracts Friday, with December futures slipping $22.40 to settle at $792.10 an ounce on the New York Mercantile Exchange. Prices earlier dipped more than $35 to $777.70, the lowest since Oct. 26, and 25 percent off the all-time trading high of $1,033.39 reached March 17.

Silver also made a stunning drop Friday, losing as much as 14 percent during the day. Silver for December delivery shed $1.43 to settle at $12.93 on the Nymex, its lowest close since almost a year ago.

Other commodities have also been battered lately, driven lower as falling oil prices prompt investors to dump positions in hard assets. In the past two months alone, platinum has lost 33 percent, silver 25 percent and copper 9 percent.

Still, gold's spiral seems to have taken even veteran market observers by surprise. Jon Nadler, an analyst with Kitco Bullion Dealers Montreal, said Friday's free-fall was characterized by a "magnitude and viciousness of which was frightening."

"You can almost call it quits for the bull market," he said. "A lot of money has left."

But some analysts say it's too soon to bid goodbye to gold.

For one thing, demand for physical gold, such as jewelry, coins and bullion, typically falls off in the summer months and then picks up again toward the end of the year, especially in big gold-buying countries like India.

"As we move out of the summer months, gold could recoup and move above $900 again, but it's going to be difficult," said Michael Widmer, director of metals research at Lehman Brothers in London.

Others say gold's steep price drop could attract new buyers into the market who missed the metal's record-setting rise earlier this year.

"Gold is on sale right now," said Beahm of Blanchard and Co., which is predicting the metal to jump to around $1,150 by the end of the year. "This is a very steep discount and now is probably a safe time to get in at a lower price than just a couple of weeks ago."

However, some consumers say gold prices need to come down even more before they pull out their wallets.

During a visit to Manhattan's famed Diamond District, Nadine Digiulio, who owns a transportation company in Peabody, Mass., said she would "definitely" be more interested in buying gold jewelry if the price goes down.

But her daughter, Lisa Digiulio was not even remotely interested.

"I'm affected by the price of gas right now so I'm not in the market for gold," she said.

Others seem unfazed by high prices.

Also in the Diamond District, Thelma Kondell, from New Jersey, who works in billing, bought an $800 platinum ring for her wedding and may be in the market for more pieces.

"It's a big rip off. Prices are just ridiculous," she said. "But I still buy it, I'm looking right now."