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Gold Futures-Gold Options- Weekly Blog

 

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9/5/08 Gold futures prices fell again this week as the US Dollar is still rallying and South African production is up 9% in the second quarter. Gold option premiums are high.

8/29/08 Gold futures prices are trying to rally again following crude oil prices and the news that Anglo American in South Africa had to buy hundreds of large power generators  because the power supply is so unreliable. Gold option premiums are high.

8/22/08 Gold futures prices bounced this week after the huge sell off. Chinese demand helped BHP (the world's largest mining company) earn $15.4 billion in the year ending on June 30 which is up from 13.4 billion last year. Slow economic news may keep rates low and week overseas economic data may help prices. Gold option premiums are high.

8/15/08 Gold futures prices are falling again this week as the US Dollar is becoming a safe haven again based on the Russian invasion of Georgia and weakening European and other non US economies. Gold option premiums are high.

8/8/08 Gold futures prices sold off this week because the Federal Reserve Bank held rates steady and the US Dollar had a huge rally. South African gold production was down by 12.3% in June from a year ago. Gold option premiums are high.

7/25/08 Gold futures prices sold off this week as the Fed talked prices down with the rhetoric of higher inflation necessitating a raising of interest rates by the Federal Reserve Bank. Gold option premiums are high.

7/18/08 Gold futures prices sold off from 4 month highs in the wake of the broad based commodity sell off led by crude oil. Gold futures are being supported by the Federal Reserve Banks soft monetary policy and the potential for a national strike in South Africa by miners. Gold option premiums are high.

7/11/08 Gold futures prices hit a 3 month high because of the potential conflict with Iran and the weakening US Dollar. Gold option premiums are high.

7/4/08 Gold futures prices rallied this week because of the tensions with Iran and Israel makes investors want to hedge inflation using precious metals. The weak US Dollar at the beginning of the week also helped prices. Gold option premiums are high.

6/27/08 Golf futures prices rallied again this week based on the Federal Reserve Bank's inaction concerning interest rates which pushed the US Dollar sharply lower. Gold option premiums are high.

6/20/08 Gold futures prices rallied this week above $900 based on the decline in the US Dollar. Gold option premiums are high.

6/13/08 Gold futures prices fell this week because of the strong rally in the US Dollar. Gold has been in a roughly $50 range as of late and inflation hedgers and dollar bears are not aggressively buying. Gold option premiums are high.

6/6/08 Gold futures prices rallied this week to $900 again because the US Dollar sold off based on the EU talking about raising interest rates to battle inflation. Also helping gold was the South African Chamber of Mines' estimation that gold production was down 17% from a year ago levels. Gold option premiums are high.

5/30/08 Gold futures prices fell about $50 an ounce this week as the US Dollar strengthened. Gold option premiums are high.

5/23/08 Gold futures prices are being supported by the weak US Dollar this week. Gold futures prices rallied about $50 an ounce this week and is holding above the $900 level. The World Gold Council says that gold demand was down 16% in the first quarter of the year from one year ago levels. Gold option premiums are high.

5/15/08 Gold futures prices look as if they have found a bottom for now. South Africa gold production is down 10.1% in the first quarter of 2008 form a year ago. Gold option premiums are high.

5/9/08 Gold futures prices rallied this week based on resumed weakness in the US Dollar. The world's largest gold mining company, Barrick Gold, expects to produce 7.8 million ounces this year and is profitable at $400 an ounce. Gold option premiums are high.

5/1/08 Gold futures prices sold off again this week to the $850 level based on the strength in the US Dollar and the potential for a cessation of interest rate cuts by the Fed. Gold option premiums are high.

4/25/08 Gold futures prices sold off again this week to break the $900 mark based on the US Dollar rally and lack of speculative buying. The US Dollar rally is hurting all of the metals because of the direct inverse relationship between futures prices and the movement of the US currency. Gold option premiums are high.

4/18/08 Gold futures prices are still trading sideways in a $50 range. A few bad US reports helped push the metal higher but the US Dollar began to rally killing the increase in gold futures prices as it did. Gold option premiums are high.

4/11/08 Gold futures prices are still languishing around $930 after bouncing some after the weak US employment figures and Barrick gold (the world's largest producer) estimated that its gold production will fall by 250,000 ounces in 2008. Gold option premiums are high.

4/4/08 Gold futures prices are holding near the $900 level after selling off over $100 an ounce over the last couple of weeks. The rally in the US Dollar and the flight to cash by many investors helped pull gold futures prices down. Also helping the decline is end of quarter liquidation by large commodity and hedge funds. Gold option premiums are high.

3/28/08 Gold futures prices kept within a roughly $50 range this week. There is still uncertainty in the markets and the US Dollar bounced a bit. Gold option premiums are high.

3/21/08 Gold futures prices kept falling this week as Wall Street hedge funds and commodity funds liquidated futures positions to cover margin calls in stocks and to pay back borrowed money. The Bear Stearns issue took the confidence from investors. The Fed's 75 basis point cut surprised investors because a full 100 basis point cut was expected. Gold option premiums are very high.

3/14/08 Gold futures prices hit an new all time high this week and seem to be comfortable above $1,000 an ounce. The main driver in gold futures prices seems to be the weakening US Dollar and investors' perception that gold is a good inflationary hedge. Famed commodity guru Jim Rogers is predicting $3,500 an ounce gold before this commodity bull market is done. Gold option premiums are very high.

3/7/08 Gold futures prices broke $1,000/oz. this week only to sell off $30 a contract. Gold futures prices had been held up by lack of electricity in many South African mines and the falling dollar. The inflation adjusted 1980 high would be around $2,239/oz. Gold option premiums are very high.

2/29/08 Gold futures prices hit another record high this week based on record oil prices and more potential rate cuts by the Fed. The US Dollar plummeted this week based on poor economic reports and a probable interest rate cut of 50 basis points at the next FOMC meeting. The IMF reported that they would allow gold sales by certain countries to pay debt. Gold option premiums are very high.

2/22/08 Gold futures prices hit a record high this week because of record crude oil prices and a broad based commodity rally. It was the largest weekly advance in gold futures prices in 18 months. The weak dollar, stronger than expected CPI and more problems in South African mines also buoyed gold prices. Gold option premiums are very high.

2/15/08 Gold futures prices have been volatile again this week. Talk on Wall Street that there may be no recession or at worst a mild one has taken money away from the perceived safety of gold back into the stock markets. In 2007 global demand for gold hit an all time high of $79.2 billion dollars. Allowing Chinese citizens to own gold was probably a decent portion of this number. Gold futures prices are around $917 an ounce. Gold option premiums are very high.

2/8/08 Gold futures prices have been extremely volatile this week. Gold futures prices sold off below $900 and rallied the very next day and are currently near $920 basis June. Barrick Gold Corp. (the world's largest producer of gold) sees gold spot prices at $1000 an ounce this year because of lower global spending by mining companies, slow mine permitting procedures, longer production times, a lack of skilled workers and higher capital costs. Gold option premiums are very high.

2/1/08 Gold futures prices rallied through the $940 level this week. The rally occurred because of the continued rate cuts, the weakening dollar combined with European Central Banks agreeing to limit gold sales to 500 tons per year until September 2008 and the South Africa Chamber of Mines said that the nation's gold production was down by 7.6% in the first quarter from a year ago. Gold option premiums are very high.

-T & K Futures and Options Inc.

 

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The information presented in this commodity futures and options site is not investment advice and is for informational purposes only. Investments in commodity futures and options involves a high degree of risk, your investment may fall as well as rise, you may lose all your original investment and you may also have to pay more than the original amount invested. Consult your broker or advisor prior to making any investment decisions. Past or simulated performance is not a guide to future performance. Futures Trading is not suitable for everyone. This site provides information on commodity trading, commodity futures, commodity options, futures trading, commodity brokerage.