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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. |
