Tangible Investments

May 04


Weekly Gold Market News

Short Covering And Bargain Hunting Bolster Gold

Los Angeles CA, (Tangible Investments) - by James O'Dell - Gold rebounded from a six week low in early morning trading on Monday, amid bargain hunting and short covering, after easing $5.70 or 0.48 percent to finish the week lower on Friday at $1,178.60 an ounce. Demand for physical Gold picked up as prices retreated, pushing premiums on the Shanghai Gold Exchange (SGE) to $4 on Monday from $1-$2 last week. Silver rose $0.01 to end the week at $16.17 an ounce, while the Gold/Silver ratio fell to 72.88.

The week began in much the same manner as today’s market action, with bargain hunting and short covering and investors watching developments in the bailout talks in Greece, beginning with Prime Minister Alexis Tsipras sidelining Greek Finance Minister Yanis Varoufakis, a key player on the country’s negotiations team, and replacing him in the ongoing talks with Greek Minister of International Financial Relations, Euclid Tsakalotos, who will now direct the team. “Prime Minister Tsipras has announced a shuffling of his negotiating team, which includes a demotion of Varoufakis,” wrote Brown Brothers Harriman (BBH) analysts in a research note.

Investors took profits on Wednesday before the release of first quarter GDP numbers and the Fed's policy statement following the two day FOMC meeting. The dollar tumbled to a nine week low, after first quarter GDP results showed that the U.S. economy grew at a disappointing 0.2 percent, well below economists’ expectations of 1.0 percent, and while analysts were anticipating a dovish tone to the Fed's policy statement, it was received as more hawkish when policymakers left open the option for a rate hike in June.

The consensus among analysts, however, is that the Fed will keep rates low at least until September as the economy gains traction after hitting a recent weather related soft patch. The Gold price dipped sharply on Thursday following a lower than expected initial jobless claims number.

In Brussels, negotiations got under way between Greece and representatives from the other 18 euro zone nations, the European Union (EU) Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF) to find a solution to the Greek debt problem. Greece’s new government, just three months old, and led by Prime Minister Alexis Tsipras, is offering its biggest concessions to date as it attempts to break the impasse in talks with its creditors.

Athens signaled late on Wednesday that it would be willing to sell a majority stake in two of its biggest ports and even concede on value added tax rates to show that it is ready to reach an accord. A new poll showed that more than 75 percent of Greek citizens believe Athens should make a deal at any cost to remain in the euro zone. Greece received some good news on Friday that should the troubled nation miss its payment to the IMF or the ECB most of the top credit rating agencies would not cut Greece’s credit rating to default.

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Other News This Week

Gold Extends Rally As Pressure Builds For Grexit

Los Angeles CA, May 6 (Tangible Investments) - by James O Dell - The price of Gold edged higher for a third straight day in early Wednesday trading after gaining $4.90 or 0.41 percent to... [Read More]

Gold Price Rallies Sharply As Greek Bailout Talks Remain Unresolved

Los Angeles CA, May 5 (Tangible Investments) - by James O Dell - Gold and Silver prices extended rallies in early Tuesday trading after Gold climbed $9.70 or 0.82 percent to close at $1,188.30 an... [Read More]

Gold Rebounds As Greece Reports Progress In Bailout Talks

Los Angeles CA, May 4 (Tangible Investments) - by James O Dell - Gold rebounded from a six week low in early morning trading on Monday, amid bargain hunting and short covering, after easing $5.70... [Read More]

Gold Price Retreats As Greek Bailout Talks Get Under Way

Los Angeles CA, May 1 (Tangible Investments) - by James O Dell - The Gold price eased further on Friday following its biggest slide in 8 weeks on Thursday when the yellow metal dipped $20.50... [Read More]

Gold Price Dips Amid Mixed Economic Signals

Los Angeles CA, April 30 (Tangible Investments) - by James O Dell - The Gold price dipped sharply on Thursday morning following a worse than expected initial jobless claims report. This comes after easing $7.30... [Read More]

About Tangible Investments

Led by renowned coin expert Silvano DiGenova, Tangible Investments is a leader in the Gold IRA, Bullion, Rare Coins, Jewelry, Fine Watches, Fine Art, and Antiques markets. With 30+ years in business and a collective 200+ years of industry experience, Tangible Investments is one of America's most successful rare coin traders and the top buyer in the country. Call Us Today at 1-888-655-9255 to see how we can help you diversify your portfolio and protect your retirement savings.

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