Tangible Investments

February 08


Weekly Gold Market News

Gold Posts Best Week In Nearly Three Years

Los Angeles CA, (Tangible Investments) - by James O'Dell - The Gold price rallied $13.80 or 1.19 percent on Friday to post the yellow metal's biggest weekly gains since July 2013 and close at $1,174.40 an ounce. The price of Silver rose $0.18 or 1.21 percent on Friday to close at $15.06 an ounce, while theGold/Silver ratio inched down to 77.98.

The week began with the U.S. Mint reporting sales of American Eagle Gold bullion coins in January totaling 124,000 ounces, which is 53 percent higher than a year ago. “The Australian Mint likewise reported a substantial plus in Gold coin sales in January to 47,800 ounces,” said Commerzbank. The U.S. Mint alsoreports that a robust 5.95 million ounces of American Eagle Silver coins were also sold last month, up 7.7 percent from January 2015.

"In the near term Gold is finding some support in the dovish tone from central banks last week, notably the Fed and the Bank of Japan," said Jens Pedersen, of Danske Bank. With interest rates near zero, the "only option is to move either towards zero or negative rates as the Japanese and selected Europeancountries are already doing in a desperate attempt to force banks to lend", said Edward Meir of INTL FCStone. "Whatever the case, this should beconstructive for Gold."

Crude oil prices remained near multi-year lows mid-week, as European shares retreated and the dollar edged down 0.2 percent against a basket of major currencies. The dollar tumbled after New York Fed President, William Dudley, said that tightening financial conditions and weakening global prospects couldhave "significant consequences" for the U.S. economy.

Dudley's remarks added to market speculation that it is unlikely the Fed will be raising interest rates in March. "The assessment of Fed policy has changed quite dramatically," said Peter Fertig, a consultant for Quantitative Commodity Research.

Analysts expect crude oil to remain weak and that is interpreted as a sign of sluggish global economic activity, which hurts equities. “This along with geopolitical stresses for producers associated with low oil prices is likely to keep buoying Gold,” said HSBC.

The jobs report was released on Friday, and according to the latest data from the Bureau of Labor Statistics, there were 151,000 jobs created in January, down sharply from December’s 292,000, and well below expectations of 192,000 jobs. The weaker than expected jobs data could extend the current rally inGold.

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Other News This Week

Central Bank Buying Continues To Underpin Gold

Los Angeles CA, May 30 (Tangible Investments) - by James O Dell - Gold and Silver prices were lower in early trading on Monday, with Gold down 0.32 percent to $1,208.60 an ounce, after easing... [Read More]

Rare Sultan Coin Failed To Sell At Sotheby's

Los Angeles CA, May 27 (Tangible Investments) - by James O Dell - Precious metals prices were mixed in early trading on Friday, with Gold down 0.20 percent to $1,220.60 an ounce, after gaining $1.20... [Read More]

Noted Analyst Sees New Bull Market In Gold

Los Angeles CA, May 26 (Tangible Investments) - by James O Dell - Precious metals prices were higher in early trading on Thursday, with Gold up 0.38 percent to $1,226.40 an ounce, after easing $7.00... [Read More]

Pullback In Gold Viewed As Buying Opportunity

Los Angeles CA, May 25 (Tangible Investments) - by James O Dell - Gold and Silver prices were mixed in choppy trading on Wednesday, with Gold down 0.85 percent to $1,218.40 an ounce, after retreating... [Read More]

Gold Shifts Now Flowing East To West

Los Angeles CA, May 24 (Tangible Investments) - by James O Dell - The Gold price hit a four week low in early trading on Tuesday, with Gold down 0.84 percent to $1,238.80 an ounce,... [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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