Malaysia Gold Investment

Gold climbed to a new all-time record high of $1,633 per ounce Friday morning (Weston time), fueled by rising risk aversion in financial markets stemming from the disappointing second quarter U.S. GDP report and the debt ceiling impasse. Today’s gold rally marks the latest in a series of new all-time highs for the yellow metal. Earlier this week, gold rose to $1,626 per ounce, and surpassed the $1,600 level two weeks ago. Gold is on pace for its eleventh consecutive year of gains. While many have agonized over the looming August 2 deadline to raise the U.S. debt ceiling, one interesting label for the turmoil may be a “cacophonous hubbub.” That term was used by Gillian Tett, who in today’s Financial Times noted that “Almost every pundit and politician worth their salt has been expressing views on what could – or should – happen next…There is, however, one notable exception: the mighty Federal Reserve and Treasury. In recent weeks, senior officials at both institutions ha

The gold price climbed $1.50 to $1,615 per ounce Friday morning, boosting by ongoing concerns that U.S. policy makers will be not reach an agreement to raise the debt ceiling by the fast-approaching August 2 deadline. The price of gold is hovering just under its all-time high of $1,626 per ounce. The research team at Dundee Securities highlighted the uncertain macro-economic climate in reiterating its bullish outlook on the gold price: “It’s hard to overlook the pervasive problems defining the global economic landscape. Greece’s debt was downgraded (again) by Moody’s to its second lowest possible rating of ‘Ca’, or to what Moody’s would describe as ‘bonds typically in default with little prospect for recovery’.” While the debt ceiling has remained on center stage in recent weeks, the Federal Reserve was back in the headlines on Wednesday with the release of the latest Beige Book. The report noted that the pace of economic activity in eight of the Fed’s 12 districts slowed

The gold price spiked to anther all-time high, touching $1,626 per ounce Wednesday morning. The price of gold advanced following the news that durable goods orders unexpectedly fell 2.1% in June – versus expectations of a gain of 0.3%. Worries that a more severe drop in consumer spending is forthcoming weighed on stock and commodity markets. Crude oil fell 1.1% to $98.47 per barrel and copper sank 0.8% to $4.44 per pound. Silver followed the gold price higher, rising to $41.07 per ounce. The gold price received support from not only the debt ceiling uncertainty on Tuesday, but also from TD Securities, which raised its price forecasts on the gold. The firm increased its gold price target to $1,512 from $1,400 per ounce in 2011 and to $1,700 from $1,400 in 2012. In TD Securities’ report, analyst Greg Barnes wrote that “The higher gold price reflects our view that gold should benefit from the uncertainties facing the global economy and a continued trend by investors to

The gold price oscillated near the $1,617 per ounce level Wednesday morning while negotiations on Capitol Hill over the debt ceiling remain ongoing. The price of gold backed off its overnight high of $1,617 per ounce despite weakness in the U.S. dollar. The euro climbed to 1.45 against the greenback on fears that the U.S. currency will lose its AAA rating if a deal to raise the $14.3 trillion debt ceiling is not reached by the August 2 deadline. In an interview with Dow Jones, Jim Rogers was back at it criticizing the economic policies of the U.S. government. “All this stuff in Washington is basically a sham, a charade…they’re just trying to get publicity,” Rogers claimed. He went on to predict that although the U.S. will raise the debt ceiling by August 2 and avoid a technical default, “everything is going to get worse…Everyone already knows that the U.S. has lost its AAA status. Anyone who knows what is going on already knows that the U.S. is now the biggest debtor n

The gold price touched a new record high overnight at $1,624 per ounce before backing off to trade at $1,617 Monday morning. Gold price were boosted by the lack of agreement over the weekend to raise the $14.3 trillion debt ceiling and the negative implications for financial markets. The price of gold surged to fresh highs as concerns escalated that the Unites States could lose its AAA credit rating. The U.S. dollar declined modestly versus the euro and pound while commodities were mixed. Crude oil fell 0.7% to $99.30 per barrel. Silver was the best performing component of the 19 member Reuters/Jefferies CRB index, rising 2% to $40.87 per ounce early Monday. J.P. Morgan also reiterated its bullish outlook on the gold price. In a note to clients, the firm wrote that “Industrial metals as a group are broadly unchanged on the year but precious metals have continued to trade strongly. We remain extremely bullish of gold, looking for a move towards $1800, and above, by year

Gold Price Challenges Record Highs amid No Debt Ceiling Deal. The gold price traded as high as $1,609.50 Sunday night, within $0.50 of its all-time high of $1,610 per ounce. The lack of an agreement between President Obama and congressional Republicans to raise the debt ceiling led to buying in gold and selling in stock prices. The August 2 deadline to raise the $14.3 trillion debt ceiling is looming and a deal does not appear to be forthcoming.

The gold price bounced back above $1,600 on Friday, rallying $11.17 to$1,602.13 alongside the price of silver. While the price of gold advanced, gold’s sister precious metal climbed $0.52 to $39.85 per ounce, despite modest strength in the U.S. dollar. The euro currency fell 0.4% to 1.4371 this morning, following yesterday’s surge from 1.41 to 1.44 on the heels of the European summit on Greece. At the summit, policymakers also agreed to a new round of bailouts for Greece, totaling €109 billion. France’s Nicolas Sarkozy, Germany’s Angela Merkel, and other top officials also agreed to extend the maturity of future loans for Greece to a maximum of 30 years (from the current 7.5 years). In an official statement, the euro zone pledged that member nations would work closely to develop concrete proposals by October “to improve working methods and enhance crisis management in the euro area.” While markets cheered the European news on Thursday, there are many details that still

Gold could reach $2,000 per ounce later this year amid a “panic spike,” according to Clifford Bennett, chief economist at Empire Economics in Australia. "Panic Spike" to lead to $2,000 Gold this year? In an interview with the Australian Associated Press, Bennett said that “There is risk in the second half of the year of a bit of a panic spike, if you like, as everyone thinks there isn’t enough to go around and starts to hoard…That’s when you’ll really see gold take off towards $US2,000 an ounce.” Over the next 18 months, Bennett forecasted that the price of gold could hit $2,200 per ounce, and eventually take out its inflation-adjusted all-time record high of $2,300 per ounce. Bennett cited rising investment demand around the world for the yellow metal as a key reason for his bullish outlook, predicting that “India and China will continue to stockpile gold.” He went on to say that ”Gold has certainly come back as a respected reserve form of wealth…There’s been so

The gold price slid $2.15 to $1,598.55 per ounce Thursday morning, following yesterday’s 1% decline. The price of gold hovered near unchanged on thin volume this morning after tumbling $16.36 to $1,588.49 per ounce on Tuesday – ending its eleven session winning streak. Gold prices surged to new all-time highs of $1,610.70, but turned sharply lower following reports that President Obama and congressional Republicans were close to a resolution that would allow the U.S. to meet its August 2 debt ceiling deadline. The gold price later reached an intra-day low of $1,582.70, but modestly pared its losses into the close. However, despite yesterday’s gold price decline, the yellow metal remains higher by 5.6% in July and 11.8% year-to-date. Although the gold price may experience further short-term weakness due to excessively bullish sentiment, the longer-term outlook appears bright. Governments and central banks around the world – particularly in the U.S., Europe, and Japan

Gold managed a sustained break of $1,600 in overnight trade, reaching yet another all-time high. This is largely the result of sovereign debt fears in the Eurozone and US. Today, the US House votes on the US’s debt ceiling. Although the legislation is expected to be passed, the lack of support in the Senate means that the vote will be largely symbolic and bring the US no closer to a satisfactory resolution. This uncertainty should keep investors interested in the safe-haven advantages of Gold. The focus will also be firmly on the emergency meeting of EU leaders this Thursday. Speculation surrounding a possible Greek default has resurfaced, with not much confidence that this week’s meeting will result in measures to avoid a default. CFTC data released last Friday (covering the week ended 12 July) reveals that silver net speculative length continued to rise, with a further 334.2 tonnes added last week. This time, the largest contributor was the 191.6 tonnes added to speculative long posi

The gold price broke out to a new all-time high above $1,600 per ounce Monday morning, rising for the eleventh consecutive trading session. The price of gold advanced as high as $1,603.40 per ounce before backing off to trade just the $1,600 level. The yellow metal gained on the back of a surge in borrowing costs for Italy, the latest European nation to see its bond market come under heavy selling pressure. The lack of a deal to raise the $14.3 trillion debt ceiling also helped boost gold prices. The eleven-day rise in the gold price is the longest winning streak since January of 1980. The gold price delivered another noteworthy performance last week, climbing 3.2% on its way to a series of fresh record highs. With Monday’s advance, the gold price extended its monthly and year-to-date gains to 6.6% and 12.5%, respectively. Last week’s two-day Congressional testimony by Chairman Ben Bernanke on the economy and monetary policy revealed that the Fed remains open to the

The gold price climbed toward $1,600 per ounce last week as worries over the surge in borrowing costs for Italy drove investors to add to long positions in the yellow metal. Gold prices, which have risen for ten consecutive days, gold advanced amid a flare-up of the European sovereign debt crisis. Italian ten-year bond yields crossed 6% last week and traded to record spreads against similar duration German bunds. The lack of deal over the weekend to raise the debt ceiling also helped bolster gold prices late Sunday. HSBC gold analyst James Steele provided a bullish forecast for the gold price in a note to clients, stating: “The climate driving gold higher is similar to that of Q2 2010 when gold also jumped to then record highs, buoyed by the emergence of the Greek sovereign crisis and U.S. quantitative easing. Gold is reacting to a similarly bullish cocktail of factors, except that as policy makers appear to have more limited options now, conditions are more gold-bulli

The gold price moved slightly lower, sliding $3.10 to $1,584.25 per ounce Friday morning as profit taking weighed on the yellow metal. Gold move up again when come to closing time, end at 1593.65 per ounce. The price of gold has gained 2.5% this week and 5.5% this month on the back of lingering sovereign debt issues and concerns U.S. policymakers will fail to reach an agreement to raise the $14.3 trillion debt limit. Gold prices showed little reaction to the release of the Consumer Price Index (CPI) this morning. The June CPI fell 0.2% versus the previous month and rose 3.6% year over year. The figures were in-line with market expectations and failed to move either gold or the broader stock and commodity markets. S&P 500 stock futures gained 3.50 to 1310.20 while oil climbed $0.43 to $96.12 per barrel. On the first day of Bernanke’s semiannual testimony to Congress, the Federal Reserve Chairman created headlines when he stated that “The possibility remains that the r

The gold price rose toward $1,600 per ounce, rising as high as $1,594 early Thursday morning, western time. The price of gold is on pace to rise for the ninth consecutive trading session on the back of a surge in investment demand for gold bullion, gold exchange-traded funds, and futures contracts tied to the gold price. This morning’s news on inflation was a mixed bag and gold prices showed a muted response to the data. The June Producer Price Index (PPI) fell 0.4% month over month against market expectations of a 0.2% drop. Versus the previous year the PPI rose 7.0%, while the core – excluding food and energy – climbed 2.4%. Speculation over the possibility of a new round of quantitative easing from the Federal Reserve has helped send the gold price to a series of new highs, however, rising price pressures are likely to prevent QE3 from being implemented in the near term. “The possibility remains that the recent economic weakness may prove more persistent than expecte

The gold price surged to a new all-time high Thursday morning, rising to $1,589 per ounce. The price of gold has risen 4.9% in July on the back of waning confidence in fiat currencies and renewed speculation that the Federal Reserve may consider a new round of quantitative easing. Silver, despite being well off its multi-decade high print of $49.79 posted earlier this year, has climbed 6.5% this month and is currently trading at $36.95 per ounce. The latest Fed minutes – a recap of the June Federal Open Market Committee (FOMC) meeting – acknowledged the fact that the rate of U.S. economic growth slowed to a more moderate pace. As a result, the Fed lowered its GDP estimates for the balance of 2011 and into 2012. The GDP reduction “reflected the persistent weakness in the housing market, the ongoing efforts by some households to reduce debt burdens, the recent sluggish growth of income and consumption, the fiscal contraction at all levels of government, and the effects of

Gold hit an intra-day high of $1,574.30 per ounce Wednesday afternoon following release of the Fed minutes and Moody’s downgrade of Ireland’s credit rating. In doing so, gold came within $3.10, or 0.2%, of its $1,577.40 record high from May 2. Coupled with the Fed minutes revealing that some members of the Fed were considering additional monetary accommodations, Moody’s decision to cut Ireland’s rating to junk status helped lift the yellow metal higher. Furthermore, the ratings agency placed Ireland on outlook negative, which signals an increased likelihood of a further downgrade in the future.

The gold price climbed $9.11 to $1,553.31 Monday amid growing fears over the European sovereign debt crisis. The price of gold rose to as high as $1,557.20 per ounce this morning, just 1.3% shy of its $1,577.40 all-time record high, reached on May 2 of this year. Equity markets around the world tumbled, while U.S. exchanges were set to open substantially lower. Alongside the gold price, the U.S. dollar was one of the few asset classes moving higher on Monday. The euro currency came under considerable pressure against the dollar, falling 1.4% to 1.4022. Silver prices held near unchanged at $36.71 per ounce, while cyclical commodities including oil and copper suffered steep declines. Coupled with the worse than expected jobs report in May, the June data has already led to calls for the Federal Reserve to implement a third round of quantitative easing (QE3). Chairman Ben Bernanke has on many occasions highlighted the crucial impact that the nonfarm payroll reports have on

The gold price surged higher to $1,544 per ounce higher Friday closing after the release of June’s dismal jobs report. After trading lower earlier, the price of gold spiked higher on the news that a mere 18,000 nonfarm payrolls were created last month – versus expectations of 105,000. The unemployment rate ticked up to 9.2%, higher by 0.1% versus the previous month. Both gold and silver moved lower heading into the jobs data, then ramped as the news hit the tape. S&P 500 stock futures swooned, falling 14.80 to 1336.90. Employment data remains a crucial determinant of Fed policy, a fact outlined repeatedly by Chairman Bernanke and his colleagues. As long as the jobs market stays tepid, the Fed’s zero interest rate policy will likely stay intact. The central bank is betting that the wealth effect from higher asset prices will spark an economic recovery. However, savers are not only receiving no interest on their deposits, but after accounting for inflation, the purchasing powe

The gold price traded firm Friday morning following the news that the European Central Bank raised interest rates by 25 basis points to 1.5% – the highest level since March 2009. While the price of gold was unmoved by the ECB, news from ADP Employer Services that payrolls rose by 157,000 in June weighed on the Gold. Gold fell $2.40 to $1,526.60 per ounce while the more cyclically-sensitive silver price gained $0.23 to $36.12 per ounce. Stock prices surged on the strong employment data, rising 9.80 to 1345.60. Weak data on the labor market has been a key rationale for the zero interest policy of the U.S. Federal Reserve. If tomorrow’s jobs report from the Labor Department exceeds expectations, markets could begin to price in hikes in the Fed Funds rate – a development that would likely weigh on gold prices. With the price of gold and silver resuming their upward march this week, one of the foremost precious metals investors was back at it presenting his bullish case for

The gold price climbed $7.10 to $1,523 Wednesday after China raised interest rates for the third time this year. The price of gold fell as low as $1,510 per ounce before bouncing back above $1,520 after the People’s Bank of China announced that the one-year lending rate will rise to 6.56% from 6.31%, effective tomorrow. Commodities, notably copper – lower by 0.8% to $4.32 per pound – fell across the board on concerns that China’s fight to stamp out inflation will weigh on its growth rate. Next week, China’s statistics bureau will release the nation’s consumer price inflation data – expected to climb to over 6%. The pre-emptive move interest rate hike led to fears that the spike in prices, notably for food, could exceed analyst estimates. The euro sank against the U.S. dollar, dropping to 1.43 while S&P 500 equity futures declined 6.80 to 1329.90. Erste Group went on to discuss the significant impact of monetary policies on the gold price over the past decade. Since

The gold price opened the first full week in July to the upside, surging higher by $24.25 Wednesday morning to $1,512 per ounce. The price of gold was boosted by strong investment demand as investors and traders bet the recent $99 Gold price correction was over. Silver followed gold higher, climbing 2.9% to $34.87 per ounce. Precious metals prices rose despite gains in the U.S. dollar against the euro and versus most of America’s trading partners. Commodities moved higher alongside the gold price with every single one of the 19 components of the Reuters/Jefferies CRB Index trading higher. Oil rose 0.8% to $96.69 per barrel following a bullish article in this weekend’s Barron’s that speculated $150 oil will be hit in the next year. Although the gold price has slid from its $1,577.40 record high to below $1,500 in recent months, Hambro contended that it is merely a correction in the ongoing gold price bull market. ”Investment demand has been the most important driver of

Stronger-than-anticipated US manufacturing data on Friday eased concerns about the health of the US economy, which decimated demand for gold and silver as safe haven. However, platinum and palladium still benefited, most likely on the prospect of industrial demand. PGM even managed to shake off the disappointing US auto sales figures. Physical interest in gold has come off, with buying on dips much less aggressive than we saw last week. Given current market positioning (as evident from the latest CFTC data), we could see gold perform particularly well should the Eurozone debt concerns prompts a resurgence in risk aversion. Silver however, still looks vulnerable. Gold support is at $1,481 and $1,468. Resistance is $1,506 and $1,516.

The gold price opened the new quarter on a negative note, sliding $13.77, or 0.9%, to $1,486.33 per ounce amid widespread selling in precious metals. The price of gold briefly fell below $1,480, but pared its losses into the close of trading. Silver tumbled alongside the gold price, dropping $0.92, or 2.7%, to $33.80 per ounce. For the week, the price of gold and silver declined 1.1% and 1.5%, respectively. Gold and silver shares moved lower in concert with precious metals as the Philadelphia Gold & Silver Index (XAU) declined 0.8% to 199.45. Notable decliners included Goldcorp (GG) and Harmony Gold (HMY), which fell 1.9% and 3.1%, respectively. Despite Friday’s losses, the XAU managed to outperform the price of gold and silver, closing up 3.9% on the week. Although the gold price has now dropped in three of the past four weeks, it remains higher by 4.6% year-to-date and within 6% of its $1,577.40 all-time high. One of the staunchest bulls on the gold price in

The gold price fell back under $1,500 per ounce Friday morning, sliding $11.50 to $1,488.50 per ounce. Precious metals and commodities were weaker across the board, led by a 2.1% drop in the silver price to $33.96 per ounce and a 0.9% fall in crude oil to $94.56 per barrel. While the gold price declined, the U.S. dollar traded flat versus the euro and most of its foreign counterparts. Today’s weakness in the gold price follows yesterday’s $13.03 decline, sending gold out on a weak note to end the first half of 2011. The drop in the price of gold was fueled by concerns over the prospect of tighter money across the globe – coming on the back of Greece’s approval of new austerity measures. The end of the Federal Reserve’s second round of quantitative easing, QE2, which concluded on June 30, also fueled selling in gold prices. Over the previous two days, Greek lawmakers passed legislation to implement a host of austerity measures in order to secure the next tranche of financ

The gold price held steady at $1499.85 per ounce Friday morning after news that jobless claims in the U.S. rose yet again in the most recent week. The price of Gold stabilized as data showed that applications for unemployment benefits rose to 428,000, an indication that the jobs market continues to remain weak. The challenging labor market has been one of the key reasons the U.S. Federal Reserve is holding interest rates near zero – a policy that has provided a tailwind for the gold price. Gold prices remain mired in a trading range as investors weigh the negative impact on the Goldl of the end of the Fed’s second round of quantitative easing. Yesterday, June 30, is the official end of QE2, a $600 billion asset purchase program designed to keep interest rates low and stimulate the economy. Looking ahead, several market strategists see the gold price consolidating during the summer, prior to another leg higher in the fall. Barclays Capital analyst Yingxi Yu wrote in a n