Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Moving Closer To All-time High

Commodities / Gold and Silver 2011 Feb 26, 2011 - 04:33 AM GMT

By: LiveCharts

Commodities

Gold prices have slipped a bit to close out the week, but an ounce of gold is holding steady over $1,400 as a run toward late December’s all-time intraday trading high of $1,431.50 appears inevitable in the coming weeks.

Continued political unrest in Libya and Bahrain, combined with the recent overthrow of 30-year Egyptian President Hosni Mubarak, has driven speculators toward commodities.


Oil prices pushed through $100 during Thursday’s (February 24) trade and are headed for the largest weekly gain since October 2009. And gold is once again the safe money bet in lieu of political and economic uncertainty.

Gold is up $3.40 in early Friday morning trade on the New York NYMEX to a current spot rate of $1,405.50. This comes after a Thursday close of $1,402.10.

Gold closed Wednesday at $1,411.70 and reached as high as $1,414.50 early Thursday before a drop off.

Prices are currently about $70 higher during the month of February after a January swoon saw the price of an ounce of gold move as low as $1,314.90.

In the current political environment and with no major triggers to drive economic sentiment in the United States, another spike in gold prices toward $1,500 is likely.

Equity investors have moved money out of stocks this week as the Dow Jones Industrial Average opens the final day of trading for the week holding tight to the 12,000 at 12,068.

 The Commerce Department just announced early Friday morning that the fourth quarter gross domestic product only grew by 2.8 per cent. This was lower than the previous estimates of 3.2 per cent and forecasts for an upward revision to 3.3 per cent.

Less government contract spending and less robust consumer spending were cited as reasons why the GDP did not grow as much as anticipated.

The economy grew 2.8 to 2.9 per cent during 2010, but flat growth in the fourth quarter adds to the potential that speculators are going to show continued interest in oil and gold, at least in the near term.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2011 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

Live Charts Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in