Gold Price Huge two Day Drop
gold nugget
gold price
As I’m writing this the spot New York gold prices off by $65 to$1781 per ounce. Unless prices turnaround prior to the close of the market today, which I doubt, today will mark the second day of huge price drops for the spot price of gold. This two day price drop will mark the largest drop in the spot price of gold since December 2008. Read more 
Spot Gold Price Up Again
Spot Gold Price
Spot gold price as I write this, is up again, currently at $1851 per ounce! It was just on July 18, 2011 that I posted about the spot price of gold going over $1,600 per ounce!
Because of this rapid rise in the spot price of gold, I’m a little concerned that we may be on the verge of a substantial pullback.
Gold futures pushed to new session highs of $1881.40/oz. overnight, but have pulled back. “I think we’re going to see it by the end of this month,” MF Global’s Adam Klopfenstein exudes. “People gravitate towards [assets] that give them peace of mind when there’s a lot of uncertainty.” Read more
Spot Gold Spikes on Jobs News
Mother Lode gold nuggets
Spot Gold for August delivery was up by $14.10 at $1,544.70 an ounce this morning, because The Bureau of Labor reported that the economy added just 18,000 new jobs in June, while the unemployment rate inched up to 9.2%. The essentially unchanged number of jobs was a big disappointment.
Meanwhile, the dollar weakened against a basket of currencies, with the dollar index down by 0.01% and the August crude oil contract was shedding $1.46 to trade at $97.21 a barrel.
The disappointing U.S. jobs figure and renewed concern about Italy’s financial stability weakened European markets. Shares of Italian bank UniCredit dropped amid fears that Italy may be the next eurozone country to struggle with its sovereign debt obligations, according to a Wall Street Journal article.
prospector’s pick
Gold Price Bust
gold nugget
Is the spot gold price headed for a bust? Who can really say for sure? But, at times of new record high gold prices, there are always those who see a bubble market that is about to burst. But, unlink the real estate bust of 2005, where are investors going to put their money if current US policy of ever increasing debt continues to erode the purchasing power of the buck? Read more
GOLD PRICE SOARS TO RECORD HIGH
Gold rallied above 1,500 US dollars an ounce for the first time last week , extending it’s run of record highs as investors sought to hedge growing inflation risks and bought into a broad commodities rally.
