Comex Gold Ends Modestly Weaker on Profit Taking, Firming Greenback $

Comex gold prices are ended modestly weaker Thursday on profit taking and book-squaring after scoring another fresh all-time record high of $1,317.50 an ounce, basis the most active December futures contract. A firming U.S. dollar index Thursday also limited buying interest in gold. December Comex gold last traded down $3.20 an ounce at $1,307.10. Spot gold was last quoted down $4.00 at $1,305.50.

Gold backed off its highs at mid-morning, when the U.S. dollar firmed up following stronger-than-expected readings on U.S. gross domestic product and from a Chicago purchasing managers survey. The U.S. dollar index hit a fresh 8.5-month low early Thursday. The dollar index remains very weak, technically. There are still no early technical clues that the index is near a market bottom. As long as the U.S. dollar index is in an overall price downtrend on the charts, look for gold prices to continue to trend sideways to higher.

Thursday is the last trading day of the month of September and the last trading day of the quarter. That did bring in some profit-taking and book-squaring pressure in the gold and silver markets before the end of the trading day.

There are some analysts presently predicting a market top is close at hand for the gold market because of all the media attention given the yellow metal recently. Commodity markets that do garner keener news media attention are generally in the final stages of a bull market run. However, in gold's case it can be correctly argued that gold has been in the media spotlight for months, or longer. In 2008, gold prices started reaching to new heights after a 28-year hiatus. Yet, gold prices have continued to trend higher.

Reports overnight said the largest gold exchange traded fund, SPDR Holdings, added over 5 tons to its holdings Tuesday.

The London P.M. gold fixing was $1,307.00 versus the previous P.M. fixing of $1,307.50 an ounce.

Technically, December Comex gold futures saw action Thursday score a mildly bearish "outside day" down on the daily bar chart, whereby the high was higher and the low was lower than the previous session's trading range, with a lower close. If there is solid follow-through selling pressure on Friday, then a bearish "key reversal" down could be confirmed, which would be one early technical clue that a near-term market top is in place.

Gold bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above psychological resistance at $1,325.00. Bears' next near-term downside price objective is closing prices below solid technical support at this week's low of $1,276.20. First resistance is seen at today's all-time high of $1,317.50 and then at $1,320.00. Support is seen at $1,300.00 and then at Thursday's low of $1,297.00. Wyckoff's Market Rating: 8.0.

December silver futures closed down 22.2 cents at $21.73 an ounce Thursday. Prices closed nearer the session low after scoring another fresh 30-year high early on. Profit-taking pressure and end-of-the-month and end-of-the-quarter book-squaring were also featured in silver Thursday. Price action Thursday also scored a mildly bearish "outside day" down on the daily bar chart, whereby the high was higher and the low was lower than the previous session's trading range, with a lower close. If there is solid follow-through selling pressure on Friday, then a bearish "key reversal" down could be confirmed, which would be one early technical clue that a near-term market top is in place. A firmer U.S. dollar index also limited buying interest in silver Thursday.

Silver bulls still have the solid near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $21.00. Bulls' next upside price objective is producing a close above solid technical resistance at $22.50 an ounce. First resistance is seen at $22.00 and then at Thursday's high of $22.125. Next support is seen at Thursday's low of $21.565 and then at $21.50. Wyckoff's Market Rating: 8.5.

December N.Y. copper closed down 65 points at 365.50 cents Thursday. Prices closed nearer the session high. A firmer U.S. dollar limited buying interest in copper Thursday. The copper bulls still have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 375.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at Wednesday's contract high of 367.35 cents and then at 370.00 cents. First support is seen at Thursday's low of 362.00 cents and then at 360.00 cents. Wyckoff's Market Rating: 8.0.

Gold Prices Edge Lower in Volatile Trading

Gold for December delivery settled down 70 cents to $1,309.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,317.50 and as low as $1,297 in Thursday's session.

The U.S. dollar index was adding 0.10% to $78.86 while the euro was flat at $1.36 vs. the dollar. The spot gold price was down $2.60 according to Kitco's gold index.

Gold prices gave back early morning gains as better-than-expected weekly initial jobless claims and an upwardly revised second-quarter gross domestic product number in the U.S. improved investors' risk appetite. Traders also took profits in gold headed into the end of the third quarter despite looming global currency issues.

Although the European Union is trying to contain sovereign debt issues, investors were still worried over a possible "Greece II" in Europe. Moody's downgraded Spain's debt rating to AA1 with a stable outlook while protests raged in the country and elsewhere in Europe over proposed budget cuts and tax increases.

Although Moody's downgrade was late compared with its peers, the news came on the heels of Ireland's announcement that its bailout of Anglo Irish Bank could come with a $46.3 billion price tag leaving investors worried that Ireland would have enough money to support its financial system.

Struggling EU nations are in a bind as they struggle to meet budget deficit reductions without crimping economic growth. The European Central Bank is providing access to more short-term loans but is refusing to buy EU and government bonds, something Japan and the U.S. have done.

There is some speculation that the ECB will be forced to act and run its printing presses if inflation keeps dropping and growth keeps stagnating. The worries are similar to those that triggered a massive euro selloff and gold rally this past spring when Greece was at risk for default, which pushed gold prices through the psychologically important $1,200 level for the first time.

"Investor sentiment remains very positive towards gold with a raft of macro uncertainties driving interest," says Suki Cooper, commodities research analyst at Barclays Capital. "Physically backed gold ETPs [exchange-traded products] rose by 0.7 tonnes yesterday taking total metal held across the 22 products we track to a fresh peak at 2121.5 tonnes."

Gold prices have settled over $1,300 for three consecutive trading days and the longer gold can hold that level that stronger this new range becomes. But high prices could trigger some more profit taking and money managers could dump their gold positions once the fourth-quarter starts.

Kevin Cook, analyst for TheStreet's Options Profits, says "if you think that gold has put in a short-term top for the next few weeks, you might consider just buying an at-the-money put spread on the SPDR Gold Shares(GLD_)."

Gold, the US Mint, and Proof Gold Eagles $

September 30, 2010) Over the past few weeks, gold has taken out its previous high price in nominal dollars, trading over the $1280 mark for the first time. World investor demand is the driving force, but US Mint figures show a recently declining US investor bullion demand.

Once again, higher bullion prices has caused gold to be in the news everywhere.buy gold $ Full-page ads are everywhere for units of the iShares Gold Trust picturing a healthy-sized gold bar in all its yellow glory, financial publications are printing articles about gold, and investors are investigating this timeless store of value as an alternative to shaky stocks, overblown bonds, and fractured real estate.

Barron’s, in its September 20th edition, published Debbie Carlson’s article entitled, “Why You Need to Own Gold.” Its theme is stated in the subtitle: “Not so long ago, this market was for gold bugs and conspiracy theorists. Now, many wealthy investors should think about putting 5% to 10% of their money in gold.”

So we offer a word of thanks to all you conspiracists buy gold $and gold bugs who have been stubbornly buying the old yellow metal during thisbuy gold $ decade. Because of you, gold prices have roughly quintupled in the last nine years. In short, the much maligned gold bugs and conspiracists (and you know who you are) who bought when everyone advised against it have, it seems, finally made gold respectable. So respectable, in fact, that Barron’s now says that you can step aside and let wealthy people who read financial magazines take it from here.

Frankly, we hope they do, because despite the raging bull market in gold worldwide, US investor demand lately could use a pick-me-up. Obviously, the world is buying gold, but the US Mint’s output over the past month or so paints a picture of rather slack bullion demand in this country.

In August, sales of bullion gold Eagles slumped to some 39,000 1-ounce coins, compared to this year’s record sales in May of 190,000 pieces. And September’s sales as of today are only 35,000 ounces. And unlike instances in 2008 and early 2009 where the Mint could not keep up with demand, over the past few weeks there has been plenty of product available. It is simply domestic demand which has fallen.

In fact, the Mint is so caught up with bullion gold Eagle production, that on September 1st it announced the upcoming release of the Proof version of 2010-dated gold Eagles in October, with maximum mintage limits totaling over 110,000 ounces of gold. This potential production, if achieved, would exceed the annual output of Proof gold Eagles for any year since 1988.

Where is the demand for so many of these pricey collector versions of gold Eagles going to come from? Oddly enough, these long-ignored collectibles have lately been increasingly sold by telemarketers into individuals' IRA accounts.

Although, by law, numismatic coins are not allowed in precious metals IRAs, through a quirk in the Treasury regulations governing these retirement accounts, not only are bullion items allowed, but also the Proof versions of gold Eagles as well. And there are no regulations in place that limit the markups charged.

This provision has allowed numismatic marketers to sell a highly profitable (for them) item into the IRAs of unsuspecting customers who are looking for an alternative to stocks and bonds in their retirement accounts. Over the past three years, demand for Proof gold Eagles has soared, basically from the surge of interest in precious metals IRAs. The actual wholesale price of these collector version gold coins was over $2,000 per ounce before the Mint’s recent announcement of new production, while retail prices for coins sold into IRAs were routinely in the range of $2,500 to $3,500 per ounce. Now that’s a moneymaker – for the sellers, not the poor IRA holders.

Starting at noon on October 7th, the US Mint will sell these collector products to all comers for approximately $300 per ounce over the market gold price. The announcement by the Mint of the resumption of this program caused an immediate skid in the wholesale price of existing Proof gold Eagles on the market, falling from around $2,000 per ounce, down to around $1,600 (more or less the Mint's new retail price) as of this writing.

The real collector demand for this product is small, and most dyed-in-the-wool US collectors buy their Proof gold Eagles directly from the Mint. Therefore, the only possible market for this oversize production will be precious metals IRAs, which have already absorbed tens of thousands of ounces of the floating supply of Proof gold Eagles over the past few years.

We may soon hear some interesting reactions from American investors who have been persuaded to pay from $2500 to $3500 per ounce of their hard-earned buy gold $ IRA money for these not-so-rare treasures. Imagine their surprise next month, when anybody will be able to buy the same quality coins online at the US Mint’s website (www.usmint.gov) for about $1600 per ounce – and even use a credit card to pay for their purchase!

The original intent behind precious metals IRAs was to allow US investors a chance to hold a time-tested inflation hedge to help augment their retirement. The expectation was that commissions on purchasing bullion commissions are traditionally pretty reasonable, making buy gold $ bullion a safe choice for an individual's IRA.

Unfortunately, allowing Proof versions of gold Eagles to be placed into those accounts opened the door for aggressive marketers to push buy gold $over-priced and inappropriate investment material. And push they did over the past few years, mostly to buyers who didn’t understand the risks and markups involved.

The sad truth is that many investors who have Proof gold Eagles in their IRA won’t even know where they stand (if it can be called 'standing' when you are underwater) until such time as they retire and attempt to liquidate some of their holdings. 

Unless the price of gold triples before then, investors who so trustingly added these semi-collectibles to their retirement holdings are going to be in for a rude financial awakening.

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Gold price Predictions 2010

Now for some Top Financial Firms Gold Price Predictions for 2010:

Near term outlook is $1,300 per ounce - Canaccord Adams

A range from $850 to $1,400 per ounce - The Bank of Nova Scotia

A jump in the Spot Price of the commodity to $1500 - The Inflection Point

The price of gold is set to rally to $2,000 per ounce next year as an improvement in the economic outlook causes fear of inflation and currency debasement, Philip Manduca, ECU Group

Our silver prices forecast for 2010 and 2011 is such that silver will exceed its non inflation adjusted high of $48.70 per ounce and its price can reach $55 to $65 range in the coming years.  – Bad Credit Advisor

Gold will finish at $1450 (or higher) on December 31, 2010. Silver (a.k.a The DOG) will finish at $23 (or higher) on December 31, 2010 – OutlawJoseyWalesJr

While some are claiming gold has peaked, I believe gold is nowhere near a top and will reach a new nominal high between $1,300-$1,500 during 2010. Silver will outperform gold reaching $24 or higher as the gold/silver ratio dips towards 55. - Jason Hamlin, GoldStockBull.com

I would not go short gold, but I would go long the dollar. - Vincent Farrell, Jr. Soleil Securities Group

Gold prices will fall in 2010 - Rick Aristotle Munarriz

Gold will hit 1375. Silver will break 30. Dollar will regain some strength(may hit 85 or 90) and drop off dramatically to new lows. - silvertooth

Gold to $1,400-$1,500 for sure, possibly to $2,000 followed by a correction back down to the $1,400-$1,500 level. - Dave Skarica

Gold to $850 by August-September. He said, "I could be wrong". - Frank Barbera

Crystalline Gold

Leadville district mining and rocks and minerals magazine, volume 72 ", September 1997 in Colorado gold, Ed rains articles .
  "Red district: 152 million ounces (gold).  Quartz-pyrite veins, money raised sowing limestone porphyritic, mantos returns with a zinc co., leads and silver ores.  More than 100 quartz pyrite gold vein area Breece Hill is called.  Found in the stocks, gold flakes, leaves of gold-rich areas, cable and the porous mass (Emmons, Irving, Lauryn 1927, Behre 1953; Thompson and Arehart 1990) has raised the most money fine particles as.
  Ibex mining (Johnny American Government most little Stella, other mine).
Ibex is District superior, the most famous of fine gold copy soiurce.  Bag in particular very small seams oxide ore 3 level 16 ore was at least 50% bag, in the gold copy Immons Irving Lauryn (1927) mention money.  Specimen probably from this crusting of partial limonite after pyrite cover bee nest quartz seam location consists.  Very fine flattened thread and all Bonn cables scattered on the seam.  Cable is very small measure. more than 2 mm in 1-3 mm long.
  These researchers, gold comments also found sixth-level primary sulphide minerals.  Number of copies of the source is displayed in deep site Ibex Office was.  If the specimen is partial, coated Sphalerite Crystal Gold "movie" was.  Small vugs with gold wire and sheet using copies of other managed both sphalerite and pyrite crystals is configured to 1/4 of the seam.
  Denver 5.5 oz of Ibex model Museum (# 11203) intergrown with length of 5 cm cable.  8 Author cable to make sure. up to 5 cm. Spo

Nuggets how did form ??

View some about the origins of the nuggets theories, but surrounded by 3,000 Gold crystallization of Boyd's quartz, or coral reefs and Crystal chunks them definite evidence points from the gold bearing quartz leaf. Contains many large forest areas nuggets. Large masses are suddenly crystallise should be the fully aware of the reason. However, do not change the condition of the surrounding rock is solubility of gold in hot water was dissolved but huge amounts of money from the depths of the Earth's crust consists of.

Certain layers in the sedimentary layer around a few goldmines society discovered cut quartz leaf gold big slugs. They are known as "indicators" and asked for by the positive early miners. To many millions of years of erosion, while was exposing landscape down, quartz reefs, and the close money. Slowly release erosion caused the revised money hunk, dissolve. On the ground and then moves to the slopes of the nearest stream.