Centennial Precious Metals, Inc: Serving Gold Coin & Bullion Investors Since 1973
Now open for business 6am to 6pm coast to coast!

LIVE Gold Prices Streaming real-time gold price quotes USAGOLD Closing Gold Coin Prices Daily Price of Gold Since 1970 London Gold Price Fix & Gold Lease Rates USAGOLD NewsGroup We invite you to join our popular USAGOLD NewsGroup. Important breaking news and opinion on gold delivered by e-mail. USAGOLD 24-Hour Live News Wire Staff favorites www.usagold.com --WORTH READING-- Gold to catch up with oil as inflation brews (Jun 30) Citigroup says long-term gold price could double or even triple (Jun 30) Gold may rise to $5,000 as investors seek shelter from inflation (Jun 19) Royal Bank of Scotland issues global stock and credit crash alert (Jun 18) NEW in the last 5 minutes www.usagold.com --LIVE NEWS-- Businesses Use Economy As Sales Gimmick 09:47 NPR - Business 5 to 10 minutes old www.usagold.com --LIVE NEWS-- Businesses Use Poor Economy As Sales Gimmick 09:44 NPR - Business 1 to 2 hours old www.usagold.com --LIVE NEWS-- Ghana: Country's Currency Has Not Stabilised - Ofosu-Ampofo 08:48 AllAfrica.com South Africa: JSE Gives Pamodzi Gold a Month's Stay of Execution 08:28 AllAfrica.com Congo-Kinshasa: Metorex Copper Production May Rise Fourfold 08:28 AllAfrica.com 2 to 4 hours old www.usagold.com --LIVE NEWS-- Act now to protect against inflation 07:47 Royal Gazette - Business Teens feel squeeze of economy, slash spending on clothes 07:35 The Tennessean - Business Challenges abound for Bush at last economic summit 07:01 Tuscaloosa News, Alabama - Business G-8 meets as economy storm clouds thicken 06:08 The Charlotte Observer, North Carolina - Business Brown bears close, elusive 05:55 Los Banos Enterprise, California - Business Central African region to record strong economic growth in 2008 05:52 Xinhua Online - Other 4 to 6 hours old www.usagold.com --LIVE NEWS-- Oval souvenirs of 2008 Beijing Olympic Games issued 05:47 Xinhua Online - Business Iran inflation tops 26 percent 05:28 Khaleej Times - Business Iran's inflation rate over 26 percent 05:27 Xinhua Online - Business Pensioners bare brunt of inflation 05:07 Tiscali - Business News Job cuts to hold down wage inflation 05:07 Buffalo News, New York - Business & Finance Adapt your spending to ride out inflation 05:06 The Honolulu Advertiser, Hawaii - Business Russia's economic growth remains robust 05:00 Mathaba.Net - Business Pensioners bear brunt of inflation 05:00 Reuters - Investing Pensioners bear brunt of British inflation 04:58 Reuters.co.uk - Property Cosmic move is pure gold 04:50 Express & Echo, Devon - Business Dollar closes higher against the euro, yen 04:30 Irish Sun - Europe Business Inflation rate blows out in Iran 04:12 Irish Sun - Business Scottish Mine Reopens Amid Gold Boom 04:11 Ananova - Business A man looks at an electronic board showing Japan's Nikkei and foreign countries' share average in Tokyo . The Nikkei posted its longest losing streak in more than half a century as worries about high oil prices and the global economy hit exporters 03:59 Irish Independent - World Business News Confidence in the general economy slides 03:54 Retail Bulletin - Brands 6 to 8 hours old www.usagold.com --LIVE NEWS-- Iran inflation tops 26% 03:44 Channel NewsAsia - Business Gold Boom Prompts Mine Reopening 03:41 Sky News - Business Life jackets available for loan at Silver Lake, Long Lake parks 03:20 Manitowoc Herald Times Reporter, Wisconsin - Business Weak dollar not producing gains in foreign travelers 03:16 Lubbock Avalanche-Journal, Texas - Business Four Retailers for a Recession 02:59 SeekingAlpha - Retail Businesses hope race starts visitors' economic engines 02:50 Orlando Sentinel, Florida - Business Nation/World Pakistani rupee crosses 70 per dlr, at record low 02:29 Reuters - Business Business sector sees high inflation, low growth 02:28 PakTribune.Com - Business Iran's June Inflation Rate Tops 26% 02:06 Nasdaq - Global Markets Layoffs, economy hurt tailor 02:04 Daily Press, Virginia - Business Yacht sales up despite economy 02:02 Belleville News-Democrat, Illinois - Business No escape from high inflation: Reddy 01:55 rediff.com - Business Earlier Today www.usagold.com --LIVE NEWS-- Inquiry team reminded of economic spin-offs 01:44 The Press and Journal, Scotland - Business Rupee would continue to remain weak 01:39 NDTV Profit - News Economic gloom precedes G8 summit 01:32 CNN.com International Edition - Business Forint Rises to Near Record Against Euro After Nation Posts Trade Surplus 01:17 Bloomberg - Market Despite weak dollar, fewer foreigners travel to U.S. 01:12 The Tennessean - Business Singletary: Shop smart, keep finances flexible to beat inflation 01:08 The Modesto Bee, California - Business G-8 meets as economic storm clouds thicken 01:08 The Rutland Herald, Vermont - Business Smooth sailing for yacht builders despite economy 00:37 The Times and Democrat, South Carolina - Business G8 for joint fight against global inflation 00:36 Trade Arabia - International Business Note: This is a dynamic newswire -- older news links at the bottom are gone after they are replaced with newer articles at the top. Therefore, you might consider posting headlines and URLs of noteworthy articles to the Discussion Forum for future reference. Next newswire update within 5 minutes (click your browser refresh button) ________________________

USAGOLD Analysis & Commentary

An Historic Year for Gold
June 2007 - May 2008

Seasonal Gold Price Trends
Summer bargain hunting made simple

Has Europe declared war on the weak dollar?
Collateral damage for gold?

Golden Gut Check
Why gold is likely to keep moving higher over the long term

As gold crosses $1000...
A comment on gold as savings

Will Gold Catch Up With Crude Prices?
In the time ahead, gold will not only have to rise, it will have to rise faster than oil

7 Steps to Become a Happy 1st-time Gold Investor
How to make the right decisions
Gold Forecast for 2008
Kosares aims at fourth-straight annual success

Gold Price Relativity
What gold owners can learn from the stock bull market of the 1990s

Top 25 Quotes on the Credit Crisis of 2007
USAGOLD Market Update 8/27/07

Disturbing Trends 2007 Update
The Dollar Under Siege - Special Commentary

The Coming Dollar Devaluation
What it means to you as a gold owner

Gold Market Volatility
Has it changed the reasons for physical gold ownership?

USAGOLD PressRoom -- Article Archive

The Daily Gold Market Report

Quote and Chart Search Search for stocks, futures, and forex by symbol or name.

The Morning Gold Report by Peter A. Grant
Gold Retreats Following ECB Rate Hike
Jul 03 a.m. (USAGOLD) -- Gold has retreated into the range after ECB president, Jean-Claude Trichet, took a slightly less hawkish stand following a 25bp rate hike.

The bump in the ECB's refi rate to 4.25% was widely anticipated and Trichet was expected to maintain a firm inflation-fighting stance at the follow-on press conference. The euro rose to a new 2-month high above 1.5900 in anticipation.

However, Mr. Trichet's comments at the press conference had a more neutral tone than many were expecting. He implied that after today's 25bp rate hike; monetary policy contributes to achieving the goals of preserving purchasing power and anchoring expectations.

The ECB chief did not go so far as to say that rates are now appropriate, adding that the bank would continue to monitor developments very closely. This leaves the door open for further rate hikes down the road, but the less than convincing tone prompted a round of profit taking in the euro.

The EUR-USD rate tumbled back below 1.5800 as traders who had been betting on a more hawkish ECB tone squared positions ahead of the long holiday weekend in the US. The resulting firmer tone in the dollar had a negative impact on gold.

We'll see if the hawkish Mr. Trichet returns in the weeks ahead if upside price risks persist, as they are likely to do. It won't take much to get the euro back on track for a short-term retest of the 1.6020 all-time high from Apr, which would have gold moving higher again as well.

Gold's retreat into the range leaves important chart/Fibonacci resistance at 954.70/960.88 intact for the time being. However, good buying interest is likely to be seen on dips ahead of the pivotal 900.00 level.

As the long-term uptrend in the yellow metal continues to re-exert itself, an eventual push above 960.88 would lend considerable credence to the scenario that calls for renewed probes above $1,000.

Oil prices set another new record high today, which is going to continue to be supportive to the gold market as well. As energy prices continue to rise so do the price risks for a wide array of goods and services. This is just the scenario that may prompt the ECB to hike rates again down the road.

Since gold is the classic hedge against inflation, we look for the yellow metal to remain underpinned by 'unanchored' expectations with respect to inflation.

US nonfarm payrolls fell 62k in June, versus a revised -62k in May. The unemployment rate held steady at 5.5%. The number of jobs lost exceeded market expectations and marks the sixth consecutive monthly decline.

The weak employment outlook, combined with the latest drop in the US ISM nonmanufacturing index, clearly shows that the US economy remains on the ropes.

Not a real 'feel good' as we look forward to the long Independence Day weekend. However, the prudent investor can turn to gold as means to preserve wealth in these turbulent economic times.

Physical gold offers a convenient and liquid hedge against inflation, a declining dollar, as well as general economic and geopolitical uncertainty.

Physical gold also offers non-correlated diversification against the more traditional asset classes.

On Monday we will release our annual Survey of Investments. One look at the chart that will accompany this report will clearly illustrate which asset classes continues to shine above all others.

If you are not already a member of our NewGroup and would like to receive this report, please click here to register.

Gold Market Movers:

US nonfarm payrolls for Jun -62k, versus downwardly revised -62k in May. Unemployment rate steady at 5.5%.

US jobless claims for the week ended 28-Jun +16k to 404k, well above market expectations.

ECB hikes refi rate by 25bp to 4.25%.

Eurozone retail sales for May +1.2%.

UK services PMI for Jun fell to 47.1, below market expectations.

Riksbank raises rates by 25bp.

Dow in secular bear market when priced in ounces of gold

Payrolls fall by 62,000 in June

Oil touches new high above $146

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. Centennial Precious Metals, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD - Centennial Precious Metals does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

Afternoon Report
Despite day's dip, NY gold ends holiday-shortened week up $2

The COMEX August gold futures contract closed down $12.90 Thursday at $933.60, trading between $928.00 and $950.00

July 3, p.m. excerpts:
(from MarketWatch) --
Gold futures closed with a loss of more than 1% Thursday, pressured as the U.S. dollar rose against other currencies, but the precious metal still posted a gain of more than $2 an ounce for the holiday-shortened week. Regular futures trading on Nymex will be closed Friday for the Independence Day holiday. Electronic trading on Globex will proceed as usual Friday and throughout the weekend, though Nymex said it will convert the trade date for any trade execution reports sent from Globex on July 4 to July 7. But weighing on gold prices Thursday was a surge in the U.S. dollar following the jobs data. "The jobs number for the month of June was bad but not bad enough to stifle the gains in the U.S. dollar," said Kathy Lien, chief strategist of DailyFX.com. "Anything short of 100,000 would have been dollar positive and that is exactly how the market reacted today." The Labor Department reported Thursday that the U.S. economy shed 62,000 jobs in June while the unemployment rate unexpectedly remained at a four-year high of 5.5%. Payrolls have now fallen in all six months this year for a total job loss of 438,000, the strongest evidence that the economy fell into a recession in the first half of the year. Job losses in June were worse than the 40,000 expected by economists surveyed by MarketWatch. The unemployment rate was expected to fall to 5.4%...more
(from DowJones) --
"We're following the euro," said a Comex floor trader. "It looks like a little profit-taking ahead of the weekend." Gold futures fell sharply Thursday in reaction to euro weakness that was largely tied to remarks from European Central Bank President Jean-Claude Trichet construed to mean that a rate hike was not necessarily the start of a long string of rises, analysts said. "Trichet helped the dollar and in that way inadvertently put the gold down, crude came off the highs and the stock market held its gains," said George Gero, vice president with RBC Capital Markets Global Futures. The dollar initially held against the euro - and gold was somewhat steady - ahead of the pit open after the European Central Bank increased its key interest rate by 25 basis points. Not long after the open-outcry session opened, the metal edged modestly lower after a U.S. jobs report that not far from expectations. Then the sell-off began in earnest a few minutes later when post-meeting comments from Trichet hit newswires. During a news conference, Trichet was less hawkish than expected, observers said. The ECB chief again expressed concerns about inflation, but also said there are downside risks to economic growth. August gold at one point was down $18.50 for the day to low of $928 in thinly traded session ahead of a long Fourth of July weekend. "When gold swooped down $15 to $16, there was stop-loss selling and there weren't enough buyers to offset it because of the limited participation," Gero said. "Once the initial sell orders subsided, no new selling developed. It just stayed down for the day, fluctuating with an eye open toward the dollar and any new dollar moves."...more
(from Bloomberg) --
The dollar rose as much as 1.3 percent against the euro after the European Central Bank signaled that a 25 basis-point increase in its benchmark lending rate today may be enough to control inflation. Gold ... has climbed 42 percent in the past year as the ECB held rates steady while the Federal Reserve slashed borrowing costs and the dollar sank. The ECB boosted its main refinancing rate to 4.25 percent, the highest since 2001, to cool inflation. The Fed cut its benchmark lending rate to 2 percent on April 30, the last of seven straight cuts from 5.25 percent in September, to head off a recession. Crude-oil futures reached a record $145.85 a barrel today on concern an attack on Iran's nuclear facilities will disrupt Middle East petroleum supplies. Iran is OPEC's second-biggest producer. "Fundamentally, I remain very bullish," said Adrian Day, president of Adrian Day's Asset Management. "With geopolitical problems over Iran, oil prices high and inflation brewing, this is the perfect storm for gold. I would buy again closer to $900."...more

Gold ... Yearly Chart

Visit our NewsGroup and our Discussion Forum for additional current gold news & commentary

Citigroup says long-term gold price could double or even triple (mineweb 6/30)
Citigroup forecasts that "gold is likely to regain $1,000/oz by end-08 and to work higher through 2009-2010." In their recent Gold Commodity Update, Citigroup metals analysts John H. Hill and Graham Wark also predicted that "longer term, we believe that gold is capable of doubling or tripling from current levels." The analysts said "secular and seasonal factors favor gold" during the second half of this year. "We remain positive on gold, based on macro and supply/demand factors. The forces that have propelled gold for 5 years are firmly in place." Citigroup's analysis also revealed that "gold shares have stalled as investors have flocked to physical bullion [...] The move in gold has been perhaps too sharp for the equities," the analysts said. "During a financial crisis, safe haven demand favors the simplicity of bullion."

The shrinking influence of the US Federal Reserve (Spiegel 6/26)
Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure. For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. [T]he final report on the risks of the US financial system is released in 2010 -- and it is likely to cause a stir internationally...

Vietnam suspends gold imports (FT 6/23)
Vietnam's communist authorities have temporarily suspended all gold imports in a bid to tackle the country's spiralling trade deficit and help support the depreciating local currency, the dong. With Vietnamese investors rushing into gold as a hedge against skyrocketing inflation, Hanoi ­ which sets an annual quota for gold imports ­ has withdrawn licences for further imports, traders said on Monday. The decision comes as record imports of gold bars have made Vietnam the world's biggest market for gold bullion, surpassing India and China.

Gold may rise to $5,000 on inflation (Blmbrg 6/19)
"You could easily see for the next several years that prices rise not to $1,000 an ounce, but prices rise to $5,000 an ounce or beyond as inflation psychology becomes more and more embedded and people become desperate to have a source of value," said Christopher Wyke, London-based emerging market debt and commodities product manager at Schroder, which oversees about $10 billion of commodity assets. Investors are turning to gold for protection as two-thirds of the world's population cope with inflation rates that are climbing to more than 10 percent...

RBS issues global stock and credit crash alert (Telegraph 6/18)
The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. "A very nasty period is soon to be upon us - be prepared," said Bob Janjuah, the bank's credit strategist. A report by the bank's research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as "all the chickens come home to roost" from the excesses of the global boom, with contagion spreading across Europe and emerging markets. Such a slide on world bourses would amount to one of the worst bear markets over the last century.

Inflation creation... and the gold standard (Barrons 6/16)
The world knows there are a lot more dollars sloshing around these days. Cheap credit, by which the Fed induces banks to create money, did it. The Fed put the price of money at 2% per year and handed out all that anyone needed to fund houses, vacations, boats, stocks, restaurant meals and, above all, goods and services from abroad. World inflation ebbs and flows with U.S. monetary policy. We emit dollars to pay for the things we import. Foreign producers turn them in to their central banks for local currency. ...The fundamental problem, however, is not paper money. It's not the long absence of a gold standard. Here and everywhere, the inflation problem is an absence of moral commitment to maintaining the value of money. The American dollar or any other currency -- even the malignant Zimbabwean dollar, which is losing half its value every day -- can be as good as gold if the monetary authorities make that choice, or as valueless as waste paper if they decide to steal from the people. ...Fortunately, we cannot really leave the gold standard. From minute to minute, we know exactly how many dollars, pounds, yen, rubles or dong the most active traders will exchange for an ounce of gold, or for specific quantities of oil, corn, wheat, rice and a couple of dozen other actively traded commodities. We do not need a formal gold standard to discover that the monetary authorities have erred on the side of inflation; the markets do that constantly.

Senator to unveil plan to limit funds' commodities purchases (MktWtch 6/13)
Sen. Joe Lieberman, a Connecticut independent, plans to unveil a legislative proposal Wednesday that would prohibit institutional investors from making further investments in commodities once they exceed a certain limit. The bill will be one of three proposals aimed to curb financial speculation in commodities markets. The other two include limiting the size of the stake any one investor can have in the market.

China 'Not Smart' to Invest in U.S. Bonds (Blmbrg 6/13)
China's government, which invests up to a third of its $1.68 trillion in currency reserves in Treasuries, is "not smart" to invest in U.S. debt and should seek higher returns, a former legislator said. "I don't think it's a smart move to invest in U.S. bonds," said Cheng Siwei, former vice chairman of the National People's Congress, China's legislature, at a Beijing conference.

China gold fund manager sees potential for rally (Reuters 6/13)
After doubling his money in the gold market in just six months, Wang Weilie, one of China's leading gold fund managers, believes another surge in gold prices is likely in the next few years as global inflation escalates and the dollar sags. He also stressed the need for a strategic approach to gold investing. "We Chinese should be 'gold dragons', not 'gold bugs' who were bullish on gold but suffered losses in past decades," he said. "We have reason to believe that gold will hit $2,000 in coming years after it broke the $1,000 level," he said.

Inflation fears may push gold back to $1,000 (Reuters 6/13)
"There's a good chance that it may go back above $1,000 in the short- to medium-term," said Richard Davis, a London-based fund manager at BlackRock. John Hathaway, senior managing director of Tocqueville Asset Management, said gold serves as an alternative financial asset particularly when markets worry about banking issues or currencies. "I think we will see gold going above those record high levels again and that will probably be this year."

Nobel laureate Mundell predicts dollar crisis (Reuters 6/4)
A major dollar crisis could come within five years and China is discussing reforms to the global monetary system ... similar to the one which operated under the Bretton Woods agreement from the end of Second World War until the 1970s, says Nobel Prize-winning economist Robert Mundell.

Gold -- Some bullish thoughts (Murenbeeld 6/4)
My point here is that we are in a major uptrend in the gold price. But within major uptrend prices often go sideways and also go down. I'm going to show you a chart later that has to do with geopolitical impacts on the gold price, and you'll see that oftentimes you get bumps in a downtrend or bumps in an uptrend. And my point really is that we had a bump in the gold price that is directly related to the credit market crisis. ... From a longer-term perspective, we're quite bullish.

Dollar a victim of globalization -- gold bars and a strong lock might be the best answer (MW 6/2)
CNBC's Larry Kudlow refers to the U.S. currency lately as the American peso. With the way the U.S. Federal Reserve failed to defend the dollar, calling it the American peso may just be an insult to the peso...The further you get from actually possessing the metal itself, the further you get from the true value of gold. As gold regains its footing and contemplates the next run above $1000, I believe to $1400 within six to nine months, if not far sooner, you can always get a bigger safe deposit box and have peace of mind to boot.

Gold price to rise long term says China CB official (Reuters 5/30)
International gold prices are likely to rise further in the long term due to dollar depreciation, rising demand and global political and economic uncertainty, a researcher at China's cental bank said. Rising prices would actually be likely to encourage buying in developing countries, where the metal is considered an important store of value.

Gold seen as safest investment option (FT 5/29)
As with any market, prices will go up and down, but the price of gold has consistently increased over the longer period, so is still considered by most to be a sound investment. The survey results reflect the growing global appetite for gold and other precious metals.

Gilded Opinion -- How to invest in commodities... Our lives depend on commodities yet most are too afraid to invest in them. History is dotted with massive bull-markets in commodities, which occurred regularly. In fact, over the past 200 years, we had five major booms in natural resources. The shortest boom I could find lasted 15 years, and the longest one continued for 40 years!

Older Gold News, Archives . . .