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September 21, 2019

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3 Reasons to Go Bullish on Gold

The price of gold fell sharply Wednesday, marking its biggest one-day drop in three weeks, but some professional traders remain bullish on the precious metal.

From the floor of the New York Mercantile Exchange, trader Anthony Grisanti said he likes gold [GCCV1 1723.10 6.60 (+0.38%) ] for several reasons. To start, he pointed out that the price of gold fell after a single customer sold 15,000 contracts of gold as soon as the market opened Wednesday.

“Let me put that in context — we’ve already done, by 10 o’clock this morning, the volume we usually do in gold for a day,” said Grisanti, founder and president of GRZ Energy. “These weren’t new shorts coming into the ring. These were longs that were liquidating. Profit taking.” More...

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Gold Seen Outperforming as Commodity Bull Run Stalls Near-Term
Gold may outperform other commodities as the bull run in raw materials pauses amid slowing economies, while grains and oilseeds may jump on weather disruptions, according to participants at the World Commodities Week conference.

Commodities will likely lack direction for the next 12 months, meaning investors will focus more on relative-value trades, according to Tiberius Asset Management AG. Deutsche Bank AG favors precious metals and is neutral on oil and industrial metals, Michael Lewis, head of commodities research at the bank, said today at the conference in London. Bullion isn’t in a “bubble” at current prices, he said. More...

Gold Supported By FOMC Statement, Soft Dollar, Improved Indian Demand
Gold rose early Thursday in response to plans by the Federal Reserve to continue with its accommodative monetary policy, a softer U.S. dollar and a pick-up in physical demand from the key consuming nation of India.

As of 7:47 a.m. EDT, gold for December delivery was $16.20, or 1%, higher at $1,717.80 per ounce on the Comex division of the New York Mercantile Exchange. December silver was up 52 cents, or 1.6%, to $32.14 an ounce.

The rise comes after the Federal Open Market Committee, following Wednesday’s pit close for Comex gold, said it would maintain its accommodative monetary policy, leaving the federal funds rate at its historical low and continuing with its bond-buying programs to hold down long-term interest rates. More...

Featured Commentary:

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Gold Can Save Us From Disaster
A new gold standard is crucial. The disasters that the Federal Reserve and other central banks are inflicting on us with their funny-money policies are enormous and underappreciated. An unstable dollar is wreaking havoc on our capital markets, depriving us of money for productive enterprises and future enterprises while subsidizing government debt on a scale never before seen in U.S. history. The zero-interest-rate policy destroys capital by punishing savers and enabling the central bank to allocate where capital goes. By definition such central planning means subpar or negative returns. No one believes, given the finances of the U.S. government, that a ten-year Treasury bond should yield only 1.8%. More...

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