Reduced Debt.

Reduced Debt.

Hey there! Thanks for dropping by our Site! Subscribe to get Tips Become Debt Free via email!, and Learn More about Going From Debt to Wealth!

Posts Tagged ‘Gold’

Weak U.S. dollar keeps gold glistening

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Gold prices rallied for a third straight day, spurred higher by a weak U.S. dollar and the Fed’s comments on interest rates made earlier in the week.

In mid-afternoon trading on Friday, the most actively traded gold contract, for February delivery, gained $10.50 to $1734.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Giving gold prices a boost were comments from Fed officials on Wednesday in which they said in a statement they expected short-term interest rates to remain near zero until late 2014, citing a slow recovery in the labor market, high unemployment, the ailing housing market and moderating inflation.

Over the past three days, gold futures have gained more than $70 a troy ounce. Gold bugs have embraced, and taken comfort in, the forecast from the Federal Reserve.

The record low, near zero rate outlook for U.S. interest rates cut the so-called “opportunity cost” of holding gold. Over the past several days, market participants have opted to hold gold over low-yielding U.S. Treasuries. The worry of missing out on paltry interest payments has been replaced by the anticipated gains in value from the yellow metal.

A weaker dollar also stoked demand for the precious metal among buyers who purchase gold in foreign currencies. Gold, priced in U.S. dollars, appears cheaper to foreign buyers who purchase the metal in their own home currency.

Silver, poor man’s gold, has been rising in concert. The gray metal was up 17 cents in afternoon trading Friday, last quoted at $33.82.

Article © AHN – All Rights Reserved

View full post on Economy, Business And Finance Stories

Windsor Genova – AHN News News Writer

Manila, Philippines (AHN) – A second landslide occurred Thursday in the same southern Philippines mountainside where 13 gold panners were buried by mud in April last year. The latest disaster reportedly killed 25 people after tons of mud buried makeshift homes in a village in Pantukan town, Compostela Valley province.

Rescuers dug up 15 survivors, who were sent to a hospital for treatment of their injuries. More than a hundred remain missing.

Compostela Valley Gov. Arturo Uy told TV station TV Patrol Thursday evening that 18 bodies had been recovered so far.

Inspectors from the military saw from a helicopter that a mudslide 164 foot wide and 492 foot swept over parts of Napnapan village, which is near Kingking village, the site of the earlier landslide. The mudslide was caused by continuous rains that softened the soil in the mountainside, disaster officials said.

Mining authorities and geologists declared Napnapan and Kingking villages as landslide prone areas after last year’s disaster. Local officials subsequently evacuated people living in the areas. However, families of gold panners and miners apparently returned because they depend on the sites for their livelihood.

Article © AHN – All Rights Reserved

View full post on Labor Stories

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Gold prices fell Wednesday for the fifth consecutive day. In early afternoon trading, the yellow metal was off as much as $23.50, or 1.5 percent, to $1,571.10 a troy ounce.

Silver, poor man’s gold, fell in sympathy and plummeted 4.3 percent to $27.46 a troy ounce.

With no major U.S. economic reports on tap, investors were focusing on Europe, and the hugely successful Italian debt auction. The robust demand for Italy’s bond was a strong indication that investors were moving back into the beset sovereign debt market.

Despite the falling prices for gold and silver, analysts remain optimistic for both commodities in 2012.

Gold’s direction has been led by headlines, especially those out of the eurozone, and the volatility guided by rapidly changing news, which has made many investors a bit woozy and trigger happy to sell on gains.

The December breakdown of gold was caused by several factors. Chief among them was that the precious metal was one of the few stellar performers for 2011, leading money managers to sell the metal to book profits and to raise cash to cover margin calls.

While gold remains off about 16 percent from its August high of $1,923.70, it is still up double digits for the year, roughly 14 percent higher than 2010, making it one of the brightest and best performers for 2011.

While gold could continue to be weak during the first month of the new year, there is a strong chance the yellow metal could notch another strong year and, longer term, the outlook looks even more rosy.

Silver, which often moves in tandem with gold, should also see rejuvenated interest, pushing the grey metal higher by double or triple digits from its average December 2011 level of around $29. The metal, used industrially, for collectible coins and a hedge, is set to end the year with a small loss. But increases in the metal’s price for 2012 look almost certain.

Long term supply/demand is a positive factor for silver. Every cellphone in the world contains some silver, and once silver is used, it is gone.

No one has a crystal ball as to what the markets and the metals will do in 2012, but the future direction for both gold and silver look luminous.

Article © AHN – All Rights Reserved

View full post on All Stories

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Gold prices were little changed Tuesday after falling $48.60, or 2.8 percent, on Monday hurt by a stronger dollar and worries about the eurozone sovereign debt crisis.

Gold for February delivery, the most active contract, dropped to its lowest level in seven weeks.

Gold, which is priced in dollars, is more expensive for buyers who purchase the precious metal with foreign currency. So when the dollar rises and the euro falls, gold usually drops in sympathy.

Also adding to selling pressure are investors cashing in on gold’s double digit gains for the year. Unlike equities and other commodities that are struggling to just break even for 2011, gold is set to end the year with impressive gains.

Gold bugs maintain the yellow metal will move higher in 2012.

In early afternoon trading, gold was down $7.70, or less than half a percent, at $1,657 a troy ounce, a good ways off highs reached in September when it glittered upwards of $1,900.

Article © AHN – All Rights Reserved

View full post on All Stories

Diane Alter – AHN News Reporter

NYC, NY, United States (AHN) – Blame it on Europe.

The Dow Jones Industrial Average sank 207 points, the Standard & Poor’s 500 Index fell 25.14 and the NASDAQ dropped 61.02 on Tuesday prior to a European summit to resolve the EU financial crisis.

Stocks sank after investors grew cautious and suspect that European leaders would come to some sort of resolution on dealing with the euro zone debt crisis at a key summit on Wednesday.

Jittery traders flocked to gold, a safe haven in times of economic uncertainty. Gold futures ended the U.S. day session sharply higher and hit a four week high. Spot gold traded better by $50.12 an ounce, last quoted at $1,703.40 an ounce.

The white precious metal also looked brighter. Platinum jumped $19, palladium rose $1 and silver gleamed, rising $1.51, to finish at $33.25 an ounce.

Crude oil prices added to yesterday’s rally and added 2.1 percent to end at $93.17 per barrel.

Article © AHN – All Rights Reserved

View full post on Economy, Business And Finance Stories

Linda Young – AHN News Writer

Grasberg, Papua, Indonesia (AHN) – At least nine people have been killed in two separate incidents of violence in the Papua region of Indonesia.

Six men were reportedly killed when an attempt to disperse people attending a pro-independence congress in Papua turned deadly.

The incident occurred shortly after Forkorus Yoboisembut was announced as president of the Democratic Republic of Papua.

Police moved in to scatter the people attending the congress when Yoboismbut began reading a declaration of independence. The police claim they were only firing in the air. However, six men were killed.

The other three men were killed by an unidentified gunman at the Grasberg copper and gold mine operated by Freeport-McMoran.

Thousands of miners have been striking over wages since Sept. 15 at the mine located in eastern Papua. It is one of the largest gold and copper mines in the world.

Only one of the men killed was a contractor, while the other two men were not employees.

Authorities are still investigating both incidents.

Article © AHN – All Rights Reserved

View full post on Labor Stories

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Markets were closed in the U.S. Monday as the nation celebrated Labor Day. But trading in European markets and gold were not on holiday, one falling and one rising on debt concerns and global demand.

Gold pricing exceeded $1,900 an ounce Monday in London as concerns persisted about slowing economic growth worldwide. Europe’s debt worries also spurred renewed demand for the yellow metal.

Foreign markets and overseas gold reacted to the weak U.S. jobs report on Friday that showed that no jobs were added in August. Already jittery markets looked anywhere for any sign of improvement, which have been and continue to be hard to find.

Gold is enjoying an 11-year bull run. It is the precious metal’s longest running streak since the 1920′s. For the year, the yellow metal is up 33 percent, outshining global equities, commodities and U.S. Treasuries.

U.S. stock markets will open for trading as usual on Tuesday and markets anxiously await President Obama’s address on Thursday night about jobs.

Article © AHN – All Rights Reserved

View full post on Economy, Business And Finance Stories

Diane Alter – AHN News Trivia Writer

New York, NY, United States (AHN) – Same story, different day.

Stocks fell again on Friday losing 172.93 points. The Dow Jones Industrial Average closed a volatile week at 10,817.65.

Investors were met with another selloff as continued worries about the European Debt Crisis, global slowdowns and tepid economic data continued to be a drag on worldwide markets.

Those looking for a safe haven piled into gold pushing the commodity up $25.70 to close at $1,850.60 an ounce. The shiny yellow metal hit an all time high during the day of 1881.40.

Many see the precious metal as being in a bubble territory, while other say it still has much more room to run. Silver also looked stellar closing up $2.04 to end the day at $42.81

Crude oil futures closed at near $82 a barrel and the U.S. dollar lost value against the euro and the yen.

Uncertainty has kept many investors wary, on the sidelines or simply out of the game. And with the weekend approaching many just wanted to go out flat.

Article © AHN – All Rights Reserved

View full post on All Stories

Gold edges towards $1 400

Gold hit another record around $1 394/oz before speculators cashed in, but an unpopular decision by the Federal Reserve could still spur buying.

View full post on Finance Stories

AHN Sports Staff

New Delhi, India (AHN) – At the Commonwealth Games (CWG) New Delhi 2010, Friday turned out to be another gold rush for India as it consolidated its tally with an impressive haul of 14 medals, including 6 Gold. With its Friday’s performance, the Indian contingent made sure that the country remained well ensconced in its second position on the medal table.

Besides the Gold, India bagged five Silver medals and 3 more Bronze. Over the last five days of the CWG 2010, India has won 20 Gold, 16 Silver and 12 Bronze medals. With a total of 48 medals in just 5 days, India is second only to Australia in the medals tally with the latter having 99 medals to its credit so far.

However, Australia’s smooth run at the CWG hit a minor roadblock on Friday when its athlete, Sally Pearson, was unceremoniously disqualified from her 100m win for a false start.

However, the disqualification came amidst a lot of drama during which one of the Australian athletics officials accused England of “payback” because the officials failed to inform Pearson in time about her disqualification. As a result of which, Pearson was allowed to do a lap of honor with the Australian flag and even walk half way to the medal podium, leading to an embarrassing situation for the athlete, the participating country but, most of all, the athletics officials involved.

The reason behind the Australian protest could be the fact that Pearson’s disqualification cleared the way for England’s Katherine Endacott for a Bronze medal in the event.

While registering her protest, Australia’s Athletics Victoria Chief Executive Nick Honey said, “It goes back, I think, to the last Commonwealth Games (2006). With the 4x400m relay for the girls and the Australians, we informed the officials and got the English girls disqualified, so it might be a bit of payback.”

Even Mike Fennell, president of the CWG Federation, expressed sympathy with Pearson, saying, “A number of things happen concurrently; the results are announced, then you’re allowed a certain time to make a protest. Someone did not communicate that a protest was being made. It was a major communication blunder by the officials at the athletics.”

Meanwhile, the past five days also proved once again that if there is any other sport which is second only to cricket as far as India’s sports-frenzy fans are concerned, it is the tennis. During the first week of Commonwealth Games New Delhi 2010, the home crowd was treated to world class tennis action as tennis stars Leander Paes, Mahesh Bhupathi, Somdev Devvarman and Sania Mirza played their respective games. However, by the end of the week on Friday, that is the fifth day of the sports event, lot of that had fizzled out with both Paes and Bhupathi suffering defeat in the semi-finals. Only Devvarman and Mirza made it to the men’s and women’s singles finals, respectively.

Article © AHN – All Rights Reserved

View full post on All Stories