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Daily Pfennig 3/9/10: Loose Lips, Sink Ships...
Good day... And a Terrific Tuesday to you! The monsoons are coming to the Midwest... I believe I saw the weather report for this area showing rain today and the rest of the week... I should leave my car outside, to get a "wash"! HA! 03/09/2010
GATA Appeals to CFTC to Act Against Manipulative Shorts
Gold did absolutely nothing in either Far East or European trading... but at 9:40 a.m. in New York, the bullion banks hit the 'sell gold/buy dollar' button... and that was that. By the time the low was in for the day at precisely 11:30 a.m... gold was down a hair over $18... with its absolute low being $1,117.70 spot. The price recovered a tad after that... but the damage was done. 03/09/2010
Daily Pfennig 3/8/10: The BLS Attempts A Fast One...
Good day... And a Marvelous Monday to you! Was your weekend grand? The temps were below normal, but the sun filled a blue umbrella sky for most of the weekend, and for that I get a smile on my face... For those of you who don't like me going into personal stuff, and would much rather me stick to the facts, you'll want to skip ahead a few paragraphs, for I've got some very important personal stuff to talk about... If that's you... I'll see you in a bit... Otherwise, for the rest of us... Here goes! 03/08/2010
Daily Pfennig 3/5/10: A Jobs Jamboree Friday!
Good day... And a Happy Friday to one and all! I don't know about you... But I'm going to do my best to make this a Fantastico Friday! Hey! I have a new baseball cap! Last week in Scottsdale, a gentleman stopped by to say that he loved baseball as much as I did, and he was from Raleigh N.C, and he would send me a Durham Bulls baseball cap if I would wear it... And lo and behold in the mail yesterday was that ball cap! I'll wear it with pride, my friends! 03/05/2010
Germany Says 'NEIN' to Greece
Gold once again did nothing in Far East trading yesterday... and there were no real signs of life until precisely 9:00 a.m. in London. Then it rallied a bit until 10:00 a.m. in New York... and then caught a bit of a bid when the dollar fell out of bed. The high of the day [$1,146.20 spot] was at precisely noon Eastern time... and from there it got sold off a bit... and lost of half of its Wednesday's gains by the close of trading at 5:15 p.m. Eastern time. With some minor exceptions, I'd say that yesterday's price moves in gold were basically dollar related. 03/04/2010
Daily Pfennig 3/4/10: Bailout Package For Greece Put On Hold...
Good day... And a Tub Thumpin' Thursday to you! It's Tub Thumpin' because... I say so! Every day's a new day... And for someone like me that had two strikes called on me before I knew the pitch was even coming... Every day is special! 03/04/2010
Daily Pfennig 3/3/10: U.S. States In Deep Trouble!
Good day... A Wonderful Wednesday to you! I hope your Tuesday was Terrific! Day one with just my little buddy Alex and me at home went off without a hitch... I took him to the jazz guitar teacher, and he sounded great! He auditions for the high school jazz band on Thursday. He'll be just a freshman, so it will be quite the uphill battle for him to make the band in his first try... But... He's so darn good! 03/03/2010
Up, Up and Away?
Gold did virtually nothing in Far East trading on Tuesday, with its low price of the day, around $1,115 spot, coming during the Hong Kong lunch hour. But the real action didn't get started until the moment that the London a.m. gold fix was in at 10:30 local time... 5:30 a.m. Eastern. Once that was out of the way, gold began a slow rise that accelerated to the upside minutes after 9:00 a.m. in New York... with the peak price of the day [$1,139.00 spot] coming moments before the end of floor trading around 1:30 p.m. Once electronic trading began, gold got sold off about five bucks going into the close. 03/03/2010
A Tungsten-Filled Gold Bar Shows Up In Germany
Gold didn't do much worth mentioning on Monday... but the usual rally at the usual time in Hong Kong, ran into what was probably one of the usual not-for profit sellers. That Hong Kong peak of around $1,124 spot, turned out to be gold's high for Monday... and from there, gold got sold off about ten bucks, with the low of the day [around $1,112 spot] coming at precisely 8:00 a.m. in New York. Then the gold price, in fits and starts, climbed back to virtually unchanged from its Friday close of $1,117.90 spot. 03/02/2010
Daily Pfennig 3/2/10: RBA Hikes Rates!
Good day... Well... I'm back in the saddle! And a Terrific Tuesday to you! It didn't take long for me to get the emails started telling me how wrong I am again... WOW! Of course, I wonder where these people have been the last 9 years, as when 9 years ago I was the first writer to issue a white paper calling for the long term down trend for the dollar... Or, in 2002, when everyone was writing off the euro, I wrote the white paper, "The Year of The euro"... Or in, 2005, when everyone called for the collapse of the euro... But not me... Or, in 2008, when everyone called for the collapse of the euro... But not me... 03/02/2010
Technically Precious with Merv
The daily gold trading information still does not give me great confidence that a new bull market is ahead. Lower highs and lower lows has been the pattern these past few months and needs to change. 03/01/2010
Daily Pfennig 3/1/10: A 34 Billion Euros Package For Greece!
Good day... And a Marvelous Monday to you! And Welcome to March! My fave month! Yes, it's me this morning... You were under the impression that it would be Chris this morning, and back to me tomorrow... But here I am... I'll rock you like a hurricane! HA! Chris had some fatherly duties this morning, so I took the conn back one day early... I'll still rest today after a long, difficult week last week in Scottsdale, and will be back in the saddle tomorrow, as planned. 03/01/2010
Daily Pfennig 2/26/10: Conflicting data in the US...
Good day... It is finally Friday, the end of what seemed like a pretty long week. It is also the end of the years shortest month, Monday we will move on to March which we all know is one of Chuck's favorite months! I was expecting a note from Chuck regarding this weeks Wall Street Journal, but maybe the surprise will have to wait a bit; but you may want to check out the WSJ just in case. 02/26/2010
China: Did They... or Didn't They?
Gold's Far East high yesterday was around $1,101 spot shortly before Hong Kong opened. Then a dollar 'rally' materialized that dropped the gold price down to the $1,090 level... and it kept bouncing off that low right up until precisely 9:30 a.m. in New York trading... where the low of the day [$1,087.70 spot] was set. From there, gold had a rally that lasted until precisely 2:00 p.m. Eastern time... and from that point, gold traded sideways into the close. Gold's high of the day was $1,110.50 spot... which, naturally enough, occurred at 2:00 p.m. 02/26/2010
Daily Pfennig 2/25/10: Roller coaster ride for the dollar...
Good day... We finally got a bit of the volatility we've been looking for yesterday, as the markets moved dramatically as the Fed Chief testified before congress. But overnight the Asians had a different opinion and moved the dollar back up. So the currency markets were pretty much like a roller coaster ride, moving dramatically up and down but ending up pretty much right back where we started. I'll begin where we left off yesterday, the Fed Chairman's testimony to the House Financial Services committee. 02/25/2010
Greek Deputy Prime Minister Attacks 'Nazi' Germany
When I signed off on my report yesterday morning around 6:00 a.m. Eastern time, gold had just fallen out of bed to the tune of $13... and I was concerned that things would only get worse once New York started to trade Wednesday morning. That didn't turn out to be the case... 02/25/2010
CFTC to Examine Trading in Precious Metals Market
Well, that little rally in both gold and silver that occurred on the dollar's smallish nose dive in late Hong Kong trading Tuesday afternoon [that I was speaking of in my closing commentary yesterday] proved to be the global high of the day... around $1,120 spot. From there [except for few small bumps] it was all down hill once again to the low of the day which was $1,098.50 spot... which occurred at 12:45 p.m. in New York trading. From there the gold price rallied about five bucks into the close. 02/24/2010
Daily Pfennig 2/24/10: The tight ranges continue...
Good day... And a welcome to a Wonderful Wednesday! Chuck is headed down to sunny Scottsdale today, so I will have the con on the Pfennig for the rest of the week. Hopefully the markets will provide me some pfodder for the pfennig, as it can be a struggle to find things to write about when the markets aren't moving much. 02/24/2010
Daily Pfennig 2/23/10: A Change Of Heart?
Good day... And a Terrific Tuesday to you! Well... Here we are this morning, the currencies have basically remained stalled, with only the "higher yielders" making any headway, albeit small headway. 02/23/2010
World Gold Hedge Book Falls by 33% to 7.9 Moz in Q4/09
In my closing paragraph in my Saturday column, I mentioned that I was looking foward to the Far East open on Sunday night "with some interest". Well, both gold and silver started out doing exactly what I expected... rising rather smartly. But, dear reader, you will notice that a not-for-profit seller showed up shortly after Hong Kong opened and put an end to the merriment. 02/23/2010
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