Robert Rosenzweig, CEO of Cache Metals and 640 Host, Jasmine Bowen discuss key topics surrounding Precious Metals investing including: unemployment rates, bank stimulus, european bailouts, international markets, China, silver, India, investing and more.
Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.
The weakness from last week has carried over as spot gold has dropped to a two week low of $1755 amid more Eurozone worries.
The most anticipated day of the month for the market always presents fireworks. The release of the August Nonfarm payrolls (NFP) and the unemployment number did not disappoint this time around.
Monday saw spot gold run to its highest level this year as the yellow metal touched $1791, while today's trading has left the metal largely unchanged after the mid day sell off.
Precious metals markets got a boost yesterday from investor confidence in Spain and month end book squaring as the yellow metal continues to eye $1800.
A quiet day on the precious metals market with spot gold and silver giving back more gains as profit taking continued to start the week.
Spot gold was in retreat mode trading to an intra-day low of $1756 the weaker markets were not confined to the metals space as financial markets were lower across the board. The Dow Jones Industrial Average was down 53 points in the early session.
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Spot gold traded sharply higher testing fresh 6 month highs of $1787.60 as the buying has been spurred on by the monetary stimulus from Central banks.
With a lack of fresh new U.S data released traders continued to ride the monetary stimulus train as four major central banks, the European Central Bank, the US Federal Reserve, the People's Bank of China and the Bank of Japan all announce stimulus measures in the past few weeks. This could have inflationary implications, which would benefit gold because it acts as an inflation hedge.
The price charts for gold [GCCV1 1768.00 -1.30 (-0.07%)] are approaching a “golden cross” — in which the 50-day moving average surpasses its 200-day moving average — suggesting the start of a bull market, but is it a buy?
Joe Terranova of Virtus Investment Partners said yes Wednesday on CNBC’s “Fast Money.”
Spot gold pushed higher to $1779 in the European session as the Bank of Japan announced that it will increase its asset buying and loan programme by 10 trillion yen.
The Bank of Japan announced was right in line with Central banks around the world have been doing, following in the footsteps of The European Central Bank and the Federal Reserve of the U.S. Central bank accommodation is viewed as bullish for gold because it devalues paper currencies and leads to future inflation.
Precious metals have paused after two solid days of gains last week after the after the Federal Open Market Committee (FOMC) announced further loosening of monetary policy to reinvigorate the sluggish U.S economy launching QE3 after much anticipation.
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