Gold steadied on Thursday, drawing support from the dollar's weakness against the euro and investor risk appetite that has helped boost assets across markets, but prices were capped as players grew wary of high price levels.
Gold hit a two-month high earlier in the week on the dollar's drop and a broad rally in commodities and equities, as hopes for an economic recovery encouraged funds to pour money into a wide range of assets.
Traders said investors may become cautious about pushing prices higher given the elevated market levels, as well as physical demand remaining weak and gold losing its appeal as a safe haven as sentiment about the economy improves.
"We'll see further weakness in the dollar which is very supportive to the gold market, but in 2009 we have seen gold struggle to maintain its momentum when it got to the high $900s to $1,000," said Toby Hassall, an analyst with CWA Global Markets in Australia.
"I wouldn't be surprised if the market fails to break above $1,000," he said.
Spot gold stood at $962.50 per ounce as of 0520 GMT, slightly up from New York's notional close of $961.95.
U.S. gold futures for December delivery eased 0.1 percent to $964.90 an ounce, compared with $966.30 an ounce on the COMEX division of the New York Mercantile Exchange.
As optimism about the economy grows, other products such as silver, copper and oil have become a focus due to their exposure to industrial use, Hassall said.
"As things are getting better and money flows into riskier assets, funds are looking to get exposed to industrial demand. Gold has been out of focus, with fear moving out of the market as the volatility index fell," he said.
The dollar stayed near its 2009 lows against the euro on Thursday on hopes a slower pace of U.S. private job losses in July hinted at a gradual improvement in the economy.
The impact on gold from the U.S. nonfarm payrolls data due on Friday will depend on how currencies react, traders said. With the recent rally in markets based on expectations the U.S. economy is improving, a negative surprise could erode some of that optimism.
Gold futures dipped $3.40 an ounce on Wednesday as weaker equities prompted funds to consolidate recent profits.
U.S. stocks slipped on Wednesday as the market took the weaker services sector and private payrolls data as cooling recent optimism the recession was retreating, but the market finished off its lows as investors ventured into riskier financial shares.
Asian stocks fell on Thursday, led by a more than 2 percent drop in Shanghai stocks on worries about adjustments to monetary policy that might impact market liquidity.
Base metals also fell sharply on Thursday after rising to multimonth peaks in previous sessions.
Physical demand is generally weak and the fairly high price of gold in a historic context might limit the market impact from an expected pick-up in Indian demand this month, traders said.
Indians have started buying gold jewellery and wholesalers are stocking up against anticipated price rises as the busy season gets under way in the world's largest bullion consumer. India, accounting for over 20 percent of global demand for gold jewellery in 2008, celebrates several Hindu festivals this month, when demand for bullion usually picks up.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said holdings stood at 1,072.87 tonnes as of August 5, unchanged since July 29.
This article is published by Mining.com. The site source is listed below.
To get the correct site please add (&) between 87190 and sn (87190&sn)should look like.
Thursday, 6 August 2009
Gold tops $970 first time in twp months; other metals lower
Gold futures rose Thursday, briefly topping $970 an ounce for the first time in two months, as central banks in Europe continued to loosen their monetary policy, raising gold's value as a hedge against potential inflation.
The Bank of England boosted its quantitative-easing program by an unexpectedly large 50 billion pounds ($84 billion) Thursday. On the same day, the European Central Bank left its key lending rate unchanged at a historic low of 1%, as expected. See Currencies.
On the Comex division of the New York Mercantile Exchange, August gold futures were last up $1.50, or 0.2%, at $965.70 an ounce, after hitting $971.10 earlier. The more active December contract rose 0.2% to $967.90 an ounce.
"Currency movements and short-term speculative interest have become the main drivers of prices, as longer-term investment buying has taken a back seat for the time being," said Natalya Naqvi, an analyst at Barclay's Capital.
Demand for exchange-traded funds remained sluggish. Holdings in SPDR Gold Trust(GLD 94.70, -0.08, -0.08%) , the biggest gold ETF, stood at 1,072.87 metric tons Wednesday, unchanged for a fifth session, according to the fund.
"While we remain broadly bullish, gold may struggle to gain significantly in the short term, as rallies above $965 are expected to see a pickup in metal flows back into the market," said James Moore, an analyst at TheBullionDesk.com.
"The yellow metal may look to consolidate ahead of tomorrow's payrolls reading as investors gauge the health of the U.S. jobs market within the broader macroeconomic picture."
In gold miners, Gold Fields Ltd.(GFI 12.61, +0.08, +0.62%) , the worlds' fourth-biggest gold miner, said Thursday it's gold output rose 4% in the second quarter to 906,000 ounces.
In economic news, first-time claims for state unemployment benefits declined by 38,000 to 550,000 last week, the Labor Department reported. The four-week average of new jobless claims dropped to 555,250, the lowest level since January. See full story.
Investors also awaited Friday's monthly jobs report.
In currency trading, the dollar remained higher against most of its major rivals, rebounding from its lowest level in 10 months. The dollar(DXY 77.10, +0.48, +0.62%) stood at 78.001, up from 77.515 late Wednesday.
Other metals were lower Thursday. September copper fell 8.75 cents, or 3.1%, to $2.726 a pound.
September silver slid 8 cents, or 0.5%, to $14.68 an ounce. October platinum lost $16.10, or 1.3%, to $1,277 an ounce, while September palladium slid $6.10, or 2.2%, to $273.10 an ounce.
This article is published by MarketWacth. The site is sourced below.
The Bank of England boosted its quantitative-easing program by an unexpectedly large 50 billion pounds ($84 billion) Thursday. On the same day, the European Central Bank left its key lending rate unchanged at a historic low of 1%, as expected. See Currencies.
On the Comex division of the New York Mercantile Exchange, August gold futures were last up $1.50, or 0.2%, at $965.70 an ounce, after hitting $971.10 earlier. The more active December contract rose 0.2% to $967.90 an ounce.
"Currency movements and short-term speculative interest have become the main drivers of prices, as longer-term investment buying has taken a back seat for the time being," said Natalya Naqvi, an analyst at Barclay's Capital.
Demand for exchange-traded funds remained sluggish. Holdings in SPDR Gold Trust(GLD 94.70, -0.08, -0.08%) , the biggest gold ETF, stood at 1,072.87 metric tons Wednesday, unchanged for a fifth session, according to the fund.
"While we remain broadly bullish, gold may struggle to gain significantly in the short term, as rallies above $965 are expected to see a pickup in metal flows back into the market," said James Moore, an analyst at TheBullionDesk.com.
"The yellow metal may look to consolidate ahead of tomorrow's payrolls reading as investors gauge the health of the U.S. jobs market within the broader macroeconomic picture."
In gold miners, Gold Fields Ltd.(GFI 12.61, +0.08, +0.62%) , the worlds' fourth-biggest gold miner, said Thursday it's gold output rose 4% in the second quarter to 906,000 ounces.
In economic news, first-time claims for state unemployment benefits declined by 38,000 to 550,000 last week, the Labor Department reported. The four-week average of new jobless claims dropped to 555,250, the lowest level since January. See full story.
Investors also awaited Friday's monthly jobs report.
In currency trading, the dollar remained higher against most of its major rivals, rebounding from its lowest level in 10 months. The dollar(DXY 77.10, +0.48, +0.62%) stood at 78.001, up from 77.515 late Wednesday.
Other metals were lower Thursday. September copper fell 8.75 cents, or 3.1%, to $2.726 a pound.
September silver slid 8 cents, or 0.5%, to $14.68 an ounce. October platinum lost $16.10, or 1.3%, to $1,277 an ounce, while September palladium slid $6.10, or 2.2%, to $273.10 an ounce.
This article is published by MarketWacth. The site is sourced below.
Wednesday, 6 May 2009
Q&A s about Selling Used Gold
Halach Gold Inc. operates two websites, these are; http://www.bestpay4gold.com/ and http://www.mygoldgram.com/ .The Bestpay4gold is designed to serve customers who are looking to cash their gold jewelry whereas Mygoldgram.com delivers I.A.R. certified GOLDGRAM™ bars to customers directly.
At Halach Inc we value our clients and their business. We understand that buying and selling gold is a sensitive procedure and needs our full attention to make sure customers receive true value in both transactions. The following information and list of Q&A s are gathered from our experiences in recent months as well as your questions.Q&A – Selling Used Gold.
Many of us have collected a variety of gold jewelry over the years, some of which we no longer wear. Before joining the growing number of people who are taking advantage of rising gold prices to turn their jewelry into cash, you may want to know whom to trust, what criteria to pay attention to, and find out the current market circumstances.
After evaluating your financials you may decide now seems like a good time to join the gold rush. Like any business venture, it is prudent to educate yourself about the nuances of turning gold into cash.
1. Who buys gold jewelry?
2. Who buys gold coins?
3. How can I know if the company is legitimate and has a good customer service?
4. What determines the actual value of my jewelry?
5. How would I know if I was getting a fair price?6. Which pieces would be most worth selling?
1. Who buys gold jewelry for its meltdown value?
Finding a jewelry store or dealer even a refiner to sell your gold is not difficult; especially nowadays there is no shortage of companies advertising their services all over the media.But just like in any business transaction, selling requires some shopping around. We recommend making a list of three to five buyers, including your long time jewelry store. If you have time take your items to every one of them and make a comparison among the offers before selling it. For online service companies make sure you call and ask for the list of the prices based on the karat value such as 22k, 18k, 14k, and 10k. If they are not disclosing their listed prices over the phone and expect you to send your valuables without an approximate offer, do not send it. In other words would you sell your car or house without knowing how much it is actually worth?
2. Who buys gold coin?
You need someone who deals precisely in gold coins, a full-time gold coin broker. First find out the actual worth of the gold coin. There are so many Gold Coin specialist and you do not want to be under paid especially when it comes to historical gold coins.
3. How can I know if the company is legitimate and has a good customer service?Checking out the company with the Better Business Bureau and the city or state department of consumer affairs will only get you so far. A good indicator of a legitimate company is the quality of their customer service. Did they contact you right away? Did they give you estimation over the phone? Test the company, send one item and if you are satisfied with the price send more. Also Customer Testimonials are so important.
4. What determines the actual value of my jewelry?
Karat, weight of the jewelry and the Gold Price of the date you are cashing in are used to calculate the actual value of the item.
Karat; it is usually stamped on the jewelry, but is sometimes too tiny to see with the naked eye, and need a magnifying glass (loupe) to look at it. However if you show the same item to different dealers you can also test the reliability of the dealers. For example: a 14-karat gold ring is valued at 58.5% and an 18k gold ring is valued at 75.0% of the 24-karat gold price.
Weight; when you are selling Gold is most often measured in penny weights, with 20pw equaling an ounce. If you have a sensitive kitchen scale you might check the weight but a legitimate dealer has a scale which is certified and periodically subject to random checks by the Consumer Affairs. Weight is another tool to check the reliability of the dealer.
The Gold Price; check the daily gold price online on major websites. ex: kitco.com
5. How would I know if I was getting a fair price?
If you deliver the gold to the dealer yourself you should expect to get at least 90% of the gold's value based on that day's price. If you have 5 ounce and more ask for 96% in return. Expect to receive slightly less for the convenience an online service provider, again call the website and get an estimate value. Would you sell your car without knowing how much it actually worth? We all know that a buyer deserves to make money but how much is fair? Do not settle until you are 100 percent sure that you found the right buyer.Here is sample calculation for selling gold:You have 70 penny weights or 3.1 ounces or 108.85gram of gold jewelry excluding ornamental items such as stone or glass pieces which have no value. The karat value is 14k (58.5%) and the selling gold rate is $900.00. The 70pw of 14k gold at market price would come to $1842with the 90% of the gold’s value based on the gold rate of $900 you should not settle for less than $1657.80 if you deliver the gold to the buyer’s doorstep.
6. Which pieces would be most worth selling?
This is an emotionally complex task. Before cashing out make sure you go through your items and separate the ones that are ok to be melted down.
©2009 – CBNYC
At Halach Inc we value our clients and their business. We understand that buying and selling gold is a sensitive procedure and needs our full attention to make sure customers receive true value in both transactions. The following information and list of Q&A s are gathered from our experiences in recent months as well as your questions.Q&A – Selling Used Gold.
Many of us have collected a variety of gold jewelry over the years, some of which we no longer wear. Before joining the growing number of people who are taking advantage of rising gold prices to turn their jewelry into cash, you may want to know whom to trust, what criteria to pay attention to, and find out the current market circumstances.
After evaluating your financials you may decide now seems like a good time to join the gold rush. Like any business venture, it is prudent to educate yourself about the nuances of turning gold into cash.
1. Who buys gold jewelry?
2. Who buys gold coins?
3. How can I know if the company is legitimate and has a good customer service?
4. What determines the actual value of my jewelry?
5. How would I know if I was getting a fair price?6. Which pieces would be most worth selling?
1. Who buys gold jewelry for its meltdown value?
Finding a jewelry store or dealer even a refiner to sell your gold is not difficult; especially nowadays there is no shortage of companies advertising their services all over the media.But just like in any business transaction, selling requires some shopping around. We recommend making a list of three to five buyers, including your long time jewelry store. If you have time take your items to every one of them and make a comparison among the offers before selling it. For online service companies make sure you call and ask for the list of the prices based on the karat value such as 22k, 18k, 14k, and 10k. If they are not disclosing their listed prices over the phone and expect you to send your valuables without an approximate offer, do not send it. In other words would you sell your car or house without knowing how much it is actually worth?
2. Who buys gold coin?
You need someone who deals precisely in gold coins, a full-time gold coin broker. First find out the actual worth of the gold coin. There are so many Gold Coin specialist and you do not want to be under paid especially when it comes to historical gold coins.
3. How can I know if the company is legitimate and has a good customer service?Checking out the company with the Better Business Bureau and the city or state department of consumer affairs will only get you so far. A good indicator of a legitimate company is the quality of their customer service. Did they contact you right away? Did they give you estimation over the phone? Test the company, send one item and if you are satisfied with the price send more. Also Customer Testimonials are so important.
4. What determines the actual value of my jewelry?
Karat, weight of the jewelry and the Gold Price of the date you are cashing in are used to calculate the actual value of the item.
Karat; it is usually stamped on the jewelry, but is sometimes too tiny to see with the naked eye, and need a magnifying glass (loupe) to look at it. However if you show the same item to different dealers you can also test the reliability of the dealers. For example: a 14-karat gold ring is valued at 58.5% and an 18k gold ring is valued at 75.0% of the 24-karat gold price.
Weight; when you are selling Gold is most often measured in penny weights, with 20pw equaling an ounce. If you have a sensitive kitchen scale you might check the weight but a legitimate dealer has a scale which is certified and periodically subject to random checks by the Consumer Affairs. Weight is another tool to check the reliability of the dealer.
The Gold Price; check the daily gold price online on major websites. ex: kitco.com
5. How would I know if I was getting a fair price?
If you deliver the gold to the dealer yourself you should expect to get at least 90% of the gold's value based on that day's price. If you have 5 ounce and more ask for 96% in return. Expect to receive slightly less for the convenience an online service provider, again call the website and get an estimate value. Would you sell your car without knowing how much it actually worth? We all know that a buyer deserves to make money but how much is fair? Do not settle until you are 100 percent sure that you found the right buyer.Here is sample calculation for selling gold:You have 70 penny weights or 3.1 ounces or 108.85gram of gold jewelry excluding ornamental items such as stone or glass pieces which have no value. The karat value is 14k (58.5%) and the selling gold rate is $900.00. The 70pw of 14k gold at market price would come to $1842with the 90% of the gold’s value based on the gold rate of $900 you should not settle for less than $1657.80 if you deliver the gold to the buyer’s doorstep.
6. Which pieces would be most worth selling?
This is an emotionally complex task. Before cashing out make sure you go through your items and separate the ones that are ok to be melted down.
©2009 – CBNYC
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