Gold Flat in Pre-Holiday Trading
Posted by Brian Ford on November 25, 2014
The gold spot price remained firm above the $1200 per ounce mark throughout today’s trading session, and Certified Gold Exchange analysts believe fluctuation in the price of the yellow metal will be minimal until after Thanksgiving. Since gold’s meteoric rise from $252 per ounce in 2011 to $1900 in 2011, and even during gold’s lackluster past two-and-a-half years, the last week of November has historically been quiet on all gold investing fronts.
This is not to say that there has been a lack of data for investors to pore over. Just today the U.S. Commerce Department released projections stating that our nation’s third-quarter GDP rose as much as 3.9% – although that figure is likely to be revised downward over the coming months.
Any negative effect that GDP news might have had on the gold spot price was negated by a report from the U.S. Conference Board. The Board found that consumer confidence fell to 88.7 from a previous reading of 94.1. “Consumer confidence retreated in November…consumers were somewhat less positive about current business conditions and the present state of the job market,” said Conference Board director Lynn Franco.
Indexes that track the percentage of the gold spot price’s movement due to trading compared to the percentage change due to dollar devaluation found today that investors were selling gold slightly more than they were buying, but a nominal decline in the U.S. Dollar Index overshadowed the selling to help gold finish today with a meager $0.10 gain. “We probably won’t see much movement in the market until Friday, and that may be a stretch,” said CGE analyst Greg Gainer. “We’re expecting the market to see a boost from holiday buying and end-of-year investing, but fluctuation in the price of gold itself will depend on the government’s continued dilution of the dollar as well as any comments made by the Fed regarding interest rates, which are sure to rise in 2015. We all know how that worked out for gold the last time.”
For the record, the last time the U.S. economy went through a rising interest rate cycle, the gold spot price grew by more than 1000% as interest rates rose from 4.5% in 1960 to 21.5% in 1980. The Federal Reserve’s current prime lending rate is under 1%, which is the lowest in the history of our nation as lawmakers struggle to boost our waning economy by handing out what is effectively free money to corporate America and to U.S. central banks.
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Certified Gold Exchange , gold investing , gold spot price
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I had a very good experience with Certified Gold Exchange and I highly recommend anyone considering a IRA Rollover into precious metals, talk to David White at Certified and do business with them. They are honest and will have your best interest as their concern.. David took care of my needs completely with honest and fair pricing. I shopped around and decided on Certified.
Thank you David and Pat for educating us on the gold and silver markets. Pat especially helped us thru our first purchase of silver.
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Certified Gold Exchange, Inc. is a highly professional firm that was a pleasure to do business with. It provides fast and accurate service. The firm went out of its way to be helpful on a number of key issues. I highly recommend them. I was extremely lucky for several reasons to have called the Certified Gold Exchange, Inc. when I was ready to sell my gold and silver coins. When I called the firm, Liam on the service desk explained that they scan hundreds of gold dealers to get me the best price. That was very comforting.When I spoke with coin dealer David White, he was able to give me a quote in 3.5 hours. He also explained the importance of shipping my coins via registered mail with the Post Office. David said that the Post Office requires a registered box to be sealed with brown paper tape to prevent tampering. David emailed me links to sites that showed the right tape to use and how to seal the box. He called several UPS stores in my neighborhood to try to find the tape for me. In the end, I bought the tape from the Post Office. David explained that while Fedex and UPS would ship the coins, since they are not allowed to ship gold or silver, I would have no recourse if my coins were lost. David even gave me his home number so I could reach him after hours if necessary.My experience with Certified Gold Exchange, Inc. stands in stark contrast with how two other coin brokers responded. The firm from which I had bought most of my silver coins never called me back. On November 13 when I called the broker from whom I had bought most of my gold coins, I couldn't get through on the phone. So, I emailed them and it took 5 days for them to respond! The broker didn't give me a quote until December 2 -- and then only for some of the coins! He said he would tell me what they would pay for the other coins after I shipped them!In addition, that broker explained that one of their customers had lost all their coins valued at $22,000 because the box was tampered with and they had failed to insure them for the full amount. However, I knew by then that if the firm had told the customer to ship the coins via registered mail as Certified Gold Exchange, Inc. does, the box could not have been tampered with.So, Certified Gold Exchange, Inc. is the only gold and silver dealer I recommend. The level of service is truly remarkable.
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