February 21st, 2010
No one won the contest last week but a few people were within 10 cents. Unfortunately, this isn’t horseshoes so being close doesn’t get you anything. We are upping the stakes again this week to a 5 gram nugget (About $175) and lets see if we can get a winner!
The rules are simple:
- Guess the closing price of the StreetTracks GLD: 154.55 +1.15% ETF this Friday, February 26th, 2010 at 4:00PM Eastern
- Enter your guess below (ie $112.10), make sure your email is correct so we can contact you if you are the winner. Signing up will also subscribe you to our latest updates on contests and news (you can unsubscribe at any time) Read more »
Popularity: 22% [?]
February 17th, 2010
After hours today, the International Monetary Fund (IMF) announced that they would begin selling some of their gold inventory using on-market sales. The total amount remaining to be sold is 191.3 metric tons and this will be sold the on-market sales will be conducted in a phased manner over time and in a way to not disrupt gold markets. This perceived unloading of gold pushed futures down $15 in after hours trading and Gold will be under pressure the rest of the week. It is to be noted however that the last time the IMF announced gold sales to India in the amount of 200 metric tons, gold has a 1 month bull run that saw it run over $1200 per ounce. If we look at the gold chart below, there is support around 107, and GLD may touch that tomorrow, but we expect a bounce back with GLD finishing between $107.5 and $108.5 on Friday.
Popularity: 9% [?]
February 10th, 2010
Update: As expected, an agreement was reached early in the morning US time between the ECB and Greece to refinance their debt. Gold is rebounding and is up about 0.5%
Gold investors are eagerly awaiting the outcome of a meeting that may provide some stability for debt-laden Greece, when the leaders of the European Union and Jean-Claude Trichet, the president of ECB, meet on Thursday. The US Dollar had risen against the Euro for a good portion of the last two weeks due to worries about the economic health of some of the euro-zone countries including Portugal and Spain, in addition to Greece. If the sentiment of the meeting is positive, gold could easily spike 2-3% over the next few sessions. If there is no framework or progress toward stabilizing Greece’s debt, Gold could trade down to the 102.87 range which is the lower end of the Bollinger Band. If there is positive news, GLD may trend up to the midpoint of the Bollinger Band in the 107.66 range. Our prediction, is that there will be some level of agreement after the Thursday meeting and gold will rebound nicely to the 107 level by Monday.
Popularity: 8% [?]
