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Making Sense of the Yellow Metal: Gold as the U.S. Investment Confidence Indicator |
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An ounce of gold (chemical symbol Au, from its Latin name aurum) has jumped roughly 80% to date over the past 3 years. The Dow Jones Industrial Average grew 2% during the same period; the S&P500, shrank 3%. Other than the basic reasoning that gold is a tangible investment, what seems to be the driving forces behind the thinking that this precious metal is a safe haven asset in times of economic turmoil? |
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Back in the Quagmire Again? |
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Crude oil futures jumped more than $16 a barrel last Monday, recording the biggest one-day gain in dollar terms since 1984 (when crude began trading on the New York Mercantile Exchange). Factors that contributed to the spike ... |
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How About Oil at $90/bbl (Part 2): The Fundamentals |
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If you really think about it, market movement is based on two basic things: the main driver or indicator and the expectations whether that particular driver will change or not.
Any analyst must take note of the key drivers of prices of a particular market will give a trader insight into why a certain market behaves a certain way.
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After this precious metal corrected from its high of a little above $1000 per ounce, gold has gone sideways since March.
Let’s take a look at its performance for the past year. After hovering in between $600 to $700 per ounce from June 2006 to September 2007, gold finally makes its move up. After breaking out, it rose to its high back in March of this year and has tapered off from there. But the long-term support for gold is still intact at $825 which means things are still bullish.
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Rising world oil prices have been hogging the headlines lately, as we have been continuously bombarded with weekly increases in local pump prices. As we all know, any rise in pump prices has a corresponding rise in basic commodities and fares of public utility vehicles. But lately, we are getting the feeling that headlines about world consumption of oil being high due to the supposedly large demand by China are a bit exaggerated. Remember that crude oil prices are subject to much speculation because a lot of funds continue to invest in commodities. |
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