Gold, Silver prices news today July 15 2011

Gold, Silver prices news today July 15 2011 :Gold prices opened at the $1,587.00 mark in New York this morning, gunning for a ninth consecutive session of gains on the back of the global debt maelstrom that appears to be sweeping up everything and everyone on its destructive path.

The yellow metal touched a high of $1,595.60 overnight and it did so despite a mild recovery in the US dollar on the trade-weighted index. Gold is now bumping up against a long-term resistance line that is formed by the interconnected previous peaks of 1999 and 2008. Albeit such a line crosses very near the $1,600 mark, the potential for an overshoot ($1,615 - $1,630) remains viable.


The rising price tide in gold has naturally elicited calls for "more to come" and it is once again lifting the spirits (and courage) of small retail investors who are beginning to believe that the boat is leaving the harbor. Diagnoses such as "the upside is wide open" being applied despite vanishing, price-resisting physical demand in key markets (India, Vietnam, China) do not appear to have anyone concerned about the market's tenor. Buried deeper than the US' deep storage gold is a take on the market that has it trading under $1,320 in the second half of this year. Classification: heresy.

Gold's opening gain of $4.40 soon expanded into a $10 rise on the day as momentum buyers flexed their muscles once again in the thin summertime environment. That surge in buying turned to profit-taking fairly soon however, and gold was off by $2 at $1,581 by the time the 11 o'clock hour rolled around in New York. The fireworks continue. They do pale however in comparison to the ones that followed yesterday's verbal fencing between Rep. Ron Paul and Ben Bernanke. The latter flat-out declared to the Honorable Rep. that "Gold is not money." Classification: heresy, even though it is a technically accurate statement.

Silver added 68 cents on the open; its bid-side quote was $38.91 per ounce. The white metal is tracing a line that has the potential to carry it towards $39.77 and then towards $43.86 possibly, but the current non-confirmation vis-à-vis gold -one where silver is far from its own former (or let alone) new high presents certain as yet unanswered technical questions.

Platinum and palladium advanced once again as well this morning with the former opening at $1,767.00 per ounce and the latter showing a bid-side quote of $781.00 following a $7 rise out of the starting gate in New York. In the background crude oil climbed 70 cents higher to touch $98.74 while the greenback was ahead by 0.19 at 74.88 on the trade-weighted index. The euro was hovering near $1.42 while the Japanese yen was trading at 79.00 against the dollar amid some rising perceptions that possible intervention to curb its rise once again might materialize.

Gold prices in Australian Stock Market-CLOSING (7/15/2011)
A fresh record high gold price saw Australia's largest listed gold producer, Newcrest Mining (NCM) increase its share price by 1.2pct to $40.27.