Hope you’ve managed to enjoy a couple of days off at least and aren’t spending too many minutes worrying about what the markets are doing!
As was always going to be the case, markets in general have seen very light trading volumes in the past week. Perhaps more surprisingly was that the smack down for gold and silver actually came before the Christmas and New Year break (although given we’re only part way through we shouldn’t speak as though we have definitely seen the bottom yet!).
On Friday NZ time gold and silver each took a big hit. In US dollars silver plunged below $30 an ounce for the first time since August. Gold went as low as US$1630 before heading back up to US$1650. Today they both traded at around these same levels in US dollar terms - US$1659 and US$29.99 per ounce respectively.
However as we mentioned last week could happen, there has been a sharp reversal in the kiwi dollar exchange rate with the NZD/USD cross rate down below .82. See chart below for how fast that drop has occurred from the high of around .84.
So while there was a dip down in gold to under NZ$2000 an ounce last Friday to NZ$1980, with the weaker kiwi we are now again back up at NZ$2025 per ounce.
We can see in the chart the price did briefly dip below the downtrend line that NZD gold broke through in September, but we are back above it currently. So until we break strongly through that the intermediate trend still seems up. But we are still not too far from the lows in the middle of 2012 either.
Silver in NZ dollars dropped to $35.92 an ounce on Friday. Since then the weaker kiwi has cancelled out some of this move lower, and so today we sit at NZ$36.59. Still down from a week ago though.
Looking at the chart above we can see silver has just barely touched the downtrend breakout line from September. The RSI overbought/oversold indicator also reached oversold territory. The odds favour a bounce from here, but in this light trading we can’t count out a further fall.
Some Holiday Reading
We’ve managed to post a couple of articles on the website this week, in case you’re in need of some holiday reading.
12 Gold Bugs Bring Christmas Cheer
Here’s 12 people, entities and countries that seem to believe that gold will have further to run yet…
To be honest we haven’t been following the markets too closely the last week, but from what we’ve seen there hasn’t been a whole lot of news to report. It’s nice to take your eye off the daily machinations once in a while we reckon, so we hope you get the chance to take some time out from the daily grind over the next week or 2.
If you have trouble getting your head around “Commitment of Traders” reports and “open interest”, then this article we read on SeekingAlpha last week might help with understanding how prices are potentially “managed”.
A reminder that Gold Survival Guide is only shut on the statutory holidays, i.e. 25th and 26th December 2012 and the 1st and 2nd January 2013, however there are only limited options to purchase as follow.
For purchase of local products, the only supplier open before 7 January 2013 is NZ Mint, who are open Thursday 27th, Friday 28th December 2012, and the Thursday 3rd, Friday 4th January 2013. Products that NZ Mint offer for sale are the likes of the 1oz gold kiwi coin and tubes of 20 x 1oz silver ferns, or gold and silver Swiss pamp bars.
Please refer to our code GSG 001 in the sidebar to the right to get a price reduction if you order through them.
We do have other options for the likes of Canadian gold and silver maples, etc, but only for orders of $10,000 or more. So if you’d like to take advantage of the lowest prices since August get in touch.
Finally all the best for 2013, enjoy the New Year - but not too much!
This Week: NZD Gold and Silver Back Close to the Mid Year Lows Silver to Do Better Than Gold After QE3&4? QE Infinity + Market Manipulations Sorry this is late and rather long today but as it’s the last day to order for one of our suppliers we’ve been flat out and have run out [...] read more...
Darryl Schoon takes a look at the money printing going on the world over and ponders what we may learn from the last 22 years of Japanese Government borrowing and spending… AMERICA LEARNS THE HARD WAY GUNS, GLOBAL WARMING & PRINTING MONEY Erroneously believing themselves the cause of their good fortune, Americans continue to deny [...] read more...
Here’s 12 people, entities and countries that seem to believe that gold will have further to run yet… 12 Gold Bugs Bring Christmas Cheer By Jeff Clark, Senior Precious Metals Analyst While the price of gold has languished in a trading range much of the year, leaving some investors scratching their heads, many have been [...] read more...
The Legal stuff - Disclaimer:
We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.
Available 7th Jan
(price is per kilo only for orders of 5 kgs or more)
1oz PAMP Suisse 99.99% pure gold bar
(Price on Request)
1kg PAMP 99.9% pure silver bar
(Price on Request)
1oz Canadian Gold Maple 99.99% pure gold coin
(Price on Request)
1oz Canadian Silver Maple 99.99% pure silver coin (Minimum order size tube of 25 coins)
Tube of 25 (Price on Request)
Buy Discounted NZ Mint Gold Kiwi and Silver Fern coins
Buy direct from the mint but at cheaper prices using our discount code GSG001. Click here for more info
- Prices are excluding delivery
- 1 Troy ounce = 31.1 grams
- 1 Kg = 32.15 Troy ounces
- Request special pricing for larger orders such as monster box of Canadian maple silver coins
- Lower pricing for local gold orders of 10 to 29ozs and best pricing for 30 ozs or more.
- Foreign currency options available so you can purchase from USD, AUD, EURO, GBP
- Note: Your funds are deposited into our suppliers bank account only. We receive a finders fee direct from them only.