Ikonfx – In COMEX gold futures was closed higher on Thursday July 29, and before that a US FED official had warned that there were still some uncertainties in the global economy. However, the gold holding of the world’s largest gold ETF dropped sharply and that limited the surging trend of the gold futures in COMEX.
COMEX gold futures which was due in August was closed 8 US dollars higher at 1168.40 US dollars per ounce, and the cross trading range was between 1158.70 and 1169.20 US dollars per ounce in the gold forex market.
The president of St Louis FED, James Bullard said he worried that if the United State continued to keep its promise in maintaining low forex interest rate for a long time, this may lead the US into big trouble of inextricable Japannish commodity prices and crisis of investment slowdown in the forex market.
The number of the open contracts in COMEX reduced which indicated the forex brokers in the forex market were transferring their assets from gold forex market into other markets, such as stock market, ect.
COMEX gold future trading volume reached a record high level on Wednesday, and the major reason for that was the future contract would expire or be renewed.
Edited by Laura.
Where do you see the short term position in prices of Gold?
Do you think emerging economies might pursue after gold to reduce their holding of US dollars? China in particular is sitting on a huge stockpile of USD.
@Stocktrader
Well considering the fact that gold has only been increasing in value and the USD has seen some seriously sordid times lately would suggest to me that it would be a wise investment. Might as well spend them while they’re worth spending.
gold seems to still be solidly up. But with all the ads on tv and radio, it seems to my liittle brain that it may be overexposed. WHat do you think?
What I see everywhere popping up recently is this and it speaks for itself:
A correction or at least consolidation is overdue, but that is a temporary setback. With all the trillions of debt in dollars AND euro and more qe packages to come in Europe and Washington it is just a matter of time until au will climb to the roof.
What I’ve read to dig and produce one ounce costs around usd 800.00 these days minimum. To me that means: If au should ever set back to 1k then I will buy whatever I may get. I guess it will not go that far down ever again, though.
Well, I’ve bought 5 years ago and I am sitting already on top of big profit. I can remember when I bought that the analysts that time also said it is too expensive, lol. They will probably change their minds if one ounce will charge 5k or more and then they say its a buy, ha ha. 