Thursday, July 25, 2013

What's Gold Trading At?


You could be an investor or maybe you are someone who just is simply interested in the idea of investing in real currency rather than the paper notes most of us use for are every day purchasing, what it comes down to is you are here and want to know “whats the current price of gold?” or what  golds current price per ounce is?.
 Think about how golds prices change throughout the day Gold is a commodity after all and as a commodity the prices fluctuate throughout the trading day.

 Throughout time, gold has shaped our economy and determined the value of our currency.  Those days have long sense  gone we  no longer can determine the value of a currency based on it’s gold reserves.

 It is no secret that currencies, in particular the USD, are floundering while government try their best to maintain some kind of financial stability in otherwise uneasy times.

 The current price of gold?

Golds current price per onace depends on a few fundamental  elements one being supply and demand this is the number one factor, while other factors like currency inflation  and the stability of other commodities, affect the currant price of gold daily.
 
One of are resent determining factor, here in the US to golds value and therefore golds current price per ounce, was due to the fact that the US Federal Reserve could  print currency without the gold reserves to support it. Case in point the billions of dollars that Bush and Obama needed to bailout the big banks.

When a population  loses confidence in the strengths of their own currency, this also moves the price of gold up while the public transfers their paper money to more tangible investment like gold.
 That fact that Central Banks continue to purchase and store gold at an increasing rate makes interest rates rise, this shows us that more people will  be looking into  the idea of buying gold as a secure investment.
 As other countries, had their currencies and their credit devalued, this also moves people into thinking about  the price of precious metals like gold and silver.

In times of uncertainty and increased anxiety, like we have now, with gold losing its momentum. And with such volatility in world markets, many have seen their chance it get in on the …goldrush.

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Wednesday, July 24, 2013

Gold mine would see losses at today's prices


July 24

The Associated Press
 — A planned mine in Livengood would not cover expenses at today's gold prices, according to a feasibility report.

Read more here: http://www.kansascity.com/2013/07/24/4364264/gold-mine-would-see-losses-at.html#storylink=cpy
The current gold price of about $1,340 per ounce is far below the estimated break-even point of $1,500 per ounce, the report says.
The report was released Tuesday by International Tower Hill Mines Ltd., the company planning the mine, the Fairbanks Daily News-Miner (http://is.gd/uLVtzV ) reported.
At current prices, the mine would operate at a steep loss, with an initial price tag of $2.79 billion to build the mine about 80 miles northwest of Fairbanks.
But Tower Hill vice president Tom Irwin said there is plenty of promise to the planned mine, which is expected to produce more than 8 million ounces of gold.
"We are tied to the price of gold, and at $1,500, we just barely break even," Irwin said. "This is a good project, but we're not there today. Gold's cyclical, and we'll be there some day."
Price of GoldIrwin said much of the high price tag is because of high energy prices, environmental protection measures and the need for a work camp.
Irwin believes gold prices likely will rebound.
Tower Hill will continue to work on permitting and engineering the planned mine, he said.
Information from: Fairbanks (Alaska) Daily News-Miner, http://www.newsminer.com

NEW YORK--Gold futures edged lower Wednesday


 
NEW YORK--Gold futures edged lower Wednesday as a stronger dollar kept foreign buyers away from the bullion market.
The most-actively traded contract, for August delivery, was recently down $4.30, or 0.3%, at $1,330.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices gave up overnight gains as the dollar rallied against the yen. The dollar shot above the 100-yen level just as Comex floor trading opened Wednesday, sending gold futures into negative territory. The dollar was recently trading at JPY100.33.
Gold is traded in dollars and becomes more expensive for investors who use other currencies, like the yen or the euro, when the dollar strengthens. These traders often shy away from buying gold when the currency market moves against them.
Gold prices are vulnerable to extending their losses as purchases of gold bullion continue to slow, Standard Bank metals strategist Marc Ground said in a note to clients.
Price of Gold"Should physical demand continue to ease, we would expect the metal to move back toward $1,300 an ounce," Mr. Ground said, adding that the Standard Bank Gold Physical Flow Index has declined, pointing to slower physical gold purchases.
Still, gold prices are unlikely to make any sudden moves ahead of Comex option expiration on Thursday, traders at TD Securities said in a note to clients. Comex gold options turn into gold futures upon expiration. The two key strike prices are $1,300 and $1,350 in gold, and $20 in silver, they added.
Gold options open interest, or the number of options contracts left open overnight, reached a record 1.8 million contracts on Monday, according to exchange operator CME Group Inc. (CME), owner of the Comex.
Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com

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