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Hourly Action In Gold From Trader Dan

Posted: Sep 27 2010     By: Dan Norcini      Post Edited: September 27, 2010 at 1:40 pm
Filed under: Trader Dan Norcini

Dear CIGAs,
Click chart to enlarge today’s hourly action in Gold in PDF format with commentary from Trader Dan Norcini

Long Bond Chart From Trader Dan

Posted: Sep 27 2010     By: Dan Norcini      Post Edited: September 27, 2010 at 1:38 pm
Filed under: General Editorial
Dear CIGAs,
Click chart to enlarge today’s US Long Bonds chart in PDF format with commentary from Trader Dan Norcini

In The News Today

Posted: Sep 27 2010     By: Dan Norcini      Post Edited: September 27, 2010 at 1:32 pm
Filed under: Trader Dan Norcini

Trader Dan’s Commentary
Where did we hear this before? Oh yes, it was exactly what Jim said would occur years ago back when it seemed as if everyone and their dog were running and turning tail on gold every time an announced gold sale was taking place.
What this article does not cover is that while European Central Banks may be "halting" gold sales, other Central Banks from the far East are in the process of increasing gold purchases.
The effect is one of reduced supply at a time of increasing demand. Last time I checked that generally entailed higher prices.

European Central Banks Halt Gold Sales Published: Monday, 27 Sep 2010 | 4:27 AM ET
Jack Farchy, Financial Times
Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade.
The central banks of the euro zone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which caps their collective sales.
In the CBGA’s year to September, which expired on Sunday, the signatories sold 6.2 tonnes, down 96 per cent, according to provisional data.
The sales are the lowest since the agreement was signed in 1999 and well below the peak of 497 tonnes in 2004-05.
The shift away from gold selling comes as European central banks reassess gold amid the financial crisis and Europe’s sovereign debt crisis.
In the 1990s and 2000s, central banks swapped their non- yielding bullion for sovereign debt, which gives a steady annual return. But now, central banks and investors are seeking the security of gold.
The lack of heavy selling is important for gold prices [XAU=X  1299.1    3.50  (+0.27%)   ] both because a significant source of supply has been withdrawn from the market, and because it has given psychological support to the gold price. On Friday, bullion hit a record of $1,300 an ounce.
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