Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Global Warming ClImate Change Mega Death Trend - 8th Apr 24
Gold Is Rallying Again, But Silver Could Get REALLY Interesting - 8th Apr 24
Media Elite Belittle Inflation Struggles of Ordinary Americans - 8th Apr 24
Profit from the Roaring AI 2020's Tech Stocks Economic Boom - 8th Apr 24
Stock Market Election Year Five Nights at Freddy's - 7th Apr 24
It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- 7th Apr 24
AI Revolution and NVDA: Why Tough Going May Be Ahead - 7th Apr 24
Hidden cost of US homeownership just saw its biggest spike in 5 years - 7th Apr 24
What Happens To Gold Price If The Fed Doesn’t Cut Rates? - 7th Apr 24
The Fed is becoming increasingly divided on interest rates - 7th Apr 24
The Evils of Paper Money Have no End - 7th Apr 24
Stock Market Presidential Election Cycle Seasonal Trend Analysis - 3rd Apr 24
Stock Market Presidential Election Cycle Seasonal Trend - 2nd Apr 24
Dow Stock Market Annual Percent Change Analysis 2024 - 2nd Apr 24
Bitcoin S&P Pattern - 31st Mar 24
S&P Stock Market Correlating Seasonal Swings - 31st Mar 24
S&P SEASONAL ANALYSIS - 31st Mar 24
Here's a Dirty Little Secret: Federal Reserve Monetary Policy Is Still Loose - 31st Mar 24
Tandem Chairman Paul Pester on Fintech, AI, and the Future of Banking in the UK - 31st Mar 24
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Records 11th Annual Gain, Ends 2011 Up 11% as World Stocks Drop 8%

Commodities / Gold and Silver 2011 Dec 30, 2011 - 07:34 AM GMT

By: Adrian_Ash

Commodities

The PRICE OF PHYSICAL gold crept higher early Friday, recovering half of this week's 5% loss to near 6-month lows as the Euro currency rallied from 12-month lows and world stock markets held flat.

The last London Gold Fix of 2011 came in at $1574.50 per ounce – some 11.6% higher from the end of 2010, and recording gold's 11th year of consecutive gains.


US crude oil neared year-end just shy of $100 per barrel, also 11% up on 2010.

The MSCI index of world stock markets has lost 8% in 2011.

Silver bullion lost almost 9% against the US Dollar this year, recording near all-time highs in April just shy of $50 per ounce but retreating Thursday as low as $26.25.

"People close their profitable positions to cash out before the year-end, " says Nick Trevethan, ANZ Bank's senior commodity strategist.

"Gold is still up on the year and there are relatively few markets moving in the positive territory,"

"Base metals have not fared well this year, with falls recorded across the complex," notes Marc Ground at Standard Bank, listing 2011 losses of 18.6% in aluminum, 20.7% in copper and 28.7% in tin.

"Gold has done its job this year of protecting investors," Bloomberg quotes Michael Cuggino at the $15 billion Permanent Portfolio Solutions in San Francisco.

"Some people will get out of gold, but the longer-term investors will remain."

On a technical analysis of chart patterns, says Russell Browne at Scotia Mocatta in New York, "The longer-term uptrend off the October 2008 low remains intact, but was breached on an intraday basis [on Thursday] and is likely to be re-tested and breached in the short term."

"Gold is going to go higher, but it's not going to go in a straight line," says Martin Murenbeeld at DundeeWealth in Toronto.

"Gold has given positive returns, but it doesn't necessarily do it in the way that gives comfort, and that makes people nervous."

By Adrian Ash
BullionVault.com

Gold price chart, no delay   |   Buy gold online at live prices

Formerly City correspondent for The Daily Reckoning in London and a regular contributor to MoneyWeek magazine, Adrian Ash is the editor of Gold News and head of research at www.BullionVault.com , giving you direct access to investment gold, vaulted in Zurich , on $3 spreads and 0.8% dealing fees.

(c) BullionVault 2011

Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in