Rosland Capital on Gold and Other Precious Metals

Gold: Vulnerable . . . but Oversold

August 8, 2013

With many traders on both sides of the Atlantic on holiday, gold has fallen victim to the dog days of summer, falling through the technically and psychologically important $1,300 price level, driven lower by merely a ripple of spec selling magnified by thin volume in Western markets.

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A Whiff of Stagflation

July 26, 2013

It was only a matter of time before gold prices broke through overhead resistance at the technically and psychologically important $1,300 an ounce level.  After all, the market had become increasingly “tight” in recent months with a growing shortage of readily available physical metal.  This could be seen in the hefty price premium investors have willingly paid to take delivery of gold bars (as much as $40 an ounce in Shanghai, for example), the rise in gold loan rates, the modest backwardation in gold futures markets, and reports of refinery backlogs.

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Gold Market Tightens Signaling Possible Price Recovery

July 11, 2013

Gold hit a fresh three-year low of $1,180 per ounce in late June and has since struggled back to the $1,240 to $1,260 range.  Although the latest decline began back in April, the sell-off accelerated in June following Fed Chairman Ben Bernanke’s statement that the U.S. central bank might soon taper off its program of quantitative easing.  

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Gold Suffers as Fed Spooks Financial Markets

June 27, 2013

Equity, debt and precious metals markets all reacted sharply to last week’s warning from Federal Reserve Chairman Ben Bernanke that the central bank could begin tapering off the central bank’s monthly bond purchases later this year if economic conditions continue to improve.

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Gold Bears Watching

June 14, 2013

Gold continues to suffer under a cloud of bearish expectations.  Its price has been trending lower for some 20 months now – and, at recent lows, is off some 30 percent from its September 2011 all-time high of $1924.  Some investors, analysts, and journalists are already writing obituaries for the decade-long bull market and foresee only a grim future for the yellow metal. 

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April 4, 2013

Gold continues to disappoint as recent attempts to rally have been frustrated again and again.  And, once again, it has been institutional speculators – traders with no long-term allegiance to the yellow metal but an uncanny ability to trade both sides of the market – who are responsible for gold’s failure to move higher.

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GOLD: Waiting for the Next Leg Up

March 16, 2013

NEW YORK (March 15, 2013) – Jeffrey Nichols, Senior Economic Advisor to Rosland Capital (, had the following comments on the current gold market situation and outlook:

Gold bears have been a gleeful group of late, pointing to the decline in gold exchange-traded fund holdings as evidence of investor disinterest and citing the market’s rather lackluster performance over the past year and a half along as evidence the decade-long bull market has run its course.

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U.S. Election Results: Best of All Possible Worlds for Gold

November 7, 2012

Tuesday’s election outcome – with President Obama returning to the White House, the Democrats retaining a weak majority in the Senate, but without enough seats to overcome a Republican veto on important legislation, and a strong Republican majority in the House of Representatives – may be the best of all possible world’s for gold investors.

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GOLD – Dark Clouds, Bright Skies

July 27, 2012

Disappointing news for the U.S. economy is good news for gold investors. Recent economic data show an economy that is “stuck in the mud,” to quote Fed Chairman Ben Bernanke.

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GOLD: Still Waiting for the Fed

June 25, 2012

 Gold shed more than $50 an ounce in a blink following last Wednesday’s news from the Federal Reserve that America’s central bank would not, at least not now, initiate another round of quantitative easing, opting instead for more muted monetary stimulus by extending its “Operation Twist” through year-end.

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