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Indicators Point Every-Which-Way
June 04, 2008

Looking For Signs in Gold Market

Precious metals have been bouncing around this week, up one day, back down the next. Lot's of fluctuation, but no significant trend or direction and the floor seems solid at about $875 for gold and $16.50 or so for silver.

In times like these, I always find it enlightening to keep an eye open for indicators. Read the articles, blogs and opinion pieces, but also look for news stories which may offer some clues about the nebulous future of precious metals prices.

One article of special interest turned up today from the Shanghai Daily, through the website. In general this story indicated that gold demand in China for the second quarter was weak, due to buyer indecision. Looks like market price fluctuations have created a wait and see attitude among all types of buyers in the second quarter and I think this may be true of other markets, not just China.

As we sit on this precious metals ledge,with the Federal Reserve considering a directional turn in raising interest rates to strengthen the dollar, it would seem that we have come to a potential pivot point for the U.S. economy and in turn the world economy and in turn gold.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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