Dear readers,
If you had subscribed to my blog and received my blog post on investing in gold yesterday via. email, you would have known that I mentioned that I will be topping up my gold savings account yesterday.
If you look at the gold charts now, you would see that the price has trended upwards, attempting to cross the US$800/ounce mark. At the current gold price reflected in the UOB website, I would have made a 1.9% gain from yesterday’s deposit. Do note that this 1.9% gain does not necessary mean that gold will not trend downwards again. It simply meant that it was a good entry point.
What I’m doing now is, to top up my gold and silver savings account on a monthly basis, making the deposits during days when gold weakened.
It’s very simple and you can easily replicate what I just did yesterday by monitoring the charts on my blog, or Kitco.com and purchase gold the following day if the gold price weakens. Be sure to do the necessary research and understand what caused the gold price to fall, and whether it’s justifiable for the price to fall further.
Here’s an article from ReportonBusiness.com on gold surging past $800.
Gold surges past $800
October 31, 2007 at 3:20 PM EDT
Associated Press
Gold barreled above $800 (U.S.) an ounce Wednesday for the first time since 1980 as investors cheered the Federal Reserve’s decision to lower its benchmark interest rate by a quarter point.
The Fed lowered its federal funds rate to 4.5 per cent, as the markets had widely expected. Lower interest rates tend to undermine the U.S. dollar and raise the allure of precious metals as an investment alternative. The dollar stumbled to another low against the euro and other currencies following the Fed’s decision on Wednesday, helping drive gold higher.
Although the regular trading sessions of most commodities markets were closed before the Fed released its decision, gold prices continued to climb in aftermarket trading. An ounce of gold settled at $795.30 an ounce on the New York Mercantile Exchange, then rose to a high of $800.80 ounce in later electronic activity.
Gold last topped $800 an ounce in 1980, when prices reached as high as $875 an ounce in January. Adjusted for inflation, an $800 ounce of gold in 1980 would be worth more than $2,000 today.
The euro, which hit a high for the fourth straight trading day, bought a record over $1.45 in afternoon trading.
In the energy market, light, sweet crude for December delivery gained $4.13 to $94.51 in electronic trading on the Nymex.
Tagged as:
charts,
gold,
investment,
Kitco,
UOB Gold Savings Account
Did you purchase your gold yesterday?
If you had subscribed to my blog and received my blog post on investing in gold yesterday via. email, you would have known that I mentioned that I will be topping up my gold savings account yesterday.
If you look at the gold charts now, you would see that the price has trended upwards, attempting to cross the US$800/ounce mark. At the current gold price reflected in the UOB website, I would have made a 1.9% gain from yesterday’s deposit. Do note that this 1.9% gain does not necessary mean that gold will not trend downwards again. It simply meant that it was a good entry point.
What I’m doing now is, to top up my gold and silver savings account on a monthly basis, making the deposits during days when gold weakened.
It’s very simple and you can easily replicate what I just did yesterday by monitoring the charts on my blog, or Kitco.com and purchase gold the following day if the gold price weakens. Be sure to do the necessary research and understand what caused the gold price to fall, and whether it’s justifiable for the price to fall further.
Here’s an article from ReportonBusiness.com on gold surging past $800.
Gold surges past $800
October 31, 2007 at 3:20 PM EDT
Associated Press
Gold barreled above $800 (U.S.) an ounce Wednesday for the first time since 1980 as investors cheered the Federal Reserve’s decision to lower its benchmark interest rate by a quarter point.
The Fed lowered its federal funds rate to 4.5 per cent, as the markets had widely expected. Lower interest rates tend to undermine the U.S. dollar and raise the allure of precious metals as an investment alternative. The dollar stumbled to another low against the euro and other currencies following the Fed’s decision on Wednesday, helping drive gold higher.
Although the regular trading sessions of most commodities markets were closed before the Fed released its decision, gold prices continued to climb in aftermarket trading. An ounce of gold settled at $795.30 an ounce on the New York Mercantile Exchange, then rose to a high of $800.80 ounce in later electronic activity.
Gold last topped $800 an ounce in 1980, when prices reached as high as $875 an ounce in January. Adjusted for inflation, an $800 ounce of gold in 1980 would be worth more than $2,000 today.
The euro, which hit a high for the fourth straight trading day, bought a record over $1.45 in afternoon trading.
In the energy market, light, sweet crude for December delivery gained $4.13 to $94.51 in electronic trading on the Nymex.
Tagged as: charts, gold, investment, Kitco, UOB Gold Savings Account
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