Live London Gold News Wire

NEW in the last 5 minutes www.usagold.com --LIVE NEWS--
Gold Resumes Slump on Concern Fed Will Reduce Stimulus Program	19:06 Bloomberg - India & Pakistan
Aussie Dollar Holds Advance Versus Greenback Before RBA Minutes	19:05 Bloomberg - Markets - Currencies
5 to 10 minutes old www.usagold.com --LIVE NEWS--
The Tories must not forget the economic principles that win them elections	19:04 City AM - The Forum
Is Gold Oversold?	19:04 Business Week - Daily Briefing
10 to 15 minutes old www.usagold.com --LIVE NEWS--
U.S. Treasury Takes Extra Steps to Stay Under Federal Debt Limit	18:59 Bloomberg - Economy
Palm Beach County comptroller: With economy improving, it’s time to replenish reserves	18:56 Palm Beach Post, Florida
15 to 30 minutes old www.usagold.com --LIVE NEWS--
Energy and Economic Growth	18:55 Economist's View (Weblog)
Poor data base retards socio-economic development – Aganye	18:51 Daily Independent
Topix Index Trades Little Changed as Foodmakers Decline	18:48 Bloomberg - Markets
Japan Inc. averse to further yen drop, poll finds	18:41 The Star Online
30 minutes to 1 hour old www.usagold.com --LIVE NEWS--
All eyes on Gold as rally indicates ‘key reversal’	18:26 Scoop - Business
Nikkei slips from 5-1/2 year high on stall in yen weakness	18:25 Reuters - Business
Semi-purified gold bars may find a passage to India	18:23 The Economic Times
'We have killed economy, not just oil firms'	18:21 The Times of India
International Goldfields hits 15.86g/t gold in Brazil	18:20 Proactive Investors - Australia
Cleveland Mining to resume exploration at O Capitão Gold Project in Brazil	18:20 Proactive Investors - Australia
CBO – US Economy Set To Soar On Obamacare?	18:19 iStockAnalyst.com
Japan’s economy minister Amari: Hopes the market to find balance on exchange rate	18:18 ForexLive.com
Fed’s Evans Says Economy Has Been ‘Improving Quite a Lot’	18:18 Bloomberg - Markets
Nikkei slips from 5-1/2-year high on stall in yen weakness	18:17 Reuters - Economy
Gold’s Double Bottom Signals Rally to $1,500: Technical Analysis	18:17 Bloomberg - US
Energy and Economic Growth: Interview with Mark Thoma	18:12 oilprice.com
1 to 2 hours old www.usagold.com --LIVE NEWS--
Japan’s economy minister Amari: May be hard to lower the corporate tax due to fiscal position	18:08 ForexLive.com
Gold prices tumble	18:03 Deccan Herald
Obama Says Myanmar’s Democratic Progress Fuels Economy	18:02 Bloomberg - Markets - Emerging Markets
The Conference Board Leading Economic Index® (LEI) for Australia Increases	18:01 PR Newswire (Press Release) - Policy and Public Interest
U.S. dollar slips against major currencies	18:00 China.org.cn - Business
Re crashes to near 5-mth low on downgrade fear	17:59 The Economic Times - Economy
US Treasury announces further measures to stay under debt limit	17:58 ForexLive.com
Dollar Remains Lower Against Peers Before Fed Officials Speak	17:57 Bloomberg - Australia & New Zealand
Rupee crashes to near 5-month low on S&P downgrade fears	17:53 The Economic Times - Forex
More on the Reuters Corporate Survey showing nearly half of Japan firms want yen around current level	17:48 ForexLive.com
Economists predict increase in consumer spending	17:45 The Arizona Republic - Money
Gold jumps in rollercoaster trade	17:40 WA Today - Business - National
White House to brief Democrats on economy on Tuesday	17:29 Business Times Online - World
Dollar Rising With Equities Is Bullish Sign for Stocks	17:23 CNBC.com - US
Gold and Silver Post Huge Turnaround	17:21 Fox Business - Economy
Phoenix Copper secures $1m to drill test Burra copper project	17:20 Proactive Investors - Australia
Nikkei set to slip from 5-1/2-yr high on pause in yen weakness	17:17 Reuters - Economy
Nippon Steel sees boost to its output from Japan's economy policy	17:13 Business Times Online - Asia
Calculate your inflation rate	17:12 BBC - Economy
Gold, Silver Reverse Higher; Is This The Real Bottom?	17:10 Investors Business Daily - Investing
Dollar pares gains on profit-taking	17:10 FT.com
Silver’s slide hits commodity stocks	17:10 FT.com
Gold chart is looking grim	17:10 FT.com
Gold and silver struggle in volatile trading	17:10 FT.com
Aussie dollar parity lost as cracks deepen	17:10 FT.com
Listen to what gold is really telling us	17:10 FT.com
2 to 4 hours old www.usagold.com --LIVE NEWS--
Mutiny Gold uses SAM Survey to double strike length of Deflector gold project	17:09 Proactive Investors - Australia
FM hints at fresh curbs on gold	17:09 The Telegraph, Calcutta - Business

Gold & Silver Snap-Back from Sharp Losses

by Peter A. Grant

May 20, AM
(from USAGOLD.com) --

Gold fell in overseas trading on Monday, led by silver which plummeted to new 2-1/2 year lows. There were indications from Asia that an "unidentified investor" sold a large amount of silver when the CME's Globex platform opened. The CME Group later confirmed that silver trading was halted four times overnight.

So another big sell-off, perhaps perpetrated by a single large seller in the paper market. Sounds hauntingly familiar.

The following was posted at the ZeroHedge blog early in Asia:

Not a moment after someone was slammed with a massive margin call following the hit of 102 USDJPY stops as we noted moments ago, was that same someone(s) forced to dump a whole lot of silver in thin, no volume trading taking out the entire bid stack on what can only be described as "get me the hell out and pay me anything" liquidation, sending the precious metal to just over $20, before yet another round of buying programs kicked in, and sent it right back up, allowing those quick enough to capitalize on some foolish macro trader's blowing up to pocket a huge profit before Japan has even woken up.

The dive in silver pulled the gold market down to within striking distance of the mid-April low at 1321.22. However, as ZeroHedge suggested, prices didn't stay down there for long.

Both silver and gold snapped back sharply. By mid-session in New York, silver had staged nearly a 10% rally from the $21.16 low set overseas, regaining the $23 level. Gold losses stalled shy of the 1321.22 support level and then rallied all the way back to $1399.60, an intraday rally of more than $60 (4.6%).

This comes on a day when the U.S. debt ceiling is put back in place, following a brief suspension. While Treasury thinks that they can get us through the summer by employing extraordinary measures, the gold market has fared pretty well generally speaking as the world has limped from debt crisis to debt crisis. Perhaps today's volatility is the metals market acknowledgement that we still have a major debt problem on our hands, and it simply is not going to go away.

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Gold & Silver Snap-Back from Sharp Losses