Gold has surged $60 the past week as word got out that the Indian Central Bank bought 200 metric tons of the yellow metal worth apporximately 6.7 billion USD.  To give you an idea of how significant this is, it is equivalent to 8% of the total mining of Gold in the World.  This led traders to buy up the precious metal and now the market is at significant number of $1,100.  This seems to be a small speed bump of what will be higher prices to come.

The Euro/USD broke the $1.50 mark this week, but did not really affect the price of Gold and Silver as they have stayed in the range of $1,045-$1,069 and $17.25-$18.00 respectively.   We will see how this affects the price of these precious metals going forward.  Copper however has made a new high as this just broke the $3.00 level on rallying equities.

I will be headed to the Borgata tomorrow for a fun weekend of Poker.  Playing some No Limit Hold for me is a nice way to relax and get away from things for a little while.

We are seeing the rush into Gold and Silver as the USD continues to weaken again.  It seems like this is a broken record but right now it doesn’t look like anything can stop this freight train at the moment.  Keep an eye on the USD this week as we get earnings announcements from major companies that could affect the USD and the precious metals.

Gold up +15 today to over $1,018 as Bank Of America comes out raising their price target in the precious metal to $1,500.  Silver also rallying on the back of this news as the USD weakens.  I am still seeing more buying pressure in todays overnight trade and Gold is now above $1,022.  This market looks like it wants to retest the highs.

The USD fought back toay against the Euro to trade at $1.4630 which is about 2 pennies lower than where we saw this relationship at to start the week.  Gold traded beow $995 and Silver got down to $16.  Copper got hit hard today as the equity markets were down leading to a 10 cent fall back.  Alot of investors have taken profits over the last few days here.  We will see if this continues but a good buying opportunity would be had right now.

The USD has recently fell onsome hard times as the inflation pressures near.  The Euro/USD trades at a $1.4800 level and has risen to its highest point for the 2009 year.  This is leading investors to rush in to Gold, Silver, and Platinum as an alternative investment to the greenback.  Gold has now breached $1,025 and looks to be a great buy onany pullback in the high $900’s.  PLatinum has broken the triple top of $1,300 and is heading higher.   Silver wants to try and break the $18 barrier.  Even as ht market rallies these metals head higher, something we have not seen in times passed.  This rally needs to be looked at seriously.

Gold looks to be consolidating here between $990-$1,000.  The consensus on the floor is that this rally is for real.  Double top now at $1,010 which is likely to be tested in the near future.  USD is now at $1.4600 against the Euro and is getting much weaker.

Gold moving higher this week up to $990 and was up $25 yesterday and another $15  today. This behavior has been very odd as we haven’t been seeing any real move in the USD. The Euro/USD has been staying close to $1.4270 but yet Gold moving much higher. Hmmmmm Is this a flight to safety we are seeing?

The USD has now strengthened and bounced off the resistance of the $1.4450 level in trms of the Euro/USD…This led to Gold selling off from $972 to $945.

Gold looks to be holding above $950 here not breaking down below $944 as the USD continues to weaken.