Editor: When did you first launch the blog LingORO.info?

Lizette: In March 2011 I posted my first article on line having spent some months previous immersed in the research of blog content. The first article is always special and I remember the feeling of excitement when I saw the visits to my blog and knew that people were reading my article. I was encouraged to continue producing and evolving content that was obviously attracting a growing audience.

Editor: What do you look for in an article?

Lizette: A story that tells a truth, with substance, meaning, logic and often on a subject ignored by the mainstream media. My articles present information to readers regarding the current economic climate and its impact on all of us. Many things are left unsaid that need expressing and this can be particularly true in the gold industry. I am originally from Colombia and so issues regarding “ORO VERDE” that could be so important for the survival of whole communities & their livelihoods need highlighting. Similarly I fully support the Clean Extraction initiative for 100% traceable gold that respects people and the planet. It is also important to have an historic perspective on the economy and gold investment as well as for the evolution of everyday changes in the economy. To this end I like to combine numismatic and historical facts about gold coins as well as the story of certain important coins that have a particular place in Spanish or Latin American history.

Editor: Why have you launched LingORO.com now?

Lizette: This is the ideal moment to launch an alternative method of Gold Investment to the Spanish and Latin American markets because there is no similar offer currently available. The current market is based more on jewelry and physical possession of gold bars and coins. However, our experience suggests that this is not the best way to invest in gold as it is difficult to realise a good value at resale when you inevitably have to sell it back to a dealer. Our business model allows Members to freely trade between themselves, therefore maximizing the opportunity to realise the full potential of their gold coins. It’s easy, practical, logical and has a proven track record in the French and the English speaking worlds as demonstrated by our sister sites AuCOFFRE.com & LinGOLD.com.

The advantages of LingORO are that investors can buy and sell on-line 24/7 from anywhere they want and also that we offer vault storage – this model allows ease of resale.

Editor: What type of products are available and why? Where do they come from?

Lizette: Only professionally sourced investment quality gold coins are available – these are all verified and sealed in cases. We also have a focus on certain Spanish and South American gold coins which are of great interest including the 25 Pesetas, The 50 Pesos and the Soles and Libra from Peru.

Editor: Why should we invest in gold?

Lizette: Gold is an excellent way to save, it is an alternative to the traditional bank products which have proved to be unreliable (particularly during the current crisis) and of course it is a diversification of a portfolio. Perhaps most importantly Gold is the safe haven currency when all other currencies are failing and losing value.
It is worth noting that most investments have a risk attached – that is to say a risk to the counterpart offered in the investment. If these are shares, certificates, funds etc there is a possibility that the counterpart to your investment ie. the shares or assets supposedly backing funds could fall to zero in a crisis due to company failure, the debt cycle or unscrupulous traders who have oversold their funds such as is the case with ETFs (less than 20% physical gold to back the certificates sold).
Gold can never fall to zero as it has consistently had value for 6000 years which is better than any modern day currency or fund.
Finally, we should think of gold as an insurance against economic crisis. It will protect your wealth against inflation and it will always maintain purchasing power whatever happens during the crisis. No other product can offer this. If you have a house you usually have fire insurance in case one day the unthinkable happens. At least you have the peace of mind that you can rebuil it.
If the crisis deepens as is largely expected our whole way of life could be challenged – therefore it is prudent and wise to take out an insurance against the effects of crisis.
As in the case of fire insurance it is wiser to buy insurance before the catastrophic event!

Editor: Do you have a message to the people?

Lizette: Choose a good option that helps you save not only in a moment of crisis but which will also work for them during normal situation.
Gold protects money and the people can have a real savings to leave for the family or indeed help them with the costs of life, houses, holidays, cars, university fees etc.
We have a beautiful collection of professionally certified coins that are designated as investment quality which is not always the case elsewhere. We offer quality of service as well as trust and confidence with our Members.
My message to investors is to look at what we have to offer and then compare this to other methods that they have traditionally used and evaluate which is the better option for you – that way I know I will be welcoming lots of them real soon.

Editor: Many thanks for your time and best of luck with LingORO.com

Lizette: You’re very welcome and thank you. I am a regular reader and fan of Goldcoin.org because there are so many interesting facts and articles that are pertinent to the economic situation and the gold market. I often post links to your articles and sometimes translate quotes made by economists and commentators about the gold market. I wish you continued success with your blog and hope to see you in Spain soon.

Open mine in Madre de Dios

The mines lack proper extraction tools and machinery; far from public gaze and legal regulation, they are hazardous, not only at their hidden locations, but to towns and villages exposed to toxic waste in the water supply. To protect their interests, the miners engage in arms smuggling. Those who work in these conditions are exposing themselves to extreme danger, with no certainty that they will reap the long-term benefits for which they hope.

So why do they do it?

The clue is the word “lawless”. Hernando de Soto’s remarkable book “The Mystery of Capital”, first published in 2000, was the result of him and his researchers from the Institute for Liberty and Democracy in Peru (www.ild.org.pe) asking: why has capitalism worked in the west, but not in the developing and ex-communist world?
The usual answer is that capitalism shouldn’t work in the west and shouldn’t be fostered in the developing world, but after the failure in the twentieth century of all variants of socialism and state direction of economic planning, capitalism is “the only game in town”.

Yet looking at the shocking conditions that prevail in these illegal mines the typical response is an anti-western moralism that regards “capitalism” and “rapacious greed” as synonymous: all one has to do to “understand” poverty is rail against the rich.

This attitude of campaigners of the traditional sort, fair-traders, charities and NGOs, churches and environmentalists is unhelpful: it is misleading to demonise the alleged capitalist forces behind the miners, misleading because the miners are themselves capitalists of a sort, and therefore should presumably also be demonised, unless one sees them as mere helpless puppets – but that is simply another way to dehumanize them.

The problem that de Soto identifies throughout the developing economies is that the overwhelming majority of the world’s poor work completely outside any legal system: the businesses and buildings they create therefore operate without title, which means that the assets they “own” are dead capital. In such an environment, unprotected by clear rules, poor people’s only guarantee of prosperity rests with themselves. Wherever there is potential value and a market for it, with gold just as with any other commodity, they will exploit and protect it without any legal roots to sustain them.
The problems of these unclean gold mines, the use of dangerous chemicals in unsupervised environments, the use of child labour in dangerous places, water tables filled with toxic waste, are the result of there being no clear title to the mines or their products and no legally defined responsibilities. Even the violence is explicable: in the absence of legal title, there is no other way to defend what might anyway turn out to be a temporary interest, rather than a clear and justiciable and therefore legally marketable property right.

In the light of these observations, it should be obvious that what needs to be done is to recognize the “illegal” gold miners as the entrepreneurs they are and co-opt them, bringing them into the legal fold.

In contrast, there is hope regarding the improvement of mining conditions and extraction methods.

The first commercial product exclusively made from “Clean Extraction” gold has been launched.  The Vera Valor is a 1 oz “Bullion” bar-coin, 999.9, Good Delivery and it is made from pure gold from “Clean Extraction”.

The “Clean Extraction” initiative encourages mining companies to behave properly towards their workers, the environment and the lasting aftermath of their activities.

Our friends at Cleanextraction.org have produced the “Clean Extraction” charter which you can consult from their website.

It just shows that “there’s nothing wrong with doing things right” and proves that it is possible for some Gold to have a conscience.

by Mark Rogers

20 PESOS OBVERSE

Description of the gold pesos coins.

The 2, 2.5, 5 and 10 pesos coins all bear the same inscriptions and engravings:
-  The obverse of the coin has the inscription “ESTADOS UNIDOS MEXICANOS” (United States of Mexico) which straddles an eagle that is standing and grasping a serpent in its mouth. The eagle is standing on a crown made from an oak branch and an olive branch. The eagle is the National symbol of Mexico: for Mexicans it is the representation of the duality between the earth and the sky. It also symbolises the conflict that delivers Good over Evil. There is a legend which surrounds this eagle: the old city of Tenochtitlan, today Mexico City, was built in the place where the Aztecs once saw an eagle flying off carrying a serpent in its beak.

20 PESOS REVERSE

- the reverse of the coin shows the value of the coin and the year in which it was minted. The coin is the effigy of Michel Hidalgo, a revolutionary and abolitionist. Michel Hidalgo is an emblematic figure of Mexico: a priest, a rebel and a revolutionary whose insurrection triggered the country’s process of independence. He first proclaimed independence on 16 September 1810 and then abolished slavery on 6 December. On 30 July 1811 the Inquisition had him shot for his crimes.

The 20 pesos coin

The obverse of the coin has a motif which represents the eagle striking down the serpent. The reverse of the coin shows a representation of the Aztec calendar from the Tiahuanaco Sun Gate. The Sun Gate is one of the vestiges of the Aztec civilization and is considered by several researchers as a astronomic sign.

Date on the gold pesos coins

• Note on the 10 pesos coin: From 1961 to 1972, 954,983 coins were re-minted with essentially the year 1959. In 1996 , matt remints were created.

What is the interest in Mexican gold pesos coins?

Above all the interest in these coins is numismatic. But there is only a small step from numismatic to profitable investment! Why? Because these coins are ever more rare and their value can never fall below that of gold itself under any circumstances. To be clear: buying Mexican pesos in an opportunity to combine asset protection with pleasure.

London Gold Fix $1441.25 +$8.25 LME

After a fresh contract high yesterday, gold reached the 1442 area and sits roughly in the upper 1430’s in this mornings early trade. A warning from 10 former White House economic advisors, that Congress needs to address the US debt situation before the Bond market forces the US to ac is providing some support to the gold market.

The turmoil continues in the Middle East, but there wasn’t any major developments overnight for the market to digest. The situation remains precarious. Japan evacuated again as 3 workers were exposed, and the overall situation also remains far from a distinct resolution.

Adding uncertainty to the markets is the political/debt situation in Portugal. The market considers the size of the bailout for Portugal might be as much as $80 billion and that in turn casts some doubt on the capacity of the Euro zone stabilization fund to handle upcoming demands. The Prime Minister of Portugal resigned after that nation’s parliament rejected a series of new austerity measures. The meeting starts at 5 PM their time to see if they are going to ask for a bailout. There is still a debate as to whether the bailouts are stabilizing Ireland or Greece.

Going to today’s session, the options expiration in metals ends on the 28th — and if there is to be a pullback at all in the metals — the most likely time for it to begin would be today.

On the gold chart it comes down to the 1444 area and whether gold can climb above that area. This area has held since the February high and price is now on its third attempt to move above it. This is the area where the shorts have tried to “cap” price. Yesterday’s attempt around this time frame got to 1441 — and there have been two attempts so far today where price got to 1442 just before the New York open and then fell back to just above 1435. A second atttempt on the open was again rejected near the same area and a pullback.

Price has been in a very tight range since London — and gold is now attempting to get above 1440 again. So far it is still meeting with selling above 1440. It seems like desperation on the shorts —– and the bulls keep pushing it back to 1440 on every sell attempt by the bears.

In summmary — THE TREND REMAINS UP — and the bulls seem to have the advantage still. A break above 1444 should lead towards 1450-1460.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

The most detailed info that GoldTrends.net publishes is available on the web site via paid subscription.

London Gold Fix $1403.50 +$5.00 LME

While gold prices were somewhat weaker in early Asian trade, sentiment toward gold has improved in early US Thursday trade. Support from the aggressive rise in the Yen overnight and a much lower US Dollar across the board has firmed gold support near 1400.

News of a G7 conference call for a discussion in how to calm markets is sparking hope of more liquidity in the marketplace. While energy prices and other commodities are showing initial strength today, the gold market might be hesitating a bit until the G-7 meeting and for a sign that conditions are attempting to return to normal to get out from under the periodic selling pressure that has dominating gold this week.

Therefore, US data might be discounted in the face of the highly uncertain flow of events from Japan and the G-7 meeting. Weakness in the Dollar is providing some support to gold today, as very strong flows toward the Yen have seemingly prompted some move to quality buying interest in gold.

Workers at the Fukushima power plant are still attempting to contain leakage from reactors and are attempting to get power back to generators. Libyan government soldiers are preparing to engage the rebel stronghold of Benghazi.

Lets go to the chart

The the intersection of the dotted trend lines has price in between both lines for the second day running. This is adding to the potential that a short term low might be developing in gold. The Asian market pull back to 1387 supported right at the dotted line. Currently the market is testing the 1403 area — right where the top dotted line is at. A CLOSE above this area would be the first indication that favors price bottoming on the short term —and a bounce attempt into Friday’s close. Gold might remain subdued going into the G-7 meeting –and traders will have to decide on Friday if they want to be holding positions over the weekend.

Since the sell off to 1380 —gold has bounced back to the 1403-1406 area on three separate occaisions — and is testing that area again today. The current range of 1385-1405 is trying to carve out a bottom and a close above 1408 will add to the potential that the short term trend is about to turn up. From a timing perspective — prices are due to turn up near this time frame. Buttonwood has March 16th as a potential turn date and the seasonal calls for a mid month bounce. The short term trends we watch are also due to turn up beween now and next Tuesday. This tends to favor a low and bounce attempt soon. With oil higher on mid east unrest, it is putting a floor on commodities today.

With G-7 scheduled for after today’s market close, gold could remain its trade at the dotted lines for one more day. Any improvement in the Japan situation —ie; if power gets restored at the plants for the generators could also lend support to higher price trade today. In summary — the gold marke seems FIRMER at the moment and tends to favor a higher price going into the latter part of the day. The key is getting price to move above the 1408-1410 area.

Resistance for the remainder of the day is the 1406-1410 area and support a 1393-1398. In summary — prices seem firmer today — but traders are a bit cautious of the scheduled G-7 conference call later today. WATCH the 1406-1410 area —- If price can close above 1408 — it should increase the bounce potential in metals.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

The most detailed info that GoldTrends.net publishes is available on the web site via paid subscription.

London Gold Fix $1398.50 -$8.50

With events in Japan capturing the news, the gold market will soon be turning to the beginning of the Indian Wedding seasonal and the market focus on big picture geopolitical conditions in the middle east. The Indian seasonal usually spurs gold buying and forms a seasonal low near this timeframe.

So far gold prices this week seem to be tied to the action in global equity markets and the uncertainty in Japan. Gold overnight did gain some minor support from reports of fresh unrest in Bahrain and oil prices have managed to rebound. Gold and other commodity markets are likely to be watching the quickly changing macro economic cross currents. US Housing Starts and Permits data came out with terrible data this morning but the pullback in gold on the news lasted a short amount of time and gold continues to trade around the 1400 area. PPI data was up 1.6% —- as food and energy led the way. That seemed to have put a floor on gold so far this morning.

While equity markets in Asia and Europe are generally higher this morning, the US stock market opened with moderate losses bu is so far stable today. The Dollar is stronger against most of the major currencies during overnight trading but it does not seem to be affecting gold.

Workers are still attempting to bring nuclear reactors at the Fukushima power plant in Japan under control and continued aftershocks in Japan continue into today. Forces allied with Muammar Gaddafi have succeeded in retaking several towns that were under rebel control. A credit rating downgrade of the sovereign debt of Portugal by two levels. UK Unemployment during January was 8.0%, higher than market forecasts.

Gold seems to be taking more notice of the Bahrain situation as the unrest is escalating there and the people have yet to be quelled by the Saudi forces and the “martial law” that has been announced. The 1000 Saudi forces on the ground has escalated the UNREST and anger.

As soon as the Japan thing quells down — gold will return to focus on the middle east and the Indian wedding seasonal — both of which should lend to increased gold demand at a time when the seasonal weakness is nearing an end. The gold seasonal chart usually shows a mid March low —-and short term trends do favor a low to develop by weeks end.
Going to the chart — we’ve expanded the view today. Observe the two dotted trend lines that are meeting up at the 1395-1405 area. This is where most of the price action has taken place and was basically the focus we discussed on last nights website. THE KEY SEEMS TO BE IF GOLD CAN CLOSE BACK ABOVE THE downtrending dotted line near in the 1406-1412 area. A close above that area would neutralize the sell off and would leave yesterdays LOWS as a CLEARING OF THE STOPS below two key short term trendlines. Should the market close above the dotted line area, it will add to a bottoming potential and will have us looking for a potential trade set up.

In summary — gold is testing its key support area —trying to get back and close above the dotted lines. Resistance for the remainder of the day is the 1408-1412 area and support is the 1390-1396 zone. The day is turning out to be a consolidation day. Watch the action at the dotted trend lines. Favor most of the action and a close near that area today.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

The most detailed info that GoldTrends.net publishes is available on the web site via paid subscription.

The gold market collapsed this morning all the way down to the 1380 area moving $50 dollars lower from its high at one point. We discussed on the website last night that only a move above 1435 would be a signal for higher prices. We also speculated on last nights update that a break below the 1415 area would be the first sign that the pullback was not complete and based on the HIGHS of Nov/Dec/Jan at the 1430 area —- that if we got a break down — it would favor a BIG down day.

The London market opened right at that 1415 area and by 4 am est -(one hour into the London session)— that level broke down and the drop made its way down to our second tier listed area circa 1377-1392 — with a 1380 low shortly after the New York open.

Resistance for the remainder of the day is 1403-1409 == and we’d look for gold to run into resistance there on a bounce. Support is the 1377-1385 area. Gold should find closing support there.

Let’s go to the chart. We can see the move back up on Monday was back to the lower red line — and that is where we were looking at 1436 as an important price point. The reversal lower accelerated on the break of the dotted trend line. The red arrow that is on the chart was one of the two on our chart last night on the website update. That area — 1377-1385 is key to watch on any pullbacks. AT THE MOMENT — Gold has bounced back to the 1398 area —-right where the dotted trend line is.

In summary — gold and silver have joined all the other markets in a hard move lower. The decision to exit our short term positions in gold last Thursday at 1417 on the website and to move to the sidelines coming into this week turned out to be a good move. From a short term perspective – It’s best to let things shake out rather than trying to pick a bottom. The 1377-1385 area is an important intra day price point — and the 1398-1403 area (the dotted line) on a closing basis. GOLD SHOULD ENCOUTER RESISTANCE at that dotted line —circa 1398-1409.

The longer term trends are still intact — we’ll have to assess that time frame at the end of the week depending on how things play out. For now —- its best to let things shake out on the short term. Watch 1377-1380 —–and the dotted trend line.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

The most detailed info that GoldTrends.net publishes is available on the web site via paid subscription.

Last nights website update discussed a break below the 1420 area would be suggestive that this weeks pullback would still be in play and that next support would be the 1398-1412 area.

Gold and other commodity prices were undermined by softer than expected Chinese economic data, increased jobless claims in USA and renewed concerns of Euro debt because of news of a Spanish debt downgrade. News that PIMCO was turning bearish toward US government securities has also provided the potential for higher interest rates.

News that South African gold output in January rose by more than 15% over last year may have added to today’s downdraft from a short term perspective.

Developments in the Middle East should continue to provide some measure of support for gold prices, especially with the day of protest directly ahead in Saudi Arabia and the situation in Libya in a continued state of flux.

While equity markets in Asia and Europe were lower during overnight trading and the US stock market down hard in early trading, there’s a lot of bearishness this morning.

Looking a today’s chart — we can see that once the lower channel line gave way —- a lot of stops were set off and are getting cleared out. We’ve discussed this potential since Tuesday evening on the website.

Support for the remainder of the day is the 1398-1409 area and resistance is the 1418-1425 zone. PRICE IS AT THE LOWS from the first week of March near 1410 and should bounce around that area plus or minus a few dollars. If that area gives way then a test of the dotted trend line at 1398-1405 will be in play.

In summary — the lower than expected weakness in China and USA woke up complacent equity bulls. With commodities overbought in most area’s — it has brought on a lot of weakness.

On the chart, the lower red channel line was finally broken — and now we have to see whether gold holds a few dollars above or below last weeks lows near 1410. If prices can’t hold there — then a test of 1398-1403 will be the next test area. With the Saudi demonstrations on Friday — there should be some support going into the close near these levels but the sell off is very hard in equities — and may keep pressure on all fronts.

Prices need to get back above the 1420-1425 area in gold to neutralize this pullback.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

London Gold Fix $1431.50

Prices drifted lower thru the Asian session and the 1423 low came about 2 hours before the London open. London once again took prices higher into the New York open where price peaked at the 1437 area as the COMEX was opening.

he Gold prices strength and firming this morning came from reports of an oil refinery called Ras Lanuf being bombed in Libya reversed a downtrend in both oil and the metals. The refinery has been shut down — and there a black cloud rising. The refinery has been shut down — but there are no reports if it has been damaged. About 1 mil barrels of oil has been reduced from output from a total of about 1.6 mil barrels.

Concerns that higher interest rates in the Euro zone might be too much for weaker EU members, but might require stronger scheduled data readings from the Euro zone or less hawkish ECB dialogue. Yields on Portugal debt moved higher again today at 7.7% after the auction. Resistance for the Euro is 140-141.

News of strong Indian derivative gold demand from the month of January was also supportive for gold, but the main focus of the gold trade will probably continue to be the direction of oil prices.

While equity markets in Asia and Europe were mixed during overnight trading, the US stock market on today’s session opened unchanged but has been drifting lower as players are coming to the realization that the middle east crisis is not going away soon. Today is the 2 year anniversary of the stock market bottom from Mar 9th 2009.

Meanwhile the Dollar is slightly higher against most of the major currencies during overnight trading after holding on to dear life yesterday near the 76 area before price bounced to near the 77 area. Price is currently in the middle of its bounce range. The 76 area is an important point for the dollar.

From a price chart perspective — the key for gold price today is the 1434-1438 area for resistance —-basically near the area of Tuesday’s high. This is the spot that the bears are trying to contain and the area the bulls must over come to keep the the uptrend going. IF we can move above the Tuesday highs —the potential to move towards 1450-1460 will come into play. As long as price is above the lower red line —- the trend is up but remain cautious. Support is the 1417-1422 area and resistance is 1436-1437.

In last nights website update initial resistance was listed at 1432-1438 and the high so far is 1437. Support was listed at 1417-1425 and the low so far is 1423.

London Gold Fix $1431.50

Prices drifted lower thru the Asian session and the 1423 low came about 2 hours before the London open. London once again took prices higher into the New York open where price peaked at the 1437 area as the COMEX was opening.

he Gold prices strength and firming this morning came from reports of an oil refinery called Ras Lanuf being bombed in Libya reversed a downtrend in both oil and the metals. The refinery has been shut down — and there a black cloud rising. The refinery has been shut down — but there are no reports if it has been damaged. About 1 mil barrels of oil has been reduced from output from a total of about 1.6 mil barrels.

Concerns that higher interest rates in the Euro zone might be too much for weaker EU members, but might require stronger scheduled data readings from the Euro zone or less hawkish ECB dialogue. Yields on Portugal debt moved higher again today at 7.7% after the auction. Resistance for the Euro is 140-141.

News of strong Indian derivative gold demand from the month of January was also supportive for gold, but the main focus of the gold trade will probably continue to be the direction of oil prices.

While equity markets in Asia and Europe were mixed during overnight trading, the US stock market on today’s session opened unchanged but has been drifting lower as players are coming to the realization that the middle east crisis is not going away soon. Today is the 2 year anniversary of the stock market bottom from Mar 9th 2009.

Meanwhile the Dollar is slightly higher against most of the major currencies during overnight trading after holding on to dear life yesterday near the 76 area before price bounced to near the 77 area. Price is currently in the middle of its bounce range. The 76 area is an important point for the dollar.

From a price chart perspective — the key for gold price today is the 1434-1438 area for resistance —-basically near the area of Tuesday’s high. This is the spot that the bears are trying to contain and the area the bulls must over come to keep the the uptrend going. IF we can move above the Tuesday highs —the potential to move towards 1450-1460 will come into play. As long as price is above the lower red line —- the trend is up but remain cautious. Support is the 1417-1422 area and resistance is 1436-1437.

by Bill Downey

Don’t forget Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see

London Gold Fix $1437.00

Oil prices are up this morning with conditions in Libya still very tense

With continued unrest in the Middle East and with protest day Saudi Arabia due later this week, the Middle East should remain in headlines this week.

The Commitments of Traders Futures and Options report as of March 1st for Gold showed Non-Commercial traders were net long 230,325 contracts, an increase of 17,075 contracts. The Commercial traders were net short 286,120 contracts, an increase of 19,329 contracts. The Non-reportable traders were net long 55,794 contracts, an increase of 2,253 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 286,119 contracts. This represents an increase of 19,328 contracts in the net long position held by these traders.

The gold market opened strong in Asian trade on Monday and prices maintained a steady bid of 1435 to 1438 throughout the London session and into the 6 am EST period where price then moved up to the 1444 area going into the comex New York Open. Since then price has begun a pullback that has brought gold back to the 1432 area.

First support is the 1426-1430 area and resistance is the 1438-1444 area. Key Resistance is the upper red channel line near the 1455 area. As long as price is above the red channel line near the 1420 area, the short term trend remains up.

Thanks to Bill Downey of Goldtrends.net

Exclusive Free trial to Goldcoin readers on Gold Trends.net
Login: demo-feb Password: spot2see