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SPECIAL EDITION
Gold & Silver : Outlook 2014
Assalamualaikum wmt. wbt. Salam ceria dan moga sejahtera
Update terkini dari Ir. Sofian -‐ Jutawan Logam
Tarikh : 17 Dec 2013 Hari : Jumaat Masa : 08.30 am
1) Harga kitco : Emas = 1211.00 usd/oz @ 128.10 rm/g
Perak = 19.84 usd/oz @ 2.10 rm/g
Conversion USD – RM RM 3.29
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2 | P a g e
Insyaallah kurang dari 1 minggu lagi kita akan memasuki tahun baru iaitu tahun 2014.
Semua orang tahu,
sesiapa yang pandai mengira sudah tentunya akan memberitahu selepas tahun 2013 sudah tentunya 2014.
Mudah sahaja sifir matematik itu bukan !!!
Tapi bukan mudah untuk melihat apakah yang akan berlaku pada tahun hadapan terutama melihat kepada trend pasaran Emas dan Perak yang tidak tentu arah perginya.
Perjalanan yang panjang sejak tahun 2011, 2012 hinggalah tahun ini 2013 perjalanan emas agak mendukacitakan. Itu keluhan ramai orang .....
Rata-‐rata ramai orang ‘hilang harapan’ terhadap pelaburan Emas.
Untuk kategori Perak lebih-‐lebih lagilah kerana ianya tidak menunjukkan sesuatu signal yang harga dua komoditi ini akan melonjak naik ke tahap yang memberangsangkan.
Ramai bertanya kepada saya, agak-‐agak Ir. Tahun 2014 emas akan sampai tahap 2000 USD/oz tak ?
Harapan tinggal menjadi harapan, bagi yang membeli emas fizikal resah kerana katanya emas itu sudah menjadi besi buruk dan tidak berguna lagi.
Agak sukar sebenarnya hendak bercakap tentang emas dalam situasi sekarang ini.
Seingat saya, pada tahun 2009 dan tahun 2010 adalah tahun ‘keemasan’ bagi orang yang baru berjinak-‐jinak dengan pelaburan emas. Penjual emas tumbuh bagaikan cendawan baru tumbuh selepas hujan.
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Sehinggalah pada tarikh keramat September 2011, emas jatuh USD 388 dalam tempoh 17 hari iaitu dari harga USD 1921 jatuh ke paras USD 1533.
Semua orang terpinga-‐pinga apakah yang telah berlaku ?
Rupa-‐rupanya tidak sampai hingga ke situ, emas turun lagi pada pengakhir tahun 2011 dengan catatan terendah pada USD 1522.
Pada masa tersebut, saya masih ingat. Ramai para penjual emas berpendapat bahawa emas akan hanya membuat penurunan sementara sahaja, atau dalam bahasa teknikalnya di sebut sebagai correction.
Sekali lagi harapan tinggal harapan kerana emas sekali lagi membuat kejutan dengan kejatuhan yang teruk ke paras USD 1527 pada bulan May setelah menarik nafas lega pada bulan Februari dengan catatan tetinggi pada tahun 2012 setinggi USD 1790 .
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Petikan : facebook
Tahun 2013 adalah tahun kegawatan harga emas yang sangat teruk, bulan April adalah penamat kepada harapan pelabur-‐pelabur emas kerana harga pasaran emas dunia jatuh dari USD 1697 pada Januari ke paras USD 1321 pada bulan April.
Paras support USD 1500 dan 1370 yang di katakan kuat akhirnya tembus jua.
Pun tidak cukup dengan itu , emas dengan hampanya menjunam sekali lagi sehingga ke paras USD 1180 pada Jun 2013.
Pada awal tahun 2013, para penjual emas yang sibuk menjual emas sebelum ini terpaku, senyap kerana nampaknya tiada harapan emas akan naik. Kepercayaan terhadap emas terus jatuh tersungkur.
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Terdengar pula ada beberapa system jual beli emas yang terkini yang dikatakan lebih murah dari harga pasaran tumbuh mencanak naik demi membantu orang ramai untuk memiliki emas dengan harga yang murah dan termurah dalam pasaran.
Wujudnya ‘emas delay’ pada suku ke-‐2 tahun 2013 , seingat saya yang dipelopori oleh individu yang hendak membantu orang ramai mendapatkan emas dengan harga murah dan terkemudian memiliki emas tersebut.
Semakin panas cerita ini apa bila pelbahai persoalan berkenaan di ajukan kepada saya semasa road show WDP.
Persoalannya !!!!
Adakah benar ada orang yang hendak membantu andaa mendapatkan emas dengan harga yang murah ?
Lebih murah dari harga pasaran antarabangsa !!!
Adakah anda boleh mempercayai ada orang akan memberikan emas kepada anda setelah 6 bulan atau 1 tahun ?
Adakah anda percaya jika ada orang akan member anda bonus dalam bentuk bulanan ?
Ianya seumpama cerita yang masih segar dalam ingatan bulan Oktober 2012 ......
Cuba renungkan ...........
.
.
.
.
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Nanti kan berita ini akan keluar beberapa tahun lagi,
Dan harapan saya mudah-‐mudahan anda yang membaca laporan khas ini bukanlah muka anda yang terpampang di dada akhbar.
Selisih malaikat kata orang tua-‐tua kan !!!
Ingin saya tegaskan di sini
ILMU , ILMU , ILMU
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Di dalam sejarah perjalanan saya mendidik anak bangsa dalam pelaburan emas, siapalah saya ini.
Hanya seorang yang hingusan yang membuat pelaburan emas berdasarkan kajian Teknikal Analisis dan memberikan khidmat secara percuma secara alam maya di social media fecebook.
Dalam diam tidak diam , Mentor Kejayaan dan Kekayaan No. 1 Asia selalu mengintai hasil coretan saya. Syukur Alhamdulillah. Moga anda juga salah seorang yang dapat munafaat. J
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Sepanjang perjalanan saya menjelajah 5 buah negeri di serata bumi Malaysia ini bermula pada siri yang pertama
Kuala Lumpur 15 Sep 2013
Kota Bahru, Kelantan 20 Sep 2013
Johor Bahru 22 Se p2013
Shah Alam, Selangor 5 Oct 2013
Pulau Pinang 6 Oct 2013
# Lihatlah video ini berkenaan dengan perjalanan saya :
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Dituruti pula 5 negeri dan 7 lokasi selepas sambutan yang sangat menggalakkan dalam Worksyop Dunia Pelaburan anjuran Richworks Group iaitu
Kota Kinabalu, Sabah 2 Nov 2013
Kuala Lumpur 9 Nov 2013
Johor Bahru 16 Nov 2013
Kota Bahru, Kalantan 23 Nov 2013
Shah Alam, Selangor 30 Nov 2013
Pulau Pinang 1 Dec 2013
Kuala Lumpur 7 Dec 2013
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Dari pemerhatian saya, dalam sesi soal jawab (QnA) ,
40% daripada peserta adalah orang yang pernah terlibat dalam ‘permainan’ Ar-‐Rahnu.
80% membeli emas dengan tanpa tahu apa yang mereka lakukan
15% orang yang pernah terpalit dalam skim pelaburan emas.
10% adalah golongan pelajar yang dahagakan ilmu pelaburan dan hendak tahu apakah itu pelaburan
5% sahaja yang bersedia untuk belajar ilmu pelaburan emas dan rata-‐rata yang lain adalah beranggapan membuat pelaburan emas ini adalah pelaburan yang mudah seperti membeli dan menyimpan sahaja.
Lontaran daripada itu saya telah mewujudkan ruang soal dan jawab di dalam medium karya utama saya iaitu Facebook untuk berkongsi pengalaman dan ilmu tentang pelaburan emas.
Contohnya seperti ini :
Boleh refer di sini :
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12 | P a g e
Selain dari ini :
Soalan dari Kelantan
Dan ini :
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Justeru itu lah saya bersama-‐sama dengan Alumni Seminar Jutawan Logam di tahap ‘advance’ telah mengorak langkah untuk membantu orang ramai di dalam beberapa siri pembelajaran yang lebih moden dan interaktif sesuai dengan generasi alaf baru yang berkejaran dengan masa.
Maka dengan itu wujudlah Akademi JL
dan juga web site yang lebih interaktif
www.irsofian.com
(web ini masih dalam proses pembinaan strukuturnya)
Syukur kepada Allah swt, kerana ramai yang sudi membantu, terutamanya Alumni saya yang juga mencintai dunia pelaburan emas dan perak ini.
Almaklumlah, saya ni bukanlah Gen-‐Y yang sangat pakar dalam IT dan social media dan segalanya kan !!!. J J
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Saya melihat tugas yang agak berat untuk saya pikul tentang bagaimana untuk membaik pulih semangat mereka yang telah hilang tentang pelaburan emas ini selain membawa pemikiran mereka ini ke arah ‘next level’ iaitu Financial IQ sebagaimana yang di ketengahkan oleh ikon pelaburan dunia Robert T Kiyosaki.
Tahun 2014 …….
Mengapa ianya sangat penting ?
Mengapa ianya tahun yang di sebut sebagai tahun keramat ?
Mengapa ianya ‘WAJIB’ bagi setiap individu tahu akan kepentingannya dan mengambil tindakan yang sewajarnya ?
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Kita lihat apakah yang berlaku pada Index Dow Jones
Apakah itu Dow Jones ?
Dow Jones Industrial Average (DJIA)
Indeks Perindustrian Dow Jones (Inggeris: Dow Jones Industrial Average atau DJIA) juga di sebut DOW30 adalah salah satu indeks pasaran saham yang didirikan oleh editor The Wall Street Journal dan pengasas bersama Dow Jones & Company, Charles Dow. Dow membuat indeks ini sebagai suatu cara untuk mengukur prestasi komponen industri di pasaran saham Amerika Syarikat. DJIA merupakan indeks pasaran AS kedua tertua yang masih digunakan.
Hari ini, indeks ini terdiri dari 30 syarikat tersenarai awam yang terbesar dan paling banyak dipegang oleh awam diAmerika Syarikat. Bahagian "Perindustrian" dalam indeks hanya faktor sejarah kerana kebanyakan dari 30 syarikat yang terkandung dalam indeks tersebut tidak terlibat dengan industri berat.
Sumber: Wikipedia.org
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Krisis ekonomi yang telah menenggelamkan ekonomi dunia pada tahun 2008 pulih pada tahun berikutnya,
Pada tahun 2011 menampakkan kejatuhan pasaran index yang besar dan kemudian pada tahun 2012 garisan resistance yang kuat pada paras 12854 telah di pecahkan dan ia membawa sinar harapan yang bersinar pada tahun 2013 iaitu pada tahun ini.
Dari tahun 2012 ke tahun ini 2013 sahaja kenaikan sebanyak lebih 2000 mata dan pada pengakhiran tahun ini tahun 2013 untuk menuju ke awal tahun 2014 kenaikan lebih 1500 mata telah di catat.
Dan jika di lihat dalam graf tersebut, menunjukkan ada kekuatan yang sangat kuat untuk Index Dow Jones akan naik lebih tinggi.
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Dari pandangan saya,
Analisa yang saya buat, saya melihat Index DJIA adalah berada pada tahap yang tinggi sekarang ini.
Saya menjangkakan ia akan mengalami penurunan sedikit untuk ‘correction’ pada tahun 2014 dan kemudian akan meneruskan pendakian sehingga ke paras index 17670.
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Kita lihat pula Index Nasdaq
NASDAQ -‐ 100
APakah Nasdaq 100 ?
The NASDAQ-‐100 is a stock market index of 100 of the largest non-‐financial companies listed on the NASDAQ. It is a modified capitalization-‐weighted index. The companies' weights in the index are based on their market capitalizations, with certain rules capping the influence of the largest components. It does not contain financial companies, and includes companies incorporated outside the United States. Both of those factors differentiate it from the Dow Jones Industrial Average, and the exclusion of financial companies distinguishes it from the S&P 500.
Copy & paste : Wikipedia.org
Pada Tahun 2010 dan 2011 pergerakan index tertahan pada paras 2050 iaitu ‘resistance become support’ yang telah memberikan impak yang kuat untuk ia naik ke paras 2400.
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Ulangan yang sama telah berlaku pada tahun 2012 dan 2013 pada paras 2860 yang membawa kepada letusan index ke paras 3584 pada tarikh laporan ini di buat.
Pada pemerhatian saya, Index Nasdaq akan turun sedikit pada awal tahun 2014 dan akan kemudiannya akan meneruskan pendakian.
Cuba lihat analisa saya untuk Index Nasdaq
Index sekarang pada paras 3580.8 dan ia telah melepasi paras yang saya tandakan dengan warna kuning iaitu 3528.5.
Garisan putih adalah jangkaan saya bahawa index Nasdeq akan turun sebentar dan ia akan meneruskan pendakian ke paras 3840.0 .
Untuk makluman anda:
Untuk melihat keseluruhan analisa, saya menghadapi masalah mendapatkan data pada tahun 2008 dan sebelumnya.
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Yang terakhir ingin saya paparkan iaitu S&P 500 (Standard and Poor’s Index):
S&P 500
Apa itu S&P 500 index ?
‘The S&P 500, or the Standard & Poor's 500, is a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 index components and their weightings are determined byS&P Dow Jones Indices. It differs from other U.S. stock market indices such as the Dow Jones Industrial Average and the Nasdaq Composite due to its diverse constituency and weighting methodology. It is one of the most commonly followed equity indices and many consider it the best representation of the U.S. stock market as well as a bellwether for the U.S. economy.[4] The National Bureau of Economic Research has classified common stocks as a leading indicator of business cycles. ‘
Copy & Paste dari : Wikipedia.org
Jika di lihat kepada graf di atas, kita akan dapati index paras 1360 adalah menjadi resistance become support yang kuat kepada tahun 2011 dan tahun 2012.
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Selepas ianya ‘rebounce ‘ dan melepasi ;paras 1570 pada tahun ini 2013. Kita lihat paras terkini pada akhir tahun ini mencecah ke paras 1840 iaitu hampir 450 mata untuk tahun ini (kenaikan sebanyak 32%).
Mengikut pengamatan saya , ianya akan menyambung kenaikan lagi pada tahun hadapan 2014.
Perlu di ingat ini adalah catatan terbaik bagi semua Index yang saya sebutkan di atas dari tempoh terdahulu.
Contohnya Index S&P 500 sekarang adalah tertinggi sejak tahun 2000 lagi.
Sila lihat rajah di bawah :
Paras Index 666.4 adalah terendah dan ia adalah semasa krisis ekonomi pada tahun 2008 dan 2009 , 7 tahun lepas.
Pembentukan ‘new high’ pada tahun 2007 terus membawa kepada kejatuhan yang hebat pada tahun beritkutnya.
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Sila lihat analisa saya yang seterusnya :
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Pada pemerhatian saya , jika paras index mencecah 1929.9 (saya tandakan dengan waran kuning bulatan ), perkara di atas yang saya sebutkan di atas tadi akan berulang kembali.
Kita sama-‐sama nantikan ye ! J
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Satu persoalannya !!!!
Apakah kaitannya saya menganalisa graf pasaran index dunia seperti Dow Jones, Nasdaq, S&P ?
Mengapa ?
Suatu perkara yang anda jangan lupa bahawa pasaran emas dunia adalah berdasarkan pasaran ekonomi Amerika ie USD.
Segala apa perubahan dasar, rangsangan ekonomi, tahap penganguran yang di wartakan akan memberi kesan terhadap harga emas.
Secara keseluruhannya, kesimpulan yang boleh di ambil dari pemerhatian saya di atas bahawa, ekonomi dunia sedang dalam membuat ‘bull run’ ataupun di panggil letusan ekonomi untuk tahun 2014 dan 2015.
Impaknya kepada emas pula bagaimana ?
Jom kita lihat pasaran emas pula ........
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EMAS
Ingin saya petik sejarah perkembangan harga emas beberapa tahun lepas , jommmm
Pada tahun 2009 emas memulakan perjalanan pada paras $ 877 dan mendaki ke paras $1150 , keuntungan di catat adalah $ 273 iaitu bersamaan 31%.
PAda tahun 2010, bermula dari paras $1150 naik ke paras $1415 , kenaikan sebanyak $ 265 bersamaan 23%.
Pada tahun 2011, yang sebagaimana kita tahun tahun catatan rekod terbaik bagi harga emas iatu 1920 , memulakan perjalanan untuk setahun bermula pada $1415 dan diakhiri dengan $ 1564 , kenaikan sebanyak $149 bersamaan dengan 10.5%. Tapi pada masa yang sama kenaikan yang terbesar dalam setahun tercatat pada tahun ini iaitu sebanyak 47% .
Pada tahun 2012, adalah tahun yang di namakan side way apabila paras permulaan bagi emas pada tahun 2012 ialah $1564 naik sedikit ke paras $1655 , perbezaaan yang tidak ketara iaitu $91 bersamaan dengan 5.8%.
Pada tahun ini , tahun 2013 pasaran emas bermula pada $ 1655 dan berlaku penurunan harga emas sebanyak -‐ $442 iaitu -‐26.7% sehingga ia di kira landing ke paras $1213 sebelum beberapa hari lagi menempuh tahun 2014.
Namun begitu, sebenarnya dalam tempoh setiap tahun emas tidak pernah menghampakan dan tahap kenaikan 20% itu sudah pasti.
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26 | P a g e
Sila rujuk prestasi emas tahunan di bawah :
Apakah yang anda faham terhadap informasi di atas ?
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27 | P a g e
Cuba perhatikan graf di bawah,
Graf emas yang memulakan perjalanan yang panjang bermula dari tahun 1995 kemudian kelihatan mendaki sehingga ke puncak dan ia turun kembali dengan drastiknya.
Kita lihat graf ini pula :
.
.
.
.
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RSI mencatatkan kenaikan keparas hampir 100% pada tahun 2006 dan 2008.
Ulangan berlaku pada tahun 2011 dan ia jatuh di bawah paras 50% ,
Sekarang pasaran emas menuju ke paras 30 %.
Saya meletakkan satu zon yang di namakan ‘zon bahaya’.
Zon bahaya bermakna paras harga yang saya pantau yang saya ketegorikan sebagai harga yang sangat rendah.
Range harga yang saya ketegorikan dalam zon tersebut ialah pada paras $1042 hingga $796.
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Pada pemerhatian saya, seandainya harga pasaran emas dunia jatuh dalam zon bahaya tersebut, ia adalah masa untuk ‘shooping’ bagi anda yang hendak melabur dalam emas.
MEngapa paras tersebut menjadi indicator saya ?
Hmmmm,
Sebenarnya pada masa sekarang harga emas sudah dikategorikan sebagai rendah dalam sejarah.
Bagi kaum marhain, bila-‐bila masa ini adalah masa yang sesuai untuk membeli emas sebahai pelaburan fizikal mereka.
NAmun begitu, bagi anda yang hendak lebih bijak dalam pelaburan, pemilihan harga yang paling rendah adalah ukuran tahap keuntungan yang maximum yang mereka kejar.
Oleh itu, perkara penting yang perlu di beri perhatian adalah :
1) Masa 2) Harga 3) Amount
Bagi anda yang membeli laporan ini, anda adalah orang yang BIJAK !!!
Kerana memilih untuk mendapatkan bahan bacaan yang terbaik untuk pelaburan anda, dan ‘value for your money’.
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Saya ingin membawa anda melihat lebih dalam lagi , analisan saya :
Sila perhatikan graf di atas,
1) Saya melihat kepada pergerakan harga emas dunia yang meneruskan perjalanan ‘bearish’nya
2) Pemerhatian saya menumpukan kepada perjalanan ‘wave’ yang ke-‐3 selepas correction pada wave ke-‐2 dan meneruskan rally bearish.
3) Paras penurunan emas pula , saya menjangkakan paras $796 adalah paras penurunan akhir bagi rally tersebut.
4) Paras terakhir lagi satu adalah pada $ 720 yang mana ia adalah ‘repeat’ kepada paras harga terendah pada tahun 2008.
5) Hmmm Tahun 2008 !!!!! 6) Percaya atau tidak ? Hanya Allah swt yang boleh tentukan. 7) Setelah mencatat penurunan yang besar dan mencatat ‘low’ yang baru dalam
sejarah , sudah pasti pasaran emas akan membuat pemulihan dari demam yang sekian lama sejajar dengan kadar kesihatan dunia.
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8) Jika di lihat dalam graf tersebut , saya menggariskan pada tahun 2015 adalah permulaan trend baru iaitu trend ‘bullish’ bagi pasaran emas.
9) Seterusnya pada tahun 2016 akan menyambung perjalanan dalam trend yang sama dalam bentuk bullish.
10) Kita sama nantikan insyallah.
.
.
.
Cuba lihat sebelah .....
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Saya ingin membawa anda melihat lebih dalam lagi , analisan saya yang ke-‐2 , dalam situasi yang berbeza :
Dalam analisa saya di atas, saya mendapati bahawa :
1) Pasaran emas akan membuat side way pada awal tahun 2) Kenaikan adalah melebihi paras $ 1365 3) Besar kemungkinan akan sampai ke paras $1412 4) Seterusnya harga emas akan jatuh sehingga ke paras $1042. 5) Momentum kenaikan akan di lihat pada akhir tahun 2014 untuk menunjukkan
tanda pemulihan kepada harga pasaran emas dunia pada tahun 2015 dan 2016
6) Dalam analisa ini, saya perhatikan pergerakan harga emas yang agresif akan di lihat pada tahun 2016 dan 2017 untuk melepasi tahap $1920 dan ia akan mencecah ke paras $2300.
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PERAK
Pasaran perak dunia adalah suatu pelaburan yang agak asing lagi terutama di kalangan masyarakat Melayu.
Di peringkat antarabangsa sejak tahun 2010 lagi , telah di war-‐war kan tentang potensi pelaburan di dalam perak yang mempunyai keupayaan yang tinggi.
Jika di lihat di dalam informasi di bawah , kita akan dapati dalam masa beberapa tahun kebelakangan ini perak telah mendapat tempat yang baik dalam industry secara tidak langsung menyokong kenaikan harga. Tidak kurang juga penurunan yang menyebabkan harga pasaran perak sangat volatile.
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Jika di lihat dalam bentuk graf yang lebih berinformatif ianya dalam dilihat sebegini :
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TINDAKAN !!!!
Apakah tindakan anda ?
Apakah yang perlu anda lakukan ?
Informasi telah saya berikan , tindakan di tangan anda untuk bertindak mengikut 3 parameter yang telah saya garis kan sebelum ini pada muka surat 29.
Yang pastinya, anda WAJIB menyimpan emas dalam simpanan anda bagi membolehkan anda kaya di zaman kegawatan ekonomi nanti.
Di waktu itu, emas adalah kekayaan anda.
Pesanan saya :
Ber FIKIR lah dengan WARAS
Ber TINDAK lah dengan BIJAK
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Hadiah BONUS
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Coretan Pandangan tentang pasaran emas vs Raya Cina selama 10 tahun:
Saya telah ingin melampirkan hasil pemerhatian saya untuk sejarah selama 10 tahun pergerakan pasaran emas dunia.
Secara keseluruhannya, dalam tempoh 10 tahun harga emas akan meningkat naik bermula dari awal tahun dan dipengaruhi oleh sentiment perayaan Raya Cina menjulang harga emas ke tahap yang tinggi dalam tempoh tahun tersebut.
Sila teliti graf prestasi yang di lampirkan di bawah ini.
Enjoy !!!
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Tahun 2013 :
Tahun 2012 :
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Tahun 2011 :
Tahun 2010 :
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Tahun 2009 :
Tahun 2008 :
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Tahun 2007 :
Tahun 2006 :
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Tahun 2005 :
Tahun 2004 :
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Berita terkini
Insyallah pada 24 dan 25 Januari ini akan diadakan program
Ir Sofian’s Technical Analysis Program (ISTAP) di Shah Alam.
Antara perkara penting yang akan di ajar adalah bagaimana untuk
Jika anda berminat untuk mempelajarinya, boleh hubungi 019-‐322 6769 untuk mendaftar atau email kepada [email protected]
Maklumat lanjut ada di dalam www.facebook.com/IrSofianFan.
Jumpa ye nanti.
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Jumpa anda di mercu kejayaan.
Jika ada sebarang persoalan boleh berhubung dengan saya di FB
www.facebook.com/IrSofianFan.
Ataupun di no telefon di atas tadi ye.
Wassalam & Selamat Melabur
Ir. Sofian -‐ Jutawan Logam
Gold & Silver Investor, Enterpreneur, Speaker Instant sms info : Hotline : 019-‐322 6769 Whats App : 019-‐345 4647 Email : [email protected] Get Your Free Gold Silver Tips at : Web : www.jutawanlogam.com FB: www.facebook.com/IrSofianFan (Ir Sofian -‐ Jutawan Logam) Get Your On Line DVD Coaching at : DVD Tutorial : http://bitly.com/RvpFMh
"Keep Gold, You Rich Already !”
- Ir. Sofian
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45 | P a g e
Bahan bacaan tambahan
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Special Report
2014 Outlook for Stocks, Gold and Oil
Sometimes, I'm a little embarrassed for my fellow financial writers.
Here's a line I recently read in a widely distributed MarketWatch article:
"... I have been saying that we are headed into this ongoing bubble-‐blowing bull market for the past three years."
I'm not going to name names here, as it's not nice to pick on the less fortunate...
But I do have to say that if you've been saying the stock market is a bubble for three years, and the market continues to trade at a reasonable price-‐to-‐earnings ratio, and those earnings continue to grow...
Well, it's not a bubble.
That's like saying there was a housing bubble in 2004, when the Dow was bouncing off of 10,000. Sure, maybe the conditions were there — but you also would have missed 4,000 points of upside.
Now, I get that it's popular to say it's all going to fall apart. For whatever reason, people love to hear that the stock market is going to crash, the U.S. dollar is going to collapse, and Americans will soon be speaking Chinese.
And people like Nouriel Roubini, Peter Schiff, Niall Ferguson, and Marc Faber have made a lot of money selling their doom and gloom forecasts.
I can't say if they genuinely believe the world is going to hell in a bucket. I suspect these guys are using the age-‐old adage for news: If it bleeds, it leads.
Personally, I can't do it like that. I'd rather take an objective look at the factors that drive long-‐term stock prices, and make a rational decision about what's ahead.
2013: End-‐of-‐Year Targets
To set the stage...
The Wall Street Journal told us the price-‐to-‐earnings multiple for the S&P 500 was 18.3 going into November 2013. A year before, the P/E was 17. Since 1988, the average has been 18.6, according to Bloomberg.
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In 2012, S&P 500 companies earned just over $102 a share. And as we came into 2013, analysts were generally expecting to see earnings grow 11% to the $113/share range.
Now, when you're looking a year out, estimates are almost always wrong. Clearly, expectations that earnings would grow 11% year over year were pretty optimistic. And sure enough, in late summer 2013, estimates for S&P 500 earnings fell as low as $105 per share.
But as we went into the fourth quarter of 2013, earnings started to see upside revisions...
Barclays analysts raised their full-‐year 2013 forecast for S&P 500 earnings per share to $108 a share. Raymond James strategist Jeff Saut weighed in at $107.58; others ran as high as $109.
In that $107-‐$109 range, the S&P 500 traded with a P/E of 17.
But here's the thing: If the S&P 500 finishes 2013 at its historical average, it would have to see a 9% rally before the year ends.
That would mean a 157-‐point run to 1,910 over the next two months. A similar move would push the Dow Industrials up 1,300 points to 16,840.
2013 has the potential to be a 33% upside year for the S&P 500... 33% higher, and it would still be tough to call stocks a bubble, as the valuation would not be extreme.
(The next best upside in recent memory would be 2003, when the index rallied 27%.)
Here Comes Santa Claus
I was in Home Depot in late October, and Christmas decorations were already up. I know, it's pretty ridiculous... but let's not forget that consumer spending is the lifeblood of the U.S. economy.
And if we're going to see the market achieve a monster year-‐end rally, it will depend on retail sales.
Last year wasn't that great. Retail sales were up 3% from 2011, reaching $579.8 billion.
For 2013, the National Retail Federation (NRF) estimates 3.5% to 4% growth, to ~$603 billion (excluding online sales). Not bad. But like I always say, never underestimate the American consumer...
Only in the worst of times will Americans spend less than we expect. Otherwise, we spend more. That's the way we are, and I don't apologize for it.
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I've come across a few surveys that suggest retail sales could end up a lot higher than 2.5%-‐4%. And I think it's likely. More people have jobs. And the wealth effect (home prices, stock prices, etc.) should be kicking in a little better this year as well.
As for 2014, S&P 500 earnings are expected to hit $121 a share. That could give us a target of 2,177 on the S&P 500. That level corresponds to 19,200 on the Dow Industrials. So, if you hear someone forecasting Dow 20,000, they're not crazy. Dow 20K is attainable in the next 12-‐18 months.
Of course, a lot can happen between now and then (some of it might even be good!). I expect GDP growth to accelerate sharply next year, and there should be upside to the index target.
One thing seems certain: The path higher through the end of 2013 seems clear.
Studies show that 12-‐month earnings forecasts are usually only off by around 10%. If I miss a price target by 10%, that's fine; 10% is well within an acceptable margin for error. And missing by 10% means I've still made money.
I sure hope you are holding some quality stocks, because you're gonna make some money — potentially a lot of money...
I run the most conservative portfolio here at Angel Publishing. And I've got the second best gains, at a very solid 34.5%.
It's called The Wealth Advisory, and it's focused on income and dividend investments. I've shared some of my top choices with you, like Ford (NYSE: F) and Bank of America (NYSE: BAC), in these pages.
And so you know, I'm pretty bullish on the gold miners right now. They've been oversold and are due for a good bounce.
Commodities in 2014
I'll tell you right now, getting a read on where oil and gold are headed is a much more difficult task than earnings. And there's just one reason: quantitative easing.
The Fed's money-‐printing program is a huge uncertainty for investors...
We can make some reasonable assumptions about how QE has affected bank earnings, because we know what their spreads are (the amount that they make on loans). We also
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know the dollar amount of Treasuries they hold and the dollar amount of loans those Treasuries are backing.
But gold and other commodities?
Gold doesn't back loans and it doesn't pay an interest rate. It doesn't have a P/E ratio. Traditional valuation metrics for gold are comparative.
How much of something else will gold buy?
This has given us the gold-‐to-‐oil ratio, the gold-‐to-‐silver ratio, and so forth.
Gold and Liquidity
There's one thing we can definitively say about gold: It likes liquidity.
When the Fed announced QE3 in late summer of 2011, gold prices took off — running from under $1,500 an ounce to over $1,700.
Then in spring of 2013, when the Fed suggested that it might lower, or "taper," the amount of money it would spend every month, gold prices got creamed, falling from $1,500 an ounce to $1,150.
Relying on the Fed for anything doesn't fill me with confidence. Even a child can see that the massive money creation by the Fed, and massive debt creation from the government, is not sustainable. They are opposing forces on a collision course.
But who's going to blink?
Congress won't pass a budget. Janet Yellen will attempt to continue QE3 as long as possible as the head of the Fed. It's a standoff.
And that is good news for gold prices...
Gold prices rallied after Yellen become the front-‐runner for Federal Reserve chair before subsiding again.
With QE firmly entrenched in the Fed, the increased liquidity will only help gold prices going forward.
2014: Gold Volatility
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Since the financial crisis, gold has moved 30%-‐40% a year, both up and down. 2014 will be the same.
I expect we'll see a launch to old highs above $1,700 after Yellen confirms the Fed will continue to pump cash into the system and devalue the U.S. dollar. In fact, I think it's likely we'll see new highs for gold, perhaps as high as $1,850 an ounce.
But be prepared, because the instant it appears that the Fed will taper QE3, gold (and stocks) will sell off hard. This will likely occur in spring: March or April.
I expect stocks will recover first, as the assumption will be that the taper indicates an improving economy.
Then, in the September/October time frame — with gold trading back to the $1,100 area — we will see the mother of all buying opportunities...
The dollar isn't going to lose its luster as the global reserve currency until there are fewer of them in circulation. That happens after the Fed ends QE3 and the true state of the global economy is revealed.
Now let's have a look at oil...
Oil in 2014
Oil prices are a good indication of global growth expectations: When growth is strong, more oil is consumed, and prices rise.
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From that perspective, the current strength in oil prices can be interpreted as a bullish indicator for growth.
During the era of low prices, the number of drilling rigs in operation around the world was 1,900 on average. Now we are at nearly double that pace — and we have been for nearly three years.
And, once drilling is complete, oil production begins to rise faster than new drilling takes place...
There's no doubt that America's growing proficiency at tapping shale oil reserves has quickly reversed our growing dependence on foreign oil. You can see this dynamic in Texas' Eagle Ford shale field.
In 2008, Eagle Ford oil production was a paltry 352 barrels a day. Next year, 2014, production is expected to hit 700,000 barrels of oil a day.
That is simply astounding growth. And it's created a massive surplus of oil in storage right now.
Case in point: When the Department of Energy recently released weekly oil inventory data, it was expected that inventories grew by 1.55 million barrels. The actual number was 6.8 million barrels.
We now have more oil in storage than we've had in 30 years.
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U.S. oil production is so strong that the International Energy Agency (IEA) expects the United States to become the world's #1 oil producer in 2014.
But here's the rub: The IEA is also cutting demand growth by 100,000 barrels a day.
Worldwide consumption next year is expected to rise by 1.1 million barrels — a 1.2% increase — to 92 million barrels a day.
It's basic supply and demand: When supply rises faster than demand, prices fall.
So it makes sense to expect oil prices to be lower in 2014.
Of course, shale oil is expensive to produce, often in the $60-‐$70/barrel range. And oil itself is perhaps the world's most indispensable commodity.
Still, it seems as though a move into the $90s is likely over the next few months... and it wouldn't be surprising to see oil prices average something below $100 in 2014.
Wrap Up
Signs are pointing to a strong end for stocks through the end of the year and the bull market will extend well into 2014. As long as the Fed continues to pump liquidity into the economy, we can expect gold and stocks to rise with the tide.
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Oil, on the other hand, will see a surge in production continue as demand growth slows. Unless there are unexpected supply shocks, we can expect oil to drift up above $90/barrel but stay below $100 in 2014.
Wealth Daily's editors will continue to monitor the markets, gold, and oil. Stay tuned for our latest research and analysis.
http://www.wealthdaily.com/report/2014-‐outlook-‐for-‐stocks-‐gold-‐and-‐oil/1014
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EDITOR'S NOTE: Catch the all new Kitco.com Market Data and Bitcoin sections! UPDATED: Gold Pressured By Stronger Equities After Taper, But Generally Holds Up By Allen Sykora and Debbie Carlson of Kitco News Wednesday December 18, 2013 2:53 PM
Editor's Note: The article was updated throughout with additional comments from analysts,
to reflect a late-‐session turn lower in gold prices.
(Kitco News) -‐ U.S. gold futures came under pressure late Wednesday as equities surged,
but overall the downside has been limited so far in the aftermath of an announcement from
the Federal Open Market Committee announcing the start of tapering of quantitative
easing.
The precious metal has been under pressure for much of 2013, most often blamed on a
rotation of investment capital into the soaring stock market and gold traders factoring in the
expected scaling back of the bond-‐buying program known as QE.
The market consensus was for the Fed to not start tapering until the first quarter of 2014,
although this week’s meeting was considered a possibility after two straight U.S. jobs
reports showing gains of 200,000 in nonfarm payrolls.
However, the Fed announced a slight reduction in its bond purchases after a two-‐day
meeting Wednesday. Policy-‐makers said they will cut back to $75 billion in monthly
purchases of Treasury bonds and mortgage-‐backed securities, compared to $85 billion
previously. Yet, so far, gold has managed to hold above the chart lows from earlier this
month.
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After an initial knee-‐jerk sell-‐off, the metal quickly recovered and traded higher during the
one and one-‐half hours after the FOMC statement and during the time that Fed Chairman
Ben Bernanke was conducting a press conference. Finally, about the time the Fed chief
ended his remarks, gold turned south. This occurred as the Dow Jones Industrial Average,
unfazed by the QE announcement, was on its way to a close of nearly 300 points higher for
the day.
As of 4:36 p.m. EST, gold for February delivery was $11.90, or 0.9%, lower to $1,218.20 per
ounce on the Comex division of the New York Mercantile Exchange. The metal was at
$1,234.50 two minutes ahead of the FOMC statement, then tumbled as far as $1,220 right
after the Fed statement. Gold shot back above $1,240, traded in the middle of its daily
range during much of Bernanke’s testimony, before sliding to a low for the day of $1,215.20.
Related Stories: • Bernanke Consulted Yellen Before Vote On Bond Buys • Federal Reserve Tweaks Policy • UPDATED FED: The Fed Surprises, But Softens The Blow • Gold Prices To Struggle On Higher Interest Rates, U.S. Dollar
“It does seem the market was prepared for the taper,” said Phil Flynn, senior market
strategist with Price Futures Group. “The stock market likes the fact that Ben says we’re
going to stay very accommodative.”
A stock market “on fire” has prompted many investors to keep piling into equities, thereby
taking away some of the interest in gold, Flynn said.
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“You’re seeing the investment money run back into the stock market…and that is definitely
hurting the (gold) market,” he continued. “But we didn’t see that until later in the session.
When the stocks (S&P 500) hit 1,800, that seemed to be the trigger point for (selling of)
gold.”
Sean Lusk, director of commercial hedging with Walsh Trading, said Bernanke’s comments
might have changed some traders’ view of the Fed’s decision.
“It was clear once he began speaking that they were going to take a very systematic
approach to unwinding QE,” Lusk said. “I view that is bullish dollar and bearish metals going
forward.”
Lusk said bears may take this opportunity to pressure prices through some recently strong
support levels at the December low around $1,210 and perhaps even $1,200. “It’s possible
we’ll see them go for that psychological round number level,” he said.
Sterling Smith, futures specialist with Citi Institutional Client Group, said the relatively small
size of tapering led to some bargain hunting after gold initially blipped lower in the minute
or so after the FOMC statement. He added that “given the small size (of the taper), it’s not
going to be as damaging as it would be if they cut it in half or something of that sort.”
Still, he looks for further weakness ahead as the Fed continues the tapering process, with
gold perhaps slipping to the mid to low $1,100s into the first quarter before a bounce
occurs. A number of investment banks, in their 2014 outlooks, have suggested first-‐quarter
weakness in gold during the early stages of tapering.
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Flynn, however, sees the potential for the market to hold up, with any further losses limited.
He said the Fed seems to have convinced markets that tapering isn’t tightening and that
overall, monetary policy will remain accommodative.
“I don’t think gold is going that far (to the downside),” he said. “It may test $1,200 or we
may dip below it. But I think we’re going to move sideways a little bit.”
The current strength in equities is negative for gold, he continued. But eventually, higher
interest rates should slow momentum in the stock market, making gold more attractive
again, he said. The yield on 10-‐year U.S. Treasury notes climbed to 2.885% from 2.881% just
ahead of the FOMC statement.
A representative of the World Gold Council expressed optimism that gold can start to form a
base now that the long-‐awaited process of Fed tapering has begun. William Rhind,
managing director for institutional investment with the World Gold Council, said the Fed’s
decision to taper was not necessarily a surprise, as it reflects improving U.S. economic
conditions.
He said the strength in both gold and equities for most of the time that Bernanke spoke
suggested that tapering talk was largely priced into markets. The markets’ reaction also
suggested that participants believe the Fed when it said, repeatedly, that tapering is not the
same as tightening monetary policy.
“Bottom line is that the Fed is cutting the asset-‐purchase program by $10 billion a month,
but they’re still buying $900 billion a year in bonds and adding to the balance sheet,” Rhind
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said.
Rhind concurred with some analysts who have said that once the Fed started tapering, this
would be good for the market because it could start to digest the news and eventually start
to focus on other factors.
Flynn said the day’s news flow included some tidbits that may be encouraging for gold bulls.
“He (Bernanke) said the Fed wants to encourage inflation,” Flynn said. “How he’s going to
do that, we don’t know. But that’s what he says he wants to do, because the inflation rate is
still low.”
In fact, several observers suggested inflation ideas were one of the factors that helped gold
hold up for the first one and one-‐half hours after the FOMC statement. Investors buy gold as
a hedge against inflation.
George Gero, vice president and precious-‐metals strategist with RBC Capital Markets Global
Futures, said the small amount of tapering means the economy is doing better, meaning
inflation. As a result, he added, some traders were covering short positions.
Charles Nedoss, senior market strategist with Kingsview Financial, also cited a shift in which
market participants might be starting to think about inflation. He pointed out that crude oil
also traded higher.
“What do you need for inflation?” Nedoss asked rhetorically. “A stronger economy,” he
answered.
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He later added, “If we (the U.S. economy) are the engine pulling the rest of the world,
maybe we’re not sitting idle in the (train) yard any more. Maybe we’re starting to pull out of
the station.”
By Allen Sykora and Debbie Carlson of Kitco
News; [email protected], [email protected]
http://www.kitco.com/news/2013-‐12-‐18/Gold-‐Holds-‐Up-‐Despite-‐Surprise-‐Taper-‐Small-‐Size-‐Inflation-‐Ideas-‐Support-‐Gold.html
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EDITOR'S NOTE: Catch the all new Kitco.com Market Data and Bitcoin sections! P.M. Kitco Roundup: Gold Rallies Modestly After Fed Announces $10 Billion Tapering
Wednesday December 18, 2013 2:48 PM
(Kitco News) -‐ Gold prices were holding modest short-‐covering and bargain hunting gains in
the aftermath of the much-‐anticipated FOMC statement Wednesday afternoon that did
serve up a $10 billion a month-‐bond buying reduction, beginning in January. However,
trading was still choppy and on both sides of unchanged as of this writing. The gold market’s
initial reaction to the FOMC statement is a classic case of a “sell-‐the-‐rumor, buy-‐the-‐fact”
scenario—in which the gold market bears were able to beat down gold prices for months,
mainly on “taper talk.” Then when the event actually occurred, the gold market bears were
exhausted and had spent all their ammo. If gold prices can hold their modest gains and not
lose ground the rest of this week, it would be a very good development for the gold market
bulls. February gold was last up $5.90 at $1,236.00 an ounce. Spot gold was last quoted up
$5.00 at $1236.50. March Comex silver last traded up $0.295 at $20.13 an ounce.
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The highly anticipated U.S. Federal Reserve Open Market Committee (FOMC) statement
announced the very modest tapering, but also arguably tilted a bit more to the dovish side
on U.S. interest rate policy. It could be that the raw commodity and precious metal market
bulls also were boosted by the seemingly more dovish wording in this latest FOMC
statement. Recent upbeat U.S. economic data and last week’s U.S. government budget deal
did hint the FOMC would make a tapering move at Wednesday’s meeting. It could also be
argued that outgoing Fed chairman Bernanke threw a bone to both the monetary policy
hawks and doves as a final act in his term.
The U.S. dollar index gyrated in the aftermath of the FOMC statement, but then moved back
to a level not far from where it was before the statement was released. The U.S. bond
market also showed some volatility, post-‐FOMC statement, but quickly quieted down to
trade just slightly above pre-‐statement levels. The U.S. stock indexes rallied on the news.
What this suggests is that traders, investors and market watchers had pretty much factored
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into markets’ prices Wednesday’s FOMC news, and when all is said and done the FOMC
statement was not a big surprise.
In overnight news, European stock markets were firmer, boosted in part by another upbeat
economic report coming out of Germany. The Ifo business confidence index rose to 109.5 in
December from 109.3 in November, which is the highest reading since April of 2012.
However, somewhat mitigating the stronger German number was news that construction
output in the European Union fell 1.2% in October, from September—the second straight
monthly drop and the sharpest decline since January.
The London P.M. gold fix is $1,230.50 versus the previous P.M. fixing of $1,231.75.
Technically, February gold futures were near mid-‐range and saw short covering and bargain
hunting, post-‐FOMC. Trading has become choppy at lower price levels. The gold market
bears still have the solid overall technical advantage. The gold bulls’ next upside near-‐term
price breakout objective is to produce a close above solid technical resistance at the
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December high of $1,267.50. Bears' next near-‐term downside breakout price objective is
closing prices below solid technical support at the December low of $1,210.10. First
resistance is seen at Wednesday’s high of $1,244.00 and then at this week’s high of
$1,251.70. First support is seen at Wednesday’s low of $1,220.00 and then at $1,210.10.
Wyckoff’s Market Rating: 2.5
March silver futures were trading nearer the session high on short covering in late dealings.
Silver bears still have the solid overall near-‐term technical advantage. Silver bulls’ next
upside price breakout objective is closing prices above solid technical resistance at the
December high of $20.48 an ounce. The next downside price breakout objective for the
bears is closing prices below solid technical support at the December low of $18.89. First
resistance is seen at this week’s high of $20.29 and then at $20.48. Next support is seen at
Wednesday’s low of $19.425 and then at $19.28. Wyckoff's Market Rating: 2.5.
March N.Y. copper closed down 5 points at 332.10 cents Wednesday. Prices closed nearer
the session high. Bulls have the near-‐term technical advantage. Copper bulls' next upside
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breakout objective is pushing and closing prices above solid technical resistance at 336.00
cents. The next downside price breakout objective for the bears is closing prices below solid
technical support at 320.00 cents. First resistance is seen at this week’s high of 333.55 cents
and then at 335.00 cents. First support is seen at Wednesday’s low of 329.85 cents and then
at 328.00 cents. Wyckoff's Market Rating: 6.0.
Follow me on Twitter to immediately get the very latest market developments. If you are
not on board, then you are not getting key analysis and perspective as fast or as often as
you could! Follow me on Twitter to get my very timely intra-‐day and after-‐hours briefs on
precious metals price action. The precious markets will remain very active. If you want
market analysis fast, and in after-‐hours trading,then follow my up-‐to-‐the-‐second precious
metals market perspective on Twitter. It's free, too. My account is @jimwyckoff.
By Jim Wyckoff, contributing to Kitco News; [email protected]
http://www.kitco.com/news/2013-‐12-‐18/Gold-‐Rallies-‐Modestly-‐After-‐Fed-‐Announces-‐10-‐Billion-‐Tapering.html
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Demand For Physical Gold Won’t Fade Away In 2014 But Won’t Help Prices In Q1 -‐ ANZ By Neils Christensen of Kitco News Wednesday December 18, 2013 12:08 PM
(Kitco News) -‐ Demand for physical gold bullion, especially in China, will remain strong in
2014, but it could lose its ability to support prices in the first quarter, said an Australian
analyst.
Victor Thianpiriya, commodity strategist from Australian New Zealand Bank (ANZ), said
China and India to continue to dominate the physical market in 2014. China, in particular,
has a long way to go before
the desire to own the
yellow metal is abated.
“The sky is the limit for retail demand in China,” he said.
Unfortunately, although physical demand helps to support the market, Thianpiriya expects it
is only a matter of time before prices drop below the yearly low established in June around
$1,180.
“Right now the only support we are seeing in the market is from strong physical demand.
I’m not sure prices can remain at these levels for long,” he said.
Thianpiriya said ANZ forecast the price of gold to hit a low of $1,150 in the first quarter;
however, prices should start to recover in the second half of the year and hit $1,450 by
year’s end. Weak investor demand in the West remains one of the biggest hurdles for gold
prices.
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Related Stories: • Gold Prices To Struggle On Higher Interest Rates, U.S. Dollar • Gold Bulls Must Defend 3 Critical Price Points In 2014, To avoid Catastrophe • Update 1: Most Banks See Gold In $1,000 -‐ $1,200 Range
“About 800 (metric tons) of gold have left ETFs (exchange-‐traded funds) and we have seen
about 600 (metric tons) of physical buying so that still leaves a lot of gold in the
marketplace,” he said. “That is a fair amount of surplus the market has to absorb and that
will take time.”
Thianpiriya added that during next year it will be important to continue to monitor activity
in China as the demand for physical gold has become price dependent.
The Australian bank has a unique perspective on the physical demand in Asia, especially
China. Thianpiriya said the bank is one of the top three suppliers of gold into China and is
only one of two foreign banks allowed to trade the yellow metal on the Shanghai Gold
Exchange and the Shanghai Futures Exchange.
Also, in August, ANZ official officially opened its 50 metric ton bullion vault in Singapore.
The market is already seeing examples of opportunistic buying when gold prices hit a
session low around $1,211 per ounce on Dec. 4, Thianpiriya said. However, because of
short-‐covering following the recent lows, premiums on the Shanghai Gold Exchange started
to drop again as demand ebbed.
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Another important factor Thianpiriya said he will watch in 2014 is Indian demand. In 2013,
the Indian government initiated some very firm restrictions on gold imports, which reduced
demand for the yellow metal in the world’s biggest gold-‐consuming market.
“There is a lot of pent-‐up demand in India and that will be positive for gold if the
government eases its restrictions,” he said.
Thianpiriya said it is still uncertain whether or not the government will ease the restrictions.
The lack of gold coming into the country has helped India reduce its massive current
account deficit and all that work might be undone if the government eases its restrictions,
he said.
“Hence import restrictions may not be lifted despite continued push-‐back from the
jewellery industry,” he added.
The gold restrictions could end up being a major political issue as the country will be holding
elections in May.
By Neils Christensen of Kitco News; [email protected]
http://www.kitco.com/news/2013-‐12-‐18/Demand-‐For-‐Physical-‐Gold-‐Wont-‐Fade-‐Away-‐In-‐2014-‐But-‐Wont-‐Help-‐Prices-‐In-‐Q1-‐ANZ.html