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Gold Market Recap for 8-18-10  

After a two sided morning trade, the October gold contract returned to new high for the move and seemingly settled in above the $1,225 level. It almost seems as if a recovery in the stock market provided the gold market with its lift, but that action would seem to suggest the flight to quality angle in gold was no longer in vogue. With the US stock market showing some strength off some cyclical type stocks, it is also possible that some of the deflationary mentality from earlier in the session was tempered, and that might have allowed gold and other physical commodity markets to regain some footing. 

8-18-10 - Silver Market Recap Report 

The silver market forged a rather wide trading range today, with most of the trade taking place below the $18.50 level. While the gold market managed to shake off early weakness, the silver market was apparently content to diverge with the gold market for most of the trading session. Even a mid day recovery in the equity markets didn’t seem to provide the silver market with much in the way of a lift. Perhaps the two sided trade in the US Dollar today left the silver trade confused.

After reading the gold and silver recap, traders might want to take a peek at the commercial traders momentum.  The Commercial Trader momentum can be tracked by using the Commodity Futures Trading Commission Commitment of Traders reports.  Our idea is that, in a value driven commodity futures market no one knows fair value like the people who produce it or, have to use it.  In fact, it is precisely their sense of value that provides the commodity market’s rhythmic meanderings that swing traders love so much.  Let’s face it, producers know when their product is overvalue and it should be sold just as well as end line users know when they should be stocking up at low prices. Therefore, trader should be able to incorporate this valuable information into their future market education.

This blog is published by Andy Waldock.  Andy Waldock is a financial advisor, broker, asset manager, trader, and analystfor Commodity & Derivative Advisors, located in Sandusky, Ohio.  For that reason, Andy Waldock may have positions for himself, his customers, or his relatives in any commodity future market reviewed. The blog is meant to develop a dialogue and educate those with an interest in the commodity future markets. The commodity markets employ a high degree of leverage and commodity trading  may not be advisable for all investors.  There is considerable risk in investing in commodity futures.  If you are interested in reading other circulated articles, commenting  on his publications or subscribing to Andy’s blog, please visit blog.commodityandderivativeadv.com, or if you have any questions, please call 1-866-990-0777. 

The daily commentaries provide an analysis of the factors that influenced price activity, a recap of any reports released that day, a review of each commodity’s traded price activity, and a look ahead at the next day’s schedule.  CME Group provides market commentaries for wheat, soybeans, corn, silver and gold.   The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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Our country is drowning in debt and most of us are, too. Good credit and cash flow is step 2 in your personal do it yourself financial plan, but it’s no secret that bankruptcies and mortgage defaults are on the rise. So what do we do? The media would like us to think that we are just bad consumers paying too much money for designer jeans, BMWs, and the latest iPod. But the reality is that most people get in debt because something came up that they didn’t have the funds for- something like your medical insurance premiums just went up 50% or you got laid off from your job or your adjustable rate mortgage has now adjusted to sky high levels.

Credit isn’t all bad if you use it and manage it well . You can get control of your debt and use it to build wealth with these 8 tips:

1) Make sure you have enough cash reserves to handle a lay off or a car repair, etc. I recommend at least a minimum of three months gross salary; more if you have a lot of assets or debt . As we are bombarded with advertising messages to get more, buy more, and have more; it’s easy to forget how much we can do with less, less, less.

2) Check to see that your credit score is high and up to date . You have to have credit in order to get credit, and a high credit score is a good thing. Find out your credit score with a free annual credit check offered on the web. I buy stuff online all the time so I make a point of checking my credit to look for any unusual purchases that aren’t mine .

3) Things that can appreciate like your business or your home or new or improved skills for yourself are debt savvy moves . I started my business in the eighties on a credit card cash advance. Risky? Oh, yes. But it was the best investment I ever made, and I continually use short term loans to grow my business. Pay cash for boats, cars, and other toys .

4) When the going gets tough, the tough go to Mom and Dad (or Auntie Fern). Make sure that your parents, friends or relatives feel good about lending you money by having the loan structured by an organization such as VirginMoneyUS . Remember, you are not a loser. You just need some financial help. So set it up right so there are no misunderstandings. I am much more likely to loan money out to family or friends if there is a written agreement about the terms .

5) Don’t hesitate to invest in your most precious asset- you .   To keep up with taxes and inflation, your income needs to constantly go up . Don’t be afraid to take out a loan for classes that will improve your job skills and get you more bucks. I took a 2 year online course from Coach University to increase my skills and be a better Financial Advisor. It’s much better that TV and more fun than the local bar. I got to learn new skills, meet interesting people and fatten my wallet at the same time.

6) If you are in over your head, help is on the way . Check out the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling . Members of these two organizations do not employ commission-based counselors and are more highly regarded than some of the other organizations.

7) Credit unions are often overlooked . Credit unions usually have lower interest rates on loans for members and are more willing to work with people with bad credit than the local bank.

Don’t worry about mortgage debt. Keep it manageable but keep it . It is usually your biggest tax deduction. That old school garbage about paying off the mortgage and living debt free- forget about it! Most retirement plans will distribute money that is all taxable . If you paid off your entire mortgage then you could find yourself paying more in taxes than you did when you were working .

Keep in mind that almost every big purchase that you will make in your life- your home, your car, your loans, your investments-may involve a commission salesperson . So it pays to be skeptical and cautious. The old adage- if it sounds too good to be true, it usually is-still applies. Take your time, take a deep breath and use your intelligence to make the right decision for yourself. It will pay off. -Fern Alix LaRocca CFP® Wealth Coach

Many couples, married or defector have a hard time managing personal finances once they find they are now responsible to someone else for their financial management. Managing personal finances within the marriage is important because it is one of the big contributing factors to the divorce rate.

As individuals our spending habits will differ from person to person, but generally we don’t think too much about our spending habits and particularly don’t feel we need to ask anyone whether we should buy this or that or invest in this particular program etc. However, as a couple that all changes. Both sides of the couple need to make certain adjustments to combine the household budget.

There are three fundamental issues that need to be sorted within the marriage to make handling of your personal finances smooth sailing. Here are some ways on how you and your partner can make the ‘financial aspect’ of your marriage harmonious and well managed:

Firstly, understand the way that you both look at money. This is a discussion that needs to be had. Understand and respect each other’s differing or similar values and come to common ground and agreements. If you and your spouse have different beliefs when it comes to money matters and managing personal finances you really need to make some agreements.

The key is to be able to find the common ground and work from there, you may need to compromise. For some people, money is a security measure that needs to be saved and taken care of. Other people spend it luxuriously and look at spending money as a means to reward themselves for their hard work.

Think of everything that you need to discuss when it comes to your household budget, investments, consumer spending habits, savings, hire purchase, loan repayments and all the various aspects that go towards personal finances. Set agreements and make rules on how you will spend your combined income on.

Next you need to agree upon your future financial goals and a plan on how you are going to get there. For newly weds planning to have a baby soon, or at some stage this needs to be accounted for in your goal setting. Consider this when organizing your finances and create an account for savings for this purpose.

Remember you are likely to loose an income during this process. If you are a couple nearing the age of retirement, you can make plans on where you will spend your leisure years and you will set up for your retirement. Setting long-term and short-term goals will help you with your financial plans.

Finally, share your money-saving skills with your partner. If one of you is a saver and the other one is not then be sure to give of your experience and share your skills. Saving is a necessary part of good personal financial management. Make each other aware of your personal finances then think of ways on how you can further boost your money-handling tactics. You can find all sorts of online financial help for planning and management to make sure your financial platform is stable at the onset of your coupledom.