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Gold Price Trend Forecast Summer 2019

G20 Finance Ministers Meeting and LBMA Precious Metals Conference in Scotland

Commodities / Gold & Silver 2009 Nov 02, 2009 - 04:53 AM GMT

By: GoldCore

Commodities

Best Financial Markets Analysis ArticleGold has experienced a strong opening this morning and is currently trading at $1.052/oz, $8 higher than its close on Friday. In EUR and GBP terms, gold has risen and is trading at €712/oz and £643/oz respectively.


Gold fell 1.4% last week but rose nearly 4% in the month of October which is traditionally a poor month for gold (unlike the seasonally stronger months of November and December). Gold looks set to make gains this week on growing concerns about the health of the US economic recovery and possible further falls in equity markets internationally.

Gold has in recent years tended to fall in the week of options expiry and then rise the following week. Gold has also tended to come under pressure in the week of US government bond auctions and with the massive bond auction of last week over and options expiry over, gold may again eke out gains this week.

Gold up 4% in October

There is a raft of data in the US this week including Construction Spending, the ISM Index, and pending Home Sales on Monday, Factory Orders on Tuesday, ADP Employment, ISM Services, and a FOMC Rate Decision on Wednesday, Productivity and Initial Jobless Claims on Thursday, and Wholesale Inventories, Consumer Credit, and October's jobs data on Friday. Gold may also be influenced by meetings at major central banks, including the Federal Reserve and European Central Bank, as well minutes from the past meetings of others.

The G20 finance ministers meeting in Scotland later in the week may be important both from a monetary and fiscal policy point of view. Should the Chinese, Russian, some Europeans and others voice further concerns about the US dollar and US fiscal and monetary policy then the dollar will come under pressure boosting gold. Growing concerns about the dollar may not be the primary issue discussed in public but countries with currencies that have appreciated and are suffering from deflationary pressures are likely to air their concerns behind closed dollars.

The crucial issue is the need for fiscal stimulus withdrawal and how well large debtor nations can cope with such withdrawal given worrying recent data. The St. Andrews meeting will also see whether the unity shown by the G20 during the worst of the crisis will continue now that national economic growth rates are diverging markedly and this could see creditor nations particularly in Asia become more assertive in flexing their growing political and economic muscle.

Some of the major gold players will be attending the LBMA Precious Metals Conference also taking place in Edinburgh (yesterday, Monday and Tuesday) and this could see a decline in volumes. The directors of GoldCore will be attending the conference and are available for meetings and press interviews.

Silver
Silver is currently trading at $16.50/oz, €11.18/oz and £10.09/oz, no real change on Friday's trading.

Platinum Group Metals
Platinum is trading at $1,327/oz and rhodium is trading at $1,950/oz. Palladium is currently trading at $324/oz.

This update can be found on the GoldCore blog here.

The Bullion Services Team

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WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

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