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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Gold Again Rallies on Continuing Risk Aversion and Safe Haven Demand

Commodities / Gold and Silver 2010 May 07, 2010 - 06:14 PM GMT

By: GoldCore

Commodities

Best Financial Markets Analysis ArticleGold has again rallied on continuing risk aversion and safe haven demand. With European equity markets again under pressure and Wall Street threading water with slight losses, traders are choosing to be long gold over the weekend. Gold has rallied in dollars and particularly in British pounds and Japanese yen (see Cross Currency Table). Speculation that the ECB may aid Greece have arrested the recent sharp declines in the euro.


Cross Currency Rates at 1830 GMT – Silver’s Late 5% Surge Can Clearly Be Seen

Clear evidence that safe haven demand for gold remains robust was seen in the figures for the gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund, which rose by the most in 15 months to the highest level ever. Assets held by the ETF jumped 19.78 metric tons, the most since Feb. 17, 2009, to 1,185.79 tons yesterday.

Equity markets are under pressure again due to the new concerns about trading systems and continuing concerns about European sovereign issues and the ECB’s response to it. Gold thrives on uncertainty and there is a lot of uncertainty going into this weekend. Gold is up 3% this week in dollars and by more in other currencies and looks set to target the December 2009 highs above $1,220/oz in the coming days.

SILVER
Silver has surged some 5% today as it reverses earlier sharp falls in the week – many investors see silver as very cheap versus gold as seen in the gold silver ratio which is back to 65.

Silver looks well technically and is in a rising trend channel with support at $15 and $16 per ounce (see chart above). Resistance is between $19.20 and $19.30 per ounce and a close above these levels should see rapid price moves to $20 per ounce. Above that the next level of resistance is at the March 2008 highs at $20.81 per ounce.

This update can be found on the GoldCore blog here.

Mark O'Byrne
Director

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