Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Pre-COVID US Economy Wasn’t All That Great Either - 4th Dec 20
Bitcoin Breath Taking Surge - Crypto Trading Event - 4th Dec 20
Platinum Begins A New Rally – Gold & Silver Will Follow - 4th Dec 20
Don't Let the Silver (and Gold) Bull Shake You Off! - 4th Dec 20
Stronger Risk Appetite Sends Gold below $1,800 - 4th Dec 20
A new “miracle compound” is set to take over the biotech market - 4th Dec 20
Eiro-group Review –The power of trading education - 4th Dec 20
Early Investors set to win big as FDA fast-tracks this ancient medicine - 3rd Dec 20
New PC System Switch On, Where's Windows 10 Licence Key? Overclockers UK OEM Review (5) - 3rd Dec 20
Poundland Budget Christmas Decorations Shopping 2020 to Beat the Corona Economic Depression - 3rd Dec 20
What is the right type of insurance for you, and how do you find it? - 3rd Dec 20
What Are the 3 Stocks That Will Benefit from Covid-19? - 3rd Dec 20
Gold & the USDX: Correlations - 2nd Dec 20
How An Ancient Medicine Is Taking On The $16 Trillion Pharmaceutical Industry - 2nd Dec 20
Amazon Black Friday vs Prime Day vs Cyber Monday, Which are Real or Fake Sales - 1st Dec 20
The No.1 Biotech Stock for 2021 - 1st Dec 20
Stocks Bears Last Chance Before Market Rally To SPX 4200 In 2021 - 1st Dec 20
Globalists Poised for a “Great Reset” – Any Role for Gold? - 1st Dec 20
How to Get FREE REAL Christmas Tree 2020! Easy DIY Money Saving - 1st Dec 20
The Truth About “6G” - 30th Nov 20
Ancient Aztec Secret Could Lead To A $6.9 Billion Biotech Breakthrough - 30th Nov 20
AMD Ryzen Zen 3 NO UK MSRP Stock - 5600x, 5800x, 5900x 5950x Selling at DOUBLE FAKE MSRP Prices - 29th Nov 20
Stock Market Short-term Decision Time - 29th Nov 20
Look at These 2 Big Warning Signs for the U.S. Economy - 29th Nov 20
Dow Stock Market Short-term and Long-term Trend Analysis - 28th Nov 20
How To Spot The End Of An Excess Market Trend Phase – Part II - 28th Nov 20
The Gold Stocks Correction is Maturing - 28th Nov 20
Biden and Yellen Pushed Gold Price Down to $1,800 - 28th Nov 20
Sheffield Christmas Lights 2020 - Peace Gardens vs 2019 and 2018 - 28th Nov 20

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Gold Makes Successive New All Time Highs Despite Continuing Public Apathy

Commodities / Gold and Silver 2010 Sep 17, 2010 - 08:26 AM GMT

By: GoldCore


Best Financial Markets Analysis ArticleGold and silver are higher again this morning with gold hitting new record nominal highs and silver having risen sharply to $20.995/oz which is a new multi-month high. A close above $21/oz will be important technically and a close above $21.24/oz would be very bullish technically with long term chart analysts looking at the 1980 record high (just below $50/oz) and the silver's record quarterly high close of $32.20/oz as the next levels of technical resistance.

Gold is currently trading at $1,278.60/oz, €978.64 /oz, £816.66/oz.

While gold has risen to new record highs, sentiment remains lukewarm amongst the investment public with much of the mainstream press barely covering gold's new all time record highs. Skepticism remains high with many market participants expecting a pullback here and indeed one is quite likely at $1,300/oz. However, gold could surprise to the upside and surprise the consensus opinion as it has a habit of doing.

Despite some sensationalist headlines of gold "surging" and of a new "gold rush", gold's rise has been gradual and it is only up some 3% this week and some 3% this month. Gold is only up 16.5% year to date which corresponds with its average annual appreciation in the last 10 years. It is worth remembering that in the gold bull market of the 1970s when gold rose 24 fold - or by 2,300% - in 9 years. Gold rose 49.7% in 1972, 73.5% in 1973 and by 60.1% in 1974. In the final phase of the bull market in 1979, gold surged 140% in one year. Gold's recent rise has been tame and gradual by comparison.

Another indication of the lack of animal spirits or irrational exuberance in the gold market is the recent decline in investor buying of gold (and silver) coins. This is clearly seen in the low bullion coin premiums which have fallen dramatically since late 2008 (see chart below). In the aftermath of the Lehman Brothers collapse and the ensuing crisis, premiums surged as investors and savers scrambled to buy bullion coins leading to rationing and shortages. There is nothing like that happening in the bullion markets today.

This apathy or lack of mania in the gold market is confirmed by our sales desk who are less busy now than they were in the aftermath of the Bear Stearns and Lehmans collapse and panics. Indeed, despite our extensive international media coverage this week inquiries and sales have remained steady but there is no element of the public "piling into" gold. Indeed, much of the buying is being done by existing clients, particularly wealthier clients adding to positions. This lack of bullishness is confirmed by official government mint bullion coin sales figures. Muenze Oesterreich AG, the Austrian mint that makes the Philharmonic coin, said gold coin and bar sales were 1.003 million ounces in the year through August, down 39 percent from same period last year. Demand declined from 1.637 million ounces in the eight months through August 2009.


Silver is currently trading at $20.83/oz, €15.95/oz and £13.33/oz.

Platinum Group Metals

Platinum is trading at $1,618.25/oz, palladium is at $546/oz and rhodium is at $2,050/oz.

This update can be found on the GoldCore blog here.

Mark O'Byrne




IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160


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'

GoldCore Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules