Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
AMD Ryzen 4900x / 5900x and 4950x / 5950x Zen3 4th Gen IPC and Clock Speed and Core Specs - 14th Aug 20
Stock Market Gap Fills Suggests Market Momentum May Stall - 14th Aug 20
Silver May Be Overextended – But It’s STILL Cheap - 14th Aug 20
A Short Guide To Making Your First Stock Market Investment - 14th Aug 20
Is Tech Reality Affects our Dating Possibilities? - 14th Aug 20
Will You Make Money in the New Silver Bull Market ? - 13th Aug 20
Hyper-Deflation Capital Destruction And Gold & Silver - 13th Aug 20
Stock Market Correction Approaching - 13th Aug 20
Silver Took the Stairs to $21 in 2008, Took Escalator to $29 2010. Is Silver on Elevator to 120th floor today? - 13th Aug 20
President Trump Signs Additional COVID Relief – What To Expect from the Markets - 13th Aug 20
Has Gold's Upward Drive Come to an End? - 13th Aug 20
YouTuber Ads Revenue & How to Start a Career on YouTube - 13th Aug 20
Silver Notches Best Month Since 1979 - 12th Aug 20
Silver Shorts Get Squeezed Hard… What’s Next? - 12th Aug 20
A Tale of Two Precious Metal Bulls - 12th Aug 20
Stock Market Melt-Up Continues While Precious Metals Warn of Risks - 12th Aug 20
How Does the Gold Fit the Corona World? - 12th Aug 20
3 (free) ways to ride next big wave in EURUSD, USDJPY, gold, silver and more - 12th Aug 20
A Simple Way to Preserve Your Wealth Amid Uncertainty - 11th Aug 20
Precious Metals Complex Impulse Move : Where Is next Resistance? - 11th Aug 20
Gold Miners Junior Stcks Buying Spree - 11th Aug 20
Has the Fed Let the Inflation Genie Out of the Bottle? - 10th Aug 20
The Strange Food Trend That’s Making Investors Rich - 10th Aug 20
Supply & Demand For Money – The End of Inflation? - 10th Aug 20
Revisiting Our Silver and Gold Predictions – Get Ready For Higher Prices - 10th Aug 20
Storm Clouds Are Gathering for a Major Stock and Commodity Markets Downturn - 10th Aug 20
A 90-Year-Old Stock Market Investment Insight That's Relevant in 2020 - 10th Aug 20
Debt and Dollar Collapse Leading to Potential Stock Market Melt-Up, - 10th Aug 20
Coronavirus: UK Parents Demand ALL Schools OPEN September, 7 Million Children Abandoned by Teachers - 9th Aug 20
Computer GPU Fans Not Spinning Quick FIX - Sticky Fans Solution - 9th Aug 20
Find the Best Speech Converter for You - 9th Aug 20
Silver Bull Market Update - 7th Aug 20
This Inflation-Adjusted Silver Chart Tells An Interesting Story - 7th Aug 20
The Great American Housing Boom Has Begun - 7th Aug 20
NATURAL GAS BEGINS UPSIDE BREAKOUT MOVE - 7th Aug 20
Know About Lotteries With The Best Odds Of Winning - 7th Aug 20
Could Gold Price Reach $7,000 by 2030? - 6th Aug 20
Bananas for All! Keep Dancing… FOMC - 6th Aug 20
How to Do Bets During This Time - 6th Aug 20
How to develop your stock trading strategy - 6th Aug 20
Stock Investors What to do if Trump Bans TikTok - 5th Aug 20
Gold Trifecta of Key Signals for Gold Mining Stocks - 5th Aug 20
ARE YOU LOVING YOUR SERVITUDE? - 5th Aug 20
Stock Market Uptrend Continues? - 4th Aug 20
The Dimensions of Covid-19: The Hong Kong Flu Redux - 4th Aug 20
High Yield Junk Bonds Are Hot Again -- Despite Warning Signs - 4th Aug 20
Gold Stocks Autumn Rally - 4th Aug 20
“Government Sachs” Is Worried About the Federal Reserve Note - 4th Aug 20
Gold Miners Still Pushing That Cart of Rocks Up Hill - 4th Aug 20
UK Government to Cancel Christmas - Crazy Covid Eid 2020! - 4th Aug 20
Covid-19 Exposes NHS Institutional Racism Against Black and Asian Staff and Patients - 4th Aug 20
How Sony Is Fueling the Computer Vision Boom - 3rd Aug 20
Computer Gaming System Rig Top Tips For 6 Years Future Proofing Build Spec - 3rd Aug 20
Cornwwall Bude Caravan Park Holidays 2020 - Look Inside Holiday Resort Caravan - 3rd Aug 20
UK Caravan Park Holidays 2020 Review - Hoseasons Cayton Bay North East England - 3rd Aug 20
Best Travel Bags for 2020 Summer Holidays , Back Sling packs, water proof, money belt and tactical - 3rd Aug 20
Precious Metals Warn Of Increased Volatility Ahead - 2nd Aug 20
The Key USDX Sign for Gold and Silver - 2nd Aug 20
Corona Crisis Will Have Lasting Impact on Gold Market - 2nd Aug 20
Gold & Silver: Two Pictures - 1st Aug 20
The Bullish Case for Stocks Isn't Over Yet - 1st Aug 20
Is Gold Price Action Warning Of Imminent Monetary Collapse - Part 2? - 1st Aug 20
Will America Accept the World's Worst Pandemic Response Government - 1st Aug 20
Stock Market Technical Patterns, Future Expectations and More – Part II - 1st Aug 20
Trump White House Accelerating Toward a US Dollar Crisis - 31st Jul 20
Why US Commercial Real Estate is Set to Get Slammed - 31st Jul 20
Gold Price Blows Through Upside Resistance - The Chase Is On - 31st Jul 20
Is Crude Oil Price Setting Up for a Waterfall Decline? - 31st Jul 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Euro Gold Consolidates and Targets EUR1,100/oz on Euro Survival Risk

Commodities / Gold and Silver 2010 Dec 10, 2010 - 07:10 AM GMT

By: GoldCore

Commodities Best Financial Markets Analysis ArticleMost currencies fell against gold yesterday and again today as the euro and dollar are under slight pressure this morning. Both gold and silver look set to finish the week slightly lower in dollars and most currencies (except the euro) which is a bearish short term omen. Especially as the end of the year approaches and there could be some year-end book balancing and profit taking.


Gold is currently trading at $1,391.19/oz, €1,049.56/oz and £878.35/oz.

Most bond markets recovered yesterday and saw yields fall slightly, except for those of Spain and Japan. Credit default swaps, the cost of insuring against sovereign debt default, widened in Ireland, Italy, Spain and Portugal. There is a continuing state of denial regarding the Eurozone sovereign debt crisis and the real and growing risk of contagion and of Eurozone members leaving the monetary union (see Euro Gold Chart and News below).

The dollar may come under pressure today as the US trade and federal budget balance data will remind market participants of the precarious US fiscal position. The consumer confidence number may also give guidance. The Chinese trade data showed a huge surplus of $22.9 billion showing again how undervalued the yuan is against the dollar.

The fundamental supply and demand picture for gold remains positive with anaemic supply and significant investment and monetary demand from a wide range of sources including retail investors, hedge funds, high net worths, pension funds and central banks. This demand is more than capable of compensating for the fall in jewellery demand.

Technically, gold is looking particularly well in euros. After gains early in 2010, gold consolidated between €900/oz and €1050/oz since May. The 100 day moving average has risen to €975/oz and this or the recent level of support at €950/oz are likely to provide support if there is a pullback. However, given that there is an existential threat to the very survival of the euro, any pullback will likely be shallow and brief. Far more likely is a challenge of the €1,100/oz level in the coming weeks.

Similarly, sterling had been in a range and consolidated between £740/oz and £875/oz since last March. Gold recently broke above the range and rose to a new nominal high of £905/oz. The 100 day moving average is at £827/oz and this is now support. Resistance is at the recent nominal high of £905/oz and a close above this level could see us challenge £950/oz in short order.

SILVER
Silver is currently trading $28.83/oz, €21.75 /oz and £18.20/oz.

PLATINUM GROUP METALS
Platinum is currently trading at $1,678.50/oz, palladium at $740.00/oz and rhodium at $2,225/oz.

NEWS
(AP) -- GOLD REBOUND: Gold ticked higher as investors were in a buying mood after prices slipped for two days. The precious metal settled at $1,392.80 an ounce Thursday.

(Bloomberg) -- Gold, which reached a record this week, may advance as investors seek an alternative to currencies, a survey found. Nine of 16 traders, investors and analysts surveyed by Bloomberg (including GoldCore), or 56 percent, said the metal will rise next week. Four predicted lower prices and three were neutral. Gold futures for February delivery were down 1.5 percent for this week at $1,384.80 an ounce at 11:30 a.m. yesterday on the Comex in New York. Futures reached a record $1,432.50 on Dec. 7.

(Bloomberg) -- The 5-ounce America the Beautiful silver coins will go on sale tomorrow, the U.S. Mint said. Authorized purchasers may charge consumers no more than 10 percent above the price at which they bought the coins from the Mint, the agency said today in a memo to dealers. The agency had delayed the sale for four days to investigate consumer complaints over price premiums. Only 33,000 coins are available in each of the five designs, and authorized dealers may sell only one coin to each household, the agency said. Silver futures in New York, up 71 percent this year, touched a 30-year high of $30.75 an ounce on Dec. 7.

(Bloomberg) -- Silver fabrication demand in China may account for 20 percent of global fabrication demand this year, New York-based research company CPM Group said in a statement. China's total silver demand has climbed almost 3.5 times in the past decade, from 40.8 million ounces in 2000 to 139.2 million ounces last year, CPM said in the statement e-mailed yesterday. "CPM's work indicates that silver use is roughly twice as large as had been suggested by commentators in the western market," CPM said.

This update can be found on the GoldCore blog here.

GOLDCORE LAUNCHES THE GOLDSAVER ACCOUNT
The GoldSaver Account allows anyone to buy and save gold online from just €150 per month.

GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.

Mark O'Byrne
Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

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

W www.goldcore.com

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 http://www.MarketOracle.co.uk - 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