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Gold Watches the Greek Tragedy that Is the Euro

Commodities / Gold and Silver 2011 Jun 30, 2011 - 07:59 AM GMT

By: GoldCore

Commodities

The risk trade is on again, gold holds steady and may even be about to falter. The European Union's Financial Cavalry have saved the world from the evil Greek mobs by lending more money yet again. ......... Don't believe a word of it! 

The Greek crisis is endemic of a system in deep crisis. The European project is ill-equipped politically or financially to manage the creeping doubt that has slowly and inevitably eroded investor confidence the world over. The gnarling mob may have been beaten back this time, but when the full effects of further austerity measures are thrust upon them, what then?


Let us hope that a sense of unity will prevail and the European political elite show some of the foresight of their predecessors and actually take some real risks to address the actual causes of the crisis instead of papering over the cracks with half measures. Eventually it will come down to a question of priorities; can Greece or any other victim of the credit bubble; repair their damaged economies, create growth and pay back debts owed?

GOLD
Gold is trading slightly lower at $1,508.80/oz, €1,041.41/oz and £942.18/oz. 

50-day moving average for gold is $1,521/oz - we see support at the 1,500/oz mark, good upside thereafter.

SILVER
Silver is trading slightly lower $34.78/oz, €24.01/oz and £21.71/oz.

50-day moving average for silver is $37.64/oz - we see support at the 33.80/oz mark.

PLATINUM GROUP METALS

Platinum is trading at $1,718.50/oz, palladium at $756/oz and rhodium at $1,925/oz.

From the GoldCore Trading Desk: strong demand for 1 kg gold bars, wealth preservation being the primary motivator. Value hunters looking to time an entry, biding their time for now. Buyers outrank sellers 3 : 1. Premiums compressing.

Mark is travelling on business, this market update has been authored by Stephen Flood

GOLDNOMICS - CASH OR GOLD BULLION?



'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

IRL
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E info@goldcore.com

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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.

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