Best of the Week
Most Popular
1.Stock Market in DANGER of Strangling the Bears to Death - Nadeem_Walayat
2. Germany Pivoting East, Exit US Dollar, Enter Gold Standard - Jim_Willie_CB
3.Flight MH17 – Kiev Flash Mob's Last False Flag? - Andrew_McKillop
4.Stock Market Crash Nightmare! - Nadeem_Walayat
5.Gold - The Million DOLLAR Question... - Rambus_Chartology
6.Gold And Silver – BRICS And Germany Will Pave The Way - Michael_Noonan
7.The Jewish Selfish Gene, People Chosen by God, Everyone Else is Goyim to Kill - Nadeem_Walayat
8.The Israeli Promised Land Dream - The Criminal Roadmap Towards “Greater Israel”? - Felicity Arbuthnot
9.Which Way is Inflation Blowing? Watch Commodities - Gary_Dorsch
10.U.S. Economy Quarterly Review and Implications for 2014-2015 - Lacy Hunt
Last 5 days
Stocks Bear Market Formation Revealed - 30th July 14
We Just Found “The Future” - 30th July 14
What the “Steak Bandit” Says About Asset Values - 30th July 14
Designer War By Default - Seven Types of Elite Madness - 30th July 14
Death of the U.S. Dollar? Gold an Inflation Hedge? Really? - 29th July 14
We’re Ready to Profit in the Coming Gold Price Correction—Are You? - 29th July 14
Their Economy Will Collapse, Including Ours - 29th July 14
Silver Prices – Megaphone Patterns - 29th July 14
Real U.S. Interest Rates - Fed Exit a Blue Pill? - 29th July 14
Why Israel Should NOT Exist, Just Like Any Other Rogue State - 29th July 14
Gold Still Looking Good - 29th July 14
Silver Price Set To Star - 29th July 14
Our Population Growth Totalitarian Future - 29th July 14
World War 1 Cause and Consequences - The Planned Destruction of Christendom - 29th July 14
Will Crashing Commodities Crash the Stock Market? - 29th July 14
Ukraine MH17 - Washington Thinks Americans Are Fools - 29th July 14
Stock Market Bubble Warning - 29th July 14
Gold Price and U.S. Dollar’s July Rally - 28th July 14
Second Quarter Corporate Earnings: Marching Toward a Strong Economic Recovery - 28th July 14
Time to Put a New Economic Tool in the Box - 28th July 14
Mossad in Gaza, Ukraine and the Cult Of The All-Powerful Elite - 28th July 14
Elliott Wave Gold Price Projection Since 1970 - 28th July 14
Investors Remain Uncertain As Stock Fluctuate Near Long-Term Highs - Will The Uptrend Extend? - 28th July 14
The Mass Psychology Of Decline - 28th July 14
Will the US Destroy the World? - Don’t Expect to Live Much Longer - 28th July 14
GDM and GDXJ Gold Stocks In-depth Look - 28th July 14
Stock Market One FINAL High? - 28th July 14
What It Means - Paradigm Collapse And Culture Crisis - 27th July 14
Wall Street Shadow Banking: You Can’t Taper a Ponzi Scheme: “Time to Reboot” - 27th July 14
6 Tips for Picking Winning Gold Mining Stocks - 27th July 14
Israel's War on Children, Exterminating the Palestinians Future - 27th July 14
Guilt By Insinuation - How American Propaganda Works - 26th July 14
Surprise Nuclear Attack On Russia To Liberate Ukraine - 26th July 14
Use "Magic" Of Gold/Silver Ratio To Greatly Increase Your Physical Holdings - 26th July 14
Derivatives Market Species Origins - Abuse, Props and Risks - 26th July 14
Stock Market Manipulation and Technical Analysis - 26th July 14
China’s Stock Market Finally Looks Like A Buy - 26th July 14
Ed Milliband Fears Israel Jewish Fundamentalist Gaza War Massacres Backlash - 26th July 14
The Big Energy = Power Battle Is Coming - 25th July 14
USrael - Zionists in Control of America's Goyim Brainwashed Second Coming Slaves - 25th July 14
More Weakness Ahead for Gold Miners - 25th July 14
Gold Price Strong Season Starts - 25th July 14
Geopolitics and Markets Red Flags Raised by the Fed and the BIS on Risk-taking - 25th July 14
Gold Lockdown Until Options Expiry - New Singapore Gold Contract Threatens Price Manipulation - 25th July 14
The Bond Markets, Black Swans, and the Tiny Spirit of Santo - 25th July 14
No Road Map For Avoiding The Future - 25th July 14
Israeli War Machine Concentrating Women and Children into UN Schools Before Killing Them - C4News - 25th July 14
Israeli Government Paying Jewish Fundamentalist Students to Post Facebook Gaza War Propaganda - 25th July 14
Why the Stock Market Is Heading For A Fall - This Time Is Not Different - 25th July 14
An Economic “Nuclear Strike” on Moscow, A “War of Degrees” - 25th July 14
BBC, Western Media Working for Israeli Agenda of Perpetual War to Steal Arab Land - 25th July 14
Ukraine: What To Do When Economic Growth Is Gone - 24th July 14
Stock Market Clear and Present Danger Zone - 24th July 14
The Five Elements to Creating a Something-for-Nothing Society - 24th July 14
Instability is the New Normal? - 24th July 14
Israel's Suicide Bombers Over Gaza - 24th July 14
EUR-AUD Heads Into The Danger Zone - 24th July 14
Tesco Supermarket Death Spiral Accelerates as Customers HATE the Mega Brand - 24th July 14
Ukraine MH17 Crisis - Best Remember Who Your Friends Are - 24th July 14
Three Reasons Why Gold Price and Gold Stocks Will Rise - 24th July 14
HUI Gold Bugs Fighting To Break Downtrend - 23rd July 14
What Putin Knows About Flight MH17 - 23rd July 14
Why Microsoft Will Continue to Rebound, Huge Upside Potential - 23rd July 14
Will Putin Survive? - 23rd July 14

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The Biggest lie in Stock Market History Revealed

Inevitable US, UK, Japan, Euro Debt Downgrades Lead to Further Currency Debasement And Gold Safe Haven Demand

Commodities / Gold and Silver 2012 Feb 14, 2012 - 07:30 AM GMT

By: GoldCore

Commodities

Best Financial Markets Analysis ArticleGold’s London AM fix this morning was USD 1,721.00, EUR 1,303.10, and GBP 1,091.80 per ounce.

Yesterday's AM fix was USD 1,727.00, EUR 1,302.22, and GBP 1,093.17 per ounce.


Cross Currency Table – (Bloomberg)

Gold fell overnight in Asia despite the Moody’s European downgrades and very gold friendly news regarding the very poor Japanese and US fiscal positions. Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and said it may strip France and the U.K. of their top Aaa ratings

Gold rose in Japanese yen again this morning after the Japanese announced that they are further expanding their “asset-purchase program” while keeping interest rates at zero and increasing the size of its “powerful monetary easing” to ¥65 trillion ($835.83 billion) from ¥55 trillion, with the net ¥10 trillion increase earmarked for the purchase of Japanese government bonds.

Gold Spot $/oz (Bloomberg)

Safe haven demand for gold continues due to concerns that Greece’s “bail out” is yet another short term panacea and Moody's downgrade of various European nations' ratings have reignited contagion fears.

Greece is but a small pebble in the pond when compared to the huge levels of debt seen in Japan, the UK, the US. The Moody’s downgrade may cause ripples in markets which could lead to waves which could coalesce a tsunami of financial contagion across Europe and much of the world.

While all the focus has been on Greece in recent days, the global nature of the debt crisis came to the fore yesterday and overnight. This was seen in the further desperate measures by the BOJ and Moodys warning that the UK could lose its AAA rating. Some of us have been saying for some years that this was inevitable but markets remain myopic of the risks posed by this.

Possibly the greatest risk is that of the appalling US fiscal situation which continues to be downplayed and not analysed appropriately. President Obama unveiled a massive $3.8 trillion budget yesterday and he is to increase Federal spending by 53% to $5.820 trillion by 2022.

U.S. NATIONAL DEBT CLOCK

The Outstanding Public Debt as of 14 Feb 2012 at 11:00:00 AM GMT is:

The estimated population of the United States is 312,222,693 so each citizen's share of this debt is $49,221.89.

The National Debt has continued to increase an average of $3.98 billion per day since September 28, 2007.

The US government is projected to spend over $6 trillion a year by 2022. Still bizarrely unaccounted for is the ticking time bomb of unfunded entitlement liabilities - Social Security and Medicare, which Washington continues to deal with by completely ignoring them.

While Washington and markets are for now ignoring the fiscal train wreck that is the US. This will change with inevitable and likely extremely negative consequences for markets – particularly US bond markets and for the dollar.

The coming US sovereign debt crisis in conjunction with the massive fiscal challenges facing the UK, Japan and Euro Zone countries makes gold an essential diversification today.

Indeed, not owning gold and those who advise against owning gold are irresponsible and imprudent in the extreme.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

OTHER NEWS
(Reuters Global Gold Forum) -- The world's first yuan-denominated gold ETF has got off to a lukewarm start on the HK stock exchange today, but the expectation in the analyst community is that demand will pick up as investors become more familiar with this sort of product.

(Bloomberg) -- Gold Held in Exchange-Traded Products 0.1% From All-Time High
Gold holdings in exchange-traded products backed by bullion stood at 2,390.065 metric tons yesterday, data compiled by Bloomberg show. This is about 0.1 percent, or 2.9 tons, from a December 13 record of 2,392.976 tons.

(Bloomberg) -- Touradji Sold Entire Stake in SPDR Gold Trust in Fourth Quarter
Touradji Capital Management LP, founded by Paul Touradji, sold its entire stake of 45,000 shares in the SPDR Gold Trust as of Dec. 31, a U.S. Securities and Exchange Commission filing showed today.

The SPDR trust is the biggest exchange-traded product backed by physical gold.

(Bloomberg) -- GLG Partners Sells Stake in SPDR Gold Trust in Fourth Quarter
GLG Partners LP sold its stake in the SPDR Gold Trust, an exchange-traded product backed by the precious metal, during the fourth quarter, a filing with the U.S. Securities and Exchange Commission showed.

GLG held no shares as of Dec. 31, down from 94,675 at the end of the third quarter, according to a 13F filing today. SPDR is the biggest exchange-traded product backed by gold.

(Bloomberg) -- Ethiopia Buys More Gold, Fuelling Money Supply, AFDB Says
Ethiopia’s central bank bought more gold from artisanal miners in the 2010-11 fiscal year than it planned to purchase within five years, fuelling money supply growth, the African Development Bank said.

The National Bank of Ethiopia acquired 6,615 kilograms (212,677 ounces) during the period, compared with the 5,250 kilograms it planned to buy over the 2010-15 period, the Tunis- based lender said in an e-mailed statement today. In the first quarter of the current fiscal year, the bank bought $109.5 million of gold from miners, 52 percent more than planned, it said.

“This unprecedented purchase of gold by the central bank has an effect similar to quantitative easing, as the monetary authority is injecting more money into the economy while reallocating its portfolio and building up its gold reserves,” the bank said.

Inflation in Ethiopia surged to 40.6 percent in August, stoked by what the International Monetary Fund said was “excessive” growth in money supply. Monetary expansion accounted for 40 percent of the increase in Ethiopian inflation, the African Development Bank said.

The supply of gold to the central bank increased because of a 5 percent premium over the international market price, the bank said. Ethiopia shipped 11.7 metric tons of gold in the 12 months to July 7, the end of Ethiopia’s fiscal year, according to the country’s Mines Ministry.

Gold for immediate delivery fell 0.3 percent to $1,717.88 an ounce as of 11:12 a.m. in Nairobi, paring its advance during the past 12 months to 26 percent.

SILVER
Silver is trading at $33.49/oz, €25.39/oz and £21.27/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,631.25/oz, palladium at $683/oz and rhodium at $1,500/oz.

For the latest news and commentary on financial markets and gold please follow us on Twitter.

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
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

© 2005-2014 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

Free Report - Financial Markets 2014