Best of the Week
Most Popular
1. Ray Dalio: This Debt Cycle Will End Soon - John_Mauldin
2.Stock Market Dow Plunge Following Fake US - China Trade War Truce - Nadeem_Walayat
3.UK House Prices 2019 No Deal BrExit 30% Crash Warning! - Nadeem_Walayat
4.What the Oil Short-sellers and OPEC Don’t Know about Peak Shale - Andrew_Butter
5.Stock Market Crashed While the Yield Curve Inverted - Troy_Bombardia
6.More Late-cycle Signs for the Stock Market and What’s Next - Troy_Bombardia
7.US Economy Will Deteriorate Over Next Half Year. What this Means for Stocks - Troy_Bombardia
8.TICK TOCK, Counting Down to the Next Recession - James_Quinn
9.How Theresa May Put Britain on the Path Towards BrExit Civil War - Nadeem_Walayat
10.This Is the End of Trump’s Economic Sugar High - Patrick_Watson
Last 7 days
Gold Stocks Triple Breakout - 15th Dec 18
The stock market fails to rally each day. What’s next for stocks - 14th Dec 18
How Low Could the S&P 500 Go? - 14th Dec 18
An Industrial to Stock Trade: Is Boeing a BUY Here? - 14th Dec 18
Will the Arrest of Huawei Executive Derail Trade War Truce? - 14th Dec 18
Trump vs the Fed: Who Wins? - 13th Dec 18
Expect Gold & Silver to Pullback Before the Next Move Higher - 13th Dec 18
Dollar Index Trends, USDJPY Setting Up - 13th Dec 18
While The Stocks Bulls Fiddle With The 'Fundamentals,' Rome Burns - 13th Dec 18
The Historic Role of Silver - 13th Dec 18
Natural Gas Price Setup for a Big Move Lower - 13th Dec 18
How to Get 20% Off Morrisons Weekly Supermarket Shopping - 13th Dec 18
Gold Price Analysis: Closer To A Significant Monetary Event - 13th Dec 18
Where is the Stock Market Santa Claus Rally? - 12th Dec 18
Politics and Economics in Times of Crisis - 12th Dec 18
Owning Precious Metals in an IRA - 12th Dec 18
Ways to Improve the Value of Your Home - 12th Dec 18
Theresa May No Confidence Vote, Next Tory Leader Betting Market Analysis and Forecasts - 12th Dec 18
Gold & Global Financial Crisis Redux - 12th Dec 18
Wow Your Neighbours With the Best Christmas Projector Lights for Holidays 2018! - 12th Dec 18
Stock Market Topping Formation as Risks Rise Around the World - 11th Dec 18
The Amazing Story of Gold to Gold Stocks Ratios - 11th Dec 18
Stock Market Medium term Bullish, But Long Term Risk:Reward is Bearish - 11th Dec 18
Is a Deleveraging Event about to Unfold in the Stock Market? - 11th Dec 18
Making Money through Property Investment - 11th Dec 18
Brexit: What Will it Mean for Exchange Rates? - 11th Dec 18
United States Facing Climate Change Severe Water Stress - 10th Dec 18
Waiting for Gold Price to Erupt - 10th Dec 18
Stock Market Key Support Being Re-Tested - 10th Dec 18
May BrExit Deal Tory MP Votes Forecast, Betting Market Analysis - 10th Dec 18
Listen to What Gold is Telling You - 10th Dec 18
The Stock Market’s Long Term Outlook is Changing - 10th Dec 18
Palladium Shortages Expose Broken Futures Markets for Precious Metals - 9th Dec 18
Is an Inverted Yield Curve Bullish for Gold? - 9th Dec 18
Rising US Home Prices and Falling Sales - 8th Dec 18
Choosing Who the Autonomous Car Should Kill - 8th Dec 18
Stocks Selloff Boosting Gold - 8th Dec 18

Market Oracle FREE Newsletter

How You Could Make £2,850 Per Month

Japanese Yen Falls To Lowest Price Against Gold Since 1980

Commodities / Gold and Silver 2013 Jan 15, 2013 - 02:15 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,681.00, EUR 1,257.67 and GBP 1,045.92 per ounce.
Yesterday’s AM fix was USD 1,667.75, EUR 1,246.82 and GBP 1,034.39 per ounce.

Silver is trading at $31.14/oz, €23.48/oz and £19.49/oz. Platinum is trading at $1,690.50/oz, palladium at $704.00/oz and rhodium at $1,125/oz.


Cross Currency Table – (Bloomberg)

Gold climbed $5.20 or 0.31% in New York yesterday and closed at $1,668.40/oz. Silver surged to as high as $31.16 and finished with a gain of 1.94%.

XAU/JPY Exchange Rate, Quarterly, 1970-2013 - (Bloomberg)

The yen fell to 149,588.2 yen against gold, its lowest level since 1980. According to the data on Bloomberg, the all-time record high for gold priced in yen was 204,850 yen on January 21, 1980.

Thus, yen gold remains 37% below the record intraday nominal high from 1980. Given the Japanese determination to devalue the yen to escape deflation, the record nominal high will almost certainly be reached in the next year or two.

Asian demand has definitely picked up again ahead of Chinese New Year. Gold bar premiums in Hong Kong are $1.25 an ounce, the most since July, and in Singapore $1.10 an ounce, the highest since March, Barclays Plc said according to Bloomberg.

Thus, reports of a record gold high in yen are not 100% accurate. The benchmark gold contract on the Tokyo Commodity Exchange rose to a record high of 4,821 yen a gram. The Tokyo Gold Exchange was only founded in February, 1982 so data does not capture gold’s record nominal highs in yen in 1980.

Nikkei Index, Quarterly, 1969-2013 – (Bloomberg)

Gold’s significant outperformance over stocks in Japan and internationally is leading to increased diversification into gold bullion from pension funds and institutions in Japan and internationally and this is set to continue.

The gold-platinum spread closed in to $12.30/oz, its smallest in nine months. Supply concerns plus the perception of an improving global economic outlook drove investors to metals with industrial applications, such as platinum and palladium.

A LBMA panel of invited precious metal experts is predicting a 5% increase in the average gold price for 2013, slightly more for silver and platinum while palladium is seen as the precious metals biggest gainer.

Goldman Sachs is recommending “fresh tactical longs in gold” as the U.S. government debates whether to raise the debt ceiling.

Yesterday, Federal Reserve Chairman Ben Bernanke urged U.S. lawmakers to raise the country's borrowing limit to avoid a potentially disastrous debt default, warning that the economy was still at risk from a political standoff over the budget deficit.

Bernanke’s comments that the U.S. central bank isn't in a hurry to stop buying bonds and would continue its current ultra loose monetary policies saw the dollar fall on international markets.

U.S. Treasury 10-year note yields fell one basis point to 1.83 percent. Treasury Secretary Timothy F. Geithner warned yesterday that failure to raise the debt ceiling would “impose severe economic hardship.”

Bernanke gave only a brief response to the bizarre idea of the government issuing a $1 trillion platinum coin to try and avoid the debt ceiling and pay its bills. Over the weekend, the Treasury Department and the Fed both ruled out the idea, saying it wasn’t the right way to go.

“I’m not going to give that any oxygen,” he said.

The yen fell by more than 20% against gold in 2012 and analysts are concerned that Prime Minister Abe and his new government’s determination to stoke inflation, devalue the currency and promote growth could lead to further falls in 2013.

Economy Minister Akira Amari said today that Japan faces risks from declines in the yen after it weakened 3% this year against a basket of developed market currencies and by more than 20% against gold.

The monetary and financial system remains fragile. Therefore, we recommend investors who wish to grow and protect their wealth to allocate physical gold to a diversified portfolio.

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

Currency Ranked Returns in Yen – (Bloomberg)

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

© 2005-2018 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