Best of the Week
Most Popular
1.The Greatest Stock Market Crash Of Your Life Is Just Ahead… – Warns Harry Dent - GoldCore
2.Budget 2016: Borrowing, Lifetime ISA, House Prices, Economy, Syria, Brexit and Stocks - Nadeem_Walayat
3.Gold Price Intermediate Top - Clive_Maund
4.Brussels Terror Attacks, Death of the European Union, BrExit Wake up Call - Nadeem_Walayat
5.Stock Market Maybe This Time is Different? - Tony_Caldaro
6.UK House Asking Prices Break Above £300k! Housing Market Paralysis - Nadeem_Walayat
7.A Big Reason Why Silver Price Is Set To Soar - Hubert_Moolman
8.The Financial Crisis Has Just Begun; Is The American Dream Is Over? - Chris_Vermeulen
9.Gold Stocks Spring Rally - Zeal_LLC
10.GLX, GLDX, Baby Gold Bull Market Stillborn? - Rambus_Chartology
Last 7 days
Stocks Extended Their Short-Term Downtrend But Will They Continue Lower? - 5th May 16
Monetary Liquifaction, Gold And The Time Of The Vulture - 5th May 16
US 2016 Election Is a Global Risk - 5th May 16
A Few Facts About Gold That Nay-Sayers Conveniently Ignore - 5th May 16
Save the Environment and Your Retirement: Sell Tesla - 4th May 16
Silver Bullion Has Key New Player – China Replaces JP Morgan - 4th May 16
Gold Stock Picks Up Over 400%, What's Next ? - 4th May 16
U.S. Treasury Secretary Jack Lew: Puerto Rico Needs Urgent Action - 4th May 16
Technical Trading Mastery for Traders & Investors - 4th May 16
Derivatives Crisis Of Banks…Worldwide - 3rd May 16
Bank of North Dakota Soars Despite Oil Bust: A Blueprint for California? - 3rd May 16
Stock Market Technical Analysis - 3rd May 16
Central Banks Need a Higher Gold Price : Hello GATA - 3rd May 16
A Currency War Battle That Europe and Japan Can’t Afford To Lose - 3rd May 16
When the Truth is Found to be Lies, Confidence in Currency Dies - 2nd May 16
How Brexit Could Help All of Europe - 2nd May 16
US House Prices Outpacing Official Inflation Rate, Household Income - 2nd May 16
USD Still Declining... - 2nd May 16
Gold & Silver Rally Huge as Central Bankers & Analysts Flub - 2nd May 16
Stock Market Bounce Day - 2nd May 16
Stock Market Uncertainty Following Two-Month Long Rally - Will It Continue? - 2nd May 16
Stock Market Correction Underway "Upside Objective Reached" - 2nd May 16
USD, Yen and an ‘Inflation Trade’ Update - 2nd May 16
Gold Commitments of Traders and More - 1st May 16
The Magic of Gold Ratio Charts - 1st May 16
Consensus Forming: China Heading Back Into Financial Crisis - 30th Apr 16
The Next Technical Price Targets for Gold & Silver - 30th Apr 16
Stock Market Downtrend Should be Underway - 30th Apr 16
Gold And Silver – A Clarion Alarm Call For All Paper Assets - 30th Apr 16
US Economic Statistics LIES, LIES AND OMG, MORE LIES - 30th Apr 16
Stock Market Strong Elliott Wave Relationship is Developing - 29th Apr 16
Fed's Kaplan: Brexit to Factor in US June Interest Rate Decision - 29th Apr 16
Silver Miners Strong in Grim Q4 - 29th Apr 16
Is Silver a better bet than Gold in the Near Future? - 29th Apr 16
How to Use the CoT Report in Gold Investing? - 29th Apr 16
Sri Lanka is Intriguing: Areas to Consider for Value Investing - 29th Apr 16
Gold “Chart of The Decade” – Maths Suggest $10,000 Per Ounce Says Rickards - 29th Apr 16
Are We or Are We Not in a New Gold Bull Market? - 29th Apr 16
Silver: The “Five Year Plan” and the Great Leap Forward - 28th Apr 16
Michael Hudson: The Wall Street Economy Has Taken Over The Economy and Is Draining It! - 28th Apr 16
AUD/USD - Trend Reversal or Just a Bigger Pullback? - 28th Apr 16
A Gold Revaluation Could Transform Your Financial Status - Overnight - 28th Apr 16
Monetary Policies Misunderstood - 28th Apr 16
Gold Bullion vs Gold Miners - 28th Apr 16
OECD Suggests BrExit Would Cut Net Migration by 1.2 Million by 2030 - 28th Apr 16
MP Naz Shah Punished for Tweets Made During Israel's Genocide of Gaza Palestinian People - 28th Apr 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Catching a Falling Financial Knife

Gold Bull Market `Still Intact' Says HSBC's Respected Steel

Commodities / Gold and Silver 2013 Feb 20, 2013 - 04:41 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,602.00, EUR 1,195.34 and GBP 1,045.76per ounce.
Yesterday’s AM fix was USD 1,613.50, EUR 1,208.80 and GBP 1,041.57 per ounce.

Silver is trading at $29.07/oz, €21.83/oz and £19.9/oz. Platinum is trading at $1,664.50/oz, palladium at $753.00/oz and rhodium at $1,225/oz.


Gold fell $4.00 or 0.25% yesterday in New York and closed at $1,604.90/oz. Silver slipped to a low of $29.22 before it also rebounded, but it still finished with a loss of 1.31%.

Cross Currency Table – (Bloomberg)

Gold fell to $1,591/oz today, as market digests data about a possible global recovery occurring which is sending investors to riskier assets. German business sentiment hit its greatest level in 3 years adding to the optimism.

The yellow metal is being bolstered by Asian bargain hunters and prices usually fall off when their markets close.

Shanghai Gold Exchange most active futures and spot gold contracts fell to their lowest levels in 7 months.

Chartists note the "death cross" formation on the spot gold chart, where the 50-day moving average is dropping below its 200-day moving average, which hints that a pullback could be on the way.

The RSI or Relative Strength Index which has fallen below 30 since late last week shows that the market has been oversold.

Investors will examine the wording in the minutes of the U.S. Federal Reserve's latest policy meeting, due at 1900 GMT.

Gold Spot $/oz, 23FEB11-20FEB13 – (Bloomberg)

James Steel, HSBC analyst, talks about the outlook for gold and silver markets. He speaks with Sara Eisen, Alix Steel and Adam Johnson of Bloomberg and recently just revised his silver forecast.

James Steel, HSBC analyst (USA Inc) interviewed by Bloomberg

Alix Steel : What triggered the steep decline on Friday, February 15th? You had Ben Bernanke and G20 saying the global economy was improving. China was out of the market for the Lunar New Year holiday. Plus, major fund holder George Soros was dumping his position in GLD. Did that create a sentiment shift out of gold for momentum players?

Jim Steel: What you've seen this year longer term are the following:

3 Key Items taken out of the picture

1. Disruption of the fiscal cliff.

2. Hard landing in China has not materialized, outlook is better there.

3. Withdrawal of Greece from EU.

These key items all helped support the gold market. However, these risks have diminished. Therefore, gold is a barometer of geo political & economic events.

Alix Steel: Were this long term or short term investors (referring to the Friday)?

Jim Steel: Short term in duration. If you look at the COMEX over last 12 years not any one week has any of the major funds not owned gold, they have only reduced their positions.

Alix Steel: Why would anyone want to own gold? It’s a safe haven during times of crisis and things are getting better, and it doesn't pay a dividend and George Soros is selling 100 million of his gold holdings.

Jim Steel: Well you don't get much of a yield on most things. Negative real interest rates is supportive of gold bullion going forward and also there is still uncertainty in the currency markets and gold is an alternative form of currency.

Alix Steel: We haven't really seen a lift from the currency wars rhetoric?

Jim Steel: Still its within a broad range that the bull market is still intact. Don't forget it was only a few years ago when Obama took office and gold was around $900/oz.

Adam Johnson: Silver and palladium why not buy them?

Jim Steel: We're moderately bullish on all the precious metals. We adjusted our silver forecast up to $33/oz from $32/oz for this year based on electronic strength in that space as 1/2 of it goes to industrial applications.

Adam Johnson: What are precious metals correlating to?

Jim Steel: That's what makes gold interesting, the Dunbar quant team in London have researched that gold is uncorrelated for risk on and risk off assets. It is precisely that which makes it interesting to portfolio managers.

Today: (GoldCore Webinar ) - How to Protect and Grow Your Wealth
Join us for a webinar today Wednesday 20th February at 1pm with guest presenter Eddie Hobbs. Eddie will provide valuable insight into the outlook for the US and the global economies. He will also outline why he believes that gold, and now also silver, are important from a diversification point of view for Irish people who wish to both protect and grow their wealth in the coming years.

Join Eddie in this 45 minute webinar as he untangles the complexity of the global economy and how it will affect you, and presents his findings in a no-nonsense and easy-to-understand manner.

Click here to register.

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

© 2005-2016 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

Catching a Falling Financial Knife