Best of the Week
Most Popular
1.RED ALERT: Paris Terror Attacks - What to Expect Next - STRATFOR
2.Paris Terror Attacks, Death Pangs of a Dying Religion, and Impact on BrExit EU Referendum - Nadeem_Walayat
3.Paris Terror Attacks, Islamic State Attempting to Spark Civil War in France - Nadeem_Walayat
4.Three Shocking Charts That Prove Gold Price Rally Is Coming - Sean Brodrick
5.Stock Market Nifty-Fifty Becomes Fab-Five; Return of the 'Four Horseman' - Mike_Shedlock
6.Africa Population Explosion - Why Europe's Migrant Crisis is Going to Get A Lot Worse - Video - Nadeem_Walayat
7.Gold Mining Stocks May Be The Buy Of The Century - Jeff_Berwick
8.Grandmaster Putin Beats Uncle Sam at His Own Game - Mike_Whitney
9.BRICS? No, CRISIS - Raymond_Matison
10.UK Housing Market Affordability, House Prices Momentum and Trend Forecast - Nadeem_Walayat
Last 5 days
Turkey Downs Russian Jet to Draw NATO and US Deeper into Syrian Quagmire - 28th Nov 15
Stock Market Quiet Week as Primary 5 Continues - 28th Nov 15
Black Friday, Weekend for Europe's Migrants - 28th Nov 15
HUI and Gold - Who's Leading Whom? - 28th Nov 15
Gold And Silver - No Ending Action, But End May Be Near - 28th Nov 15
Social and Cultural Distress Dividing The Nation - Fourth Turning - 28th Nov 15
Sheffield Houses Prices 2015, Best Estate Agents As Rated by Buyers and Sellers - 28th Nov 15
Stock Market Top Valuations, at a Critical Juncture - 27th Nov 15
The Top Shopping Opportunity on Black Friday - 27th Nov 15
Economics Is About Scarcity, Property, and Relationships - 27th Nov 15
UK Immigration Crisis Hits New Extreme of 336k Net Migration, up 32% on 2014 - 27th Nov 15
Vauxhall Zafira B Fire Danger Recall - What to Do Video - 26th Nov 15
Triggers In US Dollar Collapse - 26th Nov 15
Apple Stock is a 10-Year Short - Bear Market Environment - 26th Nov 15
U.S. Federal Reserve Rate Hike - 26th Nov 15
George Osborne's War on Buy to Let Sector Trending Towards Doomsday - 26th Nov 15
Will Turkey Drag NATO into War With Russia in Syria? - 25th Nov 15
George Osborne’s Autumn Statement and Spending Review Full Text - 25th Nov 15
Will Fresh QE From ECB Boost Gold? - 25th Nov 15
Sheffield, Yorkshire and Humberside House Prices Forecast 2016-2018 - 25th Nov 15
Investors Watch Out For The Auto Industry… - 24th Nov 15
BEA Revises 3rd Quarter 2015 US GDP Economic Growth Upward to 2.07% - 24th Nov 15
Stock Market Supports Are Being Broken - 24th Nov 15
Is Gold Price on the Verge of a Breakout? - 24th Nov 15
Fed’s Tarullo: U.S. Interest Rates Liftoff Should Wait for Signs of Inflation - 24th Nov 15
Silver Price, COT, US Dollar Updates and More - 24th Nov 15
UK Regional House Prices Analysis - Video - 23rd Nov 15
Crude Oil Swinging For The Fences - A 20 to 1 Option Play - 23rd Nov 15
US Dollar, CRB, Oil, Gas, Copper and Gold - The Chartology of Deflation - 23rd Nov 15
UK Regional House Prices, Cheapest and Most Expensive Property Markets - 23rd Nov 15
Stock Market Rally Losing Momentum? - 23rd Nov 15
Will Gold Price Drop Below $1000 Soon? - 23rd Nov 15
Gold and Silver Sector Big Green Light and Low Risk Entry Setup... - 23rd Nov 15
Limits to Economic Growth - Challenge and Choices - 22nd Nov 15
Long Dollar Trade and Current Copper Price Below Cost of Production - 22nd Nov 15
UK Housing Market House Prices Affordability Crisis - Video - 21st Nov 15
The Fed Has Set the Stage for a Stock Market Crash - 21st Nov 15
Stock Market Primary V Wave Continues - 21st Nov 15
Gold And Silver - Value Of Knowing The Trend - 21st Nov 15
UK Footsie Bulls Set To Foot The Bill - 21st Nov 15
UK Housing Market Affordability, House Prices Momentum and Trend Forecast - 21st Nov 15
GDX Gold Miners’ Strong Q3 Results - 20th Nov 15
End of Schengen, Stock Market’s Technical Strength Grows - 20th Nov 15
Justice for All and The Curious Case of Zambia - 20th Nov 15
Paris, Sharm el-Sheikh, and the Resurrection of Old Europe - 20th Nov 15
Silver Prices and The Management of Perception - 20th Nov 15
Stock Market Nifty-Fifty Becomes Fab-Five; Return of the 'Four Horseman' - 20th Nov 15
Waiting for Goldot Again - 20th Nov 15
Michael Curran Goes Down-Market Shopping for Gold Stock Winners - 20th Nov 15
Why Isn’t This Incredibly Bearish Bond Market Development Making the News? - 19th Nov 15
SPX Appears to have Stopped its Rally - 19th Nov 15
The Great Fall Of China Started At Least 4 Years Ago - 19th Nov 15
Using Elliott Waves: As Simple As A-B-C - 19th Nov 15
Has Deflation Been Ddefeated? - 19th Nov 15
Dow Jones Stock Market Index is Not Going to Crash - 19th Nov 15

Free Instant Analysis

Free Instant Technical Analysis

Market Oracle FREE Newsletter

Reasons to Get Excited About Japanese Stocks

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

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

By: GoldCore


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' can be viewed by clicking on the image above or on our YouTube channel:

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director




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


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

© 2005-2015 - 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

Biggest Debt Bomb in History