Best of the Week
Most Popular
1.What Happened to the Stock Market Crash Experts Were Predicting - Sol_Palha
2.London Housing Market Property Bubble Vulnerable To Crash - GoldCore
3.The Plan to Control ALL Your Money is Now at Advanced Stage
4.Why Gold Is Set For An Epic Rally This Spring - James Burgess
5.MR ROBOT NHS Cyber Attack Hack - Why Israel, NSA, CIA and GCHQ are Culpable - Nadeem_Walayat
6.Emmanuel Macron and Banking Elite Win French Presidential Election 2017 - Nadeem_Walayat
7.Trend Lines Met, Technical's are Set - US Dollar is Ready to Rally (Elliott Wave Analysis) - Enda_Glynn
8.The Student Debt Servitude Sham - Gordon_T_Long
9.Czar Trump Fires Comey, Terminates Deep State FBI, CIA Director Next? - Nadeem_Walayat
10.UK Local Elections 2017 - Labour Blood Bath, UKIP Death, Tory June 8th Landslide - Nadeem_Walayat
Last 7 days
Stock Market Forecast for Next 3 Months - Video - 23rd May 17
Shale Oil & Gas Production Costs Spiral Higher As Monstrous Decline Rates Eat Into Cash Flows - 23rd May 17
The Only Metal Trump Wants More Than Gold - 23rd May 17
America's Southern Heritage is a Threat to the Deep State - 23rd May 17
Manchester Bombing - ISIS Islamic Terrorist Attack Attempt to Influence BrExit Election - 23rd May 17
What an America First Trade Policy Could Mean for the US Dollar - 22nd May 17
Gold and Sillver Markets - Silver Price Sharp Selloff - 22nd May - 22nd May 17
Stock Market Volatile C-Wave - 22nd May 17
Stock Market Trend Forecast and Fear Trading - 22nd May 17
US Dollar Cycle : Deep Dive - 21st May 17
Bitcoin Breaks the $2,000 Mark as Cryptocurrencies Continue to Explode Higher - 21st May 17
Stocks, Commodities and Gold Multi-Market Status - 21st May 17
Stock Market Day Trading Strategies and Brief 20th May 2017 - 21st May 17
DOW Needs to Rally Big or Correction is Next - 20th May 17
EURUSD reaches DO or DIE moment! - 20th May 17
How to Get FREE Walkers Crisps Multi-packs! £5 to £28k Pay Packet Promo - 20th May 17
UK BrExit General Election 2017 - Will Opinion Pollsters Finally Get it Right? - 19th May 17
Gold Mining Junior Stocks GDXJ 2017 Fundamentals - 19th May 17
If China Can Fund Infrastructure With Its Own Credit, So Can We - 19th May 17
Evidence That Stocks are More Overvalued than Ever - 19th May 17
Obamacare May Become Zombiecare In 2018 - 19th May 17
The End of Reflation? Implications for Gold - 19th May 17
Gold and Silver Trading Alert: New Important Technical Development - 19th May 17
Subversion And Constructive Synthesis Of Capitalism And Socialism - 18th May 17
Silver: Train Leaving Station Soon! - 18th May 17
Credit and Volatility Signal That Financial Conditions Are Very Overheated - 18th May 17
Another Stock Market "Minsky Moment" or Will the Markets Calm Down? - 18th May 17
WannaCry Ransomware Virus Is a Globalist False Flag Attack On Bitcoin - 18th May 17
Euro, Stocks, Gold Momentum Extremes All Round! - 18th May 17
US Stock Market Slumps on Establishment / CIA Trump Impeachment Coup Plan - 18th May 17
Tory Landslide, Labour Bloodbath - Will Opinion Pollsters Finally Get a UK Election Right? - 17th May 17
The stock market sectors which are breaking out in 2017 - 17th May 17
A ‘Must-See’ Chart for Gold and Silver Aficionados  - 17th May 17
Will the SPX Stock Market Final Surge Fail to Appear? - 16th May 17
Claim your FREE copy of Jim Rickards’ explosive book - 16th May 17
GOP Establishment Elite Plots Trump Removal - 16th May 17
Walkers Crisps Pay Packet Cheats, Shoplifters and Staff Conning Customers - 16th May 17
Gold and Sillver Markets - Silver Price Sharp Selloff - 15th May 17
Gold Stocks Poised to Soar Sharply Higher! - 15th May 17
This One Undiscovered Pot Stock Could Help Investors Cash In On The “Green Gold Rush” - 15th May 17
WIll Trump Tax Cuts Debt Binge Save Stock Market From Double Top Bear Plunge? - 15th May 17
Trump Rally or Geopolitical Meltdown: Currency Management for Dollar Risk - 15th May 17
A Shallow Stock Market Correction? - 15th May 17

Market Oracle FREE Newsletter

Trading Commodity Markets

Sterling Falls On UK Credit Ratings Downgrade, Gold In GBP 1.8% Higher YTD

Commodities / Gold and Silver 2013 Feb 25, 2013 - 12:07 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,592.50, EUR 1,201.89 and GBP 1,051.85 per ounce.
Friday’s AM fix was USD 1,580.00, EUR 1,196.15 and GBP 1,034.78 per ounce.

Silver is trading at $29.27/oz, €22.14/oz and £19.41/oz. Platinum is trading at $1,631.50/oz, palladium at $749.00/oz and rhodium at $1,175/oz.


Gold rose $3.60 or 0.23% on Friday in New York and closed at $1,580.50/oz. Silver gained 0.28%. Gold fell 1.77% this week while silver slipped 3.49%.

Gold in USD, EUR and GBP - YTD 2013

Gold climbed in Asia, pulled back and then continued higher in Europe. Investors remain wary over the Italian election result and the risk of contagion to the monetary union.

Exit polls will be published around 1400 GMT. What will it mean for the euro remains to be seen, but gold bullion stayed above the 7 month low hit last week.

Russia and Turkey both increased their gold holdings for a second consecutive month in January, data from the IMF highlighted on Friday, continuing the trend for central banks to diversify their reserves.

HSBC releases a survey on China's manufacturing sector at 0145 GMT; this sector hit a 2 year high last month.

The Nikkei soared to over a 4 year high on Monday after sources named Asian Development Bank President Haruhiko Kuroda, a strong supporter of aggressive quantitative easing as the next central bank chief. Cheap money rather than healthy economic growth is leading to stock market gains.

This week’s U.S. economic highlights include the Case-Shiller 20-city Index, FHFA Housing Price Index, New Home Sales, and Consumer Confidence on Tuesday, Durable Goods Orders and Pending Home Sales on Wednesday, Initial Jobless Claims, GDP, and Chicago PMI on Thursday, and Personal Income and Spending, Core PCE Prices, Michigan Sentiment, the ISM Index, and Construction Spending on Friday.

Hedge funds cut bets on a rally in gold by the most since 2007 which is bullish from a contrarian perspective as weak hands are shaken out of the market.

Less informed speculators are being knocked out of the market while the smart fundamentals driven money again accumulates with a focus on the long term.

XAU/GBP Currency, 02JAN2011-25FEB2013 – (Bloomberg)

Hedge funds and other large speculators reduced their net-long position in gold futures and options by 40% in the week ended February 19th to 42,318, the biggest drop since July 31, 2007, U.S. Commodity Futures Trading Commission data show.

Cross Currency Table – (Bloomberg)

Global holdings of exchange-traded products backed by gold tumbled 1.6% last week, the most since August 2011, after minutes of a Fed policy meeting showed several officials said the central bank should be ready to vary the pace of their monthly bond purchases.

The pound weakened against the dollar, the euro and especially gold as currency markets reacted to Moody's decision to downgrade Britain from AAA citing "continuing weakness in the UK's medium-term growth outlook" and concerns over massive debt levels in the UK.

Market reaction has been muted with bonds reasonably firm and the FTSE higher. However, the move was already priced in. What is not priced in is a series of cuts which seem very likely given the appalling finances in the UK.

This will lead to weaker gilts, higher borrowing costs for the UK, inflation and a continuing fall in the pound against gold.

Gold is nearly 2% higher in sterling so far in 2013 after the 2.2% gain in 2012 and 10.5% gain in 2011.

Click here in order to read GoldCore Insight -Currency Wars: Bye Bye Petrodollar – Buy, Buy Gold

Currency Ranked Returns in GBP – (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

© 2005-2016 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