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Gold Marks Time Ahead of US Jobless Claims

Commodities / Gold & Silver May 08, 2008 - 09:55 AM GMT

By: Mark_OByrne

Commodities Gold traded around the $870.00 mark overnight with silver tracking movements around the $16.60 level. The London AM Gold Fix at 1030 GMT this morning was at $872.25, £445.48 and €568.61 (from $878.00, £446.38 and €565.25 yesterday).


Gold continues to range between $850 and $880 and direction is destined to be influenced by the substantial amount of economic data due today. The BOE and ECB rate decisions coupled with U.S. Jobless Claims are the more likely influences. Both gold and silver seem to be tracking the euro while the situation in South Africa maintains support to all precious metals.

Gold seems well supported above previous resistance at the record nominal highs of $850 with physical demand playing an important role in keeping this level.

Today's Data and Influences

Ahead of Today's ECB meeting the euro reached a two month low against the dollar following yesterday's weak German Manufacturing orders and Eurozone retails sales data. No change is expected in ECB policy today while the press conference scheduled for 1.30pm will be watched closely for Trichet's insightful comments. Consensus views that the Bank of England leaves policy unchanged today but following very recent poor economic releases raises speculation on the timing of future rate cuts. U.S. Jobless Figures are due out at 1.30pm with consensus at 370k.


Silver

Silver is trading at $16.58 per ounce (1200 GMT).

PGMs

Platinum is trading at $1981 per ounce (1200 GMT).
Palladium is trading at $430 per ounce (1200 GMT).

By Mark O'Byrne, Executive Director

Gold Investments
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Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

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Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

Financial Regulation: Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is 39656. Gold Investments is registered in the Companies Registration Office under Company number 377252 . Registered for VAT under number 6397252A . Codes of Conduct are imposed by the Financial Regulator and can be accessed at www.financialregulator.ie or from the Financial Regulator at PO Box 9138, College Green, Dublin 2, Ireland. Property, Commodities and Precious Metals are not regulated by the Financial Regulator

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: 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. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

Mark O'Byrne Archive

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