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Gold Safehaven as Stock Markets Plunge to 11 Year Lows

Commodities / Gold & Silver Nov 21, 2008 - 09:44 AM GMT

By: Mark_OByrne

Commodities Gold maintains its safe haven status - In an increasingly risk averse environment and in the wake of tumbling commodity markets, gold is maintaining a bid, albeit in a tight trading range with strong resistance at $777 , confirming its status as a safe haven asset. Gold is currently trading at $755 (12:15GMT).


Oil sinks below $50 a barrel

For the first time since 2005, oil dipped below $50 a barrel yesterday. Despite this, Nigeria said it did not want to decrease its oil production to try and stop the slide in prices because it needed higher output to balance its budget. Meanwhile, other OPEC members, including Iran and Kuwait said that they would agree to a production cut.

S&P 500 slumps to 11 and a half year low

Amid fears of a severe recession, global markets took a hammering yesterday, with the New York S&P 500 in particular, falling 6.71% to 752.44, its lowest level in 11 and a half years. Economic news from across the world were bleak, with Japan reporting that a slump in exports threatened to push them further into recession and the Swiss National Bank cut another 100 basis points off interest rates, its third cut in 6 weeks.

RBS top brass apologise to investors

99% of the 300 RBS investors at a meeting in Edinburgh yesterday voted in favour of a plan to allow the bank to raise £20bn. At the same meeting, Sir Fred Goodwin, the outgoing chief executive apologised to investors saying, "I am extremely sorry that this has come about and sad to be leaving at these difficult times." An apology from a chief executive - now there's something you don't see every day.

Good week for: Slavica Ecclestone, the former Croatian model who has been married to Formula 1 supremo Bernie Ecclestone for 24 years, announced through a spokesman that the couple were set to split. This opens the gates for, potentially, the biggest divorce settlement in history with estimated assets of $5bn in "Bambino," the family's offshore trust set up for the benefit of Slavica and the couple's two children.

Bad week for: Bernie Ecclestone.

By Mark O'Byrne, Executive Director

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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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