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Gold Falling towards $900 Support

Commodities / Gold & Silver 2009 Mar 17, 2009 - 07:49 AM GMT

By: Mark_OByrne

Commodities Gold fell yesterday for the first day in 3 and was down some 0.8%. Gold was flat in Asia but has fallen again in Europe to $915/oz. Support remains at $900/oz.

The short term trend may remain down but the medium to long term trend remains up.


Both technically and fundamentally gold's outlook remains positive despite having to deal with the recent headwinds of falling demand for gold jewellery in India and internationally and the marked increase in scrap supply.

These notable decreases in demand and increase in supply are being confronted by very robust and very significant investment demand by retail investors, hedge funds, sovereign wealth funds and even central banks.

This is a titanic battle and it has effectively capped the price in recent weeks but the huge investment demand looks set to overcome the fall in jewellery demand and increase in gold scrap supply.

As usual the "man in the street" and most of the public is selling their gold (jewellery scrap supply) while the smart money, many large investors and institutions are buying gold. The man in the street and the retail sector has not caught gold mania yet and is selling gold rather than buying. This in itself is a bullish contrarian indicator.

Demand for physical bullion in the form of digital gold, certificates, coins and bars remains very robust with continuing supply issues, delays and sustained very high premiums. ETF demand remains very strong. Indeed, some have claimed that all the ETF holdings internationally, which the World Gold Council reported climbing 27 percent last year, represent far more gold ownership than actually exists (According to National Geographic, only 161,000 tons of gold have been mined in human history — barely enough to fill two Olympic-sized swimming pools).

By Mark O'Byrne, Executive Director

Gold Investments
63 Fitzwilliam Square
Dublin 2
Ireland
Ph +353 1 6325010
Fax  +353 1 6619664
Email info@gold.ie
Web www.gold.ie
Gold and Silver Investments Limited
No. 1 Cornhill
London,
EC3V 3ND
United Kingdom
Ph +44 (0) 207 0604653
Fax +44 (0) 207 8770708
Email info@www.goldassets.co.uk
Web www.goldassets.co.uk

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

Mission Statement
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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