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G20 Summit Dominates Markets

Commodities / Gold & Silver 2009 Apr 01, 2009 - 06:35 AM GMT

By: Mark_OByrne

Commodities

Gold rose 0.8% yesterday (silver -0.4%), as the dollar came under pressure ahead of the G20 gathering in London.

It was the last day of the first quarter which saw gold rise 4.3% which is a second straight quarterly gain. In the quarter, gold was up some 10% in euro terms and some 6% in pound terms.


Gold thus again outperformed most other asset classes (as per performance tables below). The Dow Jones Industrial Average ended the first quarter of 2009 at 7608.92, down 13% which was the worst first quarter in percentage terms since 1939. The Standard & Poor's 500-stock index, lost 12% in the quarter.

The G20 summit is set to dominate the markets for the rest of the week. A variety of issues will be discussed but perhaps most importantly China and the other BRIC nations will be pushing very hard for a reform of the international monetary system.

And it is not just the US’ strategic competitors in Russia (called for a return to a partial Gold Standard) and China who are calling for changes. European Central Bank council member Ewald Nowotny said a "tri-polar" global currency system is developing between Asia, Europe, and the United States and that he's skeptical the U.S. dollar's centrality can be revived. Nowotny said in October "what I see is a system where we have more centers of gravity - I see for the future a tri-polar development, and I don't think that there will be fixed exchange rates between these poles"

En route to London yesterday, US President Barack Obama had to fight his currency's corner, after calls from both China, Russia and a UN panel to work out a new currency system, replacing the dollar. Questionably, Obama said that the US dollar 'is now and will remain' the world's reserve currency and the strength of the US economy is unmatched.

Complacent commentators who never foresaw this crisis echo Obama’s sentiment. However, the US is the largest debtor nation, on an unprecedented scale, that the world has ever seen and international geopolitics is leading to a multi polar world and this will inevitably see the dollar’s preeminent role as the global reserve currency come under threat. The question is not if the US dollar will lose its status as the preeminent reserve currency rather it is when.

Excessive dependence and reliance on one currency the US dollar, (which is not backed by gold and is being debased as never before), is not prudent in a globalised world with emerging economic powers. Should the dollar resume its bear market in the coming weeks, which seems likely, energy and food prices will surge in value again and the world will feel the effects of virulent inflation.

For further information and or analysis of the precious metals or wider markets, I can be contacted as per the contact details below.

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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