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Gold Deja vu Rally on Back of New Record Dollar Low Against Euro and New Crude Oil High

Commodities / Gold & Silver Apr 17, 2008 - 08:49 AM GMT

By: Mark_OByrne

Commodities Gold is up in Asian trading and London trading this morning. Gold was up $17.80 to $945.10 per ounce in trading in New York yesterday and silver was up 54 cents to $18.31 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $951.50, £481.04 and €595.88 (from $932.75, £472.40 and £586.27 yesterday).


It is déjà vu in the markets again today with the dollar falling to new record lows against the euro and oil surging to new record highs above $115 per barrel and gold challenging resistance at $950 per ounce. Resistance at $950 is being challenged as we predicted and a close above $950 could see us soon rechallenge the $1,000 sooner than analysts expect.

The euro hit an all-time record high of $1.5984 this morning despite record inflation in the Eurozone. The US and UK economies are being hit harder than many European economies due to them being less exposed to the housing market falls and the credit crisis and due to the interest rate differential. Both the Fed and the ECB have warned overnight of the increasing risks posed by inflation.
17-Apr-08 Last 1 Month YTD 1 Year 5 Year
Gold $     
948.35
-5.46%
13.80%
38.00%
190.23%
Silver      
18.63
-7.34%
26.10%
33.60%
317.60%
Oil     
115.10
8.49%
16.06%
82.26%
280.49%
FTSE      
6,053
11.46%
-5.94%
-6.85%
55.62%
Nikkei     
13,398
13.66%
-12.47%
-23.55%
71.29%
S&P 500      
1,365
6.90%
-7.05%
-7.25%
52.72%
ISEQ      
6,240
9.06%
-10.01%
-35.66%
50.18%
EUR/USD     
1.5921
1.14%
9.16%
17.31%
46.34%
© 2008 GoldandSilverInvestments.com


Western economies are losing momentum due to rising average oil and food prices, falling house prices and turmoil in financial markets which will continue to underpin the gold market. In these circumstances it is absurd to suggest that gold is in a bubble despite being one of the few asset classes or commodities that is actually less than half its inflation adjusted high of 28 years ago ($2,300 per ounce).

Real diversification into non correlated assets is now more than ever essential. Risk aversion and capital preservation should remain prevalent in all investors minds given the unprecedented challenges facing financial markets internationally.

Support and Resistance
Support for gold is at $905 and strong support is at $880.


Silver
Silver is trading at $18.45/18.49 at 1215 GMT.

PGMs

Platinum is trading at $2060/2070 (1215 GMT).
Palladium is trading at $459/464 per ounce (1215  GMT). 

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 Investments
Tower 42, Level 7
25 Old Broad Street
London
EC2N 1HN
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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