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Gold Homing in on $1000 Barrier as Stocks Deliver Zero Growth over Last 10 Years

Commodities / Gold & Silver Jul 10, 2008 - 07:54 AM GMT

By: Mark_OByrne

Commodities Gold  finished trading in New York yesterday at $926.30 , up $ 5.40 and silver  was up to $18.07 , up 23 cents . Gold  rose again  in the New York Globex electronic market  and in early trading in  Asia  and has remained firm in early European trading .

With geopolitical risk remaining high and financial risk elevated (as seen with U.S. financial stocks yesterday experiencing their largest one day fall since the start of the current financial crisis nearly a year ago - meaning that the benchmark S&P 500 is officially in a bear market) gold is again receiving safe haven and inflation hedging investment flows which is resulting in higher prices. 


The S&P 500 was down by 2.3% yesterday on further concerns regarding Fannie and Freddie (the government sponsored mortgage buyers) and the S&P 500 is now down by more than 20% since it's record high last October. Importantly, the real return on the S&P 500, the benchmark U.S. equity index, since 1998, after subtracting the underestimated consumer price inflation (CPI) is an extremely poor - minus 2%. The last time this happened was in 1983. Showing that those who insist that this is not as bad as the 1980's have not realised the magnitude of the huge financial, economic and systemic risks facing the U.S. and global economy.

Oil prices have remained flat after yesterday's small move up and the dollar is also listless and range bound and thus gold will likely take it's direction from equity markets. Most equity markets in Europe are down this morning and this is likely leading to a safe haven bid in the gold markets .

While oil was up very marginally yesterday, gold again outperformed oil and was up more than 0.5%.

Gold  has now on  three consecutive days tested the 100 day moving average at $915 and is in a tight range between $915 and $935. This will encourage bulls who are likely to feel more confident about going long in the coming days which could see us challenge the $945-$950 level. A firm close above this level will be needed prior to retesting the psychological level of $1,000 per ounce.




Today's Data and Influences
US unemployment claims  are due out later today which are expected  to come in at 399,000 for the week.  Markets will also seek direction from the testimony  before the Senate House Committee later of both Ben Bernanke and Henry Paulson on financial market regulation and the need for broader Fed eral Reserve  powers.

Silver
Silver is trading at $1 8.20 /1 8.25 per ounce (1 20 0 GMT).

Pegs

Platinum is trading at $ 19 80 / 19 90 per ounce (1 20 0 GMT).
Palladium is trading at $4 4 5 /4 50 per ounce (1 20 0  GMT).

By Mark O'Byrne, Executive Director

Gold Investments
63 Fitzwilliam Square
Dublin 2
Ireland
Ph +353 1 6325010
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Email info@gold.ie
Web www.gold.ie
Gold and Silver Investments Limited
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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.

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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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