Monthly Archives: June 2009

29
Jun
2009

GoldCore Precious Metals Market Update

Gold
Gold was trading in the mid $930s in Tokyo overnight but buying in Europe this morning took it over the $940 level. With increasing concerns regarding the sustainability of the fabled "green shoots" and whether the recent recovery in equity markets can be sustained, gold will continue to be well supported. Especially as the relative merits of the individual major currencies (EUR, USD, JPY and GBP) look increasingly like an ugly sister competition. Gold is currently trading at $942.2/£570/€671.

Silver

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26
Jun
2009

GoldCore Precious Metals Market Update

Gold

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25
Jun
2009

GoldCore Precious Metals Market Update

Gold

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25
Jun
2009

FSA Bans Commission for Advisors

Financial advisers are to be banned from receiving commission for selling investment, pension and life assurance products from 2012, under radical new rules announced by the Financial Services Authority in the UK.

In its Retail Distribution Review, the regulator set out new measures to “ensure that commission-bias is removed from the system – and recommendations made by advisers are not influenced by product providers.”

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23
Jun
2009

GoldCore Precious Metals Market Update

Gold
The continued pressure of a strong dollar saw gold fall yesterday as it technically broke through the trend-line of $934. Despite equity weakness, gold remains heavy. A move lower in the short term would seem likely. However, with the gold/silver ratio of 68.7, a 1st quarter low, this downward trend may soon be capped and a bounce back to all time highs in July may be possible. It has gained slightly this morning and is currently trading at $920.34.

Due to this price breakdown, gold ETFs saw net inflows for the first time in 3 months.

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22
Jun
2009

GoldCore Precious Metals Market Update

Gold
Gold steadied on Friday as the dollar index reversed earlier losses but it is still taking its direction from the currency markets. The dollar remains in a very tight range ahead of a Federal Reserve meeting next week. Furthermore, the lack of any sell-off in gold in the wake of the latest IMF gold sale would indicate that the effect of these sales is already factored into the price.

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18
Jun
2009

GoldCore Precious Metals Update

Gold:
The long term trend line price of gold at $925, which has been steady since Monday, pushed higher today based on news that the World Bank has raised its growth forecast for China. The Chinese stock market rallied as did commodities across the board. Another main factor behind the return of bullish sentiment for gold is the euro. In contrast to the US Treasury, the ECB has stated that it does not intend to cut interest rates further which has pushed the euro to 1.39444 and gold is holding firm. 

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17
Jun
2009

GoldCore Precious Metals Update

Gold:
Yesterday’s comments by Russian President Dmitry Medvedev at the BRIC summit, calling upon the International Monetary Fund (IMF) to expand the currency basket of Special Drawing Rights to include the Chinese yuan, commodity currencies and gold in order that it matures into a reserve currency, is positive for gold as it shows how gold is again being viewed as an important monetary asset.

Gold is currently trading at $930.40/€672 and £571.

Silver:

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16
Jun
2009

GoldCore Precious Metals Update

Gold: Gold’s correction has been quite sharp but given the extent of the rise since mid April (from $864/oz to over $980/oz or over 13% in just 6 weeks) it is not unexpected. A 50% retracement of sharp rallies is quite common and yesterday’s lows of $925/oz is very close to an exact 50% retracement.

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