Monthly Archives: April 2010

30
Apr
2010

Silver Surges to $18.68/oz – Breakout Above Resistance Could Lead to March 2008 Record High of $20.88/oz

Gold

Gold reached new 2010 high in dollars (over $1,175 per ounce) in Asian trading overnight and again Europe this morning (over $1,177 per ounce) as investors continue to allocate funds to gold in order to hedge sovereign debt contagion risk.

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29
Apr
2010

Eurozone Debt Crisis is the ‘Canary in the Coalmine’ as US Deficits Soar

Gold

Gold finished at its highest level since early December and had its fourth consecutive day of gains Wednesday as a debt ratings downgrade for Spain and surging credit spreads created new fears of the eurozone sovereign debt crisis spreading and financial contagion. Gold for June delivery gained $9.60/oz, or 0.8%, to $1,171.80 an ounce on the Comex division of the New York Mercantile Exchange.

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28
Apr
2010

Gold at Record Highs in CHF, EUR and GBP – New Record in USD Due to Safe Haven Demand?

Gold

Gold rose to its highest level in 2010 (highest since December 4th,  2009) and new record highs in euros, Swiss francs and British pounds as ratings downgrades of Portugal and Greece fanned sovereign risk and contagion fears. Gold dipped to $1,146/oz early in New York before rising sharply to $1,164/oz on the downgrade news. It then saw profit taking and closed with a gain of 0.7%.

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27
Apr
2010

Gold in British Pounds Near Record Highs on Hung Parliament and Budget Deficit Concerns

Gold

Gold dipped to $1,150/oz after lunch in New York before recovering to close with a gain of 0.03%. It has range traded from $1,150/oz to $1,157/oz in late Asian and European trading this morning. Gold is currently trading at $1,155/oz and in euro and GBP terms, at €865/oz and £749/oz respectively. Gold remains near record highs in euros and Swiss francs. Gold in sterling has rallied today by more 2% today as sterling has fallen on hung parliament and UK fiscal deficit concerns.

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26
Apr
2010

Gold Rises to New Record High in Euros and Swiss Francs

Gold

Gold dipped to $1,135/oz early in New York before dipping rising sharply to close with a gain of 0.95%. Gold closed last week some 2% higher in dollars and 3% higher in euros. It has dipped from $1,159/oz to $1,155/oz in Asian and European trading this morning. Gold is currently trading at $1,155/oz and in euro and GBP terms, at €867/oz and £748/oz respectively. Gold has surged to new nominal record highs in Swiss francs and in euros (see charts).

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23
Apr
2010

Euro Gold Near Record Highs Due to PIIGS Contagion Risk

Gold

Gold dipped to $1,132/oz in New York before recovering to close with a loss of 0.49%. It has range traded from $1,137.50/oz to $1,143/oz in Asian and European trading this morning. Gold is currently trading at $1,140/oz and in euro and GBP terms, at €859/oz and £741/oz respectively.

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22
Apr
2010

Gold Supported by Growing Inflation Concerns and Record Low Interest Rates

Gold

Gold touched over $1,150/oz late in New York before dipping slightly to close with a gain of 0.79%. It has range traded from $1,144/oz to $1,149/oz in Asian and early European trading this morning. Gold is currently trading at $1,147/oz and in euro and GBP terms, trading at €856/oz and £743/oz respectively.

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21
Apr
2010

Gold Edges Higher in Major Currencies on Debt and Inflation Concerns

Gold

Gold went up to $1,145/oz for a gain of over $10 early in New York but it then fell back off ending with a gain of 0.34%. It has range traded from $1,140/oz to $1,146/oz in Asian and early European trading this morning. Gold is currently trading at $1,143/oz and in euro and GBP terms, gold is trading at €851/oz and £742/oz respectively.

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19
Apr
2010

Gold Falls on Goldman Sachs Revelations; Icelandic Volcano Ramifications Assessed

Gold
Gold fell 2% last Friday resulting in a loss of 2.1% for the week. The majority of the markets fell on the news regarding the SEC’s investigation of alleged fraud by Goldman Sachs. Oil and some other commodities were particularly hard hit. Gold has fallen below $1,130/oz in European trade this morning and could now fall to support at $1,110/oz.

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16
Apr
2010

Gold Consolidating in USD and Near Record Highs in EUR and GBP

Gold
Gold went as low as $1,150/oz early in New York, it then rose to $1,161/oz before ending with a gain of 0.13%. It has range traded from $1,151/oz to $1,156/oz in Asian and European trading this morning. Gold is currently trading at $1,155/oz and in euro and GBP terms, gold is trading at €853/oz and £748/oz respectively. Gold rallied from below £745 to £749.60 per ounce overnight on UK hung parliament and economic concerns (see gold GBP chart below).

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