Monthly Archives: July 2010

15
Jul
2010

GoldCore Update: Gold in Euros in Correction – New Record Highs in Euros Likely

Gold

Gold continues to consolidate above the $1,200/oz level and traded in a range between $1,207/oz and $1,215/oz overnight in Asia. Gold has risen slightly in European trade as the dollar has come under pressure. The poor retail sales have created concerns about the health of the US consumer and the other poor recent data on jobs and trade and budget deficits may see the dollar come under pressure again. Support for gold is at $1,195/oz and resistance is at $1,217.90/oz.

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15
Jul
2010

Gold in Euros in Correction – New Record Highs in Euros Likely




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14
Jul
2010

Gold Options at $2,000/oz Surge By More Than 1,000% in 10 Weeks

Gold

Gold rose 1.26% yesterday after the Portuguese debt downgrade; silver rose 2%. Gold has gradually edged up in Asian and early European trade. It may challenge resistance at yesterday’s high of $1,217.90/oz but if it falls below the recent trading range of $1,210/oz to $1,215/oz it could quickly fall to short term support of $1,195/oz and $1,190/oz.

Gold is currently trading at $1,213/oz and in euro, GBP, CHF, and JPY terms, at €955/oz, £795/oz, CHF 1,284/oz, JPY 107,498/oz respectively.

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14
Jul
2010

Irish Hospice Foundation’s Dublin to Paris Cycle Co-sponsored by GoldCore

The Irish Hospice Foundation’s Dublin to Paris Cycle is being co-sponsored by GoldCore and the cycle is being done by GoldCore’s Executive Director, Mark O’Byrne. The cycle is 500 kilometers long and starts at 7:30am on Sunday July 18th in Dublin and arrives in Paris, 5 days later on Thursday, the 22nd of July.

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13
Jul
2010

Gold Higher on Portuguese Downgrade and Lingering Concerns of Contagion

Gold

Gold spiked higher today in all currencies as Portugal’s downgrading and prices below $1,200/oz led to buying. The euro fell against both the dollar and gold (from €954 to €960 per ounce – see chart) on Moody’s two-notch downgrade of Portugal. The downgrade was expected but it has ignited concerns that the European sovereign debt markets remain vulnerable, leading to continuing safe haven demand for gold. Lingering concerns over the European bank stress tests and the European banking system are also supportive.

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12
Jul
2010

Markets Await Inflation Figures from Eurozone, UK, US and China

Gold

Gold is lower in Asian and early European trading on low volume as the dollar has risen and renewed risk appetite has resulted in tentative gains in equity markets. Gold’s marginally higher weekly close last week was positive from a technical point of view and could lead to follow through this week as momentum following traders and funds "make the trend their friend".

Gold is currently trading at $1,207/oz and in euro, GBP, CHF, and JPY terms, at €960/oz, £804/oz, CHF 1,284/oz, JPY 106,825/oz respectively.

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09
Jul
2010

Gold to be Supported by Massive Fiscal Challenges Facing the US and Western Economies

Gold

Gold fell $2.50 to $1195.30/oz yesterday and is now down 1% on the week. It traded sideways in Asia and down in early European trading. Another lower weekly close will again be bearish technically and would suggest that further retrenchment and consolidation may take place. A higher close today and on the week would help reverse the technical damage done recently.

Gold is currently trading at $1,197/oz and in euro, GBP, CHF, and JPY terms, at €944/oz, £788/oz, CHF 1,261/oz, JPY 105,998/oz respectively.

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08
Jul
2010

Gold to be Supported by Negative Real Interest Rates

Gold

Gold fell to an inter day six week low yesterday of $1,184.75/oz yesterday before a strong rebound which saw it close higher on the day at $1,197.80/oz. It rose above $1200/oz in Asian trade to $1,207.75/oz prior to giving up some of those gains in early European trade. Many traders and investors who have nee on the sideline in recent weeks see the present sell off as a buying opportunity.

Gold is currently trading at $1,200/oz and in euro, GBP, CHF, and JPY terms, at €948/oz, £792/oz, CHF 1,263/oz, JPY 105,665/oz respectively.

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07
Jul
2010

346 Tonne Gold Swap with BIS is Positive for Gold

Gold

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06
Jul
2010

Gold Consolidates Tentatively Above $1,200/oz on Asian Demand

Gold

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