Monthly Archives: December 2010

31
Dec
2010

GoldCore Review of 2010 and Outlook for 2011

Review of 2010

Summary

2010 was a year that many will be glad to see the back of due to the deepening of the global economic crisis and the ensuing financial and economic hardship visited upon many. Worst hit were the unfortunately named PIGS with Portugal, Spain and particularly Greece and Ireland suffering the wrath of the bond vigilantes, austerity measures and deepening economic crises.

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30
Dec
2010

Gold Consolidates Over $1400/oz – CFTC Data Bullish – Silver Nominal 30 Year High

Gold

The final week of 2010 has seen a continuation of trends seen in markets throughout the year with equities and commodities continuing to rise. Investors increasingly wary of inflation are pushing commodity prices – particularly metals – higher, with copper hitting a new record nominal high, palladium reaching a nine-year high and silver at a new 30-year record nominal high at $30.90/oz (€23.25/oz and £19.86/oz).

Gold is currently trading at $1,411.15/oz, €1,064.62/oz and £913.90/oz.

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23
Dec
2010

Premiums on British Gold Sovereigns and Eagle Demand Show Lack of “Irrational Exuberance”

Gold

Gold has fallen marginally in all major currencies today. Market participants are winding down before the holiday break and further profit taking and year end book squaring is seeing volume fall and gold remain in a tight range. Gold will likely get direction from the durable goods orders, consumer sentiment and new home sales data later today.

Gold is currently trading at $1,382.43/oz, €1,055.37/oz and £897.97/oz.

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22
Dec
2010

Gold Rises as UK Finances Deteriorate and IMF Gold Sales Finish

Gold

Gold and silver edged moderately higher again yesterday in most currencies. Profit taking and book squaring prior to year end have led to lacklustre range bound price action. News that the IMF gold sales to central banks has been completed, saw gold prices rise slightly. Despite the gold sales being off market – directly from the IMF to creditor nation central banks diversifying monetary reserves – the potential overhang of IMF gold supply and perceived risk was one of the few bearish factors in the gold market.

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21
Dec
2010

Gold’s 2011 Outlook Positive – US at Risk of Joining Eurozone in Debt Crisis

 Gold

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17
Dec
2010

Gold Supported in 2011 by Concerns About Currencies and Government Bonds

Gold

Gold’s recent correction continued yesterday but it has risen today as the dollar has fallen. Gold is up in most currencies this morning except in euro terms as the euro has seen a relief rally on the outcome of the EU agreement to create a post-1913 crisis tool. Fundamental disagreements remain though and the agreement may not be enough to stop the debt crisis from deepening with many analysts pinpointing the first quarter of 2011 as a high risk period.

Gold is currently trading at $1,371.78/oz, €1,030.20/oz and £878.47/oz.

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16
Dec
2010

Gold and Silver Firm Ahead of EU Summit on Debt Crisis

Gold

Gold and silver are higher this morning ahead of a crucial EU summit on the deepening euro zone debt crisis today. The euro firmed slightly in overnight trade but has since given up those gains and is trading at USD 1.322, and €1,047/oz. Given that the crisis shows no signs of abating any time soon, with concerns shifting from Ireland and Greece to Belgium, Portugal and Spain, gold will likely continue to receive safe haven demand for the foreseeable future.

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15
Dec
2010

Silver Forecast to Rise to $40/oz in 2011 and $400/oz by 2015

 Gold

Gold has fallen in dollars but is flat in sterling and euros this morning. Moody’s has cut Spain’s debt rating on contagion concerns which has seen the euro fall. Germany’s opposition to further government financed aid is leading to tensions with the ECB, which is itself now under financial pressure and may need an increase in capital if it is to continue buying sovereign European debt.

Gold is currently trading at $1,388.70/oz, €1,042.18/oz and £886.54/oz.

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14
Dec
2010

Gold Over $1,400/oz Again, Supported by Inflation and Paper Currency Concerns

Gold

Gold has risen in major currencies again today on continuing concerns about the dollar and paper currencies, and growing concerns about the emergence of inflation internationally. Commodity prices remain strong with bellwether copper rising to new record nominal highs and oil continuing to hover near $90 a barrel.

Gold is currently trading at $1,405.35/oz, €1,044.48/oz and £886.04/oz.

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10
Dec
2010

Euro Gold Consolidates and Targets EUR1,100/oz on Euro Survival Risk

Gold

Most currencies fell against gold yesterday and again today as the euro and dollar are under slight pressure this morning. Both gold and silver look set to finish the week slightly lower in dollars and most currencies (except the euro) which is a bearish short term omen. Especially as the end of the year approaches and there could be some year-end book balancing and profit taking.

Gold is currently trading at $1,391.19/oz, €1,049.56/oz and £878.35/oz.

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