Monthly Archives: May 2011

31
May
2011

Dollar and Yen Fall – Moody’s Warns of Japan Downgrade & UN Warn of Risk of “Collapse” of Dollar

Gold has fallen against the euro and most currencies but is 0.2% higher in U.S. dollars and nearly 1% higher in yen terms as the American and Japanese currencies have come under selling pressure. Gold remains near record nominal highs in all major currencies which shows that markets are concerned about inflation and concerns about the future of major currencies. 

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30
May
2011

EU Debt Contamination Deepens in Greece, Portugal and Ireland – Gold Just 2% From Record Nominal High

Gold and silver are flat in US dollars but higher in euros this morning. Trade is thin with the UK and US markets closed for spring holidays. Gold and silver were 1.75% and 8% higher last week and the precious metals and especially gold appear to be on solid footing due to the continuing debt crisis in Europe and concerns about a slowdown in the US and global economy. 

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26
May
2011

U.S. at Risk of Default as Cost to Insure U.S. “Ponzi Scheme” Against Default Rises Sharply

Gold and silver are lower today with profit taking, Chinese bond buying and increased risk appetite being cited for the price falls. Gold is marginally lower in all currencies and is 0.2% lower in U.S. dollar terms despite the dollar coming under selling pressure again this morning. Risky assets have recovered somewhat from recent losses with Asian and European equities and commodities receiving a bid. 

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25
May
2011

Euro and Global Debt Contagion Concerns Mount – Gold’s New Record Nominal Highs in Euros and Pounds

Europe’s debt crisis has seen gold prices climb to new record highs in euros and British pounds at EUR 1,087.80/oz and GBP 944.93/oz respectively. Contagion concerns are mounting due to the failure of the ECB, the IMF and respective governments to tackle the sovereign debt crisis. 

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24
May
2011

Gold in Pounds Rises to New Record High over GBP 944/oz on Stagflation Risk – Moody’s Lists 14 UK Banks for Downgrade Review …

Gold is marginally higher in most currencies today as the yen, the dollar and the pound are all weaker. 

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23
May
2011

Eurozone Debt Crisis Deepens Sending Euro Lower and Gold to New Record at EUR 1,080/oz

The euro, global equities and bonds in peripheral Eurozone countries are all lower this morning on heightened concerns about the debt crisis in the Eurozone. The euro has fallen against all currencies and is now at a record low against gold at EUR 1,080.21/oz. Silver is lower against most currencies but is higher against the Australian dollar and the euro ( EUR 24.80/oz).

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20
May
2011

China Becomes World’s Largest Gold Buyer – Buys 93.5 Tonnes of Gold Coins/Bars in Q1 – Gold Ownership Rising From Minuscule Lvls

Gold and silver are higher again today with the debt laden dollar, euro and yen all being sold. News that China has become the world’s largest buyer of gold bullion and has seen investment demand double continues to reverberate in the markets and may have contributed to this morning’s strength. 

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19
May
2011

Japanese Economy Contracts Very Sharply – Gold in Yen Consolidates Near 120,00 and Record Nominal High of 200,000 Yen Likely

 Gold is lower while silver is higher this morning after yesterday’s 1% and nearly 5% gains respectively. The yen has fallen as markets digest the news that the world’s third largest economy has again fallen into recession after a very sharp contraction in GDP growth in the first quarter. 

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18
May
2011

UK and US Data Shows Stagflation Threat Deepening – Asian Gold Demand Remains Very High

Gold and silver have snapped their three day losing streak so far this morning and both are higher in all currencies. Sterling has fallen on this morning’s very poor UK employment data. This in conjunction with yesterday’s high inflation figure in the UK and negative data in the U.S. confirm the increasing threat of stagflation to western economies. 

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17
May
2011

Soros Sells Gold ETF While Paulson Buys – PIMCO Favour Gold as a “Protection Against What Can Go Wrong”

Gold and silver are higher today while sterling is stronger and the Japanese yen has again come under pressure. The yen has weakened on deepening concerns about the Japanese economy and the BOJ Governor said that the Japanese economy is in a “very severe state”.

Gold is trading at $1,491/oz, £919/oz, €1,055/oz and 121,850 yen per ounce.

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