Monthly Archives: June 2011

16
Jun
2011

Eurozone Central Banks Net Buyers of Gold in 2011 for First Time Since Inception of Euro – Global Central Bank Gold Demand …

Gold is trading at $1,530.10/oz, €1,085.49/oz and £950.31/oz. 

Gold is higher in Euros but mixed in other currencies this morning as the euro continues to weaken on sovereign debt and contagion risk. The euro has fallen against all currencies in recent days but especially against gold with euro gold having risen from below €1,050/oz on Tuesday to over €1,083/oz today. Sterling gold has risen to close to record highs at £950.81/oz after retail sales slumped on fuel and job fears.

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15
Jun
2011

Contagion Risk Increases – Euro Falls as Moody’s May Cut Rating on 3 Large French Banks Exposed to Greece

Gold is trading at $1,519.33/oz, €1,062.32/oz and £934.40/oz. 

The euro has fallen on international markets as the European sovereign debt crisis is deepening and appears to be reaching a dangerous denouement. European stock markets are also weaker due to serious divisions in Greece and in the EU as to how to resolve the Eurozone debt crisis and prevent contagion. 

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14
Jun
2011

Gold Robust Over $1,500 as Stagflation Deepens and Greek Default Risks Eurozone Break Up and Financial Contagion

Gold is trading at $1,517.80/oz, €1,051.33/oz and £925.09/oz. 

Gold is tentatively higher this morning with the British pound, yen, Swiss franc and dollar showing weakness. Greek German 10 year bond yields have surged to euro era record highs and the Greek 10 year bond has surged to a new record high of 17.146%.

The euro has remained remarkably stable, so far, but euro gold at €1,052/oz remains near (3.4%) record highs of €1,088/oz.

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10
Jun
2011

Sterling and Euro Fall on Economic Concerns – Gold Rises to Record £950.81 British Pounds an Ounce

Gold is trading at $1,540.44/oz, €1,065.02/oz and £944.82/oz. 

Gold has risen to new record nominal highs in British pounds and is consolidating just below recent record nominal highs in U.S. dollars, euros and other currencies. The ECB’s rate decision and Trichet’s ‘signals’ saw the euro fall sharply against the dollar and against gold with gold in euro terms quickly rising from €1,050/oz to over €1,065/oz. 

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09
Jun
2011

‘Worst Ever’ OPEC Meeting Sees Oil Rise Sharply – Inflation Pressures, Growth and Sovereign Debt Concerns Support Bullion

Gold is trading at $1,535.65/oz, €1,050.59/oz and £935.09/oz.

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08
Jun
2011

Moody’s Warns UK’s AAA Rating at Risk – Sterling Lower and Remains Near Record Nominal Gold High

Gold and silver are lower today despite European equities falling for a sixth day on sovereign debt and economic growth concerns. Bernanke’s failure to even suggest that the Federal Reserve will embark on further stimulus and QE3, after QE1 and QE2 failed to kick start the US economy, has markets jittery.

Cross Currency Rates

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07
Jun
2011

Gold Just 2% from Record Nominal High of $1,577/oz – Targets $1,600/oz and New Highs on Deepening Economic Risks

Gold is trading at $1,549.95/oz, €1,056.47/oz and £943.02/oz. 

Gold and silver are higher again today with the U.S. dollar and yen in particular under pressure as concerns about the outlook for growth in Japan, the UK, the EU and the U.S. deepen. Gold reached new record nominal highs in sterling yesterday at £949.83/oz on concerns about the UK economy.

The risk of contagion in the Eurozone remains and could see the single European currency project unravel which would negatively impact on the global financial and monetary system.

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03
Jun
2011

Gold’s Summer Doldrums Normally See Weakness but Fundamentals Could Lead to Surge

Gold is trading at $1,530.01/oz, €1,054.70/oz and £936.08/oz. 

Gold and silver are lower again today in most currencies after yesterday’s falls. Gold has risen marginally in British pounds (GBP 938.41/oz) as sterling is lower (see cross currency table) with the weak services sector PMI data highlighting the weak U.K. economy and increasing risk of stagflation.

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02
Jun
2011

COMEX Registered Silver Bullion Inventories Fall Sharp 38.5% in Two Weeks – Risk of COMEX Silver Default Remains

Spot gold and silver prices rose slightly again this morning after hitting a one-month high yesterday as equity markets internationally came under selling pressure. The Moody’s downgrade of Greece and worryingly poor US economic data again pushed investors to seek the safe haven of bullion. Gold reached new record nominal highs in sterling yesterday (£945.62/oz) as the pound fell on concerns about the UK economy. 

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01
Jun
2011

Silver Eagles Sales Through May Best Since 1986 and Turkish Silver Bullion Imports Surge