Category: Market Updates

23
Aug
2011

Gold Reaches $1,913.50 – Smart Money Moving into Silver as UBS Says $50 Silver in 3 Months

All major currencies are higher against gold today including the US dollar, despite the dollar falling on international markets.

Gold reached new record nominal highs at $1,913.50/oz overnight and profit taking and traders nervous about potential margin increases have led to a 1% fall in dollar terms today. Gold has fallen by more in euro and sterling.

Continue Reading
22
Aug
2011

Gold Nears $1,900 – Venezuela Formally Requests Gold Holdings Held by BOE Ship by Sea

All major currencies have fallen against gold and silver again today with gold reaching new record nominal highs in most fiat currencies including U.S. dollars. Gold reached a new record of $1,894.80/oz – just shy of $1,900/oz.


Cross Currency Table

Continue Reading
19
Aug
2011

Perfect Storm Sees Gold & Silver Surge – Chavez Gold Action Leads to Backwardation, Short Squeeze and ‘Havoc’ Concerns

All major currencies have fallen sharply against gold and silver again today with gold reaching new record nominal highs in Canadian and New Zealand dollars, in sterling, in euros and of course in dollars as turmoil continues in global markets.

In volatile trade, gold is down 1% from new record highs and is trading at USD 1,860.10, EUR 1,300.40, GBP 1,126.40, CHF 1,470.90, and JPY 142,414 per ounce and has risen some 2% in all currencies. Silver has surged by nearly 3% in all major currencies.

Continue Reading
18
Aug
2011

Gold Over $1808 – May Be Poised for ‘Parabolic’ Rise; People in West Not Prepared for Possible Currency Crisis

All major currencies have fallen sharply against gold again today but especially the ‘commodity’ fiat currencies of the Australian, New Zealand and Canadian dollar. Swiss francs are also under pressure again today.

Gold is trading at 1,808 USD, 1,259.10 EUR, 1,096.40 GBP, 1,436.90 CHF and 138,510 JPY per ounce.  

The London AM fix was a second consecutive record nominal high in USD. Gold’s London AM fix this morning was USD 1,794.50, EUR 1,246.44, GBP 1,087.12 per ounce (from yesterday’s USD 1,792.00, EUR 1,240.39, GBP 1,089.96 per ounce).

Continue Reading
17
Aug
2011

Merkel and Sarkozy Plans Fail to Assure Markets – New Record Nominal Gold High (USD London Fix)

Gold is mixed in various currencies today after French President Nicolas Sarkozy and German Chancellor Angela Merkel unsurprisingly failed to deliver a solution to the euro zone debt crisis. 

The London AM fix in USD was a new record nominal high. Gold’s London AM fix this morning was USD 1,792.00, EUR 1,240.39, GBP 1,089.96 per ounce (from yesterday’s USD 1,779.00, EUR 1,236.18, GBP 1,086.81 per ounce see LBMA).

Continue Reading
16
Aug
2011

Stagflation Threatens Western Economies – Gold a Bubble, to Correct or Go Parabolic as Per 1970s?

All major currencies have fallen against gold today with the euro down 1% against gold on nervousness ahead of the Franco German summit. Gold is trading at USD 1,776.70, EUR 1,235.10, GBP 1,084.10, CHF 1,389.90 per ounce and 136,450 JPY/oz.  Gold’s London AM fix this morning was USD 1,779.00, EUR 1,236.18, GBP 1,086.81 per ounce.

Continue Reading
15
Aug
2011

Today is the 40th Anniversary of Nixon Ending Gold Standard and Creating Modern Fiat Monetary System

Gold has fallen today in all major currencies except the Swiss franc which has fallen sharply again on continued talk of SNB intervention. Gold is trading at USD 1,742.70, EUR 1,220.10, GBP 1,068.70, CHF 1,375.60 per ounce and 133,820 JPY/oz.  Gold’s London AM fix this morning was USD 1,738.00/oz, EUR 1,214.11/oz, GBP 1,065.88/oz.

Continue Reading
12
Aug
2011

Gold Surges in All Currencies in Tumultuous Week – XAU/CHF Up 5.5% WTD on Intervention and Euro Peg Concerns

Gold has fallen today in all major currencies except the Swiss franc which has fallen on continued speculation of pegging the Swiss franc to the euro. Gold is trading at USD 1,754.30, EUR 1,232.10, GBP 1,078.70, CHF 1,349.30 per ounce and 134,357.00 JPY/oz. Gold is 5.1% higher in dollars week to date and 6% higher in euros and 6.6% higher in pounds or to put it correctly these currencies have fallen in value against gold.

Continue Reading
11
Aug
2011

Germany’s Best-Selling Tabloid Bild’s Front Page Encourages Readers To Buy Gold

Gold has fallen today in all major currencies except the Swiss franc which has fallen on SNB intervention rumours. Gold is trading at USD 1,791.40, EUR 1,257.10, GBP 1,107.70, CHF 1,318.80 per ounce and 136,976.00 JPY/oz.  The yen has fallen by 8.7% against gold so far in August as the yen, while rising in dollar terms, is falling sharply in gold terms (see chart below).

Continue Reading
10
Aug
2011

Gold Market Up – Equity Market Up – What gives?

Gold prices held their ground late into trading Tuesday, even in the face of a surge in US equities. Buoyed by a US Federal Reserve pledge to maintain a low interest rate policy until mid 2013, the Dow rose 612 points (5.7%) in the final 90 minutes of trading. Gold held its ground and today is showing signs of strength, trading at $1,756.30/oz up $13.30/oz. Gold in EUR and GBP is trading at 1,224.16/oz and 1,082.26/oz.

Continue Reading