Category: Market Updates

11
Jul
2011

Gold Surges to Nominal Euro & Pound Record – Jim Cramer Critiques Warren Buffett on Anti Gold Bias

Gold is trading at $1,553.11/oz, €1,104.47/oz and £973.00/oz. 

Gold has risen to new record highs in pounds and euros as concerns about contagion in the eurozone and stagflation in the UK deepen. The euro has fallen sharply in international markets and is down 1.5% against gold so far this morning. European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis as concerns deepen over the sovereign debt crisis spreading to Spain and Italy.

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08
Jul
2011

India’s Gold, Silver Imports Surge 200% to $17.7 Billion in Q2; Chinese Bullion Demand Surging Further

Gold is trading at $1,528.33/oz, €1,071.99/oz and £958.08/oz. 

Gold was lower in most currencies except the euro this morning as euro weakness has kept gold close to record nominal highs in euros. Gold is 2.7%, 3.3% and 4% higher in dollars, pounds and euros for the week and looks set to close higher and near nominal highs in all currencies.

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07
Jul
2011

UK Royal Mint Silver Production Surges 100% – Sovereign Edward Supply Tight but Bullion Premiums Low

Gold is trading at $1,525.62/oz, €1,069.93/oz and £955.18/oz. 

Gold is marginally lower in pounds and dollars and marginally higher in euros ahead of the key interest rate announcement from the European Central Bank (1245 GMT). The Bank of England kept interest rates at historic lows of 0.5% and the ECB is expected to increase rates by 25 basis points to 1.5% today despite the Eurozone debt crisis.

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06
Jul
2011

Portuguese Bonds in Melt Down – Euro Gold Rises to €1,056/oz – 3% From Record Nominal High on Contagion Risk

Gold is trading at $1,515.06/oz, €1,055.42/oz and £945.73/oz. 

Gold is marginally higher in most currencies today and has risen a further 0.55% against the euro to EUR1,056/oz. It is just 3% from the record nominal high in euros at €1,087/oz due to the risk of contagion in the Eurozone.

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05
Jul
2011

Gold Could See $1,800/oz on Seasonal Strength and Deepening Eurozone and U.S. Debt Crisis

Gold is trading at $1,504.13/oz, €1,039.34/oz and £933.89/oz. 

Gold is higher today and showing particular strength against the euro and the Japanese yen. The relief rally seen in equities since the latest Greek ‘bailout’ is under pressure as S&P have said the debt rollover proposal would be a “selective default”. The ECB may selectively reject the S&P Greek downgrade and arbitrarily select the best credit rating being offered.   

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01
Jul
2011

Gold Lower as Market Embraces Risk Again – Chinese Inflation Still a Worry

Gold lost ground yesterday and is weak again this morning. The risk trade gathered strength as traders took a bullish view on the global outlook. Greek progress outweighed concerns over China’s slow down in manufacturing, as represented by the Chinese Purchasing Managers Index’s lowest number in 20 months. Continuing inflation concerns across Asia are prompting central banks to engage in monetary tightening. China’s inflation is still uncomfortably high, standing tall at 5.5%, which exceeds official targets of 4% by a considerable margin. Oil is lower at $94.35.

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30
Jun
2011

A Greek Tragedy that Is the Euro, Bad Actors, Bad Lines and More Lies, Gold Watches on

The risk trade is on again, gold holds steady and may even be about to falter. The European Union’s Financial Cavalry have saved the world from the evil Greek mobs by lending more money yet again. ……… Don’t believe a word of it! 

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29
Jun
2011

Gold and Silver Ownership and Prices Will Not be Affected by Dodd-Frank Legislation on July 15

Gold is trading at $1,507.70/oz, €1,044.69/oz and £941.54/oz. 

Gold is higher again today as the Greek debt crisis and continuing strong demand from Asia continues to support prices. 

The euro is surprisingly firm with the U.S. dollar, Japanese yen and Swiss franc under pressure. Risk appetite remains high with commodities, Asian and European equities higher and peripheral bond markets have received a bid and seen yields fall due to optimism on the Greek vote.

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28
Jun
2011

Sterling Falls as BOE’s Posen Says BIS Talking “Nonsense” and Stagflation “Unlikely” in UK

Gold is trading at $1,501.60/oz, €1,052.35/oz and £941.09/oz. 

Gold is marginally higher in all currencies and 0.7% higher in sterling after a downward revision of UK GDP from 1.8% to 1.6% growth saw sterling decline. Stagflation appears to be taking hold in the UK with soaring food and energy costs eroding household incomes and economic growth continuing to decline.

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27
Jun
2011

Soros: “Financial system remains extremely vulnerable … We are on the verge of an economic collapse”

Gold is trading at $1,502.40/oz, €1,055.87/oz and £939.18/oz.

Gold is mixed today after last week’s 2.4% fall. The short term trend remains negative but medium and long fundamentals remain supportive as do the very challenging and risky macro, sovereign debt and currency environment. Physical buying remains strong at the $1500 level with premiums for gold bullion bars higher in Singapore and Hong Kong.

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