Category: Market Updates

24
Jun
2011

China Gold Association: Chinese Gold Sales to Surge Two Fold and Gold May ‘Rocket’ if Debt Crisis Spreads

Gold is lower again today after yesterday’s 2% fall in U.S. dollar terms. Gold’s fall in euros yesterday was mild due to euro weakness. Gold is marginally higher in euros today as the euro remains weak on continuing concerns about the Greek and Eurozone debt crisis. 

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Cross Currency Rates

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23
Jun
2011

Trichet: Debt Crisis is Flashing “Red” – Marc Faber Continues to Like Gold and Silver and Accumulating

Gold is trading at $1,540.00/oz, €1,081.46/oz and £962.86/oz.

Gold is marginally lower in U.S. dollars but continues to eke out gains in euros. The euro has fallen again today possibly as markets digest Trichet’s grim warning regarding financial contagion.  Gold at €1,081.40/oz is less than 1% away from record nominal highs in euros at €1,088/oz.

Currency debasement and sovereign debt and systemic risk remains high which is leading to gold consolidating near record highs in most currencies.

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22
Jun
2011

Greeks Turn Savings to Gold and Perth Mint Silver Coin Sales Surge to Record on Haven Demand

Gold is trading at $1,544.31/oz, €1,072.96/oz and £957.30/oz.

Gold is lower in dollars but higher in euros and has reached new record highs in pounds sterling at £958.25/oz. Gold is being supported by strong and increasing demand internationally. 

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21
Jun
2011

Gold and Silver Imports in India Surge a Massive 222% – Official Inflation Surges to 8.65%

Gold is trading at $1,544.39/oz, €1,076.08/oz and £954.27/oz.

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20
Jun
2011

Gold Rises to New Record in GB Pounds – Close to Near Record Highs in Euros and Most Currencies on Global Debt Contagion Risk

Gold is trading at $1,535.85/oz, €1,080.37/oz and £950.28/oz.

Gold is being supported as default risk has increased after EU finance ministers failed to agree on a new Greek loan package. Gold priced in sterling rose to new record nominal highs this morning at £954.84/oz and the weakness of the euro has seen gold rise to touching distance (9 euros) from new record highs in euro terms at €1,088/oz.

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17
Jun
2011

Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury

Gold is trading at $1,527.39/oz, €1,070.50/oz and £944.70/oz.

Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself. 

Cross Currency Rates

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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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