Category: Market Updates

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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16
May
2011

$14.3 Trillion U.S. Debt Ceiling Threatened; Silver Bullion Buying Spree in India After Price Falls

Gold and silver are lower this morning as the recent bout of weakness continues. Equities in Asia were lower on economic growth and inflation concerns and European indices are also lower as Greek debt talks are in disarray after the weekend arrest IMF’s Dominique Strauss-Kahn.
GoldCore
Cross Currency Rates

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12
May
2011

Gold a Bubble? Steve Forbes, Billionaire Media Magnate, Predicts New Gold Standard Within 5 Years

Gold and silver’s recovery in recent days proved to be temporary and further falls were seen yesterday (sharply in silver) prior to a tentative recovery overnight and then more falls again this morning. The euro has stabilized after recent sharp falls and euro gold at €1,050/oz remains comfortably above €1,000/oz after a period of correction and consolidation. Euro gold looks like it is set to break above record highs of €1,072/oz (12/28/10) and target €1,100/oz as the European debt crisis deepens.

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11
May
2011

India, Indonesia, China and Wider Asia Buy Physical Gold and Silver on Dip as Stagflation Threatens

 Gold and silver have extended their recovery and may be headed for the fourth day of gains due to the continuing European sovereign debt crisis, Chinese inflation (+5.3%) and the real risk that rising oil and commodity prices are leading to an international inflation spiral and stagflation.

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10
May
2011

Euro Gold Targets Record EUR 1,072/oz on Risk of Forced Greek Default and Euro Zone Debt Contagion

 Gold and silver continue to rebound from their sell offs as Euro zone periphery worries intensify with real risks of defaults and possible contagion. Gold has risen from €1,010/oz to over €1,057/oz since Friday. The long period of correction and consolidation may soon see a break out above resistance at record nominal highs of €1,072/oz – less than 1.5% below the current price.

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