GoldCore Precious Metals Update
Gold is currently trading at $946.50/oz and has broken though resistance of $939 and $942 very quickly. Fresh interest in the metal as an inflationary hedge surfaced on Friday on the back of a weaker dollar and higher oil prices. The interest has continued into Asian trading overnight. Technically, as mentioned on Friday, $955/oz is the next target and a close above that would signal a very positive outlook for gold.
Silver continues to track the gold price in its usual leveraged manner and is currently trading at $13.68/oz and eyeing $14.00/oz.
Platinum & rhodium are currently trading at $1,171/oz and $1,430/oz respectively. One should be aware that the difficult ongoing wage talks are continuing in South Africa and are still a cause for concern regarding future production of the PGMs.