GoldCore Update: Gold Prices Move Higher in a World of Paper Currencies and Paper Promises

gold barsGold has maintained last week’s and yesterday’s gain and is currently trading near record nominal highs at $1,166/oz, £705/oz and €781/oz. New levels of resistance and support are $1,175/oz and $1,152/oz.

While gold is overbought in the short term it is behaving like a stubborn mule that refuses to go down. A variety of concerns continue to support gold and these include worries regarding the sustainability of the economic recovery (both in China, the US and in other leading industrial nations), the weakening dollar and the long term devaluation of currencies and medium and long term risk of inflation. Oil prices near $80 a barrel and Middle East geopolitical concerns are also supportive. Another factor that has not received much attention but that may have added to the impetus of gold’s rise in recent days are fears that the Federal Reserve may lose its independence due to the US House of Representatives’  amendment to audit the Federal Reserve.

markets snapshot 24 November 2009

Silver remains robust and is currently trading at $18.60/oz, £11.21/oz and €12.41/oz.

Platinum Group Metals
Platinum is $1,451/oz, palladium is $371/oz and rhodium is $2,600/$2,700/oz.

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Stephen Flood
Chief Executive Officer

I am the CEO of GoldCore. We help investors buy and store gold and silver easily and cost effectively. We work with clients of every variety from wealth family offices to everyday people. We provide the very best market data and client service and we care deeply for our clients interests.