Gold closed at $867.80 in New York and was down $27; silver closed at $16.57 down 58 cents. Gold has risen in Asia overnight and in early European trading this morning is up some 0.5%.
Gold closed at $894.80 in New York and was down 70 cents; silver closed at $17.15 down 22 cents. Both have sold off in Asia overnight and in early European trading this morning.
Gold’s sell off is somewhat counter intuitive given the host of positive fundamentals. However, oil selling off and the dollar strengthening again (despite increasing credit, financial and systemic risk) is contributing to gold’s weakness.
Gold closed at $895.50 in New York Friday and was up $23.30; silver closed at $17.37 and was up 30 cents. In the New York Globex market gold subsequently rallied to $902.20 late Friday. Both traded sideways in Asia this morning prior to rallying higher in early European trading.
GI believe all investors should have a precious metals allocation of at least 25% to silver and either buy silver outright now or should transfer from gold to silver at the earliest possible opportunity.
We believe $50 per ounce
Gold closed at $880.50 in New York yesterday and was down $1.80; silver closed at $16.84 and was up 5 cents.
Following the Thursday night RTE documentary on Irish Financial Advisers, Gold Investments’ Wealth Management Division, Wealth N, would like to issue the following statement: –
The misleading, unethical and disturbing financial ‘advice’ seen in last night’s excellent Primetime programme may only be the tip of the iceberg and we call upon the Financial Regulator to become more proactive in protecting investors, young and old alike, from the predatory, dishonest commission driven financial ad
Precious metals remain the most undervalued of all the asset classes. Precious metals, and particularly silver, remain the most undervalued of all the commodities. Silver is even more undervalued than gold and is undervalued when compared to other strategic commodities such as oil.
Silver has excellent and unchanged strong fundamentals but also the technical picture for silver is textbook bullish with a continuing series of higher highs and higher lows.
Silver remains one of the most under analysed and inaccurately analysed of all the commodity markets and this creates a huge opportunity for investors who are willing to do their own research and go against the herd. Silver remains the preserve of a tiny “hard asset” demographic and the majority of investors in the western world have not got a clue what silver is, how to invest in it and why one would invest in it, let alone what it’s price and price history is. The herd have not even considered silver yet. Incidentally the herd were wrong on the NASDAQ, on property and they will be wrong on assuming that this will be another short benign recession.
Most institutions have been bearish on silver since it was above $6 per ounce and continue to be as they fail to look at the big picture supply and demand and macroeconomic fundamentals.
Silver is currently trading at just above $18.00 per ounce. Gold Investments continue to believe that silver will surpass $25 per ounce in 2008. It will likely reach its non inflation adjusted high of $48.70 per ounce before 2012 and its inflation adjusted high (as many other commodities including oil already done) of some $130 per ounce in the next 8 years.
After healthy corrections, gold and silver are again table thumping buys. Indeed it could be argued that the fundamentals for gold and particularly silver have never been as bullish as they are today.
This is due to the myriad of real fundamental macroeconomic, systemic, geopolitical and geological factors all of which are combining into what will likely create price moves that will in time make the price moves of the 1970’s look small in comparison.
The fundamentals reasons for our very bullish outlook on silver is due to continuing and increasing global macroeconomic and geopolitical risks; silver’s historic role as money and a store of value; the declining and very small supply of silver; significant industrial demand and most importantly significant and increasing investment demand.
Gold’s sharp sell off yesterday (Gold closed at $907.40 down $18.60; Silver at $17.45 down 79 cents) has continued. Gold traded sideways in Asia before selling off again late in Asia and in early trading in Europe. Stock markets in Asia were mixed overnight but European markets have recovered from early losses and the FTSE is up nearly 0.5% in the session so far.