February 2011 - GoldCore News

February Sees Gold up 6% and Silver up 19% on Inflation and Escalating Geopolitical Risk

The paper-driven sell off in the gold market seen in January has been trumped by continuing robust physical demand in January and February. This has resulted in gold rising nearly 6% in February and silver’s strong industrial and investment demand leading to a 19% rise to new nominal 30-year highs.

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GoldCore Precious Metals Update, 25 February 2011

Gold and Silver Gold and silver are trading lower this morning at $1,401/oz and at $32.65/oz respectively. On the currencies, gold trades at £870/oz and €1,013/oz respectively. Silver trades at £20.31/oz and €23.66/oz. Market volatility driven by rumour and counter rumor over Gaddadfi's demise saw gold and silver fall and then reverse losses. Platinum Group Metals

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GoldCore Precious Metals Update, 24 February 2011

Gold and Silver Gold is trading higher this morning at $1,414/oz and silver is holding steady at $33.31/oz. On the currencies, gold trades at £874/oz and €1,026/oz respectively. Silver trades at £20.61/oz and €24.18/oz. Platinum Group Metals

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GoldCore Precious Metals Update, 23 February 2011

Gold and Silver The precious metals market remains steady with gold trading at $1,407/oz and Silver holding steady at $33.39/oz. On the currencies, Gold is trading at at £861/oz and €1,021.14/oz respectively, and silver is trading at £20.26 and €24.03. Platinum Group Metals Both platinum, trading at $1,795/oz, and palladium trading at $808/oz are lower from the start of the week, while rhodium remains steady at $2,400 per ounce.  

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GoldCore Precious Metals Update, 21 February 2011

Gold and Silver Today is a US holiday and gold is trading at $1,398/oz this morning but silver is the real mover with a 3.25% increase since Friday’s close, currently trading at $33.41/oz. On the currencies, gold trades up across all the majors showing £861.67/oz and €1,022/oz respectively; silver trades at £20.58/oz and €24.41/oz. Platinum Group Metals

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GoldCore Precious Metals Update, 18 February 2011

Gold and Silver Gold continues to strengthen and currently trades at $1,385/oz with silver tracking movements around the $31.73/oz level. On the currencies, gold trades at £854.29/oz and €1,021.43/oz (from the London AM Fix of $1,377.00/oz, £853.32/oz and €1,014.74/oz yesterday), and silver trades at £19.37/oz and €23.01/oz (from the London fixing yesterday of £18.99/oz and €22.59/oz respectively). Platinum Group Metals

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Surging Gold Demand a “Global Phenomenon” – Chinese Demand for Silver “Voracious”

Israeli comments led to dollar weakness and gold, silver and oil rallying yesterday. The Israeli government described the Iranian warships move into the Suez canal as a “provocation” and hinted at a possible response.

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European Sovereign Debt Crisis Deepening – Risk of Contagion and Bond Market Crash

 There is a real sense of the “calm before the storm” in markets globally. Complacency reigns, despite signs that the sovereign debt crisis in Europe is deepening and that Japanese and US bond markets also look very vulnerable due to rising inflation, very large deficits and massive public debt. 

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Precious Metals Rise Immediately on Higher than Expected UK Inflation

  Silver and particularly gold rose sharply on the release of the higher than expected UK inflation data. It showed that UK inflation quickened to 26 month highs at 4.0%. Currency debasement and higher food and energy prices are leading to an inflation surge in both developed and emerging markets.

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Silver Bullion COMEX Stocks at 4-Year Low as Backwardation Deepens

Gold and silver are higher after last week’s 1% and 3.5% gains in dollars. Silver is particularly strong again this morning and the euro has come under pressure as bonds in Ireland, Spain, Portugal and Greece continue to rise. While Asian equity markets were higher, European indices have given up early gains.

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Silver Bullion Backwardation Suggests Supply Stress

Gold and silver are higher against all currencies (except the Canadian dollar) in the wake of the worse than expected trade deficit number ($40.6 billion). Sterling and euro are particularly weak against gold and the US dollar today. 

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Silver Lease Rates Rise Sharply – Bond Yields in Portugal Rise to Record

Gold is down 0.32% against the US dollar which is higher against all major currencies today. Gold is marginally higher in euros, Swiss francs, and Aussie and Kiwi dollars. Silver is down 1% in US dollars and lower in all currencies.

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Gold at EUR1,000/oz – Strong Physical Demand Leading to Illiquid Conditions

Gold and silver are marginally lower against most currencies after yesterday’s 1% and 3% rise respectively. Gold rose above €1,000/oz again yesterday and remains just below the €1,000/oz level today despite the euro being stronger versus other currencies. Silver is back above the important $30/oz psychological level and €22/oz.

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Gold Bullion Considered as Collateral by International Clearing House – LCH.Clearnet

 Gold is higher in most currencies today except for the Aussie and Kiwi dollars; silver has risen by some 1% in US dollars and is higher against all currencies. Asian equities were mixed with the Nikkei higher (+0.41%) and the Hang Seng lower (-0.29%). European equities are mixed with tentative gains being seen in the BE 500 and the Stoxx 50.

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JP Morgan Accepts Gold Bullion as Collateral – Silver Backwardation to Lead to Short Squeeze?

 Gold is marginally lower in euro, pound and dollar terms and marginally higher in Japanese yen and Swiss francs. Silver is higher in all currencies. With gold’s 0.51% higher close last week (first rise in 5 weeks) and silver’s 4% rally, the bears will be nervous that the recent downward trend may have reversed. 

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Bernanke: “Catastrophic” Implications for U.S. Economy if $14.3 Trillion Debt Ceiling Not Raised

Gold and silver have given up a small bit of yesterday’s strong gains in all currencies (especially the euro – see chart below) but are up more than 1% and 3% respectively on the week. Asian equity indices were higher overnight and are higher for the week, except for India where there are growing concerns about surging inflation and interest rates. European indices are higher today and most are up by some 1.5% to 2% on the week – as are US indices.

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Chinese Gold Demand ‘Enormous’ and ‘Unbelievable’ – Stuns Analysts and Dealers

 The Swiss franc and the euro are weaker today and marginally lower against gold. Asian equity markets were higher (except for a 0.25% fall in the Nikkei) but European indices are more hesitant this morning. Greek, Italian and Spanish debt markets have seen yields creep slightly higher this morning.

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Gold Will Reach Unbelievable Price and Silver Will Outperform Gold – Jim Rogers

 Hopes of economic recovery swept stocks higher in New York yesterday and this confidence spread to Asian equity markets. European stocks are tentatively higher as concerns about Egypt and geopolitical risk may be hampering gains. Oil prices remain near recent record highs (brent rose above $102 a barrel) and there are hopes that geopolitical tensions will subside, markets will remain calm and there will not be panic buying of oil and a new oil crisis.

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Geopolitical Instability in Middle East – Gold Today Like Gold in the 1970s?

Spot gold and silver fell 6% and 9% respectively in January. The January price fall looks very much like another price correction and consolidation and is to be expected after the 30% rise in dollar terms seen in 2010. Absolutely nothing has changed with regard to the fundamentals of the gold and silver market and investors should use this sell off as another opportunity to diversify into the precious metals. 

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