April 2011 - GoldCore News

Secret Silver Buying by Russian Billionaire, Chinese Traders, and People’s Bank of China to Lead to Comex Silver Default?

 Gold rose to new record nominal highs at $1,540.85/oz in early Asian trading last night. Silver and gold remain very close to nominal highs today as the beleaguered US dollar remains under pressure due to ultra loose US monetary policies, deepening inflationary price pressures and concerns about the feeble economic recovery.

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Perfect Precious Metal Storm Continues – Gold Hovers Near New Nominal Highs at $1,534/oz

 Gold has risen to new record nominal highs of $1,534/oz as the dollar continues to be sold in international markets. Gold has eked out smaller gains in other fiat currencies but remains close to record nominal highs in euros, yen and pounds. Silver has risen by more than 1% in all currencies so far today.

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Gold and Silver Bubble? – Some Retail Investors Taking Profits and ETF and COT Data Suggest Otherwise

 Gold and silver are tentatively lower this morning despite the dollar and especially the yen being under pressure. The possibility of Japan being downgraded has seen the yen join the dollar under pressure and gold has risen to over 124,000 Japanese yen per ounce, some 2% below the record nominal high just over 126,000/oz.

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Gold and Silver Correction Possible but Store of Value Demand – Especially from Asia to Support

 Silver and gold are lower today after the record nominal highs seen yesterday (gold marginally and silver significantly). Gold reached $1,518.30 per troy ounce, a nominal record, while silver climbed to $49.79 per ounce, its highest nominal level since the short term parabolic spike in 1980.

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Silver Surges Over $46.25/oz as Rumours of a Short Squeeze and Cornering Market Gain Credence; Speculators Smell Blood

 Gold and silver have surged to new record nominal highs in dollar terms (all time and 31-year) with the dollar falling sharply on international markets. Silver has continued to surge in all currencies and has surged to a new record nominal high of $46.25/oz (£27.85/oz and €31.54/oz) on growing rumours of a short squeeze involving a billionaire or state interest attempting to corner the silver market (see FT news story below).

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Gold Breaches Nominal High of $1,500/oz; Inflation Adjusted High of $2,400/oz Remains Long Term Target

 Gold has breached the $1500/oz level and reached new record nominal highs at $1,505.65/oz. Since yesterday it has gradually risen in all currencies and is approaching record nominal highs in all major currencies. Gold has risen to EUR1,037/oz, GBP920/oz, AUD1,412/oz, CHF1,344/oz and JPY124,640/oz, and is now not far from recent record nominal highs of EUR1,054/oz, GBP922/oz, AUD1,440/oz, CHF1,349/oz and JPY126,000.

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Peter Whelan: Surviving in Age of High Oil Prices and Inflation

If countries are to survive in an age of increasingly unstable oil sources, they must reduce their exposure to the black stuff, writes Peter Whelan in Business & Finance magazine. Please read Peter's the article here: Surviving in Age of High Oil Prices and Inflation

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Gold’s Safe Haven Status Confirmed as “Risk Free” Status of US Sovereign Debt Questioned

 Gold and silver closed higher yesterday (+0.45% and +0.65%) after S&P, somewhat belatedly, cut its outlook for the US from stable to negative. While the move seemed to surprise some, many market participants have been warning that this was inevitable for some time.

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$1 Billion of Gold Bars Taken Delivery of by Pension Fund Due to Risk of COMEX Default and Shortages

 Concerns that the sovereign debt crisis may be entering a new phase and the risk of contagion has seen peripheral eurozone bonds fall sharply and the euro fall against major currencies and gold today.

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Gold and Silver Reach New Record Nominal Highs – Little Coverage, Bearish and Superficial Analysis

Gold and silver have reached new all-time and 31-year record highs in trading in London this morning.

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Greek 10-Year Yield Surges Over 13.2% – Euro Falls against Gold and Particularly Silver

Gold is tentatively higher against the euro but mixed against other currencies, while silver is higher again in most currencies. Both probed upward this morning and are exhibiting signs that they may push higher prior to a much anticipated correction. 

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Central Banks Favour Gold and AAA Rated Government Debt – Peripheral Eurozone Debt Cut and Reserve Currencies of EUR and USD Que

 Stocks are higher in Europe after gains in Asia despite losses on Wall Street yesterday. Gold and silver are showing tentative gains after 1% declines yesterday. Gold is particularly strong in yen terms as the yen has weakened against all 16 of its major peers (see cross currency tables). China’s yuan climbed to a 17-year high versus the dollar but is lower against the precious metals.

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Gold Over £900/oz as British Pound Falls Sharply – Soaring Inflation Sees UK Retail Sales Plunge Most on Record

 Gold is marginally lower in all currencies today, except sterling, after UK retail sales plunged the most on record in March due to deepening inflation. Consumer’s finances in the UK and internationally are being negatively impacted by food and energy inflation showing the UK’s vulnerability to a double dip recession and stagflation. Gold rose 0.5% in sterling over the £900/oz mark again.

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Silver New Record Near $42/oz – Speculative Sentiment Remains Tame and Allocations Miniscule Compared to Equity and Bond Markets

 Gold and silver rose to new record nominal highs (all time and 31-year respectively) in Asian trading overnight. Both have given up earlier gains with profit taking being cited. Cash silver surged nearly 3% in Asia to $41.9525 an ounce, a new 31 year high, before trading at $41.31 an ounce. 

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Perfect Storm for Gold & Silver – Silver Surges 6% in Week to $40.28 – GFMS Forecast $50/oz This Year

 Gold and silver reached new record all time and 31-year highs respectively again yesterday and this morning - both nominal highs. Silver has surged to a new 31-year nominal high of $40.28/oz and may now target next resistance at $50/oz - the 1980 nominal high. 

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Gold May Fall on ECB Rate Rise but Rising Interest Rates Likely to Lead to Much Higher Prices

 Gold’s two consecutive days of nominal record highs have seen some profit taking as oil is flat, the dollar is marginally higher and the euro has fallen. The ECB’s 0.25 % interest rate hike may lead to further profit taking today but rising interest rates in an increasingly inflationary environment will be positive for gold as it was from 1965 to 1981 (see charts below). 

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Surging Oil and Deepening Inflation – Gold & Silver Rise to Record Nominal Highs at $1,460.92 and $39.63

In trading in London this morning, gold reached a new record nominal high ($1,460.92/oz) and silver a new 31-year nominal high ($39.63/oz) as investors bought the precious metals to hedge deepening sovereign debt risk (in the EU but also in the US with the threat of a federal budget shutdown), geopolitical risk and deepening inflation. Brent crude reached $123.00 a barrel this morning and looks set to challenge the high seen in July 2008 of $145.49.

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JP Morgan China: China Room to Increase Gold Reserves – “Gold is Seen as an Alternative to Paper Currencies”

 Gold and silver have consolidated after yesterday’s gains although gains have been made in the Japanese yen which has fallen due to a growing realisation that the nuclear disaster is far from over and will pose massive challenges to the Japanese economy and challenges to the global economy.

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Silver Reaches New 38-Year High at $38.50/oz – Backwardation Ends But COT Data is Bullish

The positive momentum of gold and silver continue with both higher in European trade as oil prices have risen due to geopolitical tensions in oil rich nations and the euro has fallen on Eurozone debt concerns.

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