Gold Caution has marked trading in most markets today at the start of the G20 summit in Seoul. Gold is marginally lower in dollar terms but is higher in euro terms due to sovereign debt issues in Ireland and other periphery eurozone states. Gold is also higher in yen which was have fallen sharply today prior to the G20 summit. Gold is currently trading at $1,397.05/oz, €1,017.66/oz, £869.14/oz.
Gold This morning, gold hit a new record nominal high in dollar terms at $1,398 an ounce and gold in euro terms surged to reach €1,000. A subsequent bounce in the dollar and profit taking saw gold fall from the record nominal high in dollar terms but it remains near €1,000/oz. There is increasing concern about Ireland and other periphery EU nations' worsening fiscal and economic situations and possible ramifications for the European Monetary Union and the euro. Silver has risen to over €19/oz (see Cross Currency Table below).
Gold Gold fell initially after the QE2 announcement yesterday prior to recovering and it then rose steadily in after hours Asian and again in early European trading. Gold has risen to $1,362/oz due to the dollar falling and oil and commodities rising significantly in the aftermath of the announcement of the new $600 billion of quantitative easing. Gold is currently trading at $1,362.30/oz, €957.21/oz, £843.20/oz.
Gold Gold and silver rose again yesterday with silver reaching a new nominal 30 year high. Both are higher in trading today as markets await concrete data regarding the scale of the second phase of quantitative easing. QE2 may already be priced into the markets but a smaller than expected figure could see money come off the table. A higher than expected figure could see further gains in all markets and further increase the risk of asset bubbles. Gold is currently trading at $1,355.40/oz, €966.42/oz, £841.65/oz.
Gold Gold prices are higher today as the dollar is again under pressure ahead of the US elections and the Federal Reserve's decision regarding the scale of QE2. Oil prices above $83 a barrel is supporting gold and oil prices are up 9% in the last 30 days which will contribute to increasing inflation pressures. Gold is currently trading at $1,357.30/oz, €971.72/oz, £849.96/oz.
Gold Gold and silver rose in all currencies as markets opened in Asia, prior to giving up those early gains. However, in trading in London this morning both precious metals have risen and are higher as the dollar has come under pressure again. Equity markets are mixed in Europe despite most Asian markets closing positively - except for the Nikkei which fell 0.52%.
Gold Gold is marginally lower in dollar terms and in most currencies except for the euro this morning as there are renewed budget and sovereign debt concerns in the eurozone. Peripheral sovereign bonds have fallen sharply in value (see below) - although losses were limited by rumours that the European Central Bank may have resumed bond purchases. This is leading to weakness in the euro and gold rising in euro terms as traders question whether the period ofrecent euro strength was overdone.
Gold Gold fell 1.1% yesterday and silver by 1.5% as expectations regarding the scale of QE2 were eased back to the $1 trillion to $2 trillion mark and assertions that the money printing would be done on a more gradual basis eased concerns. The dollar's weakness today is leading to tentative strength in the precious metal markets. Gold is currently trading at $1,327.95/oz, €959.02/oz, £836.02/oz.
Gold While gold fell marginally yesterday (down 30 cents) on dollar strength, silver rose by over 1% (by 28 cents to $23.81/oz) after a senior CFTC Commissioner alleged that major silver market participants were involved in manipulation and suppressing the silver price. Overnight and this morning there has been weakness in equity markets internationally and in commodity markets with suggestions that risk aversion may have picked up ahead of the FOMC decision next Wednesday.
Gold Gold is lower today as the dollar has continued to eke out gains ahead of the G20 summit where competitive currency devaluations and currency wars are set to be discussed. Gold is down 0.3% in dollars and has fallen in most currencies except for the Swiss franc which is under pressure today.
Gold The knee jerk reaction to the Chinese interest rate rise was an increase in risk aversion which saw falls in equity and commodity markets and this contributed to gold falling more than 2%. Poor earnings results also contributed to the weakness in equities. Gold's weakness was also likely due to the dollar rising and to profit taking after gold's recent gains. Support is at $1,325/oz and $1,300/oz and resistance is at $1,374/oz and the record nominal high of $1,385/oz (see chart below).
Gold Gold rose to new record nominal highs and silver to 30 year nominal highs again this morning as the dollar weakened and there were renewed concerns that large banks may have to raise more capital. Gold's rise is not solely a dollar story with gold rising to near record nominal highs even in the safe haven currencies of the yen and Swiss franc. Gold rose to 112,537 yen an ounce in trading in London this morning, the highest price since June 28. Gold is currently trading at $1,376.70/oz, €977.70/oz, £859.60/oz.
Gold Gold and silver continue to remain robust given the real concerns about the US, Eurozone and global economy. These concerns are creating doubt about the outlook for the dollar, the euro and other fiat currencies due to competitive currency devaluations and currency debasement. Gold has risen to near record nominal highs in British pounds (see chart below) and is less than 1% from a new high in dollars as the dollar has fallen again on QE2 concerns. Despite the recent rise in prices, physical demand remains robust especially in Vietnam, India and Asia.
Gold With the Federal Reserve soon to embark on QE2 and printing money and buying US bonds in a sizable way, possibly as soon as November, gold should be well supported when it does correct. As with all bull markets, gold is climbing a wall of worry with the public remaining unaware and (mainstream) media commentary sparse and skeptical. The primary trend remains up and short term pullbacks are to be expected. Gold is currently trading at $1,346.80/oz, €975.21/oz, £851.00/oz.
Gold Gold and silver's weekly gains have been pared but both remain higher for the week so far. Gold and silver fell almost 1% and 2% respectively in trading on the COMEX yesterday. They traded sideways in Asian trading and have resumed their slide in early New York trading. The dollar has bounced from record monthly lows and this is leading to some selling. Profit taking is also likely after the recent run up in price. Gold is currently trading at $1,328.80/oz, €957.28/oz, £837.48/oz.
Gold Precious metals have risen to new highs on deepening concerns about the US economy and the growing risk of currency devaluations internationally. Gold reached new nominal record highs at $1,364.77/oz and silver reached new 30 year record nominal highs at $23.52/oz. Gold is currently trading at $1,355.95/oz, €968.88/oz, £848.97/oz. Silver
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