Precious Metals Update Archives - Page 23 of 37 - GoldCore News

Silver’s 1980 Record Nominal High Targeted by Hedge Funds and Investors

Gold Gold and silver prices reached new record highs of $1,430.95/oz and 30 year highs of $30.68/oz respectively yesterday. It is important to remember that these are nominal highs of more than 30 years ago. Adjusted for inflation, the record highs are $2,300/oz and $130/oz (see silver charts below). Gold also reached new record nominal highs in sterling, euros and most major currencies yesterday on growing concerns about currency debasement. Gold is currently trading at $1,395.56/oz, €1,053.81/oz and £885.73/oz.  

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Gold Reaches New Record Nominal High at $1,428/oz on Sovereign Debt and Currency Debasement Concerns

 Gold Gold has reached new record nominal highs (in most major currencies) and silver a new 30 year nominal high due to a variety of macroeconomic and geopolitical factors. Market focus remains on the Eurozone debt crisis but has shifted somewhat to concerns about ultra loose US monetary policy and the likelihood that this will lead to a devaluation of the dollar, inflation and currency debasement. Gold is currently trading at $1,428.68/oz, €1,067.69/oz and £904.57/oz.

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Precious Metals Ready to Break out on Chinese Demand, Korean Tension and Currency Risk

Gold Gold is higher in all currencies again this morning (see Cross Currency Table below) and is heading for a second weekly gain in dollars (and other major currencies), as China's imports surged, geopolitical risk in the Korean peninsula remains elevated and uncertainty about the euro, currencies and paper assets in general is leading to continued safe haven demand. Gold is currently trading at $1,390.30/oz, €1,054.78/oz and £890.30/oz.

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China’s Gold Imports Soar by Massive 500% on Investment Demand

Gold Gold and silver are higher again today in all currencies after eking out marginal gains yesterday, when gold rose to new record nominal highs in euros and in British pounds at £895.44/oz. The weakness of sterling against gold shows that the euro and the dollar are not the only currencies about which investors are concerned. Gold at $1,391/oz remains some 2% below its record nominal high seen on the 9th of November ($1,421/oz London PM Fix) and after the recent period of consolidation looks set to challenge this level again.

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November Sees Gold Up 3% in USD and 9% in EUR and Silver Surges 14% and 22%

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Gold Over €1,056/oz on Concerns of European Contagion Spreading

Gold Concerns that the European debt crisis will spread has seen equities, bonds and the euro come under pressure and gold rise in all currencies. With the euro having fallen to 1.30 against the dollar, gold has risen to near record nominal highs over €1,056/oz. Gold is also higher in Swiss francs, Japanese yen and sterling and appears to be targeting £900/oz (GBP).

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Silver Targets $30 on Investment Demand – Risk of Contagion Increases

Gold Gold is steady in dollars and pounds but has risen again in euros as the dollar has fallen in world markets. Gold is being supported by renewed concerns of contagion in eurozone debt markets and the risk that tensions in the Korean peninsula will escalate into a war. The hesitant risk appetite of recent days has dissipated again on these concerns. This is seeing falls in equity markets internationally and gold being supported – particularly in euro terms. 

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Gold Well Below Inflation Adjusted 1980 High in Deutsche Mark

Gold Gold has remained firm despite an increase in risk appetite as seen in the bounce in equity markets in Asia and Europe so far this morning. While Korean concerns have abated for now, eurozone "peripheral" debt is under pressure again pushing spreads with bunds to, or in some cases close to, euro-era highs. The 10-year benchmark bond of Ireland is now up 6 basis points at 8.72%, while Portugal and Spain are up 7bp to 6.87% and up 11bp to 5.14%, respectively. This has seen gold remain firm in major currencies and remain near nominal highs in euros.

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Gold up in Euros and Pounds as Eurozone and North Korea Concerns Continue

Gold Gold is marginally lower in dollar terms this morning while it has risen in pounds and sharply in euro terms again to over €1,034/oz. Concerns of contagion in the eurozone are increasing and show that markets are shifting their focus from Ireland to sovereign risk in Portugal, and most worryingly Spain, as seen in record bond spreads.  Gold is currently trading at $1,374.99/oz, €1,031.50/oz, £871.68/oz.

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“Yellow Elephant in the Room” Consolidates in Cautious Trade Ahead of the G20 Summit

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.

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Gold Rises in All Currencies as Currency Devaluations Continue and Contagion Concerns Return

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World Bank Chief Calls For Return to Modified Gold Standard

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).

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Gold Higher as Risk of Competitive Currency Devaluation and Debasement Underestimated

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.

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QE2, Sovereign Debt and Chinese Demand Projected to Double in a Decade

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.

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Concerns that QE2 Will Create Virulent Inflation or Stagflation

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.

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China’s Diversification Plans and QE2 See Gold Remain Robust

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%.

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Gold Consolidates in October as QE2 and US Elections Loom

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.

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Palladium Rises on Supply and Demand Concerns as Investors See Potential for Palladium over $1,000/oz Again

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.

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Silver Robust as CFTC Commissioner Alleges Manipulation

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.

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Federal Reserve Will Target $2 to $4 Trillion in Bond Buys

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Gold steady; U.S. govt shutdown worries investors

Gold and Silver Bullion - News and Commentary Gold steady; U.S. govt shutdown worries investors (Reuters.com) Stocks Mixed, Dollar Flat With Shutdown in Focus (Bloomberg.com) Palladium flows from west to east to meet industry demand (Reuters.com) METALS START THE WEEK ON[...]

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Gold ETF Assets Climb to Highest Since 2013

Gold and Silver Bullion - News and Commentary Gold ETF Assets Climb to Highest Since 2013 (Bloomberg.com) Gold firm as dollar sinks further (Reuters.com) Australia Is Cashing In on Gold ETFs (Bloomberg.com) South Korea now requires verified ID to trade cryptocurrencies[...]

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Central Bank Of Russia Adds A Record 223 Tons Of Gold In 2017

Gold and Silver Bullion - News and Commentary Gold steady on weak dollar; stocks surge as U.S. government shutdown ends (Reuters.com) Asian Stocks Reach Fresh Record High; Oil Climbs (Bloomberg.com) U.S. Stocks Gain as Senate Votes to End Shutdown (Bloomberg.com) Demand[...]

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