Euro, Iran and Asian New Year Buying Fuels Gold

Gold is trading at USD 1,612.90, EUR 1,256.10, GBP 1,037.30, CHF 1,530.40, JPY 123,934 and AUD 1,573. per ounce.

Gold’s London AM fix this morning was USD 1,614.50, GBP 1,038.33, and EUR 1,256.32 per ounce.

Yesterday’s AM fix was USD 1,603.00, GBP 1,024.28, and EUR 1,229.96 per ounce.


Cross Currency Rates

The fifth day of price rises is the longest rally we’ve seen in two months. Concerns about the solvency of European banks and sovereigns is overcoming the ‘risk on’ appetite of late 2011 and early 2012. The euro has fallen to 1.2840 USD and to €1,256/oz.

Growing tensions with Iran including the European Union’s preliminary agreement to ban Iranian oil, will fuel gold’s  safe haven status for investors.

Gold is trying to consolidate above psychological levels of $1,600/oz, £1,000 and €1,200/oz. The 200 day moving average is $1,631.60 which remains resistance. The intraday high hit $1,624.66, was gold’s highest price since December 21.

We expect gold demand to pick up ahead of the Chinese Lunar New Year, The Year of the Dragon, which begins on January 23.

 

SILVER 
Silver is trading at $29.04/oz, €22.61/oz and £18.67/oz 

PLATINUM GROUP METALS 
Platinum is trading at $1,409.50/oz, palladium at $640.00/oz and rhodium at $1,425/oz.

NEWS
(Business Week)
Gold Gains as Physical Asian Demand Offsets Sales After Rally

(Reuters) 
Gold up on seasonal China buying; Iran eyed

(Reuters) 
Gold jumps after preliminary EU deal on Iran oil ban

(Wall Street Journal)
PIMCO’s Gross: Gold is pricey but has room to rise if Fed stimulates more

COMMENTARY
(The Washington Post)
O’Byrne Says $2400 Gold `Quite Likely’ in Coming Years‎

(Wall Street Journal) 
Academics Say Gold Bulls "Driven By Emotions"

(Jim Sinclair’s Mineset)
Negativity In Gold Reaches Epic Levels

(King World News) 
John Embry – Gold Will Not Trade Below $1,500 Ever Again

(The Christian Science Monitor) 
Are gold prices dropping for good?

(Bloomberg)
`Currency Wars’ Will Be `More Brutal’ in 2012

TWITTER 
-Soros: Euro Failure Would Have ‘Catastrophic’ Impact – Bloomberg
-Soros: Possibility of Euro Failure Being Priced in By Markets – Bloomberg
-Gold Climbs For Fifth Day. Good Time to Diversify For Volatile 2012
-Gold’s ‘Bear Run’ Since August Has Ended, Gartman Says – Bloomberg
-Gold Consolidating Above $1,600/oz, £1,000/oz & €1,200/oz
-$15,222,940,045,451.09 (+) #nationaldebt

GoldCore Announcement
Our daily Market Update will be of a shorter duration going forward and we will be introducing a new more comprehensive Weekly Review which will be sent to clients, websites and media every Friday afternoon.

Mark O'Byrne

Also on news-goldcore-com

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE