Gold Investments Market Update

Gold
Gold is up in Asian trading and London trading this morning. Gold was up $17.80 to $945.10 per ounce in trading in New York yesterday and silver was up 54 cents to $18.31 per ounce. The London AM Gold Fix at 1030 GMT this morning was at $951.50, £481.04 and €595.88 (from $932.75, £472.40 and £586.27 yesterday).

It is déjà vu in the markets again today with the dollar falling to new record lows against the euro and oil surging to new record highs above $115 per barrel and gold challenging resistance at $950 per ounce. Resistance at $950 is being challenged as we predicted and a close above $950 could see us soon rechallenge the $1,000 sooner than analysts expect.

The euro hit an all-time record high of $1.5984 this morning despite record inflation in the Eurozone. The U.S. and UK economies are being hit harder than many European economies due to them being less exposed to the housing market falls and the credit crisis and due to the interest rate differential. Both the Fed and the ECB have warned overnight of the increasing risks posed by inflation.

Western economies are losing momentum due to rising average oil and food prices, falling house prices and turmoil in financial markets which will continue to underpin the gold market. In these circumstances it is absurd to suggest that gold is in a bubble despite being one of the few asset classes or commodities that is actually less than half its inflation adjusted high of 28 years ago ($2,300 per ounce).

Real diversification into non correlated assets is now more than ever essential. Risk aversion and capital preservation should remain prevalent in all investors’ minds given the unprecedented challenges facing financial markets internationally.

Support and Resistance
Support for gold is at $905 and strong support is at $880.

Silver
Silver is trading at $18.45/18.49 at 1215 GMT.

PGMs
Platinum is trading at $2060/2070 (1215 GMT).
Palladium is trading at $459/464 per ounce (1215 GMT).

Mark O'Byrne

Also on news-goldcore-com

Videos

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

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

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE