Gold Up 0.7% to New Record Highs – 2% Below the $1,300/oz Level

Gold

Gold and silver have risen to new record highs and new multiyear highs respectively as investors are becoming increasingly concerned about the health of the eurozone financial system and the fragility of the recent economic recovery. Both are higher against all major currencies this morning (see Cross Currency Table) as the precious metals’ safe haven credentials are being increasingly respected. Stocks have fallen for a third day in Europe, and US futures declined as an unexpected drop in UK retail sales revived concerns that the economic recovery is stalling.

Gold is currently trading at $1,276.65/oz, €975.81/oz, £818.00/oz.

Gold is currently heading for a higher weekly close which will negate last week’s lower close and in conjunction with the record highs should see the primary upward trend reasserted again. Gold rising to $1,300/oz looks increasingly likely and we are only 2% below that level now. Once $1,300/oz is breached, gold could experience a pullback and consolidation.

Another sign that the US economy maybe deteriorating was seen in the housing data which showed that lenders took back more homes in August than in any month since the start of the US mortgage crisis. There is plenty of data data in the US with PPI (wholesale inflation), jobless claims, TIC flows and the Philly manufacturing index to come. Further poor data, particularly with regard to inflation, should lead to continuing safe haven demand for gold.

Greece has ruled out the possibility of a debt default but markets are yet to be convinced and the spreads on peripheral bond markets are rising again suggesting continuing concerns about sovereign solvency issues in the eurozone.

Silver

Silver is currently trading at $20.67/oz, €15.80/oz and £13.24/oz.

Platinum Group Metals

Platinum is trading at $1,605.75/oz, palladium is at $561/oz and rhodium is at $2,050/oz.

Mark OByrne

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