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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The growing realisation that the risk of contagion is real and not going to go away anytime soon, is leading to sustained safe haven demand.

While investment demand remains robust, the claim that investors are "piling into" gold remains unsubstantiated and erroneous. Even today only a small percentage of investors and savers internationally have any allocation to gold whatsoever – let alone being overweight gold. Indeed, far from piling into gold, many existing clients have taken profits on a part of their overall precious metal allocation in recent weeks. New high net worth clients, far from piling in, are judiciously gradually assuming positions and buying on dips.

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Most pension funds internationally do not have any allocation to gold whatsoever – particularly in the UK and US markets. Pension funds’ bias and overweight holdings of equities has led to poor performance in recent years. Gold is again being considered by pension funds and some have realised the diversification benefits of gold – it remains a small allocation of a minority of pension funds.

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Many market participants are now expecting a pullback and as ever the market may continue to surprise participants. Especially as competitive currency devaluations look set to continue and the scale of fiat currency debasement being seen today has not been seen before in modern history.

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Silver

Silver is currently trading $27.40/oz, €20.55/oz and £17.37/oz respectively.

Platinum Group Metals

Platinum is currently trading at $1,656.50/oz and palladium is at $689.00/oz. Rhodium is trading at $2,300/oz.

Mark OByrne

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