GoldCore Precious Metals Update

Gold
Gold is continuing its positive momentum and hit a 7 week high of $958.40/oz earlier this morning. If it continues this positive run, all time highs are likely to be challenged when it can break through, and stay above, a major resistance of $966/oz. Any correction is expected to be short lived as continuing dollar weakness and a higher oil prices add to the positive fundamentals of gold. Gold’s strength is all the more remarkable given the fact that the western consumer world has been a massive seller of gold in recent months (very significant scrap jewellery sales) and yet despite this very large increase in supply gold remains near record highs (nominally). Gold’s traditionally weak period is the summer months, when market participants take holidays and physical demand slows, is coming to an end in the coming weeks and the end of the summer doldrums should see gold target the $1,000/oz mark once again.

Silver
Silver broke through the $14.00 level and went as high as $14.08. A sustained hold above $14/oz would be a positive sign for silver and could see it quickly challenge $15/oz.

Platinum group metals
Platinum closed last month at $1,206/oz and promptly fell below $1,200/oz for the whole of July. It pushed through $1,200/oz last night and briefly touched $1,209/oz before settling at $1,204/oz. Palladium seems to have stalled slightly at $256/oz and rhodium is $15,10/oz/$1,610/oz.

Mark OByrne

Also on news-goldcore-com

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Gold and Silver Chart Analysis January 2023 with Patrick Karim

This week we bring you some silver candlesticks. Sadly not the nice shiny ones your grandmother left you, no these are much more useful. We’re talking about candlesticks on charts and what they can tell us about both the gold and silver price in the coming weeks.  Patrick Karim of NorthStarBadCharts.com joined us over on […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Gold and Silver Chart Analysis January 2023 with Patrick Karim

This week we bring you some silver candlesticks. Sadly not the nice shiny ones your grandmother left you, no these are much more useful. We’re talking about candlesticks on charts and what they can tell us about both the gold and silver price in the coming weeks.  Patrick Karim of NorthStarBadCharts.com joined us over on […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE