Yesterday’s comments by Russian President Dmitry Medvedev at the BRIC summit, calling upon the International Monetary Fund (IMF) to expand the currency basket of Special Drawing Rights to include the Chinese yuan, commodity currencies and gold in order that it matures into a reserve currency, is positive for gold as it shows how gold is again being viewed as an important monetary asset.
Gold is currently trading at $930.40/€672 and £571.
Silver prices dropped to a one month low today as a result of continuing dollar strength and mirroring gold’s current losses. Silver is currently trading at $14.12 down 0.14%/£8.69 down 0.5% and €10.21 up 0.3%.
Platinum Group Metals:
The PGMs had found good support at $1205 and $240 respectively but platinum dipped below $1,200 momentarily before recovering back to $1,205. There still seems to be physical interest at these levels. Technically the precious metals look to have held for now and with any further dollar weakness, confidence in higher prices will build. Last rhodium is $1425/1525.