GoldCore Precious Metals Update

August 13, 2009

Gold
With the Federal Open Market Committee (FOMC) stating that they are going to keep US interest rates at a low level and continue quantitative easing, the dollar is under fire today. It has slipped against the six major currency pairs and gold is taking up the slack. In the meantime, gold has pared back some of its early week losses and is currently trading at $953/oz, up from a low of $941/oz yesterday. The US dollar Index has fallen to 78.69 and the next level of support is 77.50 and then 76.0. Should the dollar fall below 76.0 we could see a further dollar decline back to the record low of 71.33 in April 2008. However, we could see another dollar rally prior to a further decline in its value.

Silver
Silver has also rebounded and is already up $0.21/oz this morning. It is currently trading at $14.74/oz.

Platinum Group Metals
Platinum is currently trading at $1,257/oz, palladium has moved up slightly to $270/oz and rhodium is $1,625/1,725/oz.

Mark OByrne

Also on news-goldcore-com

Videos

Patrick Karim, Charts and Gold’s Next Breakout

3 weeks ago

Gold Down $100? This Really Shouldn’t Be A Surprise

2 months ago

Expect $2,500 – $3,000 Gold In Next 12 Months

3 months ago

Blog posts

Gold, a seasonal rally and the future of money

7 days ago

Happy Thanksgiving to all of our readers. For anyone celebrating we hope you have a wonderful day and we thank you for your support this past year. Big news this week – gold hit $2,030 in intra-day trading on Tue, it didn’t hang on but it did close the day with a hefty $20 gain […]

Gold Pops as Credit Crunch Looms

2 weeks ago

The double figure pop up in gold on Tuesday was more to do with weakening of the US dollar, than rampant gold demand itself. The significant drop in the fiat currency was largely thanks to the release of October’s CPI report. Echoing that of the previous month, the report showed weaker growth and lower than […]

Patrick Karim, Charts and Gold’s Next Breakout

3 weeks ago

I have heard it said that technical analysis is “Astrology for Men”, the inference being that it’s got about as much use as arguing something will happen to the markets because the stars say it will. Keen to dispel this myth, I decided to chat with chart expert Patrick Karim so we could explain exactly […]