GoldCore Precious Metals Update, 25 February 2011

February 25, 2011

Gold and Silver

Gold and silver are trading lower this morning at $1,401/oz and at $32.65/oz respectively. On the currencies, gold trades at £870/oz and €1,013/oz respectively. Silver trades at £20.31/oz and €23.66/oz.

Market volatility driven by rumour and counter rumor over Gaddadfi’s demise saw gold and silver fall and then reverse losses.

Platinum Group Metals

Platinum group metals are stronger across the board with platinum trading at $1,784/oz and palladium trading at $774/oz.. Rhodium remains steady at $2,450 per ounce.

Equities

The Nikkei is up marginally at 10,526.76 and the Hang Seng is trading at 23,012.37, up 1.82%. Most European exchanges are also up slightly on previous levels – the FTSE 100 trading slightly higher at 5,934.39.

Commodities

Brent Crude is trading up at $113 per barrel. Continuing speculation that tensions in Arab states could spread further and eventually derail the slow global "recovery", have spurred western states to examine what level of intervention is need to stabilise the situation. The view that printing money via quantitative easing helped create food inflation and has thus underpinned unrest, is gaining ground.

Mark OByrne

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