GoldCore Precious Metals Update

July 9, 2009

Gold
Gold dipped below $904/oz overnight and is currently trading at $915.20/oz. Industrial unrest and calls for mine nationalisation in South Africa are for the moment being ignored by the markets but have the potential to create upward price pressures in both the gold and platinum markets. With growth forecasts for the global economy being revised upwards by organizations such as the IMF, gold has come under pressure in recent days. The stock markets, however, took direction from concerns that second-quarter earnings will disappoint investors and lead to the US and Asian stock markets closing down on the day. Continuing risk aversion and doubts regarding how green the so called green shoots of economic recovery are, should see gold well supported at the 200 day moving average at $888/oz. The EUR/USD remains within its current range of 1.385 – 1.4030 at 1.3980. GBP/USD is currently trading at 1.62. Gold is trading at €655/oz and £565/oz.

Silver
Silver is trading at $12.95/oz.

PGMs
Platinum trades at $1,100/oz and rhodium at $1,285/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 […]