GoldCore Precious Metals Update – Gold’s Record Monthly Close Is Significant from a Technical Perspective

Gold
Gold is down slightly this morning but still continuing to knock on the door and consolidating near the psychological $1,000/oz mark. The gold market will probably be relatively quiet until the release of US non- farm payroll data this afternoon.

Depending on the figures, which are expected to be quite poor, an aversion to risk should further bolster gold’s appeal. Gold’s record monthly close (COMEX close at $1,008/oz) was significant from a technical perspective and will embolden the bulls again. It is the highest monthly close in history in US dollar terms (the monthly close in January 1980 was only $668/oz – London PM Fix).

Federal Reserve chairman, Ben Bernanke’s comments regarding the risks posed by China and Russia’s proposal for a new global super currency may weigh on the dollar. He said that "it would weaken the dollar, and we would have to watch for any inflationary consequences of that." Meanwhile, European Central Bank head, Jean Claude Trichet warned that large currency fluctuations could derail economic revival. He warned that "excessive volatility" and "disorderly movement in exchange rates" would have "adverse implications for economic and financial stability."

Silver
Silver is currently trading at $16.29/oz.

Platinum group metals
Platinum is currently $1,275, palladium is $289/oz and rhodium is $1,575/$1,675/oz.

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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