GoldCore Update: Christmas and Chinese New Year Makes December a Good Month for Gold

Gold
Gold reached a new nominal high overnight of $1,226/oz. Gold is currently trading at $1,218.40/oz and in euro and sterling terms, gold is trading at €807/oz and £732/oz respectively.

Gold may be overbought in the short term but in bull markets with strong fundamentals, markets can remain overbought for long periods of time as was seen in the 1970s. There are many institutional and central bank buyers on the sidelines at these prices but they will provide strong support with many waiting to buy on the dips. The recent sanguine reaction of markets to the Dubai default and buoyancy in equity markets has led to leveraged players returning to the futures market and this in conjunction with the strong physical demand from more risk averse investors and central banks means that there will likely be more diversification into gold in 2010.

December is seasonally a strong month for gold with jewellery demand for Christmas and then the increasingly important Chinese New Year demand and this means that any price correction is likely to be reasonably shallow. However, volatility may likely increase and a pullback of some 10% is quite possible.

Silver
Silver went as high as $19.38/oz overnight but it has experienced a slight pullback this morning. Silver is currently trading at $19.22/oz, €12.72/oz and £11.53/oz.

Platinum Group Metals
Platinum is trading at $1,502/oz and palladium is currently trading at $394/oz. While rhodium is at $2,625/oz.

Find out First – Register Now For GoldCore’s Exclusive Market Updates

Mark OByrne

Also on news-goldcore-com

Videos

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

US CPI Data Release Update

Blog posts

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

What we can Learn from the International Gold Market

Today’s guest on GoldCore TV thinks it’s very likely that in the next ten years we will be moving onto a new gold standard. It is of course, not uncommon for gold market commentators to say something along these lines. But Jan Nieuwenhuijs is a gold analyst, who is bringing the chat around gold demand […]

READ MORE

Jim Rogers Interview 2022

We last spoke to Jim Rogers way back in January. He told us then that we were set to see the ‘worst bear market’ in his ‘lifetime’.  Since then, a lot has changed. Russia has invaded Ukraine, inflation has gone on a tear, Europe is facing a major energy crisis and the US has been […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

US CPI Data Release Update

Blog posts

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

What we can Learn from the International Gold Market

Today’s guest on GoldCore TV thinks it’s very likely that in the next ten years we will be moving onto a new gold standard. It is of course, not uncommon for gold market commentators to say something along these lines. But Jan Nieuwenhuijs is a gold analyst, who is bringing the chat around gold demand […]

READ MORE

Jim Rogers Interview 2022

We last spoke to Jim Rogers way back in January. He told us then that we were set to see the ‘worst bear market’ in his ‘lifetime’.  Since then, a lot has changed. Russia has invaded Ukraine, inflation has gone on a tear, Europe is facing a major energy crisis and the US has been […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE