GoldCore Update: EUR 1,000/oz Gold Likely on Eurozone Debt Concerns

Gold
Gold and silver rose yesterday but have experienced a pullback overnight (gold from $1,128.00/oz to $1,117.50/oz). Gold is currently trading at $1,118.00/oz and in euro and GBP terms, gold is trading at €768/oz and £688/oz respectively. Healthy premiums for gold show that there is robust physical demand in Vietnam and India at these price levels. The Indian central bank bought 200 metric tonnes (purchases occurred over two weeks prior to October 30th) when gold was trading between $1,030/oz and $1,070/oz and this could mean that gold will see sustained ‘dip buying’ above $1,100/oz.

The increasing risk appetite seen yesterday (on the Dubai bailout) may be challenged in the coming days by increasing Eurozone debt concerns.

The risk of the bankruptcy of Greece is a real one given the terrible state of their public finances. Some governments (such as Ireland) have taken proactive steps to rectify the sharp deterioration in the public finances but other governments have been slower to get their house in order and the risks of sovereign defaults are real. Not just from Greece but also from the Ukraine, Bulgaria, Hungary and Latvia and other Baltic states (these countries carry foreign debt that exceeds 100 percent of their GDPs). The means that gold will likely move up  in value in euro terms in the coming months.

It is worth noting that in the 1970s bull market gold surged in value in dollars, sterling and in Deutsche marks – one of the strongest currencies in the world in the 1970s. Gold traded at less than DM80/oz in 1971 and rose to over DM600/oz in 1980 and thus rose more than 7 times. Were gold to replicate such a performance which is quite possible it would rise from less than €300/oz in 2000 to over €2,100/oz in the coming years. The record nominal high in 1980 if adjusted for inflation would be the equivalent of some €2,000/oz.

Silver
Silver dipped to from $17.42/oz to $17.18/oz overnight but it has moved upward slightly since. Silver is currently trading at $17.22/oz, €11.82/oz and £10.58/oz.

Platinum Group Metals
Platinum is trading at $1,446/oz and palladium is currently trading at $366/oz. While rhodium is at $2,175/oz.

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

 

Mark OByrne

Also on news-goldcore-com

Videos

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

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

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE