GoldCore Update: Gold $1,200 – Gold and Silver Up 13% and 14% in November

Gold
Gold traded between $1,177/oz and $1,187 overnight and has continued its move upward this morning and reached $1,199.22/oz a new record nominal high – a fraction away from the psychological $1,200/oz. Gold is currently trading at $1,197/oz and in euro and sterling terms, it is trading at €793/oz and £722/oz respectively, near record nominal highs in both currencies. Gold rose by 14% in sterling terms in November and by 10.6% in euro terms. Gold is also at record highs in Swiss francs showing that it is not solely concerns about the dollar that is leading to higher gold prices. Rather it is concerns about currencies in general and the effect that the crisis will have on the monetary system.

The crisis in Dubai has led to mixed messages from the markets with equity markets remaining buoyant while the dollar has fallen and gold rallied again. Many market participants remain complacent about the serious and possibly systemic nature of the Dubai sovereign default and the risk of other sovereign defaults (including of European monetary union member Greece). These real risks will lead to further safe haven demand for gold – particularly from strong hand long term buyers such as pension funds and creditor nation central banks.

The recent sell off was fast and steep (some $50 in one day) and was needed to correct the overbought state of the gold market and shake out the weak hands. This has happened and could set the stage for further gains with $1,250/oz now a viable price target for year end. However, with gold having returned 13% in November, it is quite possible that further consolidation is needed in the $1,100s prior to forays into the unknown territory over $1,200 per ounce.

Silver
Silver traded around the $18.50/oz range overnight and it has also experienced an increase this morning. Silver is currently trading at $18.75/oz, €12.43/oz and £11.33/oz.

Silver rose by over 14% in November and was one of the top performing assets. It remains less than half of its nominal record price in 1980 and very undervalued from a historical basis (see our recent research article on silver – http://www.goldcore.com/research/silver-set-soar-it-did-1970s.

Platinum Group Metals
Platinum is currently trading at $1,460/oz with palladium at $370/oz and rhodium at $2,800/oz.

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

Mark OByrne

Also on news-goldcore-com

Videos

New Russia/China Gold Backed Currency Imminent

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

Blog posts

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

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

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

New Russia/China Gold Backed Currency Imminent

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

Blog posts

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

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

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE