GoldCore Update: Gold Surges on Higher Oil and Lower Dollar

Gold
Gold surged on the open in Asia and has range traded between $1,152/oz and $1,159/oz overnight and it has moved upwards in late morning London trading. Gold is currently trading at $1,157.00/oz and in euro and GBP terms, gold is trading at €796/oz and £717/oz respectively. $1,200/oz gold looks like it could be challenged again this week.

The positive economic news out of China following the poor US jobs number on Friday led to a surge in the oil and commodity prices and a fall in the dollar and this led to gold’s strength (surged $24). China’s commodity imports were larger than expected and this in conjunction with the cold weather in much of the northern hemisphere led to higher oil prices, contributing to gold’s strength.

The health of consumers over the Christmas period will be monitored in retail sales data (UK and US) released this week and poor figures could see further risk aversion and a safe haven bid for gold. The US trade deficit is expected to have widened to a still significant $34.6 billion which should make dollar bulls pause for thought.

The euro may come under further pressure due to the risk of further sovereign credit rating downgrades  – with Portugal following hot on the heels of Ireland, Spain and Greece as the latest country to have its deteriorating  public finances come under the spotlight.

Competitive currency devaluations continue with Venezuela significantly devaluing the bolivar in order to boost competitiveness. Chavez, like many international leaders, is adopting the classic short term panacea of a mismanaged nation – inflation of the currency.

Silver
Silver range traded between $18.72/oz and $18.82/oz overnight. Silver is currently trading at $18.78/oz, €12.91/oz and £11.62/oz.

Platinum Group Metals
Platinum is trading at $1,578/oz and palladium is currently trading at $431/oz. Rhodium is at $2,750/oz.

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

Mark OByrne

Also on news-goldcore-com

Videos

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Blog posts

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

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

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Blog posts

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE