Daily Market Update

GoldCore Update: Gold Surges to Record Nominal Highs in USD and EUR; $1,200/oz Soon?

Gold
Gold has rallied to new record nominal highs in dollars with geopolitical concerns about Iran escalating and the dollar falling again. Possibly of more importance are increasing concerns about the unprecedented and huge public debt levels in large industrialised nations and the as of yet remote possibility of sovereign default (there are concerns that sovereign default could, like subprime, be the catalyst for the next stage in the global financial crisis).

Gold has risen and is trading at $1,166/oz, £701/oz and €776/oz respectively. Thus gold is rising to near record highs in all major currencies and is at new record highs in sterling and is very close to them in euro terms as well (gold’s record nominal high in euro was €782/oz and in sterling it is £690/oz – London PM Fix on 20/02/09).

Options expiry in gold today sees some very large call positions in December US$1200 indicating that big money sees gold at $1,200/oz sooner rather than later. The psychological $1,200/oz seems very likely before year end. New levels of resistance are $1,176/oz and $1,200/oz and support at $1,145/oz. Gold continues to look good both technically and fundamentally.

 

Silver
Silver is currently trading at $18.80/oz, £11.30/oz and €12.56/oz. Silver rose by over 6% last week and was one of the top performing assets. It remains less than half of its nominal record price in 1980 and remains very undervalued from a historical basis (see our recent research article on silver – http://www.goldcore.com/us/research/silver-set-to-soar-as-it-did-in-the-1970s/).

Platinum Group Metals
Platinum is $1,468/oz, palladium is $371/oz and rhodium is $2,600/$2,700/oz.

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

Mark OByrne

Read more...
Category
Archives
Popular

Gold’s Time Is Nigh

Gold and Silver Bullion - News and Commentary Gold little changed amid firm dollar (Reuters.com) Bitcoin Futures Trading Brings Crypto Into Mainstream (Reuters.com) Bitcoin exchange warns customers of system collapse if prices crash (CityAM.com) Investors Told to Brace for Steepest Rate[...]

READ MORE

98,750,067,000,000 Reasons to Be Worried About 2018

Gold and Silver Bullion - News and Commentary Gold inches up from near five-month low ahead of Fed meeting (Reuters.com) Gold slightly higher ahead of Fed meeting (Reuters.com) Asia shares take breather, Brent oil breaks above $65 (Reuters.com) Asia Stocks Mixed[...]

READ MORE

Gold and Silver Bullion – News and Prices

Gold and Silver Bullion - News and Commentary Asian Stocks Fall as Miners Decline; Yen Gains (Bloomberg.com) Gold prices ease despite slightly weaker dollar (Reuters.com) Bitcoin Hits New All-Time High Above $12,250 (GoldSeek.com) Don’t Expect Gold to Go Wild Next Year[...]

READ MORE