Daily Market Update

GoldCore Update: Gold’s New Record Nominal High – Yet Most of Investing Public and Media Remain Uninformed and Negative

Gold
Gold reached a new record nominal high again this morning at $1,148/oz and is currently trading at $1,146/oz. In EUR and GBP terms gold has risen to €767/oz and £680/oz respectively.

Gold continues to climb a wall of worry with many analysts bearish and much of the public remaining on the sidelines due to misplaced fears that gold is another asset bubble. These fears are understandable given investors’ painful experience of the bursting of the real estate and equity bubbles, but  the fears are misplaced and come about due to a fundamental lack of knowledge of the still very strong supply and demand factors driving the gold (and silver) market. The dollar is due a short term rally but any bounce is likely to be short term in nature as the Federal Reserve remains in a ‘catch 22’ needing to raise interest rates to contain inflation in the medium and long term, and protect the dollar, but realizing that an increase in interest rates will likely snuff out the tentative economic recovery.

Silver
Silver has continued its strong recent run and touched $18.70/oz. Silver is currently trading at $18.62/oz, €12.43/oz and £11.07/oz.

Platinum Group Metals
Platinum is trading at $1,452/oz and rhodium at $2,475/oz. Palladium is currently trading at $376/oz.

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Mark OByrne

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