GoldCore Update: Investor Caution on Mixed Data and Macro Risks

Gold
Gold and silver rallied another 2% yesterday and gold reached as high as $1,140/oz overnight and has dropped slightly to rang trade between $1,134/oz and $1,131/oz. Gold is currently trading at $1,132.00/oz and in euro and GBP terms, gold is trading at €789/oz and £711/oz respectively.

Investors remain cautious primarily due to uncertainty with regard to the economic recovery and the long term risk posed by inflation. Oil back at 15-month highs near $83 a barrel is not assuaging inflation concerns. Also, there are concerns about sovereign default risks, renewed excessive risk taking by banks internationally and the risks posed by the shadow banking system. While increasing risk appetite has been seen recently, risk aversion  may make a return due to various macroeconomic factors and this should see gold continue to do well (in 2010).

Tomorrow’s U.S. non-farm payrolls data for December will be important in assessing the robustness of the recovery. Volatile trading could again be seen on the release of the data.

Silver
Silver had an uneventful night range trading between $18.16/oz and $18.03/oz. Silver is currently trading at $18.06/oz, €12.62/oz and £11.35/oz.

Platinum Group Metals
Platinum is trading at $1,555/oz and palladium is currently trading at $425/oz. Rhodium is at $2,750/oz.

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Mark OByrne

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