GoldCore Update: Markets Await Bernanke Re-Nomination

Gold
Gold is trading at $1,102/oz. In euro and GBP terms gold is trading at €777/oz and £682/oz. Support for gold is currently seen at $1,076/oz and resistance at $1,115/oz. Some calm has returned to markets in Europe after the sell off on Wall Street Friday and in Asia overnight.

The re-emergence of risk aversion seen last week is being blamed on President Obama’s proposals to reform the US banking system. While this is undoubtedly a factor in the increased volatility and falling prices seen in some markets – other important factors were disappointing earnings reports (overnight Swedish telecom giant Ericsson’s announced net profits fell by 92% in the fourth quarter), Chinese monetary tightening concerns and continuing sovereign debt risk. An additional important factor was the uncertainty regarding Ben Bernanke’s re-nomination as Federal Reserve Chairman.

Bernanke looks likely to be re-confirmed in tomorrow’s Senate vote despite growing opposition. Any surprise would likely see a marked increase in risk aversion and equity markets and the dollar coming under pressure again – thus providing support for gold. There would appear to be strong support near the $1,080/oz mark with buyers emerging on this latest dip below $1,100/oz.

Silver
Silver is trading at $17.17/oz In euro and GBP terms silver is trading at €12.11/oz and £10.62/oz.

Platinum Group Metals
Platinum is trading at $1,544/oz while rhodium and palladium are trading at $2,475/oz and $440/oz respectively.

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Mark OByrne

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