GoldCore Update: New Year Optimism Sees Markets Rise – PL & PD Surge

Gold
Gold rose 2% yesterday and reached as high as $1,128/oz overnight and has steadied near these levels since. Gold is currently trading at $1,125.00/oz and in euro and GBP terms, gold is trading at €780/oz and £702/oz respectively.

Data showing a rebound in manufacturing was greeted positively by both the equity and commodity markets (the S&P 500 rose 1.6%) and New Year optimism saw all markets rise. The weaker dollar and oil prices over $80 a barrel contributed to gold’s strength. Start of year asset allocation by funds likely also contributed to strength in the precious metal markets.

The continuation of quantitative easing and continuing record low interest rates in the US is likely to see the dollar remain under pressure (with some periods of strength and counter trend rallies) and this will likely lead to another positive year for gold. Concerns about the deteriorating public finances and government borrowing in many industrial nations could see government bond markets come under pressure and interest rates rise (as happened in the 1970s – see chart below) and this would also lead to further diversification into gold.

Silver
Silver rose 3.5% and rose to a high of $17.73 overnight. Silver is currently trading at $17.66/oz, €12.22/oz and £10.99/oz.

Platinum Group Metals
Platinum and palladium surged yesterday on increasing confidence in global economic growth and anticipation of the new platinum and palladium ETFs (ETF Securities has reported the first buyer of its platinum and palladium ETFs) which are expected to see significant investment appetite.

Platinum is trading at $1,527/oz and palladium is currently trading at $426/oz. Rhodium is at $2,650/oz.

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

Mark OByrne

Also on news-goldcore-com

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Gold and Silver Chart Analysis January 2023 with Patrick Karim

Gold, Rate Hikes and The Central Bank Illusion?

Top 5 Gold Buyers’ Motives Revealed

Blog posts

US Federal Reserve Sticks To The Script But For How Long?

Those watching the gold price and price of silver will have noticed the sharp uptick following the Federal Reserve’s announcement, yesterday. This was despite the Fed doing exactly what everyone expected them to do. For now, the Federal Reserve is sticking to its relatively well-telegraphed plan but how long will it be until they need […]

READ MORE

China and the US at sovereign debt war

US dollar hegemony has long been a standard feature of the global financial and economic system. But developments in recent years and months (weeks, even) suggests there are more than a handful of countries who are looking to rely less on the US dollar. Instead countries who have long been at the mercy of the […]

READ MORE

What happens if the debt ceiling raises

It’s that time again when the US government has to prepare itself for an internal battle to raise the debt ceiling so it can meet various obligations. This is a merry dance that has been danced before, as we mention below. For sure, every time it happens fewer and fewer people are convinced of the […]

READ MORE

Featured

The King and Queen will be Gold and Silver

READ MORE