GoldCore Update: Silver Surges and Gold Rises as Oil Hits 15-Month High

Gold
Gold rose again yesterday (marginally) and then dipped to $1,118.50/oz overnight and has recovered since. Gold is currently trading at $1,125.00/oz and in euro and GBP terms, gold has risen and is trading at €784/oz and £702/oz respectively. Gold is back above £700/oz as sterling has weakened on increasing concerns about the very large UK fiscal deficits. Gold priced in euro also remains robust as there are lingering concerns about the problems in Iceland but more importantly in Greece (not to mention Ireland and Spain).

Mixed economic data has seen mixed performance in various markets. The majority of Asian equity indices were up overnight while European indices are mostly slightly down so far this morning. Gold is being supported by oil back at a 15 month high at nearly $82 a barrel. Economic optimism has also seen copper rise to new 16-months highs and this in conjunction with the recent rise in many other commodities is supportive of gold (and silver – see below).

 

Silver
Silver fell to as low as $17.75/oz overnight but that fall was short lived. Silver is currently trading at $18.00/oz, €12.50/oz and £11.19/oz.

Silver has risen by 6.2% year to date (see performance table above) but remains well below its record recent high of $20.88/oz in March 2008. It is important to remember that this was only a recent record nominal high.

After nearly a 2 year period of correction and consolidation, silver looks set to challenge that high in the coming months. We continue to be bullish on gold but particularly on silver and believe that silver will likely surpass its non inflation adjusted high of $48.70 per ounce (in 1980) and its inflation adjusted high of some $130 per ounce in the coming years – http://www.goldcore.com/us/research/silver-set-to-soar-as-it-did-in-the-1970s/.

Platinum Group Metals
Platinum is trading at $1,540/oz and palladium is currently trading at $424/oz. Rhodium is at $2,700/oz.

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

Mark OByrne

Also on news-goldcore-com

Videos

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

Blog posts

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

READ MORE

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Episode 5 of The M3 Report with Steve St Angelo

What we can Learn from the International Gold Market

Jim Rogers Interview 2022

Blog posts

Ross Geller inspires Bank of England policy

This morning the UK pound slumped as one of the world’s oldest central banks pressed hard on the panic button. The Bank of England was seen to be shouting ‘Pivot! Pivot! Pivaat!’ as they announced they would temporarily suspend their programme to sell gilts and will instead buy long-dated bonds.  In a statement, the bank […]

READ MORE

Episode 5 of The M3 Report with Steve St Angelo

Is the energy crisis something that can be resolved? Was it always inevitable? Will renewable energy make it all OK? Are Western financial policies to blame? All this and more in today’s The M3 Report! If you’re not already subscribed to GoldCoreTV then click here right now to make sure you’re all set to watch the fifth […]

READ MORE

Brace Yourself for the Impact

Fed’s message this week – higher rates, lower economic growth, higher unemployment. The Fed hiked interest rates by 75 basis points for the third straight meeting and the statement said that the committee anticipates further increases. The Summary of Economic Projections (SEP) showed that the median projection is for a further 1.25% increase by yearend. […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE