GoldCore Update: UK Economy Struggling – Sterling Gold Testing Resistance at £700/oz

Gold
Gold closed higher in New York yesterday at $1,096.85/oz. It rose overnight in Asia to over $1,103/oz prior to giving up those gains and moving downward slowly. Gold is currently trading at $1,091.00/oz and in euro and GBP terms, gold is trading at €775/oz and £674/oz respectively.

Risk aversion remains in place with renewed concerns about the effects of the Chinese monetary tightening and the ramifications for the Chinese and global economy. Any renewed uncertainty regarding the Bernanke’s reappointment could see even more risk aversion and investors seeking safe havens.

Britain barely scraped out of recession in the fourth quarter of 2009, but only just and with a far weaker growth rate (+0.1%) than expected. With growing inflationary pressures the Bank of England has the dilemma of needing to increase interest rates to protect sterling and prevent an inflationary spiral while at the same time increased interest rates might snuff out an already tentative recovery. The Federal Reserve and many other central banks face similar dilemmas. Savers will need to be incentivised to hold cash by interest rates closer to the long term average of 7%. For the time being savers are being penalised by zero percent interest policies which continue to make gold an attractive diversification.

Silver
Silver began the night at $17.06/oz but it has slipped slightly since. Silver is currently trading at $16.88/oz, €11.98/oz and £10.41/oz.

Platinum Group Metals
Platinum is trading at $1,530/oz and palladium is currently trading at $435/oz. Rhodium is at $2,550/oz.

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

Mark OByrne

Also on news-goldcore-com

Videos

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

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

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

Exclusive preview of interview with Rick Rule

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Episode 5 of The M3 Report with Steve St Angelo

Blog posts

Exclusive preview of interview with Rick Rule

What do: Ron Paul Mike Tyson  A fart in an elevator  President Paul Kagame of Rwanda …have in common? They are all featured in this week’s The M3 Report, your show for all things Metals, Markets and Money. This is our sixth episode of the hit show. Subscribe now, to be sure not to miss it.  […]

READ MORE

Ed Steer Gold And Silver – We Ain’t Seen Nothing Yet!

Our guest this week is Ed Steer, expert gold and market analyst and author of the Gold & Silver Digest. We invited Ed onto GoldCore TV to get his take on what is concerning him most in financial markets, movements in SLV and sanctions against Russia. He also draws our attention to central bank purchases […]

READ MORE

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

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE