GoldCore Update: Vietnam Gets the Gold Bug

Gold
Gold pulled back from its record nominal high of $1,123/oz yesterday, as a stronger dollar initiated a bout of profit taking. It is currently trading at $1,108/oz. In the short term, a first stop for support should be sought at $1,098/oz and a resistance of $1119/oz.

In the longer term, the news that Vietnam has lifted its ban on gold imports will add fresh impetus and demand into a historically pro-gold region. Even with this bout of profit taking, a volatile dollar combined with the possibility of rampant inflation due to imprudent fiscal policy, gold should hold above the $1,000/oz level, gather fresh investors and continue its bull run.

Silver
Silver is currently trading at $17.33/oz, with resistance at $17.59/oz and support at $17.07/oz.

Platinum Group Metals
Platinum is trading at $1,361/oz, palladium is $352/oz and rhodium $2,050/oz.

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Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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