GoldCore Update: Vietnam Gets the Gold Bug

November 13, 2009

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.

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

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.

Also on news-goldcore-com

Videos

Patrick Karim, Charts and Gold’s Next Breakout

3 weeks ago

Gold Down $100? This Really Shouldn’t Be A Surprise

2 months ago

Expect $2,500 – $3,000 Gold In Next 12 Months

3 months ago

Blog posts

Will The Gold Price Shift As Two Great Titans Leave Us?

5 hours ago

For much of November gold has been on a tear and this week investors have sent it way up, punching past $2000. Will these giddy heights of over $2,000 be how gold chooses to see out month-end? At the time of writing we cannot be sure. Yesterday prices did soften ever so slightly but the […]

Gold, a seasonal rally and the future of money

1 week ago

Happy Thanksgiving to all of our readers. For anyone celebrating we hope you have a wonderful day and we thank you for your support this past year. Big news this week – gold hit $2,030 in intra-day trading on Tue, it didn’t hang on but it did close the day with a hefty $20 gain […]

Gold Pops as Credit Crunch Looms

2 weeks ago

The double figure pop up in gold on Tuesday was more to do with weakening of the US dollar, than rampant gold demand itself. The significant drop in the fiat currency was largely thanks to the release of October’s CPI report. Echoing that of the previous month, the report showed weaker growth and lower than […]