Oil Spikes, Portuguese Bonds & Stocks Crash And Eurozone Debt Crisis Returns

Today’s AM fix was USD 1,246.00, EUR 962.16 and GBP 818.28 per ounce. 
Yesterday’s AM fix was USD 1,260.75, EUR 967.95 and GBP 829.93 per ounce. 

Gold fell $10.50 or 0.84% yesterday and closed at $1,242.20/oz. Silver slid to a low of $19.238 and finished down 1.33% at $19.34/oz.


Cross Currency Table – (Bloomberg)

Gold inched higher in most currencies and gained over 0.5% in euros as the Eurozone debt crisis reared its ugly head again and oil spiked over $102 a barrel.

Stocks fell around the world, led by Portugal as the nation’s 10-year bond yield surpassed 8% for the first time since November after two ministers quit the government. 

U.S. index futures declined and the FTSE and DAX were down 1.5% and 1.7% respectively.


Portuguese Government Bonds 10 Year Note – YTD 2013

Portugal’s benchmark equity gauge tumbled 7% and the 10-year bond yield surged 12% or 130 basis points to 8.02%. The Eurozone debt crisis is far from over contrary to more complacent sounds in recent months.

Greece has three days to reassure Europe and the IMF that it can deliver on conditions attached to its bailout in order to receive its next tranche of aid, four euro zone officials said on Tuesday.


Gold in Euros – 1 Year 

Gold in euros has risen 6% from a low of EUR 906/oz to EUR 963/oz. With the Eurozone debt crisis far from resolved and set to erupt again, gold could find support at these levels.

Crude oil rose above $102 a barrel due to geopolitical risk in Egypt, Turkey, Syria and Israel. Oil climbed on concern that political turmoil in Egypt will disrupt shipments in the Suez Canal.  

It is set to be a long hot summer in the Middle East. The region remains a powder keg which could go off at any moment.

There are a few potential Black Swans out there which show the importance of having an allocation to gold in an investment and savings portfolio.

NEWS
Gold inches up after Fed officials’ comments on stimulus – Reuters

Gold Swings as Investors Weigh Physical Demand Against Stimulus – Bloomberg

Gold futures log first loss in three sessions – Market Watch

Portugal 10-Year Yield Climbs Above 8% as Spanish Bonds Slide – Bloomberg

COMMENTARY
Newstalk Interview: Gold Remains Vital Diversification – Protect From Currency Devaluation and Bail-Ins – NewsTalk

Video: Now Is the Time to Buy Bullion – Bloomberg

Long Term Bullish Case For Gold – Acting Man

Gold Now Rising On A “Stairway Of Hatred” – King World News

What Happened The Last Time Gold Traded Here? – Zero Hedge

Video: COMEX Commercials Nearly Net Long Gold – GoldSeek

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Mark O'Byrne

Also on news-goldcore-com

Videos

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

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

New Russia/China Gold Backed Currency Imminent

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Blog posts

Central Banks…Why Bother?

Central banks…why bother? Inflation is here and it cannot be contained. US inflation is touching a 40-year high, the UK has hit the 40-year high, and the EU’s has already hit an all-time high. Figures of 8%, 9%, and 7% respectively are bad enough. This gives people strong enough reason to want to abolish central […]

READ MORE

New Russia/China Gold Backed Currency Imminent

We were delighted to welcome Simon Hunt to GoldCore TV this week. David Russell interviewed the expert economist and global observer to ask him about the Russia-Ukraine war, central bank tightening, and the future of the US Dollar hegemony. This is a sobering interview where investors will be interested to hear his take on market […]

READ MORE

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE