• 544 days Will The ECB Continue To Hike Rates?
  • 545 days Forbes: Aramco Remains Largest Company In The Middle East
  • 546 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 946 days Could Crypto Overtake Traditional Investment?
  • 951 days Americans Still Quitting Jobs At Record Pace
  • 953 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 956 days Is The Dollar Too Strong?
  • 956 days Big Tech Disappoints Investors on Earnings Calls
  • 957 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 959 days China Is Quietly Trying To Distance Itself From Russia
  • 959 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 963 days Crypto Investors Won Big In 2021
  • 963 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 964 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 966 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 967 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 970 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 971 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 971 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 973 days Are NFTs About To Take Over Gaming?
Gold Investments

Gold Investments

Gold Investments

Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is…

Contact Author

  1. Home
  2. Markets
  3. Other

Gold Investments Market Update

Gold

Gold closed at $872.20 in New York yesterday and was down $8.30 but silver closed at $17.07 and was up 23 cents. Both have rallied in Asia and in early European trading.

The dollar is flat after yesterday's weakness but oil is up again (another nearly 2%) after yesterday's surge and this is leading to gold buying.

Gold continues to consolidate between $850 and $950 and there appears to be very strong support at the 200 day moving average at $852 especially given the prevailing macroeconomic climate and the ever important supply/demand fundamentals (as outlined yesterday).

With Trichet pointing to higher interest rates in the Eurozone in the coming months in order to combat deepening inflation pressures, the dollar is likely to come under further pressure which bodes well for gold. Especially with inflation in the U.S. having increased to at least 4% and yet interest rates remaining near record lows at a hugely expansionary 2%. As we have stated for months, cheap money created the problem and no amount of cheap money will rectify the situation indeed it could make things considerably worse in the form of runaway inflation and stagflation.

It is difficult to fathom how anyone can construe negative real interest rates in the U.S, surging money supplies in the U.S. and internationally and printing presses in full effect globally as in any way gold bearish and shows massive myopia and or bias.

Gold's fundamentals remain as sound as ever and it will continue to outperform the majority of asset classes for the foreseeable future.

Today's Data and Influences

The eurozone economic calendar is light today, with German industrial production data the main feature.

Thus, all eyes today will be on the U.S. non-farm payrolls numbers. The consensus forecast is for a fall on the month of 58,000, though this week's ADP employment numbers and yesterday's weekly jobless claims figures were both better than had been anticipated.


http://quotes.ino.com/chart/?s=FOREX_XAUUSDO&v=d12&w=1&t=l&a=200

Silver

Silver is trading at $17.21/17.25 per ounce (1200 GMT).

PGMs

Platinum is trading at $2046/2050 per ounce (1200 GMT).
Palladium is trading at $432/437 per ounce (1200 GMT).

 

Back to homepage

Leave a comment

Leave a comment