• 400 days Will The ECB Continue To Hike Rates?
  • 400 days Forbes: Aramco Remains Largest Company In The Middle East
  • 402 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 802 days Could Crypto Overtake Traditional Investment?
  • 806 days Americans Still Quitting Jobs At Record Pace
  • 808 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 811 days Is The Dollar Too Strong?
  • 812 days Big Tech Disappoints Investors on Earnings Calls
  • 813 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 814 days China Is Quietly Trying To Distance Itself From Russia
  • 815 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 819 days Crypto Investors Won Big In 2021
  • 819 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 820 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 822 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 822 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 826 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 826 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 827 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 829 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Gold Rises in Major Currencies

Weekly Markets
Precious Metals - EUR/Gold, Gartman, UBS & HSBC
Oil - Up nearly 20% in 2 weeks & Henry Kissinger
Commodities - Jim Rogers on Commodities
Currencies - Euro referendum effects exaggerated?
Bonds - Greenspan's 'conundrum' continues
Stocks - Flat for the week

Weekly Commentary
International Property as 'Diversification'
Real Diversification in Gold &
Optimal Asset Allocation

Opinions
Julian Robertson interviewed on CNBC
Our Unbalanced Global Economy

Performance ( % Change)
   Current Level   5 Days   1 Year   5 Year 
Gold 423.10  +0.9%  +9.1%  +55.5% 
Silver 7.49  +3.0%  +31.2%  +53.2% 
S&P 1,196.02  -0.2%  +6.7%  -15.9% 
Nasdaq 2,071.43  -0.2%  +5.7%  -40.1% 
ISEQ 6,294.07  +1.1%  +20.5%  +25.4% 
FTSE 4,999.40  +0.3%  +13.0%  -21.4% 
USD/EUR 0.8147  +1.9%  -0.4%  -24.3% 
OIL (Nymex) 55.03  +6.1%  +40.1%  +81.3 

Weekly Markets

Stock markets were largely down for the week.
Bond markets rallied with a corresponding drop in yields.
Precious metals and commodities were up and oil significantly.

Precious Metals

Gold was up $3.80 or 0.91% for the week. It closed at $423.10 per ounce.

Silver continued to rally and was up from $7.27 to $7.49 per ounce or 3.03% for the week and just off 2 and ½ month highs.

Platinum (July) was up more than 1%, finishing at $874 from $863 per ounce

Palladium (June) was largely unchanged at $184.35 per ounce.


World Gold Council

Once again investment analyst Dennis Gartman, author of 'The Gartman Letter' and frequent contributor on CNBC and Bloomberg, has nailed his colours to the mast regarding his belief that gold is now in a long term bull market in all currencies. This is significant as Gartman is no 'goldbug'. In fact he is the darling of Wall Street and is highly respected and followed by large hedge funds and financial institutions.

Gartman is bullish on gold especially in Euro terms: "Despite our antipathy to the arguments put forth by the "Gold bugs," for once they may be right. Gold is becoming a currency once again . . . if one is now suspect of owning the EUR then one is left to own the only other real source of international liquidity, gold. We are not happy with this reality, for as our clients know all too well, we do not like the Gold Bugs for we find their conspiratorialist philosophies anathema; but for now, they have the trend right and they've the trading wind at their backs. Should gold in EUR terms trade above EUR 337 for an hour or two or three we'll almost certainly add to the position."

Gold did close above EUR337 and indeed is now challenging multi year resistance at EUR350.

In order to read the complete newsletter please click here or on
Gold Investments Weekly Newsletter - Gold Rises in Major Currencies

Back to homepage

Leave a comment

Leave a comment