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GoldCore Update: Gold and Silver Set For Parabolic Move Like 1970s?
Fri, Nov 20 2009, 11:10 GMT
by GoldCore Bullion Services Team
Gold
Gold was unchanged yesterday and remained near record nominal highs as
equities fell and the dollar staged a moderate rally. Gold appears to
be attempting to consolidate at these higher levels and the unchanged
close will encourage the bulls and support is now at $1,130/oz. Gold
has moved back up to $1,144.70/oz and remains near record nominal highs
in euro and sterling - €770/oz and £690/oz.
It is interesting to note that while government mints are working flat out to provide investors with gold and silver bullion coins, the shortages and surging premiums seen in the small coin and bar market of last year are no longer to be seen. Many retail investors are under financial pressure and many have had to sell their liquid precious metal investments (including coins and bars) and some have sold as they are wary that gold is a bubble. What is interesting is that the tightness in the small bar market seen last year appears to be more evident in the large bar market with the futures market close to backwardation (spot price or price of gold and silver for immediate delivery becomes less than price of front futures contracts - for delivery at a later date).
This indicates that demand for larger bars remains immediate and substantial. This makes sense when one considers the increasing high net worth, pension fund, hedge fund, institutional and central bank demand for gold. Paul Walker, CEO of GFMS, said in September that gold was going up because of some "large lumpy transactions in a market with a degree of illiquidity." There have been many cries of wolf in recent years but this does bear monitoring and could lead to a short squeeze that could propel the precious metals into a parabolic move upwards as happened in the 1970s.
Silver
Silver has also rebounded after a bout of profit taking moving back from below $18/oz to $18.50/oz, €12,43/oz and £11.15/oz.
Platinum Group Metals
Platinum is $1,437/oz, palladium is $366/oz and rhodium is $2450/oz.
Published on Fri, Nov 20 2009, 11:10 GMT
Gold and Silver Investments Limited
| 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com
Legal disclaimer and risk disclosure
The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Gold and Silver Investments Limited, trading as Gold Investments is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.Related reports
London Gold Market Report by BullionVault.com
Fri, Nov 20 2009, 13:59 GMT
Daily US Opening News by RANsquawk
Fri, Nov 20 2009, 12:01 GMT
Gold Investments Market Update by GoldCore
Fri, Nov 20 2009, 11:10 GMT
London Bullion Report - Gold holding near high, keeps eye on dollar by The Bullion Desk
Fri, Nov 20 2009, 10:39 GMT
The Commodities Report - Gold hovers near its record levels by KBC Bank
Fri, Nov 20 2009, 09:58 GMT
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