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GoldCore Precious Metals Update
Tue, Jun 23 2009, 11:46 GMT
by GoldCore Bullion Services Team
GoldCore | View company's profile
Gold
The continued pressure of a strong dollar saw gold fall yesterday as it technically broke through the trend-line of $934. Despite equity weakness, gold remains heavy. A move lower in the short term would seem likely. However, with the gold/silver ratio of 68.7, a 1st quarter low, this downward trend may soon be capped and a bounce back to all time highs in July may be possible. It has gained slightly this morning and is currently trading at $920.34.
Due to this price breakdown, gold ETFs saw net inflows for the first time in 3 months.
Although this could be a bearish signal for the very short term, the massive economic stimulus packages and government deficits in the UK, the US and internationally should mean gold continues to receive a safe haven bid. Furthermore, the continued printing of money by governments trying to inflate their way out of debt means the reason to invest in gold as a hedge against inflation is more pertinent than ever.
Silver
Silver is following gold and is currently trading at $13.75. The 100 day trend line is $13.58 but given the current pressure on the metal, a move lower to $13.10 is possible.
Platinum Group Metals
Platinum has gained $7 today after dropping by almost $40 yesterday, breaking through lows not seen since October 08. Currently trading at $1167, look for support at $1130.
Palladium has followed platinum but is holding firm at $230.
Rhodium had a $100 downward move, currently trading on a bid/offer of $1350/$1450.
Published on Tue, Jun 23 2009, 11:47 GMT
Gold and Silver Investments Limited
| 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com
Archive
- GoldCore Update: Sterling Gold Near Record Highs as Election Looms and Economic Outlook Uncertain
Published On Fri, Mar 19 2010, 14:28 GMT - GoldCore Update: Gold Volatile on Weaker Euro and Renewed Greek Concerns
Published On Fri, Mar 19 2010, 09:58 GMT - GoldCore Update: Federal Reserve Rising Interest Rates Positive for Gold?
Published On Tue, Mar 16 2010, 13:51 GMT - Gold Supported by Geopolitical and Sovereign Risk as S&P and Moodys Warn US
Published On Mon, Mar 15 2010, 15:31 GMT - Gold Technicals: Weekly Loss Will be Bearish But Fundamentals Remain Positive
Published On Fri, Mar 12 2010, 12:22 GMT
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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.Interested in forex trading? forex brokerage firms!
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