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GoldCore Precious Metals Update
Tue, Jun 23 2009, 11:46 GMT
by GoldCore Bullion Services Team
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
Archive
- GoldCore Update: US Interest Rates to Remain Exremely Low for an Extended Period of Time
Published On Thu, Nov 5 2009, 14:02 GMT - Silver Set To Soar As It Did In The 1970s
Published On Wed, Nov 4 2009, 13:16 GMT - GoldCore Update: Gold's New Record Price Over $1,093/oz - $1,200/oz By Year End?
Published On Wed, Nov 4 2009, 13:10 GMT - GoldCore Update: ECB Sees Gold as Important Asset and India Buys 403 Tonnes of IMF Gold
Published On Tue, Nov 3 2009, 13:48 GMT - GoldCore Update: G20 Finance Ministers Meeting and LBMA Precious Metals Conference in Scotland
Published On Mon, Nov 2 2009, 15:10 GMT
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