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GoldCore Precious Metals Update

Thu, Jun 25 2009, 14:20 GMT
by GoldCore Bullion Services Team

GoldCore


Gold
Gold is trading at $933.50 and remains subdued overall. Near term resistance and support are currently $944 and $913 respectively. Direction may be poised to come from EUR/USD moves and the EUR/USD is maintaining equilibrium despite a positive world economic outlook from the OECD. This positive news is paired against continuing geo-political risk and negative USD comments overnight from a senior Chinese official. The Head of the Economics Department of the ruling Communist Party research office said that “The US is printing dollars on a massive scale, and in view of that trend, according to the laws of economics, there is no doubt that the dollar will fall. So gold should be a better choice”. Reuters reported his comments "If the yuan should go international or become a reserve currency, China needs more gold to back that." These comments are bullish of gold's medium term prospects. Meanwhile in Europe, in a move to resuscitate the credit markets the ECB pumped a record €442.2bln into the Eurozone banking system in its first ever offer of unlimited one-year funds. This is also positive for gold in the medium term.

Silver
Silver is currently trading at $13.88 and resistance and support remain at $14.13 and $13.63.

PGMs
Platinum trading at $1,173, Palladium at $ 234.00 and Rhodium at $1,225.00.

Published on  Thu, Jun 25 2009, 14:21 GMT


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Gold and Silver Investments Limited  | 63 Fitzwilliam Square, Dublin 2, Ireland
http://www.goldcore.com | info@goldcore.com

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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.

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