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GoldCore Market Update
Thu, Jul 2 2009, 13:59 GMT
by GoldCore Bullion Services Team
Gold: China has requested that a new global currency be discussed at next week's Group of Eight meeting in Italy. The news sent the dollar into a downward spiral and the price of gold rallied above $940, confirming its status as a currency hedge. The dollar has strengthened slightly today resulting in a small drop off in the gold price to $926.70. China has been pushing this agenda for some time now and while the dollar is unlikely to lose its reserve currency status anytime soon – uncertainty regarding the international monetary system should result in gold remaining in strong demand.
Silver: Silver has reacted to today's dollar strength as well, dropping to £13.31.
Platinum Group Metals: Platinum peaked briefly above $1,200 before slipping back to $1,180, palladium is holding strong at $250 and rhodium has dropped back to $1,310/$1,410.
Published on Thu, Jul 2 2009, 14:00 GMT
Archive
- GoldCore Update: Gold Surges to Record Nominal Highs in USD and EUR; $1,200/oz Soon?
Published On Mon, Nov 23 2009, 11:43 GMT - GoldCore Update: Gold and Silver Set For Parabolic Move Like 1970s?
Published On Fri, Nov 20 2009, 11:10 GMT - GoldCore Update: Gold Back Near Record Nominal Highs in EUR and GBP
Published On Thu, Nov 19 2009, 12:03 GMT - GoldCore Update: Gold's New Record Nominal High - Yet Most of Investing Public and Media Remain Uninformed and Negative
Published On Wed, Nov 18 2009, 13:26 GMT - GoldCore Update: Gold to Target $1,200/oz by Year End on Central Bank Diversification?
Published On Tue, Nov 17 2009, 15:51 GMT
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