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GoldCore Precious Metals Update

Mon, Jul 27 2009, 11:20 GMT
by GoldCore Bullion Services Team

GoldCore  |  View company's profile


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Gold
Gold is continuing its positive momentum and hit a 7 week high of $958.40/oz earlier this morning. If it continues this positive run, all time highs are likely to be challenged when it can break through, and stay above, a major resistance of $966/oz. Any correction is expected to be short lived as continuing dollar weakness and a higher oil prices add to the positive fundamentals of gold. Gold's strength is all the more remarkable given the fact that the western consumer world has been a massive seller of gold in recent months (very significant scrap jewellery sales) and yet despite this very large increase in supply gold remains near record highs (nominally). Gold's traditionally weak period is the summer months, when market participants take holidays and physical demand slows, is coming to an end in the coming weeks and the end of the summer doldrums should see gold target the $1,000/oz mark once again.

Silver
Silver broke through the $14.00 level and went as high as $14.08. A sustained hold above $14/oz would be a positive sign for silver and could see it quickly challenge $15/oz.

Platinum group metals
Platinum closed last month at $1,206/oz and promptly fell below $1,200/oz for the whole of July. It pushed through $1,200/oz last night and briefly touched $1,209/oz before settling at $1,204/oz. Palladium seems to have stalled slightly at $256/oz and rhodium is $15,10/oz/$1,610/oz.

Published on  Mon, Jul 27 2009, 11:29 GMT


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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