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GoldCore Update: Tudor Jones Joins Soros, Rogers, Einhorn and Paulson as Long Term Gold Bull
Fri, Oct 30 2009, 12:00 GMT
by GoldCore Bullion Services Team
Gold
Gold is trading at $1.043/oz and traded in a $22 range over the last 24 hours, hitting a low of $1,026/oz yesterday morning.
Gold then rallied strongly and closed at $1,046.40/oz and has maintained yesterday’s gains in Asian and European trading. Some of the short term frothy excess has been removed from the market and the selloff has seen physical buyers in India return to buying for the wedding season.
The medium to long term fundamentals remain favourable and the news that influential and respected hedge fund manager Paul Tudor Jones is buying gold in anticipation of higher prices due to concerns regarding the emergence of serious inflation (joining others such as Jim Rogers, George Soros, David Einhorn, Kyle Bass and John Paulson) should result in gold being very well supported at these levels. However, a lower weekly close this week (below $1,054.40/oz) could embolden the shorts and lead to further long liquidation next week. In EUR and GBP terms, gold is trading at €704/oz and £630/oz respectively.
Gold’s 37 Year Seasonal Trading Pattern Showing November and December as Strong Months for Gold
Silver
Silver is currently trading at $16.51/oz, €11.19/oz and £9.98.
Platinum Group Metals
Platinum is trading at $1,330/oz and rhodium is trading at $1,950. Palladium is currently trading at $333/oz.
Published on Fri, Oct 30 2009, 12:02 GMT
Archive
- GoldCore Update: Dubai Default Causes Contagion Concerns
Published On Fri, Nov 27 2009, 11:17 GMT - GoldCore Update: COMEX Shorts Confronted by Huge Investment and Central Bank Demand for Bullion
Published On Thu, Nov 26 2009, 14:42 GMT - GoldCore Update: Central Bank Bidding War for Gold?
Published On Wed, Nov 25 2009, 13:21 GMT - GoldCore Update: Gold Prices Move Higher in a World of Paper Currencies and Paper Promises
Published On Tue, Nov 24 2009, 12:13 GMT - 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
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