Gold Climbs on the Back of U.S. Dollar Weakness

By: GoldCore

Gold: Gold continues to hold steady above the $930 level and has climbed in morning trading to $939. Indeed this climb is the biggest since April and is on the back of the continuing weakness of the dollar and a rally in oil prices. A weak dollar and inflationary fears are causing investors to seek alternative hedging strategies and gold is confirming its safe haven status with its continuing strength.

Large hedge funds selling gold ETFs to buy physical gold many have resulted in the slight decline seen in ETF bullion holdings in recent days but this emerging hedge fund demand for physical gold is a bullish development.

Silver: Silver has maintained its gains after breaking through $13. It is currently trading at $13.22 and a series of closes in the high $13.20’s over the next week would be a bullish signal.

Platinum Group Metals: Platinum is continuing its, albeit stately, progress to break back through $1,200 and is currently trading at $1,163. Palladium was sluggish at $242 yesterday and has moved to $245. A move to $250 is still the next benchmark. Rhodium is $1,325/1,425.

Bullion Services Team

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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