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Gold New Record High at $1,428/oz on Sovereign Debt and Currency Crisis Concerns

Commodities / Gold and Silver 2010 Dec 08, 2010 - 12:23 AM GMT

By: GoldCore

Commodities

Best Financial Markets Analysis ArticleGold has reached new record nominal highs (in most major currencies) and silver a new 30 year nominal high due to a variety of macroeconomic and geopolitical factors. Market focus remains on the Eurozone debt crisis but has shifted somewhat to concerns about ultra loose US monetary policy and the likelihood that this will lead to a devaluation of the dollar, inflation and currency debasement.


Gold is currently trading at $1,428.68/oz, €1,067.69/oz and £904.57/oz.

While the euro has bounced on Ireland's austerity measures - it is likely another dead cat bounce and gold priced in euros looks set to challenge €1,100/oz. Ireland's budget is a foretaste of what is to come in many EU and western economies in the coming years.

Gold's bull market will continue as long as there are doubts about the safe haven status of the world's reserve currency, the US dollar. This is being questioned at the same time that the very survival of the other major reserve currency, the euro, is being questioned. Monetary policy internationally remains ultra loose and does not look set to tighten anytime soon which is a "perfect storm" for higher gold and silver prices.

The opinion that that the precious metals will fall as soon as interest rates begin to rise is false. Gold and silver are actually correlated with interest rates and will likely continue going up as interest rates rise as happened in the 1970s. It is only when interest rates have risen to more normal levels (above 5%) and towards the end of the interest rate tightening cycle that investors and savers will again be rewarded by holding bonds and cash.

Traders and hedge funds scent blood in the silver and gold pits and the massive concentrated short positions of Wall Street banks are under real pressure. The short squeeze long heralded by gold and silver bugs may be coming to pass.

We remain confident in our long held belief that gold will reach its record inflation adjusted high of $2,300/oz and silver at least reach its 1980 record high at $50/oz. This is not a forecast because the future is unknown but the balance of probability and the very strong supply and demand fundamentals suggest this is likely.

SILVER
Silver is currently trading $30.60/oz, €22.87/oz and £19.37/oz.

PLATINUM GROUP METALS
Platinum is currently trading at $1,725.75/oz, palladium at $768.00/oz and rhodium at $2,225/oz.

This update can be found on the GoldCore blog here.

Mark O'Byrne
Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
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W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: 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. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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