Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Gold Mining Stocks: A House Built on Shaky Ground - 9th Apr 21
Stock Market On the Verge of a Pullback - 9th Apr 21
What Is Bitcoin Unlimited? - 9th Apr 21
Most Money Managers Gamble With Your Money - 9th Apr 21
Top 5 Evolving Trends For Mobile Casinos - 9th Apr 21
Top 5 AI Tech Stocks Investing 2021 Analysis - 8th Apr 21
Dow Stock Market Trend Forecast 2021 - Crash or Continuing Bull Run? - 8th Apr 21
Don’t Be Fooled by the Stock Market Rally - 8th Apr 21
Gold and Latin: Twin Pillars of Western Rejuvenation - 8th Apr 21
Stronger US Dollar Reacts To Global Market Concerns – Which ETFs Will Benefit? Part II - 8th Apr 21
You're invited: Spot the Next BIG Move in Oil, Gas, Energy ETFs - 8th Apr 21
Ladies and Gentlemen, Mr US Dollar is Back - 8th Apr 21
Stock Market New S&P 500 Highs or Metals Rising? - 8th Apr 21
Microsoft AI Azure Cloud Computing Driving Tech Giant Profits - 7th Apr 21
Amazon Tech Stock PRIMEDAY SALE- 7th Apr 21
The US has Metals Problem - Lithium, Graphite, Copper, Nickel Supplies - 7th Apr 21
Yes, the Fed Will Cover Biden’s $4 Trillion Deficit - 7th Apr 21
S&P 500 Fireworks and Gold Going Stronger - 7th Apr 21
Stock Market Perceived Vs. Actual Risks: The Key To Success - 7th Apr 21
Investing in Google Deep Mind AI 2021 (Alphabet) - 6th Apr 21
Which ETFs Will Benefit As A Stronger US Dollar Reacts To Global Market Concerns - 6th Apr 21
Staying Out of the Red: Financial Tips for Kent Homeowners - 6th Apr 21
Stock Market Pushing Higher - 6th Apr 21
Inflation Fears Rise on Biden’s $3.9 TRILLION in Deficit Spending - 6th Apr 21
Editing and Rendering Videos Whilst Background Crypto Mining Bitcoins with NiceHash, Davinci Resolve - 5th Apr 21
Why the Financial Gurus Are WRONG About Gold - 5th Apr 21
Will Biden’s Infrastructure Plan Rebuild Gold? - 5th Apr 21
Stocks All Time Highs and Gold Double Bottom - 5th Apr 21
All Tech Stocks Revolve Around This Disruptor - 5th Apr 21
Silver $100 Price Ahead - 4th Apr 21
Is Astra Zeneca Vaccine Safe? Risk of Blood Clots and What Side Effects During 8 Days After Jab - 4th Apr 21
Are Premium Bonds A Good Investment in 2021 vs Savings, AI Stocks and Housing Alternatives - 4th Apr 21
Penny Stocks Hit $2 Trillion - The Real Story Behind This "Road to Riches" Scheme - 4th Apr 21
Should Stock Markets Fear Inflation or Deflation? - 4th Apr 21
Dow Stock Market Trend Forecast 2021 - 3rd Apr 21
Gold Price Just Can’t Seem to Breakout - 3rd Apr 21
Stocks, Gold and the Troubling Yields - 3rd Apr 21
What can you buy with cryptocurrencies?- 3rd Apr 21
What a Long and Not so Strange Trip it’s Been for the Gold Mining Stocks - 2nd Apr 21
WD My Book DUO 28tb Unboxing - What Drives Inside the Enclosure, Reds or Blues Review - 2nd Apr 21
Markets, Mayhem and Elliott Waves - 2nd Apr 21
Gold And US Dollar Hegemony - 2nd Apr 21
What Biden’s Big Infrastructure Push Means for Silver Price - 2nd Apr 21
Stock Market Support Near $14,358 On Transportation Index Suggests Rally Will Continue - 2nd Apr 21
Crypto Mine Bitcoin With Your Gaming PC - How Much Profit after 3 Weeks with NiceHash, RTX 3080 GPU - 2nd Apr 21
UK Lockdowns Ending As Europe Continues to Die, Sweet Child O' Mine 2021 Post Pandemic Hope - 2nd Apr 21
A Climbing USDX Means Gold Investors Should Care - 1st Apr 21
How To Spot Market Boom and Bust Cycles - 1st Apr 21
What Could Slay the Stock & Gold Bulls - 1st Apr 21
Precious Metals Mining Stocks Setting Up For A Breakout Rally – Wait For Confirmation - 1st Apr 21
Fed: “We’re Not Going to Take This Punchbowl Away” - 1st Apr 21
Mining Bitcoin On My Desktop PC For 3 Weeks - How Much Crypto Profit Using RTX 3080 on NiceHash - 31st Mar 21
INFLATION - Wage Slaves vs Gold Owners - 31st Mar 21
Why It‘s Reasonable to Be Bullish Stocks and Gold - 31st Mar 21
How To Be Eligible For An E-Transfer Payday Loan? - 31st Mar 21
eXcentral Review – Trade CFDs with a Customer-Centric Broker - 31st Mar 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Euro Gold Consolidates and Targets EUR1,100/oz on Euro Survival Risk

Commodities / Gold and Silver 2010 Dec 10, 2010 - 07:10 AM GMT

By: GoldCore

Commodities Best Financial Markets Analysis ArticleMost currencies fell against gold yesterday and again today as the euro and dollar are under slight pressure this morning. Both gold and silver look set to finish the week slightly lower in dollars and most currencies (except the euro) which is a bearish short term omen. Especially as the end of the year approaches and there could be some year-end book balancing and profit taking.

Gold is currently trading at $1,391.19/oz, €1,049.56/oz and £878.35/oz.

Most bond markets recovered yesterday and saw yields fall slightly, except for those of Spain and Japan. Credit default swaps, the cost of insuring against sovereign debt default, widened in Ireland, Italy, Spain and Portugal. There is a continuing state of denial regarding the Eurozone sovereign debt crisis and the real and growing risk of contagion and of Eurozone members leaving the monetary union (see Euro Gold Chart and News below).

The dollar may come under pressure today as the US trade and federal budget balance data will remind market participants of the precarious US fiscal position. The consumer confidence number may also give guidance. The Chinese trade data showed a huge surplus of $22.9 billion showing again how undervalued the yuan is against the dollar.

The fundamental supply and demand picture for gold remains positive with anaemic supply and significant investment and monetary demand from a wide range of sources including retail investors, hedge funds, high net worths, pension funds and central banks. This demand is more than capable of compensating for the fall in jewellery demand.

Technically, gold is looking particularly well in euros. After gains early in 2010, gold consolidated between €900/oz and €1050/oz since May. The 100 day moving average has risen to €975/oz and this or the recent level of support at €950/oz are likely to provide support if there is a pullback. However, given that there is an existential threat to the very survival of the euro, any pullback will likely be shallow and brief. Far more likely is a challenge of the €1,100/oz level in the coming weeks.

Similarly, sterling had been in a range and consolidated between £740/oz and £875/oz since last March. Gold recently broke above the range and rose to a new nominal high of £905/oz. The 100 day moving average is at £827/oz and this is now support. Resistance is at the recent nominal high of £905/oz and a close above this level could see us challenge £950/oz in short order.

Silver is currently trading $28.83/oz, €21.75 /oz and £18.20/oz.

Platinum is currently trading at $1,678.50/oz, palladium at $740.00/oz and rhodium at $2,225/oz.

(AP) -- GOLD REBOUND: Gold ticked higher as investors were in a buying mood after prices slipped for two days. The precious metal settled at $1,392.80 an ounce Thursday.

(Bloomberg) -- Gold, which reached a record this week, may advance as investors seek an alternative to currencies, a survey found. Nine of 16 traders, investors and analysts surveyed by Bloomberg (including GoldCore), or 56 percent, said the metal will rise next week. Four predicted lower prices and three were neutral. Gold futures for February delivery were down 1.5 percent for this week at $1,384.80 an ounce at 11:30 a.m. yesterday on the Comex in New York. Futures reached a record $1,432.50 on Dec. 7.

(Bloomberg) -- The 5-ounce America the Beautiful silver coins will go on sale tomorrow, the U.S. Mint said. Authorized purchasers may charge consumers no more than 10 percent above the price at which they bought the coins from the Mint, the agency said today in a memo to dealers. The agency had delayed the sale for four days to investigate consumer complaints over price premiums. Only 33,000 coins are available in each of the five designs, and authorized dealers may sell only one coin to each household, the agency said. Silver futures in New York, up 71 percent this year, touched a 30-year high of $30.75 an ounce on Dec. 7.

(Bloomberg) -- Silver fabrication demand in China may account for 20 percent of global fabrication demand this year, New York-based research company CPM Group said in a statement. China's total silver demand has climbed almost 3.5 times in the past decade, from 40.8 million ounces in 2000 to 139.2 million ounces last year, CPM said in the statement e-mailed yesterday. "CPM's work indicates that silver use is roughly twice as large as had been suggested by commentators in the western market," CPM said.

This update can be found on the GoldCore blog here.

The GoldSaver Account allows anyone to buy and save gold online from just €150 per month.

GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.

Mark O'Byrne




IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160


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.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules