Gold Marginally Lower, Silver Showing Strength, Oil Rise Sharply Following Worst Ever OPEC Meeting

By: GoldCore

Gold is trading at $1,535.65/oz, €1,050.59/oz and £935.09/oz.

Gold is marginally lower while silver is showing strength again today after yesterday’s 'worst ever' OPEC meeting ended in disarray and saw oil prices surge. The ECB has kept rates on hold and markets await signals as to whether interest rates are set to rise sooner rather than later. Signs of an interest rate rise in July should see the euro and gold rally versus the dollar. The precious metals are also likely to be supported by further sharp falls in peripheral markets bonds, particularly Greece, this morning.

There was a reminder late yesterday that it is not just the Eurozone that is struggling with debt. Fitch Ratings said it would put US debt on watch in early August if Congress fails to raise the federal debt limit.

Oil in US Dollars (WTI) – 12 Years (Weekly)

OPEC, the oil cartel’s increasing impotency was seen yesterday when Libya, Iraq, Angola, Ecuador and Algeria sided with increasingly influential Iran and Venezuela rather than Saudi Arabia and its allies Kuwait, Qatar and United Arab Emirates.

SILVER
Silver is trading at $36.99/oz, €25.30/oz and £22.52/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,826.50/oz, palladium at $808/oz and rhodium at $2,275/oz.

GOLDNOMICS - CASH OR GOLD BULLION?

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This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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