Gold Robust Over $1,500 on Greek Debt Default Risks Eurozone Break Up

By: GoldCore

Gold is trading at $1,517.80/oz, €1,051.33/oz and £925.09/oz.

Gold is tentatively higher this morning with the British pound, yen, Swiss franc and dollar showing weakness. Greek German 10 year bond yields have surged to euro era record highs and the Greek 10 year bond has surged to a new record high of 17.146%.

The euro has remained remarkably stable, so far, but euro gold at €1,052/oz remains near (3.4%) record highs of €1,088/oz.

Bloomberg European Crisis Monitor

Gold is consolidating above $1,500/oz after rising from just over $1,400/oz at the start of the year to a record nominal high of $1,567/oz. The real risk of a Eurozone break up and the likely financial contagion that would result is supporting gold prices and is one fundamental factor likely to lead to further safe haven demand for gold in the Eurozone and internationally.

SILVER
Silver is trading at $34.74/oz, €24.07/oz and £21.17/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,791.70/oz, palladium at $796/oz and rhodium at $1,925/oz.

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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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