Eurozone Central Banks Net Buyers of Gold for First Time Since Inception of Euro

By: GoldCore

Gold is trading at $1,530.10/oz, €1,085.49/oz and £950.31/oz.

Gold is higher in Euros but mixed in other currencies this morning as the euro continues to weaken on sovereign debt and contagion risk.

The euro has fallen against all currencies in recent days but especially against gold with euro gold having risen from below €1,050/oz on Tuesday to over €1,083/oz today. Sterling gold has risen to close to record highs at £950.81/oz after retail sales slumped on fuel and job fears.

Bloomberg European Crisis Monitor

Risk of Eurozone “Lehman Moment” & “Financial Armageddon” Sees Euro Gold on Verge of New Record High
Greek, Portuguese and Spanish debt is under pressure this morning. Greek bonds are being decimated with the 2 year government note now over 30%.

Irish bonds remain stable despite Ireland’s finance minister’s reasonable assertion that some senior bondholders must share the burden of losses. European equities are also under pressure on concerns of a “Lehman moment” in the Eurozone debt crisis.

SILVER
Silver is trading at $35.60/oz,€25.26/oz and £22.11/oz.

PLATINUM GROUP METALS
Platinum is trading at $1,759.50/oz, palladium at $761/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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