Gold New Record High Against Euro and Swiss Franc

By: GoldCore

Today’s AM fix was USD 1,781.00, EUR 1,374.65, and GBP 1,098.77 per ounce.
Yesterday’s AM fix was USD 1,755.25, EUR 1,365.32and GBP 1,084.16 per ounce.

Silver is trading at $1,670.75/oz, €26.96/oz and £21.52/oz. Platinum is trading at $1,670.75/oz, palladium at $637.90/oz and rhodium at $1,075/oz.

Gold climbed $26.00 or 1.48% in New York yesterday and closed at $1,777.30. Silver surged to hit a high of $34.74 and finished with a gain of 2.15%. Euro gold rose to a new record high at €1377.

Gold prices are up on Friday, as the new austerity budget from Spain was received favourably and it increased the appetite for higher risk assets, sending bullion, commodities – brent crude oil at $112, the euro and equities to rise.

Gold prices in euros held near the prior session's all time record high of EUR 1,380/oz, hit after rising spot prices coincided with a weaker euro on Thursday. Euro-priced gold was up 1.1% at EUR 1,375.48/oz.

US gold futures for December delivery were up $2.50/oz at $1,783.00 this morning.

Quarterly performance for, gold, silver and platinum were all up. Gold is on the way for an 11.4% gain. Silver racked up the largest gain and rose over 25%. Spot platinum and palladium were up 15.4% and 9.8% for the 3rd quarter. US gold American Eagle coins was improved from last quarter (138,000 ounces vs. 133,000 ounces) however still the lowest quarterly figures in over 2 years.

Gold reached highs in euros and Swiss francs yesterday, in London trading it hit EUR 1,379.60/oz compared to EUR 1,375/oz last September. In Swiss Francs gold traded at CHF 1,666/oz.

Europeans have been viewing scenes of violence and riots from protestors in Madrid and Athens over the past few days.

Barclays Plc. announced yesterday it was opening its own London vault to store gold and other precious metals due to demand from their clients.

Investment banks have readjusted price targets upward in the past few days with some calling for gold at $2,000 and higher in the next few months.

This signals that the recent rally of the euro against the dollar was largely due to the poor US monetary and fiscal situation and the greenback’s weakness and not due to any great confidence in the single currency per se.

Protests and violence clearly show that the eurozone debt crisis is far from over and there remains the risk of a currency crisis in the European Monetary Union (EMU).

Finally, we are confident that the new record euro and Swiss franc highs will soon be followed by new highs in gold.

For the latest news and commentary on financial markets and gold please follow us on Twitter.

GOLDNOMICS - CASH OR GOLD BULLION?

'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

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

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'

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.