Gold Holds Its Own As Media Stocks Collapse

By: GoldCore

Daily Prices
Today’s Gold prices were USD 1,113.25, EUR 1008.97 and GBP 713.74 per ounce.
Yesterday’s Gold prices were USD 1,094.80, EUR 998.50 and GBP 707.74 per ounce.
[LBMA AM prices]

Gold in USD – 1 Week

Gold and silver rose on the COMEX yesterday – up 1% to $1,103.30 and silver surged 3% to $15.24 per ounce. Both metals saw similar gains in euro, sterling and other currencies.

This morning, gold is 0.8% higher to $1,114 per ounce. Silver is up 0.82% to $15.46 per ounce.
Platinum and palladium are 1.1% and 1.8% higher to $999 and $624 per ounce respectively.

Gold Holds Its Own As Media Stocks Collapse

• That hasn’t stopped many gold bears from using this as an opportunity to disparage the yellow metal
• A recent Bloomberg article points out that the gold rout has cost China and Russia $5.4 billion

• An amount that would sound colossal were it not for the fact that U.S. media companies such as Disney and Viacom collectively lost over $60 billion for shareholders in as little as two days last week
• Above are the weekly losses for just a handful of those companies. Compared to many other asset classes, gold has held up well, even after factoring in its price decline

Read more on ‘Gold Holds Its Own As Media Stocks Collapse’

This update can be found on the GoldCore blog here.

Mark O'Byrne

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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