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Financial and Economic Crisis Deepening as House Prices Falls Continue

Stock-Markets / Credit Crisis 2008 Jul 29, 2008 - 08:16 AM GMT

By: Mark_OByrne

Stock-Markets Gold finished trading in New York yesterday at $927.70, up $1.30 and silver was up 8 cents to $17.40. Gold rose slightly in Asian trading before falling.  It fell slightly in early trading in Europe but remains above yesterdays close.

Financial and Economic Crisis Deepening as House Prices Continue to Fall - With the credit, financial and economic crisis clearly deepening as warned of by the IMF yesterday, gold will likely remain firm in the coming sessions due to continuing safe haven demand.


There appears to be strong support for gold at the $910 to $920 level due to the confluence of macroeconomic factors.

The IMF warned yesterday that credit losses could surpass more than $1 trillion and that financial markets remained fragile with no end in sight to falling property prices.

Merril Lynch yesterday warned regarding further losses for Lehman Brothers in the next quarter and announced a further $5.7bn of its own writedowns linked to the sale of toxic mortgage securities. Also two more large regional banks have collapsed and being taken over by the Federal Deposit and Insurance Corporation's (FDIC).

As predicted by some, the credit crisis is now moving up the "value chain" from the subprime market to credit card markets and worryingly it is now spreading into the prime mortgage markets.

Given the deteriorating conditions outlined by the IMF, gold's safe haven status will likely see it reaching $1,200 per ounce prior to year end.

Today's Data and Influences
With housing and its effects on the consumer still a key driver of equity markets, today's consumer confidence and Case-Shiller house price index will be closely watched and bad figures could result in weakness in equity markets and in the dollar.

Gold and Silver
Gold is trading at $929.20/929.80 per ounce (1045 GMT).
Silver is trading at $17.46/17.50 per ounce (1045  GMT).

PGMs
Platinum is trading at $1761/1768 per ounce (1045  GMT).
Palladium is trading at $389/395 per ounce (1045  GMT).

By Mark O'Byrne, Executive Director

Gold Investments
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EC3V 3ND
United Kingdom
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Email info@www.goldassets.co.uk
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Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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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: 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. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

Mark O'Byrne Archive

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