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Gold and Silver Succumb to Profit Taking

Commodities / Gold & Silver 2009 Mar 30, 2009 - 04:43 AM GMT

By: Mark_OByrne

Commodities Gold and silver succumbed to profit taking (gold down 3.2% and silver down 2.5%) last week as risk appetite returned to markets with the tentative recovery in equity markets continuing.


Gold’s performance was lackluster, despite increasingly bullish news with regard to growing acceptance that the international monetary system must be reformed and the strong probability that gold will again play a more significant part in the international monetary system. A UN panel, the Chinese, Indians, Russians and others are calling for significant monetary reform and for the over arching dominance of the US dollar to be replaced by a multi polar currency world, less dependent on the mighty dollar.

The G20 meeting in London this week will likely see these demands come centre stage and could lead to strength in the gold market.

The Russians have now clearly stated their aim to return to a partial Gold Standard which they believe will return discipline and stability to the international monetary and financial system. The world's fiat paper currencies have lacked any anchor since 1971 (when Nixon ended dollar gold convertibility for countries) and many rightly believe that the financial excesses and extreme debt leverage of the last quarter century would have been impossible under the discipline of the Gold Standard or even a partial gold standard.

Russia favours the inclusion of the Chinese Yuan, Russian Rouble and gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

Investment demand is set to remain robust as savers internationally are punished by miniscule interest rates and negative real interest rates. Also the failure of the UK government bond auction and fall in bond prices last week will lead to understandable concern as to whether government bonds are the safe haven they are claimed to be.

The UK and US government’s bailing out of sections of Wall Street and the City of London combined with unprecedented massive money printing and deficit spending will soon be realized as yet another failed short term panacea that will likely make the financial crisis worse in the long term.


By Mark O'Byrne, Executive Director

Gold Investments
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Dublin 2
Ireland
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Gold and Silver Investments Limited
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EC3V 3ND
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Email info@www.goldassets.co.uk
Web www.goldassets.co.uk

Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

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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.

Financial Regulation: Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is 39656. Gold Investments is registered in the Companies Registration Office under Company number 377252 . Registered for VAT under number 6397252A . Codes of Conduct are imposed by the Financial Regulator and can be accessed at www.financialregulator.ie or from the Financial Regulator at PO Box 9138, College Green, Dublin 2, Ireland. Property, Commodities and Precious Metals are not regulated by the Financial Regulator

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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