3
September
Monthly Markets Review: Risk Aversion Rises in August as Double Dip Concerns Grow
August and the summer are now over and investors and savers are now focusing on the autumnal months ahead. Stocks internationally had their worst August performance since 2001 and the ISEQ fell 7.2% in the month. Mounting concerns about the health of the economic recovery in Ireland, the US and internationally saw investors move into government bonds and gold. Some respite came due to the falling price of oil - oil was down 8.9%, its first monthly decline since May.
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2
September
Precious Metals Challenge Resistance Levels as Physical Market Remains Tight
Gold
Risk appetite increased yesterday as the first day of the new month saw equity buyers return and bond prices fall. Gold and silver prices fell marginally but remained near multi week highs and in gold's case very near the all time record high (nominally). European equity markets are a bit more tentative this morning and the pound and the dollar have come under selling pressure.
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1
September
Gold Rises 5.6% in August to Record Monthly High and Near Record Nominal High
Gold
After yesterday's 1% rise, gold traded sideways in Asia but has risen again in early European trading as the dollar has fallen and oil risen after yesterday's sharp falls. Gold has risen in dollars, pounds , yen and Swiss francs which are all weaker today but is slightly weaker against the euro and commodity currencies. Gold was up 5.6% in August thereby regaining the 5% losses seen in July.
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30
August
Silver Up 6% Last Week - Gold-Silver Ratio at 65 Sees Value Buyers Accumulating Silver
Gold
Markets nervously await data this week including the important monthly jobs number which will likely again underline the risks of a double dip recession. While Asian shares advanced, European shares (London closed for a public holiday) have been more tentative this morning and the US futures are marginally positive. Currencies markets have not seen much movement but yen is stronger again today despite concerns that the government action will not be able to control currency price movements.
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26
August
Gold Falls on Positive Jobs Number - Close to Record Nominal Highs at $1,264/oz
Gold
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24
August
Gold Down For Third Day on Profit Taking, Oil Weakness and Dollar Strength
Gold
Gold fell marginally yesterday and has fallen for a third day in a row. Gold's hesitation and weakness is likely due to renewed dollar strength, oil weakness and profit taking after gold's recent sharp rally. Market participants will be nervous about another disappointing report on the housing market later today.
Gold is currently trading at $1,215.75/oz, €964.12/oz, £789.19/oz.
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23
August
Gold Marginally Lower in USD and Flat in EUR and CHF
Gold
Gold traded sideways in Asian trade, hovering near last week's close at $1,228/oz. There was a brief spike to $1,231.35/oz in early European trade prior to sharp and determined selling. Gold remained marginally higher until the London AM fix whereupon there was a further wave of selling which took prices down to $1,225.30/oz. Gold is lower in most currencies except the euro and the Swiss franc which are slightly weaker this morning (see Cross Currency Rates).
Gold is currently trading at $1,225.72/oz, €964.91/oz, £788.30/oz.
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20
August
Gold and Silver Consolidate after Recent Sharp Gains
Gold
Risk aversion remains on as European equity markets have followed their US and Asian counterparts lower after yesterday's poor US economic data. The dollar and yen have rallied today and this is contributing to gold's slight weakness in these currencies this morning. Gold is higher in Canadian dollars, euros and marginally higher in sterling as these currencies have fallen today. Government bond yields continue to fall to record lows with US Treasuries at their lowest yield in 11 months and German Bunds at record low yields.
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19
August
Disappointing US Jobs Number Sees Stocks and Dollar Fall While Gold Rises
Gold
Gold rose to new 6 week highs at $1,237/oz after the disappointing US jobs number heightened concerns about the health of the US economic recovery. The rise follows yesterday's recovery from initial falls and marginal higher close as safe haven buying trumped an initial bout of profit taking.
There is no technical resistance between this price level and the record highs (nominal) seen in June at $1,265/oz and the fundamentals continue to remain sound with safe haven demand remaining quite high - especially for this time of year.
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18
August
Gold Has Marginal Falls on Low Volume Trading and Profit Taking
Gold
Gold fell to $1,220/oz per ounce in early European trade before bouncing. It is now trading at $1,223/oz and has thus given up some of yesterday's small gains as summer trading volumes remain low and traders book profits after the recent rise in gold prices. Investors remain risk averse as seen in weakness in equity markets and the safe haven bid for German bunds, Japanese yen and US Treasurys (despite the dollar coming under selling pressure).
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12
August
Gold Higher on Safe Haven Buying after Poor Jobs Number
Gold
Gold has risen (over $1,214/oz) on safe haven buying after the poor jobs number underlined growing concerns about the health of the US and global recovery. Concerns about sovereign debt markets in Europe have seen the euro come under pressure again.
Economic uncertainty has not been helped by Fitch warning that the US AAA credit rating may come under pressure in the coming years.
Gold is currently trading at $1,213.70/oz, €944.92/oz and £777.76/oz.
Silver
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11
August
Gold Consolidates Near $1,200 as Economic Concerns Grow
Gold
Gold rose yesterday in the intermediate aftermath of the worse than expected US trade deficit figures ($49.9 billion - exports down 1.3%; imports down 3%). Gold has maintained those gains despite weakness in equity markets and in US futures.
Risk aversion is back on after the Federal Reserve expressed concerns about the recovery. The pessimistic tone of their communication has led to increased concerns of a double dip recession. In this environment, investors should remain defensive and continue to diversify into gold.
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15
July
GoldCore Update: Gold in Euros in Correction - New Record Highs in Euros Likely
Gold
Gold continues to consolidate above the $1,200/oz level and traded in a range between $1,207/oz and $1,215/oz overnight in Asia. Gold has risen slightly in European trade as the dollar has come under pressure. The poor retail sales have created concerns about the health of the US consumer and the other poor recent data on jobs and trade and budget deficits may see the dollar come under pressure again. Support for gold is at $1,195/oz and resistance is at $1,217.90/oz.
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14
July
Gold Options at $2,000/oz Surge By More Than 1,000% in 10 Weeks
Gold
Gold rose 1.26% yesterday after the Portuguese debt downgrade; silver rose 2%. Gold has gradually edged up in Asian and early European trade. It may challenge resistance at yesterday's high of $1,217.90/oz but if it falls below the recent trading range of $1,210/oz to $1,215/oz it could quickly fall to short term support of $1,195/oz and $1,190/oz.
Gold is currently trading at $1,213/oz and in euro, GBP, CHF, and JPY terms, at €955/oz, £795/oz, CHF 1,284/oz, JPY 107,498/oz respectively.
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14
July
Irish Hospice Foundation's Dublin to Paris Cycle Co-sponsored by GoldCore
The Irish Hospice Foundation’s Dublin to Paris Cycle is being co-sponsored by GoldCore and the cycle is being done by GoldCore’s Executive Director, Mark O’Byrne. The cycle is 500 kilometers long and starts at 7:30am on Sunday July 18th in Dublin and arrives in Paris, 5 days later on Thursday, the 22nd of July.
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13
July
Gold Higher on Portuguese Downgrade and Lingering Concerns of Contagion
Gold
Gold spiked higher today in all currencies as Portugal's downgrading and prices below $1,200/oz led to buying. The euro fell against both the dollar and gold (from €954 to €960 per ounce - see chart) on Moody's two-notch downgrade of Portugal. The downgrade was expected but it has ignited concerns that the European sovereign debt markets remain vulnerable, leading to continuing safe haven demand for gold. Lingering concerns over the European bank stress tests and the European banking system are also supportive.
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12
July
Markets Await Inflation Figures from Eurozone, UK, US and China
Gold
Gold is lower in Asian and early European trading on low volume as the dollar has risen and renewed risk appetite has resulted in tentative gains in equity markets. Gold's marginally higher weekly close last week was positive from a technical point of view and could lead to follow through this week as momentum following traders and funds "make the trend their friend".
Gold is currently trading at $1,207/oz and in euro, GBP, CHF, and JPY terms, at €960/oz, £804/oz, CHF 1,284/oz, JPY 106,825/oz respectively.
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