15
July
Gold in Euros in Correction - New Record Highs in Euros Likely
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Gold
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Euro Performance Versus G10 Currencies and Gold - 10 Years
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Silver
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Platinum Group Metals
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Platinum is currently trading at $1,524.00/oz, palladium is at $466/oz and rhodium is at $2,275/oz.
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News
• (Financial Times) - Lex: Silver
Sail on, silver girl. The white metal may not have quite the fabled haven allure of gold, but its recent rise has tracked the yellow metal's surge, rising to about $18 an ounce. Like gold, silver is being propelled by demand from exchange traded funds as investors dump eurozone sovereign debt and bank equity. That is in marked contrast to silver's sell-off in 2008, when investment demand failed to halt its slide with the downturn to below $15 an ounce.
Investment interest is on top of a revival in industrial demand. Silver is used in mobile phones; in medical applications, for its anti-bacterial properties; and by Tour de France cyclists, in their high-tech clothing. Then there is jewellery.
• (Bloomberg) - Goldman Sachs Group Inc. raised its six-month gold forecast to $1,290 an ounce from $1,275 and its 12-month estimate to $1,355 from $1,335. The new forecasts were made in a report dated today and the previous estimates were from a note dated June 22. The six-month silver forecast increased to $21.50 an ounce from $21.30.
• (Bloomberg) - Silver held in ETF Securities Ltd.'s European and Australian exchange-traded products added 0.1 percent to a record 28.534 million ounces yesterday, according to the company's website. Goldman Raises 6 Month Silver Forecast to $21.50/oz.
• (FT) - Cocoa soars on strong demand data
Cocoa prices rose above £2,700 a tonne on Wednesday for the first time since 1977 as better-than-expected data on demand gave an already tight market fresh impetus.
A number of European cocoa groups have alleged that cocoa prices are being distorted. In a letter to NYSE Liffe earlier this month, 16 cocoa companies and trade associations complained that "a manipulation of the contract" was "bringing the London market into disrepute". The Liffe July cocoa contract, which expires on Thursday, jumped 4.8 per cent to a peak of £2,725 a tonne, its highest since September 1977. The second-front month contract, usually regarded as the industry benchmark, was pulled 2.8 per cent higher to £2,465, its own 33-year peak. In New York, ICE September cocoa rose 3.3 per cent to $3,145 a tonne.
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