The risk trade is on again, gold holds steady and may even be about to falter. The European Union's Financial Cavalry have saved the world from the evil Greek mobs by lending more money yet again. ......... Don't believe a word of it!
29 June, 2011
Gold is trading at $1,507.70/oz, €1,044.69/oz and £941.54/oz.
Gold is higher again today as the Greek debt crisis and continuing strong demand from Asia continues to support prices.
The euro is surprisingly firm with the U.S. dollar, Japanese yen and Swiss franc under pressure. Risk appetite remains high with commodities, Asian and European equities higher and peripheral bond markets have received a bid and seen yields fall due to optimism on the Greek vote.
28 June, 2011
Gold is trading at $1,501.60/oz, €1,052.35/oz and £941.09/oz.
Gold is marginally higher in all currencies and 0.7% higher in sterling after a downward revision of UK GDP from 1.8% to 1.6% growth saw sterling decline. Stagflation appears to be taking hold in the UK with soaring food and energy costs eroding household incomes and economic growth continuing to decline.
27 June, 2011
Soros: “Financial system remains extremely vulnerable ... We are on the verge of an economic collapse”
Gold is trading at $1,502.40/oz, €1,055.87/oz and £939.18/oz.
Gold is mixed today after last week’s 2.4% fall. The short term trend remains negative but medium and long fundamentals remain supportive as do the very challenging and risky macro, sovereign debt and currency environment. Physical buying remains strong at the $1500 level with premiums for gold bullion bars higher in Singapore and Hong Kong.
24 June, 2011
China Gold Association: Chinese Gold Sales to Surge Two Fold and Gold May ‘Rocket’ if Debt Crisis Spreads
Gold is lower again today after yesterday’s 2% fall in U.S. dollar terms. Gold’s fall in euros yesterday was mild due to euro weakness. Gold is marginally higher in euros today as the euro remains weak on continuing concerns about the Greek and Eurozone debt crisis. Cross Currency Rates
23 June, 2011
Trichet: Debt Crisis is Flashing “Red” - Marc Faber Continues to Like Gold and Silver and Accumulating
Gold is trading at $1,540.00/oz, €1,081.46/oz and £962.86/oz.
Gold is marginally lower in U.S. dollars but continues to eke out gains in euros. The euro has fallen again today possibly as markets digest Trichet’s grim warning regarding financial contagion. Gold at €1,081.40/oz is less than 1% away from record nominal highs in euros at €1,088/oz.
Currency debasement and sovereign debt and systemic risk remains high which is leading to gold consolidating near record highs in most currencies.
22 June, 2011
Gold is trading at $1,544.31/oz, €1,072.96/oz and £957.30/oz.
Gold is lower in dollars but higher in euros and has reached new record highs in pounds sterling at £958.25/oz. Gold is being supported by strong and increasing demand internationally.
21 June, 2011
Gold is trading at $1,544.39/oz, €1,076.08/oz and £954.27/oz.
20 June, 2011
Gold Rises to New Record in GB Pounds - Close to Near Record Highs in Euros and Most Currencies on Global Debt Contagion Risk
Gold is trading at $1,535.85/oz, €1,080.37/oz and £950.28/oz.
Gold is being supported as default risk has increased after EU finance ministers failed to agree on a new Greek loan package. Gold priced in sterling rose to new record nominal highs this morning at £954.84/oz and the weakness of the euro has seen gold rise to touching distance (9 euros) from new record highs in euro terms at €1,088/oz.
17 June, 2011
Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury
Gold is trading at $1,527.39/oz, €1,070.50/oz and £944.70/oz.
Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself.
Cross Currency Rates
16 June, 2011
Eurozone Central Banks Net Buyers of Gold in 2011 for First Time Since Inception of Euro – Global Central Bank Gold Demand ...
Gold is trading at $1,530.10/oz, €1,085.49/oz and £950.31/oz.
Gold is higher in Euros but mixed in other currencies this morning as the euro continues to weaken on sovereign debt and contagion risk. The euro has fallen against all currencies in recent days but especially against gold with euro gold having risen from below €1,050/oz on Tuesday to over €1,083/oz today. Sterling gold has risen to close to record highs at £950.81/oz after retail sales slumped on fuel and job fears.
15 June, 2011
Contagion Risk Increases – Euro Falls as Moody’s May Cut Rating on 3 Large French Banks Exposed to Greece
Gold is trading at $1,519.33/oz, €1,062.32/oz and £934.40/oz.
The euro has fallen on international markets as the European sovereign debt crisis is deepening and appears to be reaching a dangerous denouement. European stock markets are also weaker due to serious divisions in Greece and in the EU as to how to resolve the Eurozone debt crisis and prevent contagion.
14 June, 2011
Gold Robust Over $1,500 as Stagflation Deepens and Greek Default Risks Eurozone Break Up and Financial Contagion
Gold is trading at $1,517.80/oz, €1,051.33/oz and £925.09/oz.
Gold is tentatively higher this morning with the British pound, yen, Swiss franc and dollar showing weakness. Greek German 10 year bond yields have surged to euro era record highs and the Greek 10 year bond has surged to a new record high of 17.146%.
The euro has remained remarkably stable, so far, but euro gold at €1,052/oz remains near (3.4%) record highs of €1,088/oz.
10 June, 2011
Gold is trading at $1,540.44/oz, €1,065.02/oz and £944.82/oz.
Gold has risen to new record nominal highs in British pounds and is consolidating just below recent record nominal highs in U.S. dollars, euros and other currencies. The ECB’s rate decision and Trichet’s ‘signals’ saw the euro fall sharply against the dollar and against gold with gold in euro terms quickly rising from €1,050/oz to over €1,065/oz.
9 June, 2011
'Worst Ever' OPEC Meeting Sees Oil Rise Sharply – Inflation Pressures, Growth and Sovereign Debt Concerns Support Bullion
Gold is trading at $1,535.65/oz, €1,050.59/oz and £935.09/oz.
8 June, 2011
Gold and silver are lower today despite European equities falling for a sixth day on sovereign debt and economic growth concerns. Bernanke’s failure to even suggest that the Federal Reserve will embark on further stimulus and QE3, after QE1 and QE2 failed to kick start the US economy, has markets jittery.
Cross Currency Rates
7 June, 2011
Gold Just 2% from Record Nominal High of $1,577/oz - Targets $1,600/oz and New Highs on Deepening Economic Risks
Gold is trading at $1,549.95/oz, €1,056.47/oz and £943.02/oz.
Gold and silver are higher again today with the U.S. dollar and yen in particular under pressure as concerns about the outlook for growth in Japan, the UK, the EU and the U.S. deepen. Gold reached new record nominal highs in sterling yesterday at £949.83/oz on concerns about the UK economy.
The risk of contagion in the Eurozone remains and could see the single European currency project unravel which would negatively impact on the global financial and monetary system.
3 June, 2011
Gold is trading at $1,530.01/oz, €1,054.70/oz and £936.08/oz.
Gold and silver are lower again today in most currencies after yesterday’s falls. Gold has risen marginally in British pounds (GBP 938.41/oz) as sterling is lower (see cross currency table) with the weak services sector PMI data highlighting the weak U.K. economy and increasing risk of stagflation.
2 June, 2011
COMEX Registered Silver Bullion Inventories Fall Sharp 38.5% in Two Weeks – Risk of COMEX Silver Default Remains
Spot gold and silver prices rose slightly again this morning after hitting a one-month high yesterday as equity markets internationally came under selling pressure. The Moody's downgrade of Greece and worryingly poor US economic data again pushed investors to seek the safe haven of bullion. Gold reached new record nominal highs in sterling yesterday (£945.62/oz) as the pound fell on concerns about the UK economy.