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Gold Consolidates in the range $700 to $760

Commodities / Gold & Silver Oct 28, 2008 - 01:15 PM GMT

By: Mark_OByrne

Commodities After rising yesterday gold is up marginally again today and has continued to consolidate in the $700/oz to $760/oz range. Further consolidation is likely necessary after the sharp fall in recent days.


Bearish sentiment towards gold remains at extremely high levels with the usual uninformed suspects calling for further falls in the gold price. While further falls are possible, nobody has a crystal ball, investors would be wise as ever to concentrate on the medium and long term fundamentals rather than on short term speculations. Speculators, especially those using leverage, continue to be decimated in all markets, on the unprecedented volatility being seen in all financial markets but especially in the stock markets.

Investing is about focusing on the long term and gold continues to be the only asset class that has risen since the start of the credit crisis when it is up by more than 12% - from $650/oz to $730/oz. Most stock markets are down by between 40% and more during the period.

Gold's performance in euros and pounds has been even more impressive since the start of the credit crisis. Gold prices in pounds have risen from £330/oz to £469/oz for a return of over 42% in the period. Gold priced in euros has risen from €475/oz to €586/oz for a return of more than 23%.

Indeed some currencies including major currencies such as the British pound are down by more than 26% against the US dollar in the last year.

European investors would be wise to ignore the catcalls from those questioning gold as a safe haven and continue to remain properly diversified with an allocation to gold within a properly diversified portfolio. Leveraged speculation should be cautioned against right now - it is the preserve of the casino and the casino always wins.

US Federal Reserve and coordinated central bank interest rate cuts internationally from already historically low levels and negative real interest rates in many countries internationally will likely result in higher gold prices in the medium to long term.

Especially given the extremely bullish supply demand situation in the gold market.

International demand remains near record levels with deepening shortages and huge demand in much of the western world, the Middle East and India.

Meanwhile supply remains anemic at best. Gold mining production worldwide fell 6% during the first-half of the year compared with the first half of 2007, the World Gold Council said Monday. Totaling just 590 tonnes between April and July, global gold mining output was the lowest since 1996 according to data from the US Geological Survey and this despite rising gold prices in recent years

By Mark O'Byrne, Executive Director

Gold Investments
63 Fitzwilliam Square
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Ireland
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Gold and Silver Investments Limited
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EC3V 3ND
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Ph +44 (0) 207 0604653
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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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