Gold was under pressure for most of yesterday. However, the overly pessimistic view of the metal lifted in the late afternoon and it staged a good comeback, gaining $10/oz in under an hour. Two of the most respected investment powers in the US - PIMCO bond fund and Warren Buffet warned yesterday regarding risks posed to the dollar and this will have supported gold.

PIMCO said that the dollar's reserve currency status was not guaranteed and Buffett warned regarding inflation and warned that the "gusher of federal money" threatened the dollar. Gold remains in a tight range and testing $960/oz, yet again, would be significant in the short term. However, there is still the possibility of a further move to the downside towards initial support of $925/oz. Below that, $905/oz is the next support but there should be plenty of interest at these levels with buyers looking for a basing point to enter and profit from the next leg up in the secular bull market. Gold is currently $944/oz.

Silver
Silver was stronger overnight and has moved back above $14.00/oz. It may still be vulnerable and a move to $13.00/oz could happen in the short term prior to rechallenging $15.00/oz. Silver is currently $14.01/oz.

Platinum group metals
Platinum is still finding good support from the market, particularly in light of the wage negotiations at the Impala mine are still unsettled. It is currently trading at $1,243/oz. Palladium is trading at $274/oz and rhodium at $1,600/oz.

Bullion Services Team

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Comments

john 21 Aug 09, 02:03	Some good tips and reminders of how to stay focused. Investors spend so much time worrying about what they should be doing in a market like this. Don’t forget, understanding what not to do in this market is just as important. I came across an article that gives some good tips and reminders of how to stay focused. I thought it was helpful.
Mike 22 Apr 10, 08:36	Goldcore Does anyone have experience of using Goldcore?

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