Gold Price Steady at $999 on the 9/09/09

By: GoldCore

Gold: An expected period of profit taking pushed gold back from its high of $1007/oz yesterday. However, a very good indicator of gold’s sustainability has been visible today as it has constantly tested the $1000/oz level. It is currently trading at $999.30 and a strong hold above $1000/oz for a couple of closes should clear away profit takers, stage fresh entry points for new investors and mount an assault on fresh highs. The London PM Fix was at $999.50/oz.

Investors are buying because they are worried re property and stock markets and worried about their savings in banks (earning near 0%) that are guaranteed by governments whose solvencies are by no means guaranteed. It seems inevitable that the near infinite supply of paper and electronic money will inevitably fall in value versus the finite currency that is gold. Increasing concerns regarding the sustainability of the global recovery and about the outlook for inflation should see gold continue to rise in its seasonal strong period.

Silver: Silver is now into its 8th day of continuous upward movement. Earlier in the day it dropped to $16.26/oz before moving swiftly back up to $16.60/oz. Although another bout of profit taking may be likely, silver’s ability to regain ground in such a short period of time, suggests that it, like gold, is gathering momentum for another sustained bull run.

Platinum Group Metals: Platinum has moved up to $1,283/oz, palladium is $295/oz and rhodium is $1,600/oz

Mark O'Byrne
Director

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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