Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Sterling Falls On UK Credit Ratings Downgrade, Gold In GBP 1.8% Higher YTD

Commodities / Gold and Silver 2013 Feb 25, 2013 - 12:07 PM GMT

By: GoldCore

Commodities

Today’s AM fix was USD 1,592.50, EUR 1,201.89 and GBP 1,051.85 per ounce.
Friday’s AM fix was USD 1,580.00, EUR 1,196.15 and GBP 1,034.78 per ounce.

Silver is trading at $29.27/oz, €22.14/oz and £19.41/oz. Platinum is trading at $1,631.50/oz, palladium at $749.00/oz and rhodium at $1,175/oz.


Gold rose $3.60 or 0.23% on Friday in New York and closed at $1,580.50/oz. Silver gained 0.28%. Gold fell 1.77% this week while silver slipped 3.49%.

Gold in USD, EUR and GBP - YTD 2013

Gold climbed in Asia, pulled back and then continued higher in Europe. Investors remain wary over the Italian election result and the risk of contagion to the monetary union.

Exit polls will be published around 1400 GMT. What will it mean for the euro remains to be seen, but gold bullion stayed above the 7 month low hit last week.

Russia and Turkey both increased their gold holdings for a second consecutive month in January, data from the IMF highlighted on Friday, continuing the trend for central banks to diversify their reserves.

HSBC releases a survey on China's manufacturing sector at 0145 GMT; this sector hit a 2 year high last month.

The Nikkei soared to over a 4 year high on Monday after sources named Asian Development Bank President Haruhiko Kuroda, a strong supporter of aggressive quantitative easing as the next central bank chief. Cheap money rather than healthy economic growth is leading to stock market gains.

This week’s U.S. economic highlights include the Case-Shiller 20-city Index, FHFA Housing Price Index, New Home Sales, and Consumer Confidence on Tuesday, Durable Goods Orders and Pending Home Sales on Wednesday, Initial Jobless Claims, GDP, and Chicago PMI on Thursday, and Personal Income and Spending, Core PCE Prices, Michigan Sentiment, the ISM Index, and Construction Spending on Friday.

Hedge funds cut bets on a rally in gold by the most since 2007 which is bullish from a contrarian perspective as weak hands are shaken out of the market.

Less informed speculators are being knocked out of the market while the smart fundamentals driven money again accumulates with a focus on the long term.

XAU/GBP Currency, 02JAN2011-25FEB2013 – (Bloomberg)

Hedge funds and other large speculators reduced their net-long position in gold futures and options by 40% in the week ended February 19th to 42,318, the biggest drop since July 31, 2007, U.S. Commodity Futures Trading Commission data show.

Cross Currency Table – (Bloomberg)

Global holdings of exchange-traded products backed by gold tumbled 1.6% last week, the most since August 2011, after minutes of a Fed policy meeting showed several officials said the central bank should be ready to vary the pace of their monthly bond purchases.

The pound weakened against the dollar, the euro and especially gold as currency markets reacted to Moody's decision to downgrade Britain from AAA citing "continuing weakness in the UK's medium-term growth outlook" and concerns over massive debt levels in the UK.

Market reaction has been muted with bonds reasonably firm and the FTSE higher. However, the move was already priced in. What is not priced in is a series of cuts which seem very likely given the appalling finances in the UK.

This will lead to weaker gilts, higher borrowing costs for the UK, inflation and a continuing fall in the pound against gold.

Gold is nearly 2% higher in sterling so far in 2013 after the 2.2% gain in 2012 and 10.5% gain in 2011.

Click here in order to read GoldCore Insight -Currency Wars: Bye Bye Petrodollar – Buy, Buy Gold

Currency Ranked Returns in GBP – (Bloomberg)

For the latest news and commentary on financial markets and gold please follow us on Twitter.

GOLDNOMICS - CASH OR GOLD BULLION?




'GoldNomics' can be viewed by clicking on the image above or on our YouTube channel:
www.youtube.com/goldcorelimited

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

IRL
63
FITZWILLIAM SQUARE
DUBLIN 2

E info@goldcore.com

UK
NO. 1 CORNHILL
LONDON 2
EC3V 3ND

IRL +353 (0)1 632 5010
UK +44 (0)203 086 9200
US +1 (302)635 1160

W www.goldcore.com

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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: Past experience is not necessarily a guide to future performance. 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. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

GoldCore Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in