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Euro, Iran and Asian New Year Buying Fuels Gold
Published : January 05th, 2012
412 words - Reading time : 1 - 1 minutes
( 1 vote, 4/5 ) Print article
 
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Gold is trading at USD 1,612.90, EUR 1,256.10, GBP 1,037.30, CHF 1,530.40, JPY 123,934 and AUD 1,573.0 per ounce.

 

Gold’s London AM fix this morning was USD 1,614.50, GBP 1,038.33, and EUR 1,256.32 per ounce.

 

Yesterday's AM fix was USD 1,603.00, GBP 1,024.28, and EUR 1,229.96 per ounce.

 


Cross Currency Rates

 

The fifth day of price rises is the longest rally we've seen in two months. Concerns about the solvency of European banks and sovereigns is overcoming the 'risk on' appetite of late 2011 and early 2012. The euro has fallen to 1.2840 USD and to €1,256/oz.

 

Growing tensions with Iran including the European Union's preliminary agreement to ban Iranian oil, will fuel gold's  safe haven status for investors.

 


 

Gold is trying to consolidate above psychological levels of $1,600/oz, £1,000 and €1,200/oz. The 200 day moving average is $1,631.60 which remains resistance. The intraday high hit $1,624.66, was gold's highest price since December 21.

 

We expect gold demand to pick up ahead of the Chinese Lunar New Year, The Year of the Dragon, which begins on January 23.

 


 

SILVER 
Silver is trading at $29.04/oz, €22.61/oz and £18.67/oz 

 

PLATINUM GROUP METALS 
Platinum is trading at $1,409.50/oz, palladium at $640.00/oz and rhodium at $1,425/oz.

 

NEWS
(Business Week)
Gold Gains as Physical Asian Demand Offsets Sales After Rally

 

(Reuters) 
Gold up on seasonal China buying; Iran eyed

 

(Reuters) 
Gold jumps after preliminary EU deal on Iran oil ban

 

(Wall Street Journal)
PIMCO's Gross: Gold is pricey but has room to rise if Fed stimulates more

 

COMMENTARY
(The Washington Post)
O'Byrne Says $2400 Gold `Quite Likely' in Coming Years

 

(Wall Street Journal) 
Academics Say Gold Bulls "Driven By Emotions"

 

(Jim Sinclair’s Mineset)
Negativity In Gold Reaches Epic Levels

 

(King World News) 
John Embry - Gold Will Not Trade Below $1,500 Ever Again

 

(The Christian Science Monitor) 
Are gold prices dropping for good?

 

(Bloomberg)
`Currency Wars' Will Be `More Brutal' in 2012

 

TWITTER 


-Soros: Euro Failure Would Have 'Catastrophic' Impact – Bloomberg
-Soros: Possibility of Euro Failure Being Priced in By Markets – Bloomberg
-Gold Climbs For Fifth Day. Good Time to Diversify For Volatile 2012
-Gold's 'Bear Run' Since August Has Ended, Gartman Says – Bloomberg
-Gold Consolidating Above $1,600/oz, £1,000/oz & €1,200/oz
-$15,222,940,045,451.09 (+) #nationaldebt

 

GoldCore Announcement
Our daily Market Update will be of a shorter duration going forward and we will be introducing a new more comprehensive Weekly Review which will be sent to clients, websites and media every Friday afternoon

 

Mark O’Byrne

Goldcore

 

 

Data and Statistics for these countries : Iran | All
Gold and Silver Prices for these countries : Iran | All
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Mark O'Byrne

Mark O'Byrne is Executive Director of Gold Investments. He is regularly quoted and writes in the international financial media and was awarded Ireland's prestigious Money Mate and Investor Magazine Financial Analyst of 2006. He is a financial analyst who believes that due to the current macroeconomic and geopolitical situation, saving and investing a small portion of one's wealth in precious metals is both prudent and wise.
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