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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
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