Gold (and silver) rose some 1% yesterday prior to range trading in the US yesterday
from - $1,110/oz to $1,115/oz. It has moved upwards Asian trading so far this
morning jumping from $1,113/oz to $1,124/oz. Gold is currently trading at
$1,121.00/oz and in Euro and GBP terms, gold is trading at €802/oz and
£700/oz respectively. The continuing problems in the Eurozone are
seeing the gold rise in Euro terms and a weekly close above €800/oz
will be very positive technically.
has increased on somewhat more positive economic data yesterday and this has
seen Asian equity markets rally. European equity markets have also risen but
more tentatively. Confidence in the economic recovery remains fragile with
the big picture remaining uncertain with continuing global macroeconomic and
weakness is emboldening traders to again take positions in the gold market
but many players remain hesitant to enter any major bets before the U.S.
non-farm payrolls report for January due out on Friday. Any signs of
improvement in the labor market could fuel speculation of nearer term Federal
Reserve interest rate hikes in order to protect the dollar and prevent
Silver began at $16.70/oz in Asia and has moved upwards since. Silver is
currently trading at $16.90/oz, €12.05/oz and £10.52/oz.
Platinum Group Metals
Platinum is trading at $1,592/oz and palladium is currently trading at
$447/oz. While rhodium is at $2,550/oz.
- Oil prices dipped in Asian trade overnight, as the market prepared for
figures expected to show a larger than expected rise in US crude inventories.
US crude fell five cents to $77.18 a barrel, while London's Brent crude was
down three cents to $76.03.
- Bank bosses
have been given an ultimatum by the UK’s Financial Services
Authority (FSA). The FSA told UK bank bosses that 60% of all pay must be
deferred, with no exceptions, even for those whose contracts conflict with
Ahmadinejad of Iran has agreed to submit Iran’s enriched uranium in
exchange for the receipt of nuclear fuel. It seems like a concession
from earlier conditions set for the transfer and is being seen as a
- Growth in
the UK services sector slowed more than expected last month as snow-related
disruptions and a rise in value-added tax took their toll, a survey of
purchasing managers showed this morning
Mark O'Byrne is the Managing Director of Goldcore,
Ireland's Asset Diversification and Wealth Preservation Specialist. He is
regularly quoted and writes in the financial media and was awarded
Ireland’s prestigious Money Mate and Investor Magazine Financial
Analyst of 2006. You can
contact him by calling : the GoldCore Bullion Services Team on
(Irl)+353 1 632 5010
(UK)+44 203 086 9200
(US) +1 (302)635 1160