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Market Optimistic on Central Bank Intervention

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Published : August 07th, 2012
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Category : Market Analysis





Today's AM fix was USD 1,613.00, EUR 1,300.39, and GBP 1,032.39 per ounce.
Yesterday’s AM fix was USD 1,606.75, EUR 1,299.43 and GBP 1,032.28 per ounce.

Silver is trading at $28.08/oz, €22.71/oz and £18.01/oz. Platinum is trading at $1,415.70/oz, palladium at $582.50/oz and rhodium at $1,100/oz.

Ireland observed a national holiday on Monday.

Gold climbed $8.40 or 0.52% in New York yesterday and closed at $1,611.20/oz. Silver hit a high of $27.985 and closed with a gain of 0.5%.

24hGold - Market Optimistic on...
Gold Prices/Rates/Fixes /Volumes – (Bloomberg)

Gold traded sideways Tuesday, maintaining gains from the previous 2 sessions as investors waited for action from the European Central Bank looking for intervention in solving the Eurozone debt crisis.

Market players are watching for any details on the ECB’s bond purchasing plans, after bank chief Mario Draghi said last week that the ECB would target short-term debt, fuelling optimism in the bond markets.

A Reuter’s poll of economists on Friday highlighted that they expect the Fed to start QE3 in September, but a top Fed official said that a stimulus package so close to a presidential election would not be prudent.

Since the ECB conditioned it would buy more government debt from Spain & Italy if they agreed to strict austerity packages, this has decreased pressure on either country to act quickly.

The Financial Times interviewed Ken Wattret, a BNP Paribas economist who said: “If people think this will all be sorted in a matter of days, or weeks, then they will be disappointed. We could be in limbo for months.”

24hGold - Market Optimistic on...
Cross Currency Table – (Bloomberg)

US Economic data out this week follows: Consumer Credit - Tuesday, Productivity and Unit Labor Costs - Wednesday, Initial Jobless Claims, the Trade Balance, and Wholesale Inventories - Thursday, and Import and Export Prices plus the Treasury Budget - Friday.

China is set to release inflation, trade figures and industrial output data for July, this week. China still has a strong affinity for the yellow metal.

Gold flow from Hong Kong increased 6 times for the first half of the year, while flow in the opposite direction was unusually high for June.

China produced 36.3 tonnes of gold in June sending the total output to 177 tonnes up 7.7% for the year.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Gold little changed as investors await ECB action - Reuters

Bond buying plan heightens ECB dilemma – The Financial Times

Gold Trove Found At Israel Castle Reveals Crusaders’ Forex Moves - Bloomberg

Majority of Wall Street dealers still expect Fed QE3 - Reuters

Eurozone money printing is on the horizon – buy Europe now - MoneyWeek

China’s $11m gold walkway – Europe China Daily

CFTC Commissioner Bart Chilton Comments on the Silver Investigation – The Motley Fool

Mark O’Byrne




Data and Statistics for these countries : China | Hong Kong | Ireland | Israel | Italy | Spain | All
Gold and Silver Prices for these countries : China | Hong Kong | Ireland | Israel | Italy | Spain | All
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Mark O'Byrne is executive and research director of which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
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