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Today's AM fix was USD 1,619.00, EUR 1,289.83, and GBP
1,044.65 per ounce.
Yesterday’s AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per
ounce.
Silver is trading at $28.86/oz,
€22.93/oz and £18.57/oz. Platinum is
trading at $1,479.00/oz, palladium at $622.00/oz and rhodium at $1,225/oz.
Gold climbed $7.20 or 0.45% yesterday in New York and
closed at $1,618.80/oz. Gold traded sideways in Asia prior to a sudden buying
bout which saw gold rise from $1,618/oz to
$1,625/oz. Those gains have gradually been given up in European trading where
gold is now trading near yesterday’s close.
 
White – XAU/EUR, Orange – XAU/USD, Yellow
– XAU/GBP, Green – XAU/CHF, Red – XAU/NOK –
(Bloomberg)
Gold appears to be consolidating after hitting its 4th
session of gains, when weak US economic data, in the form of poor retail
sales, led to renewed QE chatter.
Gold is likely also being supported by real concern
about the outcome of Greece’s elections on Sunday. This has led to one
major foreign exchange provider suspending all trading in the hours around
the announcement of the results of the Greek election.
Cash gold has gained 1% this week and appears to be
reasserting its safe haven status due to the deepening debt crisis and near
term risk of contagion.
Spain’s sovereign debt rating was cut 3 notches
by Moody’s and market watchers feel they will need a ‘bailout’
soon even though they just received eurozone
financing to bail out their troubled banks.
While superficial analysis has recently again
questioned whether gold is a safe haven and has suggested it is not due to
its recent performance, gold is again acting as a safe haven for those who
need a safe haven.
Gold has risen by more than 6.3% in euro terms so far
in 2012, while FTSE and CAC are down by 2.4% and 4.9% year to date. While the
DAX has risen by 3.3%, most European indices are down sharply.
Therefore, European holders of gold are again being
protected from the market and monetary volatility.
Anthony Robbins Bullish On
Gold - Faber and Bass His Financial Gurus
Tony Robbins (Anthony Robbins), one of the world's
leading performance coaches and motivational speakers has recently warned
about the risk of dollar devaluation and spoke about the opportunities in
gold which is "exploding" and "is in a bull market".
At Robbins, recent event in London (May 18th to 21st),
he spoke about the importance of getting good financial advice from the
people who predicted this crisis and have made money for their clients in
recent years.
Cross Currency Table – (Bloomberg)
He spoke about investment experts who he respects and
specifically mentioned Marc Faber and Kyle Bass.
Robbins is one of most positive and optimistic people
in the world. Nevertheless, he recently produced a YouTube video warning of
an impending economic collapse.
Faber and Bass are extremely bearish on paper
currencies and government debt and are very bullish on gold and silver
bullion due to the euro zone debt crisis and looming global debt crisis due
to the appalling fiscal state of Japan, the UK and the US.
Dr Marc Faber is a Swiss financier who predicted the Wall
Street Crash in 1987. He is the editor and publisher of the “Gloom,
Boom & Doom Report,” author of many books including the best selling 'Tomorrow's Gold: Asia's Age of Discovery'.
Faber advised investors to buy gold in 2001 and he is
still extremely bullish on gold and silver and believes that gold will rise
in all economic circumstances - a global inflationary economic boom, stagflationary environment or even in a global
deflationary recession or Depression.
Kyle Bass is the erudite Texan investor who saw the
financial crisis coming and made a fortune in the sub-prime collapse - first
from America's sub-prime mortgage crisis and then from betting that Greece
would default. Now he’s positioned and ready for the collapse of entire
countries, having bought credit default swaps on Greece, Ireland, Italy,
Spain, Portugal and, interestingly, Switzerland.
Robbins shares the concerns of Faber and Bass regarding
sovereign defaults and Robbins is very concerned about the risks of a US debt
crisis and the risks that it poses to the US dollar.
A recent video 'The National Debt and Federal Budget
Deficit Deconstructed' by Robbins is well worth a watch: www.youtube.com/GoldCoreLimited
Gold and indeed those who own it are often accused of
being 'barbaric', 'uncivilised' and 'bugs.'
Indeed, there is often a suggestion that those who own
gold are negative ‘doom and gloom merchants’ who hope that the
world financial and monetary system will collapse so that their gold holdings
will surge in value and they will be 'rich as Croesus.'
Anthony Robbins and indeed most who are positive about
and advise owning gold very much contradict this
silly view. Indeed, many of them have been warning about these fiscal
challenges for years in an effort to protect family, friends, clients and the
public.
The majority of people who buy gold are rational
economic people who realise that there is
macroeconomic, geopolitical, monetary and systemic risk in the world and they
buy gold as a store of value.
They buy gold as they simply wish to protect themselves
and their families from these risks by owning the financial insurance that is
gold.
Robbins has a massive following internationally –
especially amongst business owners but also in the sporting, media, music and
entertainment industries and his endorsement of the importance of owning gold
is significant.
OTHER NEWS
(Bloomberg) -- Barclays Expects Gold, Platinum-Price Recovery by Fourth
Quarter
Barclays Plc expects the average prices of gold and
platinum to increase by the end of the year.
Gold, which traded at $1,611.75 an ounce by 1:02 p.m.
in London, is expected to increase to an average of $1,720 in the third
quarter and $1,790 in the final three months of this year, the bank said in a
statement handed to reporters in Johannesburg today.
Platinum, currently at $1,453.96 an ounce, is set to
advance to $1,615 in the three months through September and $1,690 in the
final quarter, it said.
(Bloomberg) -- Commerzbank Says Platinum May Be at
$1,750 By End of This Year
Commerzbank
AG said platinum may be trading at $1,750 an ounce by the end of the year.
Silver will be $35 an ounce and gold at more than
$1,900 an ounce by then, Commerzbank said in a report e-mailed today. The
yearend forecast for gold is $1,900 an ounce, it said.
(Bloomberg) -- Gold May Advance 5% by July on Double
Bottom: Technical Analysis
Gold
prices, down 3.1 percent this quarter, may rebound 5 percent by July after
hitting a “double bottom,” according to technical analysis by
Infinity Trading Corp.
Gold may climb to $1,700 an ounce after falling to
$1,529.30 on May 16 and $1,532.10 on May 30, said Fain Shaffer,
Infinity’s president. A double bottom is a chart pattern showing a drop
in price, followed by a rebound and then another decline to near the same
level, usually indicating support. Bullion has closed above its 20-day moving
average since May 31, another “bullish signal,” he said.
“Gold seems to be in an uptrend now,”
Shaffer said in a telephone interview from Medford, Oregon. “The market
is showing some strength.”
Yesterday, gold futures for August delivery rose 0.3
percent to settle at $1,619.40 on the Comex in New
York, rising for the fourth straight session, the longest rally since Jan. 5.
Prices are up 3.5 percent in June after tumbling 10
percent in the prior four months. The 20-day moving average is near $1,586.
In technical analysis, investors and analysts study
charts of trading patterns and prices to predict changes in a security,
commodity, currency or index.
For breaking
news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold steady after 4 days of gains; Greece in focus
- Reuters
Gold price may reach $2,000 in 2 years: JP Morgan
- MarketWatch
Gold futures extend gains in Asia trading
- MarketWatch
Russian GOLD / FX Reserves Rise To $512.4 Billion - Reuters
COMMENTARY
"Due To The Extreme Volatility Some Market
Analysts Foresee..." – Zero Hedge
Analysis: Endless QE? $6 Trillion and Counting
- Reuters
We Are Within Months of This Crisis Blowing Wide
Open – King World News
Keiser: Hot Potato Counterfeit Cash
– Max Keiser
Silver Could Preserve More Value Than Gold
– Hubert Moolman
Mark
O’Byrne
Goldcore
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