Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench

German Gold Repatriation And Surging Silver ETF Holdings Drive Precious Metals Higher

IMG Auteur
Published : January 22nd, 2013
295 words - Reading time : 0 - 1 minutes
( 2 votes, 4.5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

[Some excerpts from the latest issue of the Weekend Update in the subscribers section of the website.]

It was an exciting week for precious metals as the gold price rose sharply and silver surged, all part of broader gains for risk assets that included a few titillating developments for the monetary metals. The move by the German central bank to repatriate a large portion of their gold reserves helped drive the gold price higher and an astounding one-day addition to the holdings of the iShares Silver Trust ETF (SLV) bolstered silver.

24hGold - German Gold Repatria...

Demand was strong in Asia as well as in the U.S. where January coin sales have already set new records. Investors continue to pile into precious metals amid fresh signs of slowing global economic growth that is being countered by record central bank money printing.

Gold and silver had their best combined performance in eight weeks, the gold price rising 1.3 percent, from $1,662.70 an ounce to $1,684.70, and silver surging 4.8 percent, from $30.44 an ounce to $31.89. After three weeks of trading in 2013, the gold price is up 0.6 percent, still 12.4 percent below its high from September 2011, and silver has risen an impressive 5.1 percent so far this year, but it remains down 35.6 percent from its high almost two years ago.

There is some technical resistance for gold at the $1,700 level and around $32 for silver, so, these will be key levels to watch in the days ahead. But, the more important technical consideration for these metals was the very positive development in trading last week when a sharp sell-off on Thursday was almost immediately reversed, after which the price of both gold and silver headed significantly higher.

[To continue reading this article, please visit Seeking Alpha.]


Companies Mentionned : Metals X |
<< Previous article
Rate : Average :4.5 (2 votes)
>> Next article
Tim Iacono is the founder of Iacono Research, a subscription service providing market commentary and investment advisory services specializing in commodity based investing.
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Gold Daily and Silver Weekly Cha...
02 Julglasstiger
Jesse, you use the term "could care less" frequently. Is this American speak for "couldn't care less"? Similar I suppose to the ubiquitou...
One more book, Mr. Stockman
02 Juluser4779-1
While it is true that "[Gold standards] were abused, suspended, and ultimately abandoned in favor of a currency that central banks could inflate at...
Panicked Hedge Funds Now Praying...
30 Junovertheedge1
"... and the silly game theory ..." Obviously you have no knowledge of game theory and its applications. Otherwise you wouldn't have used ...
The Gold Standard: Generator & P...
30 Junuser4779
Is it really so bad for Americans that they do not spend their lives labouring on a production line to make mass-produced goods, and have left this...
The Gold Standard: Generator & P...
30 Junsam_site
You state, “To continue selling to the West, China will have to open wide its doors to imports” Here’s the crux of your argument of why Chin...
The euro crisis
30 Junovertheedge1
"There is no immediate benefit from debating why." Debate? That would be like debating whether or not gravity exists. You stated the obvio...
The Ultimate Confirmation
29 Junovertheedge
It would appear that we share the same conclusion. A few sealed cans of kerosene might be handy as well. Thumbs up sir.
The Ultimate Confirmation
29 JunS W.1
My main sentiment here is why swap dollars for gold or silver only to sell at some later date for more dollars when that same paper is continually ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
EMED(Au-Cu)EMED.L
Director Share Purchase
GBX 4.75+8.45%Trend Power :
Corporate news
Golden West Res.(Fe)GWR.AX
Change in Substantial Shareholding - WPI
AU$ 0.05+0.00%Trend Power :
Corporate news
Tawana Resources(Gems)TAW.AX
Changes to Tawana’s Board of Directors | 71.72 KB
AU$ 0.00+0.00%Trend Power :
Corporate news
Goldrush Res.(Au)GOD.V
Goldrush Announces Receipt of US$500,000 Payment and Appointment of New Chief Financial Officer
CA$ 0.02+0.00%Trend Power :
Corporate news
McEwen Mining(Cu-Le-Zn)MUX
McEwen Mining Addresses New York Stock Exchange Listing Requirements
US$ 0.96+6.67%Trend Power :
Corporate news
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Announces Fiscal 2015 Fourth Quarter and Year-End Earnings Call
US$ 62.32+2.08%Trend Power :
Corporate news
International Croesus VenturesICU.V
Global Copper Group Announces Annual General & Special Meeting Voting Results
CA$ 0.69+0.00%Trend Power :
Corporate news
McEwen Mining(Cu-Le-Zn)MUX
4:32 pm McEwen Mining confirms that it has fallen below the NYSE's continued listing requirement related to the price of its common stock
US$ 0.96+6.67%Trend Power :
Corporate news
Sandstorm Gold(Cu-Mo-Au)SSL.V
Sandstorm Gold Provides Asset Update
CA$ 3.97+7.59%Trend Power :
Corporate news
Dajin Res.(Ag-Au)DJI.V
STOCKS GO NOWHERE: Here's what you need to know
CA$ 0.08+0.00%Trend Power :
Corporate news
Comments closed