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
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Vena Res.(Ag-Au-Cu)VEM.TO
Provides Update With Regards to the Arbitration Concerning the Azulcocha West Project and Enf
CA$ 0.04+0.00%Trend Power :
Exploration and drilling
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Delay in Annual Meeting and Meeting Date
CA$ 0.20+0.00%Trend Power :
Corporate news
Eldorado Gold(Au-Fe)ELD.TO
Reports 2015 Second Quarter Financial and Operational Results
CA$ 4.39-2.44%Trend Power :
Financials
Endeavour Financial(Ag-Au-Co)EDV.TO
Mining Q2 2015 AISC/oz of $898, Profit of $33M And $20M Debt Payment in July
CA$ 0.50-1.96%Trend Power :
Corporate news
Mawson Res.(Au-Ur)MAW.TO
Restarts Drilling at the Palokas Gold Prospect in Finland
CA$ 0.17+0.00%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
Achieves Record Quarterly Gold Production; Updates 2015 Cost Guidance
CA$ 17.45+0.00%Trend Power :
Production
Claude Resources(Au-Cu-Ngas)CRJ.TO
Provides Date for Q2 Results and Conference Call
CA$ 0.64-1.54%Trend Power :
Corporate news
Richmond Min.(Ur-Au-Gems)RMD.V
- Exploration Update
CA$ 0.09+0.00%Trend Power :
Corporate news
Arianne Phosphate(Ur-Mo-Ti)DAN.V
Extends the Term of Warrants
CA$ 0.89+1.14%Trend Power :
Financings
Anaconda Min.(Au)ANX.TO
Reports 12.83 g/t Gold Over 4.38 Metres and 8.55 g/t Gold Over 4.97 Metres from Channel Sampl
CA$ 0.05+0.00%Trend Power :
Corporate news
Comments closed