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
Gold & Silver Prices in

Gold closing in on yen price record

IMG Auteur
 
Published : November 26th, 2012
379 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Precious metals made strong gains on Friday, largely as a result of weak volume at the Comex futures market in New York. Thanksgiving last Thursday meant fewer participants in US futures trading on Friday, with traders taking the opportunity for a long weekend. Lack of liquidity in a market exacerbates any up or downside move; in this instance, it was the bulls’ lucky day.

Gold needs to hang above $1,740 and silver above $34 if this move is to have any lasting significance. Bulls will be encouraged by trading this morning though, with the metals holding above these levels despite more uncertainty about whether or not European finance ministers (meeting today) will agree to dispense more aid to Greece. The EURUSD, copper, the FTSE All-World equity index and US Treasury yields are down, yet gold and silver are still hanging in there – with silver in particular showing impressive resilience considering the pressure on growth assets.

Day-to-day price moves come and go, and there is often little logic to them. Last Friday was a case in point: bad news about EU budget talks coincided with a surge in the euro against the dollar, which is the opposite of what we’d normally expect. Long-term trends are however more identifiable, and one particularly interesting longer-term trend to look at right now is the Japanese yen’s performance against gold, as done in a chart courtesy of the GotGoldReport.

Gold has clearly broken out of a period of consolidation versus the yen, with Japanese politicians seemingly at last convincing the markets that they mean what they say when they state they want a much weaker yen. Priced in yen gold is now within a whisker of its all time high around ¥146,000 per ounce.

Another event that Western analysts may pay too little attention to is confirmation that Turkey has been using gold to pay for Iranian natural gas – thus neatly sidestepping US-led sanctions against Tehran. The idea of “gold as money” may be an alien concept in the modern West, but not in Asia. The new podcast interview we are releasing today with Amphora Commodities’ John Butler – author of The Golden Revolution: How to Prepare for the Coming Global Gold Standard – may be worth listening to in this regard.

 

 

Thanks to Goldmoney from www.goldmoney.com
Companies Mentionned : Gold | Metals X |
Data and Statistics for these countries : Greece | Turkey | All
Gold and Silver Prices for these countries : Greece | Turkey | All
<< Previous article
Rate : Average :0 (0 vote)
>> Next article
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
Stellar Pacific(Cu-Ni-Zn)SPX.V
Here comes the Beige Book ...
CA$ 0.04+0.00%Trend Power :
Corporate news
United States Steel(Fe-Sn)X
U.S. steel companies file complaint about imports of corrosion-resistant steel
US$ 25.64-0.54%Trend Power :
Corporate news
Helio(Cu-Co-Au)HRC.V
(TSX-V:HRC) Reprices Share Purchase Warrants
CA$ 0.02+0.00%Trend Power :
Financings
United States Steel(Fe-Sn)X
China’s Real Estate Climate Index Drops in April
US$ 25.64-0.54%Trend Power :
Corporate news
Uranium Res.(Ur)URRE
Uranium Resources and Anatolia Energy Announce Merger with Aim to Fast-Track Uranium Production
US$ 1.22+0.00%Trend Power :
Corporate news
Evolution Petroleum(Oil)EPM
Evolution Petroleum Announces Share Repurchase Program
US$ 7.61+1.20%Trend Power :
Corporate news
Evolution Petroleum(Oil)EPM
Evolution Petroleum Declares Cash Dividend on 8.5% Series A Preferred Stock
US$ 7.61+1.20%Trend Power :
Corporate news
Evolution Petroleum(Oil)EPM
Evolution Petroleum to Present at the East Coast IDEAS Investor Conference on June 3, 2015
US$ 7.61+1.20%Trend Power :
Corporate news
Evolution Petroleum(Oil)EPM
Evolution Petroleum Announces Financial and Operating Results for Quarter Ended March 31, 2015
US$ 7.61+1.20%Trend Power :
Corporate news
Evolution Petroleum(Oil)EPM
Evolution Petroleum Announces Quarterly Cash Dividend on Common Stock
US$ 7.61+1.20%Trend Power :
Corporate news
Comments closed