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 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
Aurcana(Ag-Au-Zn)AUN.V
Change of Auditor
CA$ 0.24-2.04%Trend Power :
Corporate news
Gray Rock(Au)GRK.V
Gray Rock Closes Non-Brokered Private Placement
CA$ 0.02+0.00%Trend Power :
Corporate news
BowmoreBOW.V
Bowmore Closes First Tranche of Private Placement and Resignation of Board Member
CA$ 0.07+0.00%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Newmont Mining Acquires Cripple Creek from AngloGold
US$ 23.67+2.33%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Newmont Mining Asset Optimization Efforts Encourage Analysts
US$ 23.67+2.33%Trend Power :
Corporate news
Teuton(Ag-Au-Co)TUO.V
Teuton’s Harry and Silver Crown Properties located West and East of Ascot’s Dilworth Property up for Option
CA$ 0.08-5.88%Trend Power :
Corporate news
Royal Dutch Shell(Oil)RDSA.AS
This Week In Energy: Top 4 Reasons Oil Prices Are Heading Back Down
€UR 25.54-0.66%Trend Power :
Corporate news
PetrobrasPBR
Petrobras to Sell Stake in Bijupira & Salema Fields for $25M - Analyst Blog
US$ 8.83+2.08%Trend Power :
Corporate news
Royal Dutch Shell(Oil)RDSA.AS
Shell to Go Ahead with GoM Appomattox Deepwater Project - Analyst Blog
€UR 25.54-0.66%Trend Power :
Corporate news
BP plc(Ngas-Oil)BP
BP to Settle Federal, State GoM Oil Spill Claims for $18B - Analyst Blog
US$ 41.29+5.14%Trend Power :
Corporate news
Comments closed