  Gold $1,595.40/oz Silver $29.60/oz Platinum: $1,422.75/oz
 | | | Gold Oversold and "Buying Opportunity" as "Protection Against Currency Debasement" Gold is trading at USD 1,595.40, EUR 1,222.20, GBP 1,028.30, CHF 1,498.40, JPY 124,340 and AUD 1,595.0 per ounce. Gold's London AM fix this morning was 1,589.50, GBP 1,022.84, and EUR 1,218.94 per ounce. Yesterday's AM fix was USD 1,590.00, GBP 1,026.54 and EUR 1,223.64 per ounce.
 Gold in USD – 5 Yr (150, 200, 250 DMA)
•Gold is 1.6% higher in dollars and higher in most major currencies after four sessions of heavy losses and a 7% loss this week – the biggest weekly loss since September. Liquidity squeezed speculators and banks have been closing long positions and selling gold this week but global physical demand remains robust.
•Nouriel Roubini has declined to elaborate and clarify regarding his suggestions that gold is a bubble. Roubini Global Economics has said that the breach of gold's 200 day moving average is "signaling that prices may drop to US $1400/oz."
•Denis Gartman whose pronouncements of the death of the gold bull market were widely publicized this week has said that he may buy gold soon if it falls sharply again. Gartman said 3 days ago that gold was poised to enter a bear market and would hit $1,450/oz before it breached $1,800/oz.
 •The old adage to never "catch a falling knife" is worth remembering and it is still too early to say that this correction is over. A higher weekly close next week and weekly or monthly close above the 200 day moving average at $1,620.60/oz would likely see more speculative players come into the market again leading to gold regaining its footing and the technicals again aligning with the fundamentals.
SILVER
Silver is trading at $29.60/oz, €22.64/oz and £19.03/oz
PLATINUM GROUP METALS
Platinum is trading at $1,422.75/oz, palladium at $620.50/oz and rhodium at $1,425oz. | | |  Please click here to read the rest of GoldCore's Market Update.
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