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Gold Falls Again on Options Expiry –Supported by Global Debt Crisis & Iranian Oil Jitters
Gold is trading at USD 1,696.10, EUR 1,252.60, GBP 1,083.30, CHF 1,546.20, JPY 130,370 and CNY 10,780 per ounce.
Gold's London AM fix this morning was USD 1,697.50, GBP 1,083.90, and EUR 1,253.14 per ounce.
Yesterday's AM fix was USD 1,704.00, GBP 1,085.42, and EUR 1,266.44 per ounce
Gold in USD – 6 Months (Daily) and 2 Most Recent Gold Options Expiry (09/27/11 and Today)
This most recent sell off may again be completely coincidental but the CFTC might want to keep an eye on such unusual trends in the precious metal markets in order to ensure fair and free markets and protect the interests of all investors.
The US, Britain and Canada announced yesterday new sanctions on Iran's energy and financial sectors.
Iran has warned it could close the strategic Straits of Hormuz if it became the target of a military attack. The straits are the entrance to the strategic Persian Gulf waterway, a major route for the supply of oil globally.
A disruption of Iranian oil supplies would lead to oil prices surging and to increased safe haven demand for gold.
SILVER Silver is trading at $31.71/oz, €23.42/oz and £20.27/oz
PLATINUM GROUP METALS Platinum is trading at $1,550.20/oz, palladium at $589.25/oz and rhodium at $1,575/oz.
Please click here to read the rest of GoldCore's Market Update.
The GoldSaver Account allows anyone to buy and save gold online from just $150, £150 or €150 per month.
GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.
We provide comprehensive pricing for South African Krugerrands, American Eagles, Canadian Maple Leafs, British Sovereigns, Silver Eagles, 1 Kilo Gold bars and many more. We also provide live Perth Mint Certificate Programme prices on gold, silver and platinum.
The GoldSaver Account is a unique service that allows clients to purchase small amounts of gold on a monthly basis in a secure and cost effective manner. The GoldSaver Account is suitable for investors of any size looking to diversify their savings.
The Perth Mint Certificate Programme allows investors, savers, pension holders and companies to own investment grade bullion which is stored in vaults in the Perth Mint of Western Australia (est. 1899; AAA rating). The programme is insured by Lloyds of London and is fully guaranteed by the government of Western Australia.
GoldCore Secure Storage allows clients to store their gold bullion in ultra secure vaults in Zurich, Hong Kong, Singapore, London and internationally in a cost effective manner. Bullion is held in custody and under a bailment arrangement meaning that the client has a direct claim upon the bullion held in their name.
Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore. The provision of precious metal product or service does not require licensing, authorisation, or registration with the Irish Central Bank and, as a result, it is not covered by the Central Bank's requirements designed to protect consumers or by a statutory compensation scheme.
GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 14 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'.
$15 Trillion US National Debt 'Supercommittee' Impasse to Support Gold
Gold is trading at USD 1,706.10, EUR 1,270.60, GBP 1,089.30, CHF 1,569.20, JPY 131,170 and CNY 11,190 per ounce.
Gold's London AM fix this morning was USD 1,704.00, GBP 1,085.42, and EUR 1,266.44 per ounce.
Friday's AM fix was USD 1,730.00, GBP 1,093.00, and EUR 1,279.87 per ounce.
Gold in USD – 1 Year (Daily) – 50, 100 & 144 DMA
Equities in Asia and Europe have fallen and headline risk is to the downside. The crisis in Europe is unlikely to improve in the short term and the US cross-party 'supercommittee' established to negotiate budgetary savings seems destined to miss the deadline for reaching agreement.
Barclays says it is sticking with a fairly bullish call for gold and says it sees the price at $1,875/oz in Q4, according to Reuters. Deutsche Bank say they expect periods of risk aversion to remain through 2012 and their strongest conviction trade remains long precious metals and specifically gold, according to Reuters.
Western dealers continue to see safe haven demand but much of the buying is from existing clientele adding to allocations and the vast majority of the western public remains unaware and uninvolved in the gold market.
SILVER Silver is trading at $31.04/oz, €23.09/oz and £19.85/oz
PLATINUM GROUP METALS Platinum is trading at $1,557.20/oz, palladium at $587.00/oz and rhodium at $1,575/oz.
Please click here to read the rest of GoldCore's Market Update.
The GoldSaver Account allows anyone to buy and save gold online from just $150, £150 or €150 per month.
GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.
We provide comprehensive pricing for South African Krugerrands, American Eagles, Canadian Maple Leafs, British Sovereigns, Silver Eagles, 1 Kilo Gold bars and many more. We also provide live Perth Mint Certificate Programme prices on gold, silver and platinum.
The GoldSaver Account is a unique service that allows clients to purchase small amounts of gold on a monthly basis in a secure and cost effective manner. The GoldSaver Account is suitable for investors of any size looking to diversify their savings.
The Perth Mint Certificate Programme allows investors, savers, pension holders and companies to own investment grade bullion which is stored in vaults in the Perth Mint of Western Australia (est. 1899; AAA rating). The programme is insured by Lloyds of London and is fully guaranteed by the government of Western Australia.
GoldCore Secure Storage allows clients to store their gold bullion in ultra secure vaults in Zurich, Hong Kong, Singapore, London and internationally in a cost effective manner. Bullion is held in custody and under a bailment arrangement meaning that the client has a direct claim upon the bullion held in their name.
Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore. The provision of precious metal product or service does not require licensing, authorisation, or registration with the Irish Central Bank and, as a result, it is not covered by the Central Bank's requirements designed to protect consumers or by a statutory compensation scheme.
GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 14 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'.
Gold Falls 2.5% But Up 21% YTD – Technicals Short Term Bearish; Long Term Bullish
Gold is trading at USD 1,727.10, EUR 1,278.60, GBP 1,090.30, CHF 1,579.20, JPY 132,590 and CNY 10,970 per ounce. Gold's London AM fix this morning was USD 1,730.00, GBP 1,093.00, and EUR 1,279.87 per ounce. Yesterday's AM fix was USD 1,756.00, GBP 1,115.70, and EUR 1,304.12 per ounce.
Gold in USD – 1 Year Daily and DMAs (view large image on blog)
Spot gold has rebounded above the 50-day moving average that it fell below yesterday. The 50-day MA is moving close to crossing below the 100-day MA, which can be seen as a bearish technical signal. However, the last time gold's 50 dma fell below the 100 dma in February 2011 it was prelude to rising prices in the coming months (see chart above).
Massive uncertainty, counter party and systemic risk is leading to some speculators and fund managers opting out of the paper or leveraged gold market and moving to cash. Some are also moving into the safety of physical bullion in the form of allocated accounts.
The Wall Street Journal mentioned how the continuing liquidation of holdings by former MF Global clients, as accounts become unfrozen by the trustee, helped pressure precious metal prices lower. Counter party and systemic risk is on a scale never seen before in modern financial history (or indeed in all of history due to the globalised and massively integrated nature of financial markets today) and this will lead to more investors avoiding brokerages who offer leveraged paper gold vehicles via the official exchanges and opting to buy physical bullion over the counter.
SILVER Silver is trading at $32.34/oz, €23.80/oz and £20.38/oz
PLATINUM GROUP METALS Platinum is trading at $1,592.70/oz, palladium at $609.50/oz and rhodium at $1,575/oz.
Please click here to read the rest of GoldCore's Market Update.
The GoldSaver Account allows anyone to buy and save gold online from just $150, £150 or €150 per month.
GoldSaver gold holdings are purchased from the Perth Mint of Western Australia. It is stored in their secure vaults, insured and government guaranteed by the AAA rated Western Australian government. Deposits and gold holdings are also independently verified by our auditor on a monthly basis. Find out more about GoldSaver or sign up here.
We provide comprehensive pricing for South African Krugerrands, American Eagles, Canadian Maple Leafs, British Sovereigns, Silver Eagles, 1 Kilo Gold bars and many more. We also provide live Perth Mint Certificate Programme prices on gold, silver and platinum.
The GoldSaver Account is a unique service that allows clients to purchase small amounts of gold on a monthly basis in a secure and cost effective manner. The GoldSaver Account is suitable for investors of any size looking to diversify their savings.
The Perth Mint Certificate Programme allows investors, savers, pension holders and companies to own investment grade bullion which is stored in vaults in the Perth Mint of Western Australia (est. 1899; AAA rating). The programme is insured by Lloyds of London and is fully guaranteed by the government of Western Australia.
GoldCore Secure Storage allows clients to store their gold bullion in ultra secure vaults in Zurich, Hong Kong, Singapore, London and internationally in a cost effective manner. Bullion is held in custody and under a bailment arrangement meaning that the client has a direct claim upon the bullion held in their name.
Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore. The provision of precious metal product or service does not require licensing, authorisation, or registration with the Irish Central Bank and, as a result, it is not covered by the Central Bank's requirements designed to protect consumers or by a statutory compensation scheme.
GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 14 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'.
Gold $1,696.10/oz Silver $31.71/oz Platinum: $1,550.20/oz
Gold in USD – 6 Months (Daily) and 2 Most Recent Gold Options Expiry (09/27/11 and Today) 
Please 
Gold in USD – 1 Year (Daily) – 50, 100 & 144 DMA 
Gold in USD – 1 Year Daily and DMAs (view large image on blog) 
