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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.
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 due to Re-Hypothecation, Counter Party, Liquidity and Contagion Risk
Gold is trading at USD 1,591.10, EUR 1,224.20, GBP 1,026.30, CHF 1,501.40, JPY 123,940 and AUD 1,602.0 per ounce.
Gold's London AM fix this morning was 1,590.00, GBP 1,026.535 and EUR 1,223.64 per ounce.
Yesterday's AM fix was USD 1,635.00, GBP 1,055.32 and EUR 1,255.18 per ounce
Gold in USD - 1 Yr (150, 200, 250 DMA). Click on image to view full size
• Gold has risen nearly 1% in most currencies today after a dropping 3.5% in US dollar terms yesterday. The sell off yesterday has been attributed to more speculative players and funds selling off holdings before year end and going to cash due to alarming funding and liquidity pressures and increasingly elevated counter party risk.
• The MF Global and re-hypothecation scandal and concerns regarding a bout of vicious deleveraging likely exacerbated the sell offs in gold and silver.
• Gold's fundamentals have not changed however the technicals are very poor. Gold looks oversold but could become more so in short term due to momentum. In order for gold traders to regain some confidence the 200 day moving average at $1,620 will have to be recaptured.
• Academic research shows that gold is a hedging instrument and a safe haven. However, it can be correlated with risk assets in the short term but its hedging and safe haven qualities are seen in the medium and long term.
• 2012 is likely to be even more volatile and turbulent than 2011 and those who remain diversified or become diversified and own physical gold will again be protected financially.
SILVER Silver is trading at $28.94/oz, €22.24/oz and £18.66/oz
PLATINUM GROUP METALS Platinum is trading at $1,407.00/oz, palladium at $620.50/oz and rhodium at $1,425oz.
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'.
Roubini Asks of 'Goldbugs' on Twitter "Where is 2,000?"- Ignores Academic Research on Gold
Gold is trading at USD 1,614.10, EUR 1,242.20, GBP 1,045.30, CHF 1,533.40, JPY 126,100 and AUD 1,623.0 per ounce.
Gold's London AM fix this morning was USD 1,635.00, GBP 1,055.32, and EUR 1,255.18 per ounce.
Yesterday's AM fix was USD 1,665.00, GBP 1,068.75, and EUR 1,262.22 per ounce.
Gold in USD – 1 Yr (150, 200, 250 DMA). Click on image to view full size
• It is important to note that gold's falls have been primarily dollar related and gold has fallen by a lot less in pound and in euro terms.
• Roubini or @Nouriel tweeted yesterday evening:"Gold at a 7 weeks low down to 1635. Where is 2000 gold dear gold bugs?"
• Our expertise is not monetary economics so we will leave that debate to others (see commentary). However, we would note that experts on monetary policy such as the President of the World Bank, Robert Zoellick, and former Federal Reserve Chairman, Alan Greenspan, have proposed considering a return to some form of gold standard.
• Roubini has been fairly good at calling world economic events in recent months, however his investment 'advice' has been poor and he appears to not understand 'investments 101' which is diversification.
SILVER Silver is trading at $29.73/oz, €22.90/oz and £19.23/oz
PLATINUM GROUP METALS Platinum is trading at $1,448.75/oz, palladium at $617.50/oz and rhodium at $1,425oz.
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 $1,595.40/oz Silver $29.60/oz Platinum: $1,422.75/oz
Please 
