Today’s AM fix was USD 1,760.00, EUR 1,360.33 and GBP 1,088.03 per ounce. Yesterday’s AM fix was USD 1,774.50, EUR 1,361.44 and GBP 1,092.54 per ounce.
Silver is trading at $34.31/oz, €26.61/oz and £21.28/oz. Platinum is trading at $1,619.50/oz, palladium at $663.50/oz and rhodium at $1,225/oz.
Gold fell $0.10 or 0.01% in New York yesterday and closed at $1,770.50. Silver hit $34.958 in Asia and fell to $34.27 in early New York trade and it then bounced back higher, but finished with a loss of 0.49%.
Gold edged down today due to dollar strength and profit taking as speculators and some investors booked profits on 16% price gains from this year’s low.
Gold continues to see smart money diversification as central banks from the ECB and the Fed to the BOJ have all announced ‘stimulus’ or money debasement measures which has led investors to seek gold as an inflation hedge.
All eyes will be on China as perhaps the next to announce action after today’s data showed further contraction in its manufacturing sector for the 11th consecutive month.
The UK will then follow and then other central banks may announce their own measures as competitive currency devaluations or currency wars intensify in the coming months.
We have seen consecutive weeks of bullish strength in the gold and silver markets. Gold has completed what is known as a ‘Golden Cross’ and silver is poised to complete one in the coming days.
A ‘Golden Cross’ occurs when not only the current price, but also shorter-term moving averages such as the 50 day moving average “cross” or rise above the longer term 200 day moving average........
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AYN Price at posting:
3.3¢ Sentiment: ST Buy Disclosure: Held
