New Year's Day is the 23rd and markets will close for the subsequent week when gold demand is expected to be as voracious as last year due to concerns about the Chinese economy, stock and property markets and as the Year of the Dragon is a particularly auspicious year.
From Goldcore:
Gold’s London AM fix this morning was USD 1,618.00, GBP 1,047.38, and EUR 1,266.54 per ounce.
Yesterday's AM fix was USD 1,621.00, GBP 1,045.67, and EUR 1,045.67 per ounce.
Cross Currency Table
Gold prices are marginally higher after the 3% gain seen last week. Gold tentative gains come despite the dollar gaining strength due to the European crisis. Investors and traders will keenly follow the debt auctions this week in Italy and Spain and a poor or failed auction could see a sharp bout of renewed risk aversion. President Sarkozy and Chancellor Merkel are meeting in order to boost employment with in debt ridden Eurozone states but markets will not be impressed by more words from politicians.
Precious metals analysts expect gold prices to rise for a 12th year in a row and to reach a record high in 2012, but are less optimistic for silver and platinum, according to a survey by the London Bullion Market Association (LBMA).
SILVER
Silver is trading at $28.90/oz, €22.66/oz and £18.72/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,402.00/oz, palladium at $613/oz and rhodium at $1,300/oz.
NEWS
(Financial Times)
Gold forecast to hit a new high in 2012
(Bloomberg)
Gold Seen Extending Best Rally Since 1920 on Europe Crisis, Reliance Says
(Bloomberg)
South Africa’s Gross Reserves Decline as Gold Price Drops, Dollar Advances
(MENAFN.com)
Gold Stays Precious
COMMENTARY
(MarketUpdate.nl)
90% of Dutch Gold Reserve Is Held Abroad
(Forbes)
Why Gold Is The Only Real Asset
(Grandich)
@Grandich: Ultimate crime in investing not being wrong – it’s staying wrong!
(True Economics)
@GTCost: Gold and some blue chip stocks only stores of value in worst case scenarios
(BullMarketThinking)
“The Chain of Custody Behind Gold’s Price Setting Mechanism Appears to be Breaking”
(GotGoldReport)
Silver, You Ain’t Seen Nothin’ Yet
