Today’s AM fix was USD 1,669.75, EUR 1,245.15 and GBP 1,059.55 per
ounce.
Yesterday’s AM fix was USD 1,675.75, EUR 1,235.99 and GBP 1,065.86 per ounce.
Silver is trading at $31.57/oz, €23.68/oz and £20.04/oz. Platinum is
trading at $1,720.75/oz, palladium at $743.00/oz and rhodium at $1,225/oz.
Cross Currency and
Precious Metal Table – (Bloomberg)
While gold fell in dollar terms yesterday, it surged 1.8% in euro
terms from €1,235/oz, soon after the ECB interest rate decision, to €1,258/oz
soon after. Some of the
gains were quickly given up as determined selling was again seen but gold in
euros closed nearly 1% higher on the day.
Gold in USD, 10 Day -
(Bloomberg)
The price gains came as Draghi
warned about slowing economic growth and complacency regarding declaring an
end to the financial crisis. He also warned that the euro dollar exchange
rates rise could derail the recovery in Europe and signalled that an interest
rate cut may even be necessary.
Continuing ultra loose
monetary policies in the Eurozone will support gold and should lead to higher
prices in 2013.
In dollar terms, gold fell
$5.70 or 0.34% yesterday closing at $1,671.80/oz. Silver slid to a low of
$31.28 and finished with a loss of 1.16%.
Gold in GBP, 10 Day -
(Bloomberg)
Gold is flat in most
currencies today despite concerns over the health of the eurozone economy but
gold is on course for a second week of gains which would be bullish from a
technical perspective.
Trading action was again
peculiar yesterday with determined sellers capping the price at certain
levels. There is a distinct feel that influential players are getting long
and into position for the long awaited upward price move.
China's gold production
increased for a sixth year in a row and hit a record 403 tonnes in 2012,
keeping its ranking as the world's largest bullion producer, reported the
Shanghai Securities News.
Silver continues to see
determined selling at the $32/oz level.
On Wednesday, the Commodity
Futures Trading Commission (CFTC) fined Royal Bank of Scotland (RBS) $612
million for fixing the Libor interest rate. Given the significant delay in
concluding the CFTC’s investigations of price manipulation in the silver
market, many investors continue to ask the question as to whether certain
banks are manipulating and capping the silver price thereby pocketing
millions in profits at the expense of traders and investors.
Bart Chilton, commissioner at
the CFTC, said as long ago as October 2010 that “members of the public “and”
publicly available documents convinced him the silver markets are tainted by
violations of federal commodities law.
"I do believe that there
have been repeated attempts to influence prices in the silver markets,"
Mr Chilton said. "There have been fraudulent efforts to persuade and
what I consider deviously control the price."
The Financial Times recently
acknowledged the Gold Anti-Trust Action Committee’s (GATA) important
contribution regarding establishing transparency in the gold market. GATA has
also called for transparency in the silver market and it is not before time
that the CFTC fulfils their duty and announces the findings of their
investigations into whether Wall Street banks have been manipulating the silver
market.
Manipulation or not, silver
buyers will again be rewarded if they remain patient and fade out the
considerable noise that emanates from the silver market.
Gold in EUR, 10 Day -
(Bloomberg)
The EU may suffer the fate of
the USSR and “collapse” according to billionaire investor George Soros.
Soros said that incorrent
economic and monetary policies and the monetary union itself may lead to
currency wars and the collapse of the European Union.
In saving the euro, the
continent’s financial powers have damaged the economy of the euro zone and
created dangerous new political imbalances. As a result, “we have quite a
turbulent time ahead for 2013.”
“I am rather concerned that
the euro is in danger of destroying the European Union”. There is a real
threat when the possible resolution of financial difficulties of eurozone
might cause a political issue,” Soros told Dutch TV in an interview.
The attempts of the European
leadership to keep the common European currency are leading to the escalation
of political and social issues in the EU which may eventually destroy it.
Recent SEC filings show that
Soros’ hedge fund had again increased allocations to gold.
Gold Sideways
in Asia as Outlook Unclear; Precious Metals Lower – The Wall Street
Journal
Gold
Volatility Squeeze Means Rise to $1,900: Technical Analysis - Bloomberg
250
tonnes of gold smuggled into India in 2012: Jewellery body – Business
Standard
COMMENTARY
CME
Cuts Gold, Silver Margins – Zero Hedge
Mark
Mobius Bullish On Commodities - Gold, Platinum and Palladium – Business
Insider
Protect
your wealth as the Bank of England goes for broke – Money Morning
The US Monetary Base
and Gold! - GoldSeek
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