Euro Gold Record Over 1,400 EUR/oz By Year End – Commerzbank

Tyler Durden's picture

From GoldCore Gold Bullion

Euro Gold Record Over 1,400 EUR/oz By Year End – Commerzbank

Today’s AM fix was USD 1,723.25, EUR 1,349.66, and GBP 1,083.67 per ounce. 
Friday’s AM fix was USD 1,710.00, EUR 1,342.76, and GBP 1,077.91 per ounce.

Silver is trading at $32.70/oz, €25.72/oz and £20.65/oz. Platinum is trading at $1,567.50/oz, palladium at $633.30/oz and rhodium at $1,080/oz.

Gold fell $2.10 or 1.10% in New York on Friday and closed at $1,711.90. Silver fell to a low of $32.057 and finished with a loss of 1.01%.

Gold rose on Monday as the dollar fell and oil prices rose as the Israeli Palestinian conflict escalates and the US fiscal cliff discussions support the yellow metal.

Gold ETF funds climbed to a record high of 75.421 million ounces on November 16thshowing how institutional demand for the ETF remains robust as ever.

US Commodities Futures Trading Commission said that speculators increased long bets in US gold bullion ending the week of November 13th. US silver contracts also rose from the prior week.

US economic highlights today include US Existing Home Sales for Oct & NAHB Housing Market Index (1500 GMT). Tuesday’s data are Housing Starts and Building Permits, and on Wednesday Initial Jobless Claims, Michigan Sentiment, and Leading Economic Indicators.

Commerzbank AG released research that said gold is set to rally to break through the “psychological” resistance of $1,786 or 1,400 euros.


XAU/EUR 1 Month – (Bloomberg)

The yellow metal soared 4.9% in euros in one week from the 11 week low set November 2nd and has since fallen 1.3%.  The rebound from the November dip means prices should recover to reach the all-time euro high set last month, before rising to the point-and-figure target at 1,395 euros, said the bank’s research.  Point and figure charts estimate trends in prices without showing time.

Gold may then reach a Fibonacci level of about 1,421, the 61.8% extension of the May-to-October rally, projected from the November low, Commerzbank wrote in its report on November 13th which was picked up by Bloomberg. Fibonacci analysis is based on the theory that prices climb or drop by certain percentages after reaching a high or low.

“What we are seeing is a correction lower, nothing more,” Axel Rudolph, a technical analyst at Commerzbank in London, said by e-mail Nov. 16, referring to the drop since November 9th.  Rudolph remains bullish as long as prices hold above the November low at about 1,303 euros.  Technical analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index.


XAU/EUR 2 Year – (Bloomberg)

Bullion in dollars is heading for a 12th consecutive annual gain as central banks from the US, Europe and Asia utilized quantitative easing to protect fragile financial and economic systems. Gold reached new records in Swiss francs, rupees and rand since September, a year after setting a high in dollars.

Gold’s significant consolidation of the last 15 months between €1,200 and €1,400 has been very healthy and sets the market up for strong gains again in the coming months.

Interestingly, when gold broke above the resistance at €1,100/oz seen in 2010 and 2011, it quickly rose to a new record high of nearly €1,400/oz. This was a gain of over 27% in just over 2 months.

Once resistance of €1,400/oz is broken we could see similar price gains and a 25% increase from these levels would result in gold at over €1,750/oz.

For breaking news and commentary on financial markets and gold, follow us on Twitter.          

NEWSWIRE
(Bloomberg) -- Silver to ‘Dominate Near-Term’ on Fiscal Concerns, SocGen Says
Copper demand may rebound while supplies tighten, and improving outlook on China may support prices, bank says today in e-mailed report.

Platinum prices “have fallen to a likely floor as industrial demand has bottomed”.

Bank has one-month buy recommendations on silver, copper, wheat, platinum, WTI and sell on coal.


Cross Currency Table – (Bloomberg)

(Bloomberg) – Credit Suisse Group AG says China demand is Robust
Demand for physical gold from retail clients in China has been “robust” and may expand by 10 percent to 15 percent this year, according to Credit Suisse Group AG.

A gold-backed exchange-traded fund listed in China may be approved within the next 12 months, Tom Kendall, a London-based analyst said in a report today, adding that he has “considerable doubts” that it will become a large additional source of physical demand for the metal.

(Bloomberg) -- Gold Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York gold futures in the week ended Nov. 13, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets prices will rise, outnumbered short positions by 171,594 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 11,421 contracts, or 7 percent, from a week earlier. 

Gold futures fell this week, dropping 0.9 percent to $1,714.70 a troy ounce at today's close.

Miners, producers, jewelers and other commercial users were net-short 224,795 contracts, an increase of 17,053 contracts, or 8 percent, from the previous week. 

(Bloomberg) -- Silver Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York silver futures in the week ended Nov. 13, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets prices will rise, outnumbered short positions by 34,410 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 291 contracts, or 1 percent, from a week earlier. 

Silver futures fell this week, dropping 0.7 percent to $32.37 a troy ounce at today's close. 

Miners, producers, jewelers and other commercial users were net-short 50,961 contracts, an increase of 1,283 contracts, or 3 percent, from the previous week. 

NEWS

Gold firms on soft dollar; US fiscal talks eyed - Reuters

Gold Advances as ETP Holdings Expand to Record, Dollar Declines - Bloomberg

Billions in bearer bonds could be lost due to Hurricane Sandy: Sources – NY Post

CFTC to challenge court ruling on position limits – Futures Magazine

COMMENTARY

Keiser Interviews GATA's Turk and Kirby – You Tube

The Myth Of The New American Gold Standard – 24H Gold

Citi: Gold ‘Chart Mania’ – King World News

On Surviving The Monetary Meltdown – Zero Hedge

Fool's Gold Miners: A Story Of What Can, And Will, Go Wrong With "Miners" In Ten Pictures – Zero Hedge

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
GetZeeGold's picture

 

 

Gold _________ <---fill in the blank.

Imminent Crucible's picture

Gold *beaches*.

Here's the money quote: "Rudolph remains bullish as long as prices hold above the November low at about 1,303 euros."

That means "I think the price goes up, as long as the price stays up."  Talk about going out on a limb. And they pay him how much for this sagacity?

Dismal Scientist's picture

You really want to know ? I don't think you do...

falak pema's picture

the hold of the banksta Oligarchy on nation states shown here :

 

France : reconduction des 20 banques chargées de placer la dette française

Les vingt banques internationales chargées de placer la dette française auprès des investisseurs ont été reconduites pour trois ans dans leur fonction, a annoncé lundi l'Agence France Trésor (AFT) dans un communiqué.

Ces établissements, appelés "spécialistes en valeurs du Trésor", doivent participer aux emprunts de la France, placer les titres de dette auprès des investisseurs et assurer la liquidité sur le marché secondaire, où s'échange la dette déjà émise.

L'AFT, chargée de placer la dette française sur le marché, indique que les vingt établissements sélectionnés pendant la période 2009-2012 ont été reconduits.

La liste, approuvée par le ministre de l'Economie Pierre Moscovici, compte au total douze banques européens (dont quatre françaises), sept nord-américaines et une japonaise.

Dans le détail, figurent sur la liste, Bank of America-Merrill Lynch, Barclays Capital, BNP Paribas, Crédit Agricole, Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Natixis, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Santander, Scotiabank, Société Générale et UBS.

THE VERY BANKS THAT HOLD COLLECTIVELY THE WMD FINANCIAL SWORD OF DAMOCLES OVER OUR HEADS.

And French President Hollande says to all sundry : our biggest problem is the banks and their shenangins which cripple us...

Two faced talk, like saying we believe in human rights but we look the other way when the US drone kills in Pak and Israel pummels Gaza. 

Who can believe these guys!

francis_sawyer's picture

erethey a unchbey ovey ockuckerscay...

Ookspay's picture

Ooo, you speak french! Lol Sawyer.

Orly's picture

Yeah and are you smelling the pump-and-dump, too, falak?

All these wizened gold holders saying that gold is taking a breather just now?

Too many people saying everything is just peachy in Goldistan...

Jus' sayin'.

:/

GetZeeGold's picture

 

 

Gold is old...you should buy AAPL. Word is Jobs left a hard drive chocked full of ideas that will last this world a 1000 years. Samsung is working on it.

Orly's picture

If you can't hear the pump-and-dump when it's right in your face, then maybe your investment has leached into your heart and has become an obsession.  Remove the emotion of your rose-coloured glasses and try to see the other side.

GetZeeGold's picture

 

 

We've all decided to pitch in so you too can get live metal quotes.

Orly's picture

I already get it on my 4X platform.  And the quotes yield charts, which are very interesting and helpful.  The charts of gold say that gold had a parabolic blow-off top in June of 2011 to top at 1911 and the movement has clearly broken the downside of an up channel that has been in place since 2008.

The price support is at ~1544 and when it breaks below that level, it will scream lower.  The price could reach that tipping point in about thirteen weeks, if not sooner.

So, thanks for the tip but I already have that information.

:D

GetZeeGold's picture

 

 

The price support is at ~1544 and when it breaks below that level, it will scream lower.

 

Wake us up when that happens Amigo.

Orly's picture

Oh, you'll already know about it, I'm sure.  I wouldn't want to be a bad sport and rub it in, now would I?

GetZeeGold's picture

 

 

I only rub it in when I feel like it.

 

Now would be as good as time as any.

 

Go here......have fun Amigo.

https://www.kitcomm.com/showthread.php?t=51022&highlight=train+leaving+station

Orly's picture

You can keep looking at a chart from October of 2009 to October of 2010 if it makes you feel better.  I don't know whom you're trying to fool, except maybe yourself.  The last time gold was at 1350 was 31 Oct 2010.

News Flash: It's almost 2013, so the "train may have left the station" but you had better do some catching up.

:/

Amigo.

GetZeeGold's picture

 

 

Catch up to what........you?

 

When was your last successful market call? Please provide a link.

Orly's picture

Are you Egyptian or somethng?

GetZeeGold's picture

 

 

Yes....I am. Time to get off daddys computer.

GetZeeGold's picture

 

 

Dude Sunday was last night.....you do realize the markets are now open right?

Reptil's picture

if gold hits 1500 USD in our lifetime, the only thing you'll hear is "PEEP PEEP PEEP PEEP" of a thousand trucks backing up. LOL

Orly's picture

In your lifetime?  Seriously?  What was the price of gold the day you were born?

And what was it ten years later?

fuu's picture

Do you read Sun Tzu?

cardis's picture

Ketch-up? Oh I see... for hotdog. Mind you over there no hotdog but... chien chaud. BUY

Ookspay's picture

We would rather have it and not need it than need it and not have it. Kind of like our weapons...

francis_sawyer's picture

Pump & Dump... HAHAHAHAHA!

I guess that doesn't apply to AAPL or treasuries... Get 'em while they're cheap peeps... & by all means ~ whatever you do keep all your assets in electronic paper currency (you know ~ to be SAFE)...

falak pema's picture

golden screams are a gold bear's dreams; honey pot of his fiat fed machine. 

The only machine I buy into is my velo; its old and its rusty but it still runs on the country roads. Pity women don't wear skirts these days they all bike in jeans; just saying, a sunny day, a piece of beach, a pair of female legs under a swirling skirt and you forget the gold bug; you remember the jitter bug and life takes another meaning. 

Its autumn and I'm digressing into springy spring! 

Back to pump and dump! 

Orly's picture

The smell of the salt air, just a tinge of sweat on her upper lip, the waves rolling under lull you to another world.

falak pema's picture

lol, the trolls don't like poetry.

Orly's picture

They don't like up-to-date charts, either!

Imminent Crucible's picture

I just hate sweaty lips, Nellie Oleson.

falak pema's picture

a pinch of salt with sweet papaya and lemon squeezed. You get the zippy feel of bitter sweet as you gaze into the great blue deep. 

PAPAYA BEACH

Jack Sheet's picture

falak pema

You should read M. Biancheri over at GEAB (that newsboard with the fabulous predicton record) - Hollande was the 2nd coming of Christ for him!

Ghordius's picture

"...resistance of $1,786 or 1,400 euros..."
So which price is psychologically more important? Just asking...

kralizec's picture

<- - - I have gold

<- - - I have tungsten

fuu's picture

Everyone should sell all of their gold and silver right now. All at the same time please. Only stupid people buy gold and silver.

TrulyBelieving's picture

Never trust a Bank, no matter what they say. You do know how to tell if they are lying?

Jack Sheet's picture

You can shove the TA up your Fibonacci.

dinastar2's picture

Good IDEA to buy gold but in ETF you hold nothing, just a promise you will see your gold delivered at some place someday.

So if you do not rely on EF pledges (like I do ) you better hold physically your gold

But ounce gold will reach the top ( 5,000 $ in 2017-2018 ) you will lose your gold because the Governement will outlaw the use of gold as settlement option.Gold will be outlawed from banks, insurances, gas stations, groceries , walmart,etc.."No sir, you showed me gold coins , stay here please and let me register your name and car plate; I call the Govt confiscation office and I get snitching money reward ".

Because the ultimate power needs the ultimate money ( gold ) and they have the right and duty to enforce THEIR law.What you see (the debasement of your currency - the hyperinflation coming ) is running parallel to the debasement of democracy, the slow strangulation of individual freedom, the ever growing ubiquitous state.

Then the saying " beans, bullions and bullets " takes all its meaning.You may want to keep your gold but you'll need ot defend it.