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Gold Surges 3.5% in Euro and 2.2% in Pounds This Week
Today’s AM LBMA Gold Price was USD 1,201.90, EUR 1,133.49 and GBP 820.58 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,196.00, EUR 1,113.33 and GBP 808.49 per ounce.
For the week, gold is headed for a slightly higher close in dollars and strong gains in euros, pounds and other currencies (see charts).
Gold fell 0.67 percent or $8.10 and closed at $1,195.10 an ounce yesterday, while silver slipped 1.94 percent or $0.32 closing at $16.20 an ounce.
- Gold in US Dollars - 5 Days
Gold prices in Singapore reached $1,194.10 an ounce near the end of day trading, after reaching a low yesterday of $1,192.30 per ounce. Gold in London suddenly surged above the key $1,200 level on no breaking news this morning. It was likely a combination of traders going long before the weekend and a short covering rally after recent weakness.
Gold regained ground despite a strengthening US dollar. The U.S. dollar is hovering at a three week high against other currencies.
Gold Technical Levels
The metal has an immediate resistance at 1205.78 (5DMA) and 1210 levels. Meanwhile, support stands at 1195 (20DMA) levels below which doors could open for 1193.41 (50DMA) levels.
- Gold in Euro - 5 Days
The U.S. Fed minutes released this week were as obtuse and unclear as ever and as usual investors are left scratching their heads as to when U.S. interest rates will be raised for the first time in many years. The economic data from the U.S. economy is so mixed that its still a guessing game.
As we said yesterday, the Fed talks a good hawkish talk but has yet to walk the hawkish walk. The Fed knows that markets and a fragile, debt laden U.S. economy will struggle with even a small rise in interest rates. Hence all the talk and the very little action. As one Twitter correspondent said the Fed cannot “do anything but kabuki and pray the market doesn't catch wind of no bullets left to fire.”
- Gold in British Pounds - 5 Days
The monetary gun is shot and they are out of ammo with little options should we have a new recession or a new financial crisis - both of which seem increasingly likely.
Comex U.S. gold for June delivery remained unchanged at $1,193.90 an ounce. Chinese demand has waned a bit as premiums for physical gold at the Shanghai Gold Exchange were $1-$2 an ounce over the global spot benchmark today.
Gold in late European trading is up 0.64 percent or $1,202.14. Silver is $16.51 or up 1.98 percent and platinum is at $1,166.18 or up 0.95 percent.
Gold is up 3.1 per cent in euro terms this week and 2.2 per cent in sterling terms.
Astute investors continue to dollar, pound and euro cost average into an allocation to gold.
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"The U.S. Fed minutes released this week were as obtuse and unclear as ever and as usual investors are left scratching their heads as to when U.S. interest rates will be raised for the first time in many years. The economic data from the U.S. economy is so mixed that its still a guessing game."
Apparently logic and simple math elude "investors" because with the amount of .gov debt out there the interest rates will not be rising until the fed and their client banks own every last dollar of debt. If .gov had to double or triple their interest payments because of even a nominal interest rate rise they would not be able to fund food stamps or more importantly their latest war on humanity.
Keep on printing that newly minted debt at 0% so that those closest to the tap can pocket it and continue the buying spree until they own everything.
Bull market soon in pitch forks, torches, and guillotines.
Tsk, they should be loading up on Euro's like good little proles, after all, what could possibly go wrong?
I'm glad people are starting to finally see that gold is not a hedge against the USD, but a hedge against any fiat. Anybody with Euros, Yens, Rubles etc should have been buyng Gold instead of betting against the USD. The USD will of course implode, but only after the weaker currencies go first.
The ruble didn't do so bad against the dollar recently. Of course, they're not playing stupid games with their money in Russia like the Western central banks do. Russia has room to maneuver, and can raise rates. Remember 17%? And now on the way down. The US would be done overnight if they ever tried to pull that one off! (I think just 2% would crash the US!) But I agree: can't go wrong with Old Yeller.
If a person in Russia saved in Rubles instead of buying Gold, they missed the rise of Gold in Rubles and can buy much less with their money, that's all I'm sayin. I'm not going to argue with you about Russia good, USA bad or which countries central bank is your favorite..
but but but... gold is for the zombie apocalypse only!
also only good if you're Jewish in 1939.
This next time around, we're ALL going to be Jewish a'la 1939!
Surge Forward and Jane Firkin
https://m.youtube.com/watch?v=bL1_-Et8o1Q