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Euro, Iran and Asian New Year Buying Fuels Gold

Tyler Durden's picture




 

From GoldCore

Euro, Iran and Asian New Year Buying Fuels Gold

Gold is trading at USD 1,612.90, EUR 1,256.10, GBP 1,037.30, CHF 1,530.40, JPY 123,934 and AUD 1,573.0 per ounce.

Gold’s London AM fix this morning was USD 1,614.50, GBP 1,038.33, and EUR 1,256.32 per ounce.

Yesterday's AM fix was USD 1,603.00, GBP 1,024.28, and EUR 1,229.96 per ounce.

Gold's fifth day of price rises is the longest rally we've seen in two months. Concerns about the solvency of European banks and sovereigns is overcoming the 'risk on' appetite of late 2011 and early 2012. The euro has fallen to 1.2840 USD and to €1,256/oz.

Growing tensions with Iran including the European Union's preliminary agreement to ban Iranian oil, will fuel gold's  safe haven status for investors.

Gold is trying to consolidate above psychological levels of $1,600/oz, £1,000 and €1,200/oz. The 200 day moving average is $1,631.60 which remains resistance. The intraday high hit $1,624.66, was gold's highest price since December 21.   

We expect gold demand to pick up ahead of the Chinese Lunar New Year, The Year of the Dragon, which begins on January 23.

 

NEWS

(Business Week) -- Gold Gains as Physical Asian Demand Offsets Sales After Rally
http://www.businessweek.com/news/2012-01-05/gold-gains-as-physical-asian...

(Reuters) -- PRECIOUS-Gold up on seasonal China buying; Iran eyed
http://www.reuters.com/article/2012/01/05/markets-precious-idUSL3E8C50BT...

(Reuters) -- PRECIOUS-Gold jumps after preliminary EU deal on Iran oil ban
http://af.reuters.com/article/metalsNews/idAFL6E8C40ZM20120104

(Wall Street Journal) -- PIMCO's Gross: Gold is pricey but has room to rise if Fed stimulates more
http://online.wsj.com/article/BT-CO-20120104-708167.html

COMMENTARY

(The Washington Post) -- O'Byrne Says $2400 Gold `Quite Likely' in Coming Years‎
http://www.washingtonpost.com/business/obyrne-says-2400-gold-quite-likel...

(Wall Street Journal) -- Academics Say Gold Bulls "Driven By Emotions"
http://blogs.wsj.com/source/2012/01/04/gold-bulls-driven-by-emotions/

(Jim Sinclair’s Mineset) -- Negativity In Gold Reaches Epic Levels
http://www.jsmineset.com/2012/01/03/negativity-in-gold-reaches-epic-leve...

(The Christian Science Monitor) -- Are gold prices dropping for good?

http://www.csmonitor.com/Business/The-Daily-Reckoning/2012/0104/Are-gold...

(Bloomberg) -- `Currency Wars' Will Be `More Brutal' in 2012
http://www.bloomberg.com/video/83684040/

 

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Thu, 01/05/2012 - 08:11 | 2034963 GeneMarchbanks
GeneMarchbanks's picture

That is a nice coin, very Julia Set-esque...

Thu, 01/05/2012 - 08:17 | 2034969 Ghordius
Ghordius's picture

Tried to buy it, no chance...
"Negativity In Gold Reaches Epic Levels"
Epic! Gooooood....

Thu, 01/05/2012 - 08:47 | 2034996 smlbizman
smlbizman's picture

i picked up some 1/2 ounce pieces...they are nice...

Thu, 01/05/2012 - 08:55 | 2034999 achmachat
achmachat's picture

the silver ones are still quite easy to get from German online shops.

1 ounce is now  just above 61€ in the "cheaper" stores. (a silver maple costs 26,71 right now in the same shop).

edit: my other shop, the gold 1 oz dragon = 1350€

Thu, 01/05/2012 - 09:56 | 2035110 fnord88
fnord88's picture

Perth Mint has them online

Thu, 01/05/2012 - 08:23 | 2034978 Snidley Whipsnae
Snidley Whipsnae's picture

Good times are just around the corner... if you like scotch in a can... add a dozen donuts and a family of four can eat for less than ten bucks... not recommended for those with ejection sustainability.

The Dragon Coin will probably be available on Ebay soon... or, a copy made in Hong Kong.

Got gold?

http://www.dailymail.co.uk/news/article-2081966/Great-Scot-Its-whisky---shots-5-sold-United-States.html

 

Thu, 01/05/2012 - 08:51 | 2035001 s2man
s2man's picture

First thought, that Scotch in a can is wrong. Just wrong.

Second thought, its no worse than my wine in a box.

Thu, 01/05/2012 - 09:12 | 2035031 BeerBrewer09
BeerBrewer09's picture

Reverse car bomb, anyone? Drop a shot of Guinness into a freshly poured 12oz Sir Edwin's Scotch and chug your liver away!

Those cans of scotch would make perfect barter material when SHTF. Go long on scotch cans.

Thu, 01/05/2012 - 09:20 | 2035039 Snidley Whipsnae
Snidley Whipsnae's picture

hehehe... WW3 may start any day and I'm supposed to worry about my liver? Even if we avoid WW3 the equivalent economic war will be with us a long time. My liver is own it's own.

Thu, 01/05/2012 - 10:45 | 2035307 peekcrackers
peekcrackers's picture

Snidley Whipsnae

Dude I cant lie .. fuck I want to try that scotch in a can

for a shit blened on the go .. not a bad gig.

The gawls and have the greez cakes with holes.

Thu, 01/05/2012 - 08:13 | 2034966 Bohemian Clubber
Bohemian Clubber's picture

Gimme your gold bitcheZ!

Thu, 01/05/2012 - 08:16 | 2034970 Oh regional Indian
Oh regional Indian's picture

Gold is rising also because all the heavy lifting in the suppression game is going to Silver.

When the GSR turns.....Going to be something to watch. And by the way, the Indian Rupee has fallen so badly that effective buying support from India has been clubbed on the head.

Oil Up, Gold Up, Dollar Up, Silver Down. Something Stinks...

ori

slice-of-life-in-pictures/

Thu, 01/05/2012 - 11:11 | 2035397 new game
new game's picture

something ah, oh or "uh that smell"

fried squid?

decouple from the buck?

somethin gonna give...

Thu, 01/05/2012 - 08:21 | 2034974 barkingbill
barkingbill's picture

i don't know....where do you get the idea that gold ever moves much in the opposite direction of stocks? gold is bought most heavily during risk on or sideways periods from all i can see....it gets sold usually during risk off days like today, and has started moving down again. obviously it has done better then stocks cumulatively....but it wont rise much unless the market at least moves sideways. if the market goes down, gold usually follows to some degree. no idealogy here, just saying what ive observed over the last three years. im perfectly happy if it moves up however....

Thu, 01/05/2012 - 08:28 | 2034981 Snidley Whipsnae
Snidley Whipsnae's picture

The Dow priced in gold is down 65% over the last 11 years... I would say that your theory (stocks down gold down) is impossible in view of that fact.

Thu, 01/05/2012 - 09:29 | 2034979 Boilermaker
Boilermaker's picture

Why?  The super-fed is already buying futures contracts this morning and jerking the equities back up again.  Couple that will some fantasmagoric bullshit jobs data tomorrow and they'll have the SPX up another 40 handles.

They'll do it.

Thu, 01/05/2012 - 09:29 | 2035047 Boilermaker
Boilermaker's picture

I told you so.

Thu, 01/05/2012 - 08:30 | 2034982 vegas
vegas's picture

It's all new year buying. Who needs reasons other than the fact every government in the world is printing fiat. BTFD.

 

http://vegasxau.blogspot.com

Thu, 01/05/2012 - 13:36 | 2036013 DosZap
DosZap's picture

Foreign Warships Will Need Iran's Permission to Pass through Strait of Hormoz

 

Now that's a laugh a minute, THEIR permission?,those silly Persians are fixing to get blown back 1000yrs.

Their permission, they are asking for it,begging for it.

Thu, 01/05/2012 - 09:35 | 2035055 fredquimby
fredquimby's picture

I got a paper royalty check from Amazon on Monday for $165 and swapped it at UBS yesterday for 3 grams of gold.

Gotta love that paper for gold trade!!!

Thu, 01/05/2012 - 09:48 | 2035094 waldocktrades
waldocktrades's picture

Gold and silver have seen unprecedented buying from commercial traders and central banks. Many are expecting returns in excess of 25% for 2012. See the article we just published.

http://bit.ly/xPtUVh

Thu, 01/05/2012 - 10:00 | 2035117 RobotTrader
RobotTrader's picture

Gold getting sold hard while CDS spreads blow out.

 

Gold bugs better start praying for a "miracle rescue" of the Eurozone, otherwise, gold is going to get obliterated with all other risk assets.

All those guys at KWN especially, they better start cheerleading for higher stock prices, not a "systemic crash".

Thu, 01/05/2012 - 11:22 | 2035430 new game
new game's picture

rt

one point of view; many contingincies though.

could paint another pic for you, but no need.

just think print and paint your own canvas...

Thu, 01/05/2012 - 11:30 | 2035454 freakscene
freakscene's picture

I'm a "Gold bug" and if the price gets "obliterated" as you say, it will just make my next purchase weigh more :) Then again, I've been buying small amounts monthly for about a decade so I'm hardly worried about today or tomorrow's ask and bid spread.

 

cheers!

Thu, 01/05/2012 - 12:23 | 2035683 bernorange
Thu, 01/05/2012 - 11:39 | 2035481 ciaoant1
Thu, 01/05/2012 - 12:00 | 2035559 Bansters-in-my-...
Bansters-in-my- feces's picture

Commentary... Gold is still being "managed" by the Pig Dog Manipulators.

Silver is bitch slapped as usual.

JP Morgan and Goldman Sachs are the two largest shareholders of the LME,

And the FED has shareholders,and NONE are goverment shares.

ALL shares are owned by the likes of J P Morgan and Goldman Sachs.

And other PRIVATE banks.

All shares are held by private banks.

Enjoy your day,and central planning.

and Hail.Liberty and Democracy.

Ps...Fuck you's Timmy and Ben.....

Fucking shills.

Thu, 01/05/2012 - 12:04 | 2035575 Bansters-in-my-...
Bansters-in-my- feces's picture

PS....

Check out the Silver lease rates on Kitco's charts....

Seems like the PTB do not want to lease their silver out too badly....

   Ps....Fuck yous HSBC and JPM.

Thu, 01/05/2012 - 12:07 | 2035591 vato poco
vato poco's picture

Wow. Now why would sophisticated albeit burdened with excessive self-esteem societies such as the Europeans, the Iranians, and the Asians - all of whom have several thousand years experience with this kind of stuff - ........why would they be buying a useless barbaric relic when US homes & land are so dirt cheap? Heck, everyone knows all you can do with gold is bury it in the back yard, or cram it into slots cut into the basement shelves, right?

Stupid, no doubt. That's it: they must be idiots. Just like the Frenchies & Germans & Brits & Chinese who tucked away some of the millions of leftover WW1&2 battle rifles, and ammo, and grenades, and bazookas in between the walls of their barns after the war.

Ignernt bucolic inbred peasants, is all they are. Don't they read the papers? They've been TOLD everything's going to work out fine. Someone needs to put a stop to this - they're messing up the PLAN, dammit.

Love, TPTB

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