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Gold In Euros Touches New Record High At EUR 1,360 Per Ounce

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From GoldCore

Gold In Euros Touches New Record High At EUR 1,360 Per Ounce

Today’s AM fix was USD 1,732.75, EUR 1,355.09, and GBP 1,082.63 per ounce.
Friday’s AM fix was USD 1,696.00, EUR 1,337.75 and GBP 1,062.06 per ounce.

Silver is trading at $33.50/oz, €26.32/oz and £21.05/oz. Platinum is trading at $1,596.50/oz, palladium at $655.70/oz and rhodium at $1,025/oz.


Gold in Euros – January 2011 to Today

Gold has risen to new record highs in euro terms overnight in Asia when gold consolidated on last week’s 3% gains and rose above €1,360/oz for the first time. 

Significant consolidation has been seen in the last year between €1,200/oz and the previous record high at €1,359.01/oz. This record high was seen almost exactly a year ago on September 9th 2011.


 

Gold in Euros Today - Gold’s new record euro high at EUR 1,360.23 Per Ounce 

This consolidation will likely give rise to further weakness in the euro versus gold in the coming weeks. The record high shows an increasing lack of investor confidence in the single currency. 

It shows that there is concern that Mario Draghi’s ultra loose monetary policies at the ECB may lead to further euro weakness and to inflation in the eurozone.  

Gold surged in all currencies on Friday and rose 2.13% in dollar terms and closed at $1,736.50. Silver soared to a high of $33.707 and finished with a gain of 3.09%. 

The nonfarm payrolls figure came in at 96,000 and the market expected 130,000 which showed the US economy is in a very poor state which led to safe haven gold buying. 

Gold is consolidating near 6 and a half month highs in dollar terms with a variety of strong fundamental factors leading to higher prices.  It is only a matter of time before gold records new record nominal highs in dollar terms over $1,900/oz.


Gold in USD - 5 Days (Tick) – Bloomberg

Gold is being supported by the unrest in South Africa which continues to destabilise the mining sector.

Gold Fields said this morning that some 15,000 workers were still on strike at one of its gold mines outside of Johannesburg. The tally of workers on strike at the West Section of the KDC Gold Mine is about 3,000 higher than last week. All production at the mine has been brought to a standstill.

With the US job growth contracting significantly in August, investors see that the Fed will be inclined to announce QE3 at this week’s policy meeting on the 12th & 13th.

US gold futures and options climbed to 6-month high 144,775 contracts in the week ended September 4, according to data from the U.S. Commodity Futures Trading Commission.

Gold ETF’s grew to a record high of 72.125 million ounces on Friday.

Also, Hong Kong's July gold shipments to China was almost double on the year and exports for the first 11 months were greater than 2011, suggesting China will overtake India as the world's top gold consumer.

UBS has joined JP Morgan, Goldman, Bank of America and others in revising upwards its gold forecast. UBS raised its one-month gold forecast to $1,850 an ounce, from $1,700 and the three-month estimate to $1,850 from $1,750 an ounce in a report e-mailed today.

UBS also revised higher their estimates for silver and see silver 10% higher at $37 an ounce in one and three months from $33.50 today. UBS previous silver forecast was from $32 and $35.

JP Morgan has said that they expect gold prices to rise another 6% in 2013 and another 2% in 2014.

Central banks may purchase 489 metric tons of gold this year, JPMorgan Chase & Co. said.

The purchases along with investor buying of exchange-traded products should drive demand this year, said Yuriy Vlasov, an analyst at the bank, in a report released Friday.

NEWSWIRE
(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 Sept. 4, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets prices will rise, outnumbered short positions by 170,464 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 11,973 contracts, or 8 percent, from a week earlier. 

Gold futures rose this week, gaining 5.0 percent to $1,740.50 a troy ounce at today's close

Miners, producers, jewelers and other commercial users were net-short 219,386 contracts, an increase of 15,762 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 Sept. 4, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets prices will rise, outnumbered short positions by 32,430 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 3,792 contracts, or 13 percent, from a week earlier. 

Silver futures rose this week, gaining 10.7 percent to $33.69 a troy ounce at today's close. 

Miners, producers, jewelers and other commercial users were net-short 44,920 contracts, an increase of 6,346 contracts, or 16 percent, from the previous week. 


Cross Currency Table – (Bloomberg)

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

NEWS
Gold hovers near 6.5 month high on Fed stimulus hopes - Reuters

Gold adds to gains as Fed easing hope lingers – Market Watch

Australia's gold production declines in 2011/12 – Mining Weekly

Gold Fields says 15,000 workers strike at South Africa mine - Reuters

 

COMMENTARY~
Gold Gets Some Powerful Friends – Market Watch

GATA's Bill Murphy on the JP Morgan Silver Shortage and the next Bullion Bank Run – You  Tube

China Imports More Gold In 2012 Than All ECB Holdings – Zero Hedge

The “Bond King”: Buy Gold, Not Bonds – Zero Hedge

 

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Mon, 09/10/2012 - 08:09 | 2777902 GetZeeGold
GetZeeGold's picture

 

 

Do you want Euros or gold? Time's up Amigo!

 

Mon, 09/10/2012 - 08:19 | 2777916 Colombian Gringo
Colombian Gringo's picture

I will take Euros. It has pretty pictures on it and fits into my wallet.Gold is heavy and hard to photocopy.

 

Besides, Aliens watching us dig up gold out of the ground and them placing it into vaults can't all be wrong.

-The Dragi.

Mon, 09/10/2012 - 08:23 | 2777920 GetZeeGold
GetZeeGold's picture

 

 

It has pretty pictures

 

When that fails......we can always throw some porn on it.

 

We have Rick Masters on retainer......and a stable full of models.

 

Mon, 09/10/2012 - 10:22 | 2778260 pies_lancuchowy
pies_lancuchowy's picture

besides, you can't eat gold!

while Euroes are quite tasty

Mon, 09/10/2012 - 08:13 | 2777907 Karlus
Karlus's picture

Gold bitchez?

Mon, 09/10/2012 - 08:17 | 2777911 GetZeeGold
GetZeeGold's picture

 

 

Good answer chief.

 

Mon, 09/10/2012 - 08:24 | 2777922 midtowng
midtowng's picture

So when is my gold mining stocks going to reflect this increase?

Mon, 09/10/2012 - 08:26 | 2777927 GetZeeGold
GetZeeGold's picture

 

 

How much paper can we put you down for Slick?

 

Mon, 09/10/2012 - 09:00 | 2778018 Snidley Whipsnae
Snidley Whipsnae's picture

Gold mine = a hole in the ground with a liar standing next to it.

Mon, 09/10/2012 - 10:27 | 2778275 OneTinSoldier66
OneTinSoldier66's picture

Although I could probably come up with a pretty entertaining description myself, it might be interesting to hear your description of a paper money banker standing next to his bank! Lol.

Mon, 09/10/2012 - 08:26 | 2777925 CheapBastard
CheapBastard's picture

 

 

Euro 3-step to wealth preservation:

1. withdraw money from failed (failing) bank;

2. buy hard asset (gold);

3. bury in secure place.

Mon, 09/10/2012 - 09:11 | 2778049 SilverNoob
SilverNoob's picture

4. buy saiga-12 or benelli m3 tactical.

5. shoot any motherfucker on sight.

Mon, 09/10/2012 - 08:27 | 2777928 bank guy in Brussels
bank guy in Brussels's picture

German Constitutional Court now might possibly DELAY their 'big' Wednesday court decision on the bailout

Kick the Can, Euro-style!

http://www.telegraph.co.uk/finance/debt-crisis-live/9532796/Debt-crisis-...

Mon, 09/10/2012 - 09:10 | 2778047 Sean7k
Sean7k's picture

They are obviously holding out for a bigger payoff. We all know how they will rule- just like the last time. courts are nothing more than the machinery of legitimization for the state.

Mon, 09/10/2012 - 10:42 | 2778304 OneTinSoldier66
OneTinSoldier66's picture

+1 - John Roberts' flight to Germany must have been delayed.

Mon, 09/10/2012 - 08:42 | 2777933 LawsofPhysics
LawsofPhysics's picture

And Bloomberg "reporting" chances of more QE as "99%".  Right, go ahead, print you stupid motherfuckers.  My PMs thank you, now about energy....

Mon, 09/10/2012 - 08:29 | 2777934 new game
new game's picture

LOL ; JPM predicts higher prices and yets shorts in place.

can you say conflict of interest. b.s. f'g crap.

but when they cover and get sussed out by phy demand and delivery,

we will all be rewarded for our extreme patience.

Mon, 09/10/2012 - 08:34 | 2777952 new game
new game's picture

TPTB will try every trick to control their fiat system and diss gold and silver, but in the end

demand for phy g/s will prove the money changers are f'ked.

so they will be us as they accumulate as they are.

the new and improved 1 percenters that  own phy PM.

simple; and try to fix that...

Mon, 09/10/2012 - 08:38 | 2777957 CheapBastard
CheapBastard's picture
Top Investor Warns of “Financial Armageddon” as Soros Dumps Bank Stocks, Buys Gold

 

Soros show he dumped virtually all his holdings in major financial companies like JP Morgan, Goldman Sachs, and Citigroup. His multi-billion-dollar U.S. fund also loaded up on gold, with the portfolio now holding more than $130 million worth of the precious metal.

 

http://www.thenewamerican.com/economy/markets/item/12552-top-investor-wa...

Mon, 09/10/2012 - 08:46 | 2777979 WatchnSee
WatchnSee's picture

BHO is behind in the polls. Time for Soros to trigger another another "crisis".

Mon, 09/10/2012 - 08:54 | 2777999 GetZeeGold
GetZeeGold's picture

 

 

No need....he bought the voting machines. You probably think I'm kidding.

 

Mon, 09/10/2012 - 09:24 | 2778081 Anasteus
Anasteus's picture

I'm always amused when reading how this and that investor hold xxx million worth of the PM, most of which in paper stuff only. I doubt most of them have much more physical than their wedding rings.

Mon, 09/10/2012 - 10:11 | 2778205 fuu
fuu's picture

8/21/12 on the link, thanks for the old news.

Mon, 09/10/2012 - 10:27 | 2778279 StychoKiller
StychoKiller's picture

Note to Soros:  GLD != Au

Mon, 09/10/2012 - 08:51 | 2777991 pies_lancuchowy
pies_lancuchowy's picture

where is this hilarious 'lemetropole' dude and his leaks from someone whom he allegedly knows, who allegedly is 'in touch with NEW YORK' ?

Hey , gold was supposed to go 100% up in 3 months, and it didn't ? What are your news from New York now ?

Mon, 09/10/2012 - 09:29 | 2778067 Haole
Haole's picture

You're talking about guys (Bill Murphy, representatives thereof, etc.) who have been working hard in making it possible over the last decade+ for people like ZH'ers to be so aware of things like gold.  As nobody can predict the future, perhaps you should spend less time on taking predictions literally and at least learn who your "hilarious 'lemetropole' dude" is before proverbially "opening your mouth and removing all doubt" so to speak and as the saying goes.

Mon, 09/10/2012 - 10:21 | 2778255 pies_lancuchowy
pies_lancuchowy's picture

>>As nobody can predict the future,>>

apparently you know it and I happen to know (which is exactly the reason of my post) ; but , the 'hilarious lemetropole dude' doesn't know it !!

What for did he write 'gold will rise 100% in 3 months' , if we all know it's BS ?

now thumb me down , bitchez !

Mon, 09/10/2012 - 08:57 | 2778007 Snidley Whipsnae
Snidley Whipsnae's picture

This is contributing to support ... "Gold is being supported by the unrest in South Africa which continues to destabilise the mining sector."

This is the major support ... "Also, Hong Kong's July gold shipments to China was almost double on the year and exports for the first 11 months were greater than 2011"

India continues to raise import duties on gold even though the Indian Gov knows what the outcome will be; increased smuggling of gold into India and loss of revenue to government. Stupid is as stupid does. Same thing is happening in Viet Nam.

Mon, 09/10/2012 - 08:57 | 2778010 Red Heeler
Red Heeler's picture

"gold was supposed to go 100% up in 3 months"

What's your hurry?

Mon, 09/10/2012 - 09:56 | 2778169 ParkAveFlasher
ParkAveFlasher's picture

His portfolio is on fire.

Mon, 09/10/2012 - 11:45 | 2778596 pies_lancuchowy
pies_lancuchowy's picture

My hurry? Funny. What the hurry of the person who claimed that gold will move like this, you must mean!?

Mon, 09/10/2012 - 09:08 | 2778039 DogSlime
DogSlime's picture

From the article:

Gold ETF’s grew to a record high of 72.125 million ounces on Friday.

So that's paper certificates that are meant to represent 72 million ounces of underlying physical?

...and people trust this paper?

Mon, 09/10/2012 - 09:47 | 2778141 Anasteus
Anasteus's picture

However, a steep correction is likely after the FOMC disappoints on Friday. A nice opportunity to buy, perhaps the last one below 2K prices. At least I hope this will happen.

Mon, 09/10/2012 - 11:22 | 2778511 JJSF
JJSF's picture

 

 

 Charted gold in CZK over the weekend. The party is over for EU evern for those wh didnt opt into the euro..

http://coghlancapital.com/mt-moreinfo

 

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