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Gold Seen At USD 3,500, 6,000 And 10,000 Per Ounce
From GoldCore
Gold Seen At USD 3,500, 6,000 and 10,000 Per Ounce
Today's AM fix was USD 1617.00, EUR 1285.37 and GBP 1032.90 per ounce.
Yesterday’s AM fix was USD 1608.50, EUR 1278.31 and GBP 1025.70 per ounce.
Gold rose by $24.40 in New York yesterday and closed up 1.5% at $1,622.80/oz. Silver surged to as high as $28.45 and ended with a gain of nearly 3%.
Gold has traded erratically overnight and this morning in Europe but is slightly lower than yesterday’s close in New York.
Cross Currency Table – (Bloomberg)
Further impetus to higher prices may come from the ECB who are expected to cut interest rates to a record low tomorrow – continuing ultra loose monetary policy which should further weaken the euro.
Negative interest rates continue to penalise pensioners and savers in European countries and this will lead to further diversification into gold.
Financial markets are already starting to wonder about the solidity of last week's summit measures to tackle the euro zone crisis and soon they may question whether even looser monetary policies will help prevent recessions and sovereign defaults.
With Independence Day today (Happy July 4th to all our American followers, clients and friends), the ECB decision tomorrow and NFP on Friday, trading should be quite today but as we know illiquid markets can lead to outsized market moves.
We tend to try and avoid predictions in GoldCore as the future is largely unknowable and there are so many variables that drive market action that it is nigh impossible to predict the future price of any asset class.
However, our opinion has long been that over the long term all fiat currencies will depreciate and devalue against the finite currency that is gold.
For this reason we have long held that gold would reach its inflation adjusted high of $2,400/oz and silver its inflation adjusted high at $140/oz and the equivalent in euros, pounds and other fiat currencies.
Gold at just over $1,600/oz today remains 33% below its record nominal high in 1980.
Silver at just over $28/oz today remains 80% below its record nominal high in 1980.
However, we have tended to focus on the important diversification, store of value and safe haven benefits of owning physical gold (and silver) bullion.
Overnight, some respected analysts of the gold market have suggested that gold is likely to or will reach much higher levels in the coming years – between $3,500/oz and $10,000/oz
(see commentary).
We see no reason to change these estimates and would concur with Amoss, Davies and Sinclair that there are strong grounds for believing that gold prices will rise much higher in the coming months and years.
Indeed, given the huge increase in credit growth and money supply internationally we believe that these estimates may in time be conservative.
NEWSWIRE
(Bloomberg) -- Turkey Exchange Says Gold Imports Were 23.9 Metric Tons in June
Turkey’s gold imports were 23.9 metric tons in June, the Istanbul Gold Exchange said on its website.
(Bloomberg) -- Kazakhstan Raises 2012 Gold-Purchase Target to 26 Tons
Kazakhstan, the largest oil producer in the former Soviet Union after Russia, raised its target for gold purchases this year to 26 metric tons as it encourages producers to refine their output domestically.
The country plans to boost domestic output to 70 metric tons a year by 2015 and wants to refine all of that at a new facility near the capital Astana, Industry and New Technologies Minister Aset Isekeshev told reporters in Astana today.
The central bank last month said it planned to buy 24.5 metric tons of gold this year.
(Bloomberg) -- Deadly Newmont Protests Lead Peru to Call State of Emergency
Peru declared a state of emergency in an area of the northern Andes after three people died in clashes between police and opponents of Newmont Mining Corp.’s $4.8 billion Minas Conga project.
The government imposed the measure in three provinces of the Cajamarca region where Newmont plans to build the copper and gold mine, Justice Minister Juan Jimenez told Lima-based Radio Programas yesterday. Authorities will investigate the cause of the deaths, Jimenez said.
The declaration comes a week after Newmont was cleared to resume work that was halted in November when its installations in the area were destroyed during six days of protests. President Ollanta Humala allowed the restart by the largest U.S. gold producer after it pledged to build reservoirs to ensure water supplies for farming in the region.
The clashes are a result of Humala’s government refusing to negotiate with those opposed to the project, regional president Gregorio Santos told Radio Programas yesterday. Newmont is committed to talks and to the region, according to an e-mail from the company’s local unit late yesterday.
Police fired tear gas and bullets at demonstrators after as many as 2,000 people planned to storm the town hall in Celendin, close to where the mine will be built, Radio Programas reported. Some protesters were armed and shot at the police, it said.
“We renew our commitment to Cajamarca and to our faith in dialog as a bridge to achieve understanding between everyone,” the statement from Newmont’s local unit said.
(Bloomberg) -- Platinum Users Seen by Moody’s Moving to Palladium on Prices
Platinum users will probably keep switching to palladium in the automobile, jewelry and financial sectors, Moody’s Investors Service said.
Palladium will probably trade between $600 to $900 an ounce over the next few years, Moody’s said in an e-mailed report today. “Platinum has traditionally sold at prices roughly four times that of palladium, but today platinum sells for close to twice the price of palladium,” says Arvinder Saluja, a Moody’s analyst and author of the report. “That spread is narrowing as new technology allows end-users to switch more easily to the lower-priced metal.”
For breaking news and commentary on financial markets and gold, follow us on Twitter.
NEWS
Gold near 2-week peak on hopes for monetary easing - Reuters
Gold eases from two-week high in Asia - MarketWatch
Gold Set to Gain as ETP Holdings Rise to Record on Stimulus Bets - Business Week
COMMENTARY
Sinclair: The Rig Is Up; Gold will go to and above $3500/oz - Jim Sinclair's Mineset
Hinde Capital's Davies on Why Gold Could Reach $6,000/oz - Business Week
Amoss: The Path to $10,000-an-Ounce Gold - The Daily Reckoning
Golden Cognitive Dissonance - Zero Hedge
On The Inevitability Of EU-thanasia - Zero Hedge
ECB Meeting On Thursday Could Ignite Gold, Silver - Forbes
Gold Re-entering Monetary System - Resource Investor
RICHARD RUSSELL: The Third Phase Of The Gold Bull Market Is Still Ahead - Business Insider
Silver Manipulated, and a Silver Exchange Holiday - JESSE'S CAFÉ AMÉRICAIN
Arensberg: COMEX Silver Futures Skewed Short, Potentially Explosive - Got Gold Report
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Evolution in thought........try it some time.......
While human thought and action may be ever more sophisticated, human nature and wisdom doesn't change in the majority of people, and wont until life is significantly prolonged. What's more, corruption and power are far too strong a drug for those who are involved to let it go. This time wont be different.
I do value your thoughts on how the derivate disaster will play out though. The only solution as I see it, for the elite, is to print 800 Trillion, or most of them will be wiped out, along with pensions and any other bank held investments.
Gold is being the instrument that is perfect for peoples who are wanting only to believe in happy things that will be happening to them. When they are having gold they are not having to be making thoughts about realities that are what makes many peoples like them to be buying gold. When we are having such bad things to be happening that gold is being at $6000 they will not be buying gold for their own selfs because where would they be finding that much monies to be paying for it? The same peoples who are dreaming their golds will always be making them happy are being afraid even now to be buyings golds so why do they think peoples who are not liking golds now at 1600 willl be liking golds at 6000? Many peoples here were speaking many times about the silvers they would be having trucks to be backing up to load when silvers was being closer to 50 but now nobody is being excited when it is 26. If you don't be living for many many years the gold you are keeping might be like having many bananas that are delicious now but you will not be eating when many times have past.
Geru, assuming you are not just another 'clever' avatar (witty crazy-grammar Indian who ironically is also the only Indian on Earth who hates gold)
You evidently speak english, but your crazy grammer has taken my to the limit of endurance. If you want me to read your posts, why not go basic? Start with something like this:
I am from India, All my fellow countrymen love gold, and all my fellow countrymen from India stockpile gold as real money over generations because they know that paper currencies are a joke.
But I personally hate gold and I hold India Rupees which debase by approx 20% per year forever. The reason I hold Rupees is because.... ( you fill in the rest amigo!)
Gold could hit 6k. If it did people would still stare at it like an alien exhibit in a zoo. If people have not understood it by now they never will.
i dont think they would put aliens in the zoo....................perhaps they might have a central banker exhibit near the monkeys though...........happy 4th of july fonzanoon.......
You too man. Enjoy.
Aliens are already in the zoos. More and more people are having conversations with the inhabitants of the monkey cages these days.
The "buy buy buy" gold and silver seems to have died down a little.
It's just another gamble. Nobody can know what these Elite's have in store for the rest of humanity. Probably having good camping equipment, fishing poles, supplies, and guns is the best idea, especially if you are working class people with little extra for "taking a chance".
These markets are ALL rigged. Even the middle and working classes are set to lose their entire "portfolios" if they have one from work. It is only Soros types, with inside knowledge that get ahead.
If the Corporate-State was interested in wealth creation for the average person, they would NOT have allowed the looting that took place, or at least would have prosecuted the majority of perpetrators. They did not. Over these last several years, one corruption after another has been exposed to no avail.
A confiscation is possible and those that say there would be a bloody revolt are just kidding themselves, as they would merely be peeing on themselves and NOTHING more if it did happen.
The Corporate-State figured it out these last 10 years that Americans will do nothing to protect themselves and are obviously free-game and easy targets. I don't know how anyone could conclude anything else.
complete financial unification?...would require very high degree of political union, eu-wide taxing authority has already been breifly mentioned.
what would it take to create political union? usually countries dont give up sovereignty easily. it took a civil war in the US to create a strong central political power. what might a european civil war look like...just more financial threats? and when they dont work too well, some police/military force to physically move the gold from south to north? or as they say, asynchronous warfare by the south against agents of the north? like the US, which had slavery to rally around (not the true core issue), what will be the rallying cause for europe? anti-immigration? anti-muslim? anti-terrorism -like most likely.
think about it
I am going to open a gold mine then. If I can mine it for $460 per ounce why bother paying for it with fiat.
If gold does go to ten thousand dollars an ounce, your government will confiscate it all and make bags to hold it in from your skin.
Only if they want a shooting revolution.
Has anyone cut thier AGE's in half to verify gold content?
To the stupid cuunt who junked me. have you verified the gold content of your AGE's or are you irritated someone suggested you might not have what you think you have?
wow 3 junks and no one has the balls to come forward.
I don't have any AGE's. So my answer is no.
What you might be getting at is: How easy or hard is it to test coins for authenticititty? (without destroying them)
In my opinion-- Very very difficult. I have found that authenticating coins is more an art or more like magic. I can't do it myself and I need to rely on experts who I can (I hope) trust.
Here you go for a gold coin test. http://www.fisch.co.za/home.htm
who doesn't know how to spell cunt right? others have been junked for less.
Load the wagon 'til the mule goes blind !
And be sure to follow the yellow brick road..
lame article; anyone can project anything with a timeline of "in the coming years". How many fucking years? a thousand? give me a break
Buy guns and ammo or your PM's belong to me.
Do your best. You won't be the first who has tried...
"I have no problem with someone having 100% of their portfolio in gold" - Jeff Berwick
I own gold as a piece of my portfolio, but it won't reach its true levels of value anytime in the near future. Sorry to all the SHTF naysayers.
I own physical gold hedged into Saddam style weapons.
$2,000...in 2016, by April, if I recall correctly. That was The Promise (tm).
I don't have the chart anymore. I forget now where to start drawing the line, thinking it was early in the year 2000 at like $250 then ends in 2016 at $2000. Seems like I recall this trend line passed thru Sept. 11, 2001 at $747, which made me chuckle, then kinda sad. It was no where close to the line back then. I might be misremembering that bit.
But yeah, $2,000. in 2016. That was the promise made to Princes and Kings. Everything in between is just noise and opportunity. Now, junk my nuts off. I care, so much.
Here is a man who is having many knowledges about gold and who is speaking in many different ways about it.
http://tinyurl.com/7l3nv72
Fiat encourages fiscal irresponsibility.
Sovereigns will buy up gold.
Return to some sort of "gold standard".
Price of gold will rise (be driven higher) to "reinflate" value of money.
We are in a global depression in relation to gold. Fiat based assets are valuable for as long as the US money printing privilege is accepted.
Not so sure that will happen. If you look at any of the charts, government spending is going back in line with where it was supposed to be and has stalled out. Thus no more money printing.
Yeah you're probably right, because upcoming Euro-bailouts and endless world wars probably won't cost much.
Stack it while it's cheap.
I have discovered that Bullion is cheaper on the bay when you catch the few that does not set a market value bid.
It "amuses" me that morons think Treasuries, especially 10 year, are anything but NEGATIVE REAL YIELD. They don't even keep up with inflation. See how you like that 2-2.5% interest, per year, in a couple of years when this recession based financial manipulation is over ! The penalty for early withdrawal will offset even the paltry interest made.
Sorry (EDIT) 10 yr @ 1.6% !!
Forget your lust, for the rich man's gold,
but if you ain't got none, you ain't gettin in this show...
Everything Lynrd Skynerd did was for "the rich man's gold" including that song brother....
BTFD!
True that, and look where it got them. They should have taken their own advice.
As for me, I don't want in "this show."
Americanspirit,
I would think when govts such as China allow their peoples to buy Gold and Silver it is primarily to negatively impact other countries fiat currencies.
There is zero chance of the govt taking it off the people. If they did allow the Renminbi to be PM backed they would use patriotism as a tool to get the people to hand the PM's over.
Stopped reading at:
--- Gold at just over $1,600/oz today remains 33% below its record nominal high in 1980.
--- Silver at just over $28/oz today remains 80% below its record nominal high in 1980.
Anyone who uses the masssive spassing spike from 1980 as a refernce point has absolutely no credibility....
...chartists....HRRUMPH.