Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Market Update GoldCore 24 June 2013

Market Update GoldCore

Ron Paul: Gold Could Go To 'Infinity'

Today’s AM fix was USD 1,283.25, EUR 978.98 and GBP 836.21 per ounce.
Friday’s AM fix was USD 1,290.25, EUR 976.28 and GBP 833.33 per ounce.

Gold climbed $15.50 or 1.21% on Friday and closed at $1,294.00/oz. Silver reached a high of $20.121 and finished up 2.19%. Gold and silver were both down on the week -6.93% and -9.07% respectively.

Gold has fallen another 1% this morning and remains at its lowest level since September 2010. While gold rose over 1% on Friday, it recorded its worst weekly performance - down nearly 7% - since September 2011.


Click for big version.

Traders are the most bearish in 3 1/2 years, with 15 analysts surveyed by Bloomberg expecting prices to fall this week. Six were bullish and five neutral, the largest proportion of bears since January 2010. Gold rose in February 2010 and was 27% higher by year end 2010.

Sentiment is as bad as we have seen it in many years which is bullish from a contrarian perspective.
Weak hands have been washed out of the market and strong hands are accumulating again on this dip and will continue to do so in the coming weeks.

Falling gold prices are beginning to impact the gold mining sector in a big way. Newcrest Mining Ltd.’s decision to write down the value of its mines by as much as A$6 billion ($5.5 billion) will lead to the biggest one-time charge in gold mining history. It also heralds pain for competitors. Barrick Gold Corp., the world’s biggest producer, Newmont Mining Corp. and Gold Fields Ltd. may be next, according to Jefferies International Ltd.


Click for big version.

Gold Support and Resistance Chart – (GoldCore)

Ron Paul still likes gold. In fact, he thinks it could go to "infinity".
"I think If you look at the record of the value of the dollar since the Fed's been in existence we have about a 2 cent dollar where gold was worth $20/oz. I would say the record is rather clear on the side of commodity money. And history is on our side, 6,000 years of history shows it maintains value while paper money self destructs. 

I would say that long term as long as we have excessive spending and excessive computerized money you're going to see gold go up and eventually if we're not careful it could go to infinity while dollar could collapse totally.”

News From Around The World

Video: Ron Paul: Gold Could Go to 'Infinity'   CNBC

"Fundamental Case For Gold Is Growing, Not Diminishing"   Zero Hedge

Video: Marc Faber: "I Buy Gold Regularly"   Casey Research

Download Comprehensive Guide To Investing In Gold
Everything you need to know about investing in gold. This complimentary ebook is a must have for anyone thinking of investing in gold.
In this ebook you will find out about:
• Owning Gold
• The Investment Pyramid
• The Instruments of Gold Ownership
• How to Buy Gold
• Dangers of Digital or e-Gold
• The Difference Between Physical Gold and Paper Gold

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news