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

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news