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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news