Market Update GoldCore 4 July 2013

Market Update GoldCore

Oil Spikes, Portugese Bonds & Stocks Crash And Eurozone Debt Crisis Returns

Today’s AM fix was USD 1,246.00, EUR 962.16 and GBP 818.28 per ounce. 
Yesterday’s AM fix was USD 1,260.75, EUR 967.95 and GBP 829.93 per ounce.

Gold fell $10.50 or 0.84% yesterday and closed at $1,242.20/oz. Silver slid to a low of $19.238 and finished down 1.33% at $19.34/oz.

Gold inched higher in most currencies and gained over 0.5% in euros as the Eurozone debt crisis reared its ugly head again and oil spiked over $102 a barrel.

Stocks fell around the world, led by Portugal as the nation’s 10-year bond yield surpassed 8% for the first time since November after two ministers quit the government.

Click for big version.

U.S. index futures declined and the FTSE and DAX were down 1.5% and 1.7% respectively.

Portugal’s benchmark equity gauge tumbled 7% and the 10-year bond yield surged 12% or 130 basis points to 8.02%. The Eurozone debt crisis is far from over contrary to more complacent sounds in recent months.

Greece has three days to reassure Europe and the IMF that it can deliver on conditions attached to its bailout in order to receive its next tranche of aid, four euro zone officials said on Tuesday.
Gold in euros has risen 6% from a low of EUR 906/oz to EUR 963/oz. With the Eurozone debt crisis far from resolved and set to erupt again, gold could find support at these levels.

Click for big version.

Gold in Euros - 1 Year
Crude oil rose above $102 a barrel due to geopolitical risk in Egypt, Turkey, Syria and Israel. Oil climbed on concern that political turmoil in Egypt will disrupt shipments in the Suez Canal.

It is set to be a long hot summer in the Middle East. The region remains a powder keg which could go off at any moment.

There are a few potential Black Swans out there which show the importance of having an allocation to gold in an investment and savings portfolio.

News From Around The World

Gold Remains Vital Diversification - Protect From Currency Devaluation and Bail-Ins   News Talk

Video: COMEX Commercials Nearly Net Long Gold   GoldSeek

Long Term Bullish Case For Gold   Acting Man

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