Posted on 12/08/2009 10:38:41 AM PST by blam
Gold To Be Supported By Investment, Central Bank And Chinese New Year Demand
Commodities / Gold & Silver 2009
Dec 08, 2009 - 04:57 AM
By: GoldCore
Gold recovered some of yesterday's pullback and went as high as $1,164 overnight. Gold is currently trading at $1,162/oz and in euro and GBP terms, gold is trading at €783/oz and £710/oz respectively.
The short term trend remains down and this should continue until we get a few higher daily closes or another higher weekly close. However, there is much investment and central bank demand waiting in the wings to buy on any dips. Bernanke's warning regarding the fragile nature of the economic recovery will encourage those investors continuing to diversify into gold bullion for safe haven reasons.
December and the early New Year are traditionally a seasonally strong time for gold and the increasing importance of Chinese New Year to world gold demand could see gold rebound faster than many expect. Chinese jewellery and investment demand has surged in recent months and is likely to remain robust for the foreseeable future.
Silver
Silver reached the $18.30 range overnight. Silver is currently trading at $18.24/oz, €12.29/oz and £11.16/oz.
Platinum Group Metals
Platinum is trading at $1,452/oz and palladium is currently trading at $379/oz. While rhodium is at $2,300/oz.
This update can be found on the GoldCore blog here.
[snip]
Gold needs support? I thought gold could walk on water.
This I know, for Democrat wisdom tells me so.
I advised some close relatives on Sunday that silver drops by a buck and gold drops by a hundred bucks in just a couple of days, quite frequently, and that silver below $18 or gold around $1100 would be winners.
$17.50 silver earlier today looks like a nice round number for a short term bottom. I’m still waiting for gold to do a spikey drop down to $1100 or so and right back by the end of the week.
It’ll all go back up...just a matter of time.
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