Gold Challenges Resistance at $1,750/oz – Technicals and Fundamentals Remain Very Positive
Gold’s London AM fix this morning was USD 1,747.50, EUR 1,326.68, and GBP 1,102.80 per ounce.
Yesterday's AM fix was USD 1,744, EUR 1,327.65, and GBP 1,106.74 per ounce.
Cross Currency Table - Bloomberg
Adding to the very gold supportive interest rate backdrop, Japan's finance and economic ministers are putting pressure on the Bank of Japan to consider easing monetary policy even further. Negative yields on some bonds (such as TIPS) are very gold positive as are moves to let investors buy short term bills with negative yields. Gold is also being supported by central bank buying. Russia's gold and foreign exchange reserves rose to $504 billion in the week to Jan. 27 from $499.7 billion a week earlier.
Newcrest Mining, the world's third largest gold producer, expects gold to trade as high as $2,500 an ounce and retain its safe harbour status for as long as the world's financial system remains in crisis.
Silver is trading at $33.72/oz, €25.66/oz and £21.30/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,618.00/oz, palladium at $689/oz and rhodium at $1,400/oz.
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