Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself.
Cross Currency Rates
Gold remains close to record nominal highs in all major currencies but media coverage in the UK, Ireland and Europe remains minimal and skeptical. Focus continues to be almost exclusively on bond, equity and currency markets – with little or no coverage of gold.
The ramifications of contagion and a euro currency crisis which would lead to the price of gold in euros surging has not been covered in the media. This is of course bullish as it shows a continuing lack of understanding and appreciation of gold’s importance as a diversification and a safe haven asset.
SILVER
Silver is trading at $35.38/oz,€24.79/oz and £21.88/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,747.25/oz, palladium at $752/oz and rhodium at $1,925/oz.
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