Precious Metals Update

Gold
Gold was trading in the mid $930s in Tokyo overnight but buying in Europe this morning took it over the $940 level. With increasing concerns regarding the sustainability of the fabled "green shoots" and whether the recent recovery in equity markets can be sustained, gold will continue to be well supported - especially as the relative merits of the individual major currencies (EUR, USD, JPY and GBP) look increasingly like an ugly sister competition. Gold is currently trading at $942.2/£570/€671.

Silver
Silver also dipped overnight to $13.96 but proved to be made of hardier stuff in late morning trading and has pushed upwards to be currently trading at $14.10/ £8.53/€10.04.

Platinum Group Metals
Platinum's hold above $1,200 on Friday was short-lived and it has retraced some of last week's losses and is currently trading at $1,191. Palladium has also fallen off slightly at $245 and rhodium is currently trading at $1,325/$1,500.

Disclosure: No positions

Comments

[Larry House:]

Spot news--readily available. Trend analysis is much more instructive and perhaps even profitable.

Jun 29 01:38 PM

[JudeJin:]

in china, the three A share gold mine companies have attracted unprecedented attention. their volume often account for almost 5-10% of total A share volume for 1500 stocks! one of them is the best performing stock among the blue chips!
chinese know what's going to happen to their dollar reserves!

Jun 30 03:07 AM

[doubleguns:]

"especially as the relative merits of the individual major currencies (EUR, USD, JPY and GBP) look increasingly like an ugly sister competition."

Couldn't have said it better!!!! Hahaha

Jun 30 09:46 AM