Gold rose $3.60 or 0.2% in New York yesterday and closed at $1,776.90. Silver surged to hit a multi month high of $35.367 before it edged down, but it finished with a gain of 0.58%.
Gold edged up on Tuesday, nearing the 11 month high hit in the prior session. Gold and silver are being bolstered by concerns about the dollar, the euro and fiat currencies.
Many analysts predict more central banks will follow the ECB, US Fed and BOJ and increase ‘stimulus’ measures for their economies, flooding the market with cash. This global debasement of currencies will continue to benefit gold and silver bullion.
Today, the Reserve Bank of Australia decreased interest rates to 3.25% due to weaker economic growth. The Aussie dollar fell against all major currencies and especially against gold – falling to AUD 1,727/oz.
Deutsche Bank research published overnight said “we believe that expanding monetary conditions globally will provide the catalyst for higher gold prices over the near-medium term”.
Deutsche Bank has a price target which exceeds $2,000 for gold in the first half of 2013 due to “supply constraints”.
Amplats a top platinum mining company said yesterday that it would fire all strikers who did not attend disciplinary hearings the following day as an illegal strike continued at four of its South African mines.
READ MORE
No comments:
Post a Comment