Gold is shooting up $$$$

Bulldog

Guess people want the precious metal as a hedge, rather than the uncertainty of the market!

BD

MrKelso

Yep

jtryka

Been pretty quiet the last couple days, I would look for some profit taking after new years, and then a resumption in the uptrend.

merz2

Bulldog
That would be a safe bet.

MrKelso

I think for the near term look for $355 maybe $360 then next year a good bet would be the $400 level. Good time now to keep stocking the Gold draw at current price levels.

barney

Do you think this will have an indirect effect upon the rare coin market, especially scarce gold items?

MrKelso

<< <i>Do you think this will have an indirect effect upon the rare coin market, especially scarce gold items? >>



Nope it may have some effect on lower grade coins looking for a reason to move upward in price an example would be 1908 DE with Motto from vf to maybe MS60. But the real High priced rare stuff i don't think it will cause them to go up.
I do think if Silver starts to take off we may see much Higher prices for Morgan Dollars on all grades, Just something about those Morgans.


Todays weekly update for you Gold Bugs
Gold regained its firm tone on the New York open as light fund buying was once again seen. Gold had drifted off from its overnight highs of $350.75/1.50 as profit taking and long liquidation was seen during the European session. News that North Korea has or at least plans to expel UN Nuclear weapons inspectors and a bomb attack on the Chechen capital Grozny, probably by Chechen rebels, quickly re-established the yellow metal on the firm side. The Dollar has been under further pressure this afternoon, with the Euro jumping to fresh 3-year highs against the greenback at 1.0410, while the Dow is down 50 points.
Fresh buying was seen on TOCOM overnight, boosted by continued weakness in the Dollar as the greenback slipped to 3-year lows against the Euro, trading up to $350.75/1.50 in thin conditions. Early European trade saw the yellow metal slip slightly lower on profit taking but the tone still remains firm with the continued tensions between the US and Iraq/North Korea likely to remain for some time. The Dollar will continue to be a key driver for gold with US economic weakness likely to play in gold's favour. $355 should offer some resistance for the moment, but a break above offers little in the way of resistance until $418.

Silver made small gains on the London fix at $4.67, trading up to $4.71/2 on the back of gold, although trade remains very thin. The 200-day Moving Average at $4.63 continues to be a key support level, while $4.75-80 is proving to be a tough level to break up through. The industrial metal looks set to struggle due to the lack of genuine industrial demand, although Indian physical buying is still quite strong as they enter their Wedding season.

Platinum fixed at $592.75 this afternoon, down slightly from this mornings fix at $594, although the industrial metal remains comfortable in the $580-605 range.
Palladium slipped $1 to fix at $235 this afternoon, although it still threatens a break below $200 if fresh de-stocking/producer selling is seen.