Skip to comments.Euro And Swiss Franc Fall To New Record Lows Against Gold
Posted on 09/28/2012 5:21:15 AM PDT by SeekAndFind
Todays AM fix was USD 1,781.00, EUR 1,374.65, and GBP 1,098.77 per ounce.
Yesterdays AM fix was USD 1,755.25, EUR 1,365.32and GBP 1,084.16 per ounce.
Silver is trading at $1,670.75/oz, 26.96/oz and £21.52/oz. Platinum is trading at $1,670.75/oz, palladium at $637.90/oz and rhodium at $1,075/oz.
Gold climbed $26.00 or 1.48% in New York yesterday and closed at $1,777.30. Silver surged to hit a high of $34.74 and finished with a gain of 2.15%. Euro gold rose to a new record high at 1377.
Gold prices are up on Friday, as the new austerity budget from Spain was received favourably and it increased the appetite for higher risk assets, sending bullion, commodities brent crude oil at $112, the euro and equities to rise.
Gold prices in euros held near the prior session's all time record high of EUR 1,380/oz, hit after rising spot prices coincided with a weaker euro on Thursday. Euro-priced gold was up 1.1% at EUR 1,375.48/oz.
US gold futures for December delivery were up $2.50/oz at $1,783.00 this morning.
Quarterly performance for, gold, silver and platinum were all up. Gold is on the way for an 11.4% gain. Silver racked up the largest gain and rose over 25%. Spot platinum and palladium were up 15.4% and 9.8% for the 3rd quarter. US gold American Eagle coins was improved from last quarter (138,000 ounces vs. 133,000 ounces) however still the lowest quarterly figures in over 2 years.
Gold reached highs in euros and Swiss francs yesterday, in London trading it hit EUR 1,379.60/oz compared to EUR 1,375/oz last September. In Swiss Francs gold traded at CHF 1,666/oz.
Europeans have been viewing scenes of violence and riots from protestors in Madrid and Athens over the past few days.
Barclays Plc. announced yesterday it was opening its own London vault to store gold and other precious metals due to demand from their clients.
Investment banks have readjusted price targets upward in the past few days with some calling for gold at $2,000 and higher in the next few months.
This signals that the recent rally of the euro against the dollar was largely due to the poor US monetary and fiscal situation and the greenbacks weakness and not due to any great confidence in the single currency per se.
Protests and violence clearly show that the eurozone debt crisis is far from over and there remains the risk of a currency crisis in the European Monetary Union (EMU).
Finally, we are confident that the new record euro and Swiss franc highs will soon be followed by new highs in gold.
If Silver is trading at $1,670.75/oz....I’m a very rich man! Better check that number again SAF.
Looks like Europe is in a free fall.
Last week or perhaps the week before I began to wonder about the price of gold as a force in our economy. Specifically, what about corporate treasurers?
We are told they are sitting on Trillions of $$$ on their balance sheets. Is is just sitting there depreciating? Investment in bonds is a loss to inflation. Sitting there is a loss to inflation (devaluation).
It would seem prudent for corporate treasurers to buy gold or maybe silver. The upside seems to hold some value while sitting on the cash has a very real downside.
When and if treasurers decide to invest part of the unproductive cash hoard in gold, the race is on.
Don’t blame me, I only cut and pasted the article :)
With the silver quote so ridiculously off I’m officially ignoring the entire article. Breaking ... ;-)