GoldCore Update: Record Amount of US Debt Ever Sold in One Week ($153B)
-- Posted Wednesday, 28 October 2009 | | Source: GoldSeek.com
Gold Gold closed trading at $1,037.20/oz. In euro and GBP terms gold is trading at €700/oz and £634/oz. Gold's short term frothiness after sharp gains has led to profit taking and an expected correction back down to previous resistance at the $1,030/oz level.
Concerns regarding the sustainability of the recent recovery are increasing after yesterday's poor consumer confidence number (and last week's poor jobs and housing data). Concerns about the health of the US consumer and wider US economy are likely to lead to the dollar remaining under pressure in the medium and long term which bodes well for gold. As does the fact that there is a growing realisation that governments cannot print money forever. At some stage in the coming months, the extraordinary stimulus and debt monetization seen internationally will have to end and this may derail the fragile global economic recovery.
This week's record issuance of US Treasuries (the greatest amount of debt ever sold in one week) will test international appetite for US debt. The net debt increase of $153 billion is so high it will exceed the current authorized federal debt limit of $12.1 trillion (upcoming vote to raise the federal debt ceiling to $13 trillion and this does not include the US' massive unfunded liabilities of Medicare and Social Security). Support for gold will come from continuingly high oil prices and the dollar remaining under pressure and support is currently seen at $1,027.70/oz and resistance at $1,050.50/oz.
Silver Silver is trading at $17.08/oz. In euro and GBP terms silver is trading at €11.23/oz and £10.17/oz.
Platinum Group Metals Platinum is trading at $1,317/oz while rhodium and palladium are trading at $1,800/oz and $325/oz respectively.
This update can be found on the GoldCore blog here.
The Bullion Services Team
IRL 63 FITZWILLIAM SQUARE DUBLIN 2
UK NO. 1 CORNHILL LONDON EC3V 3ND
IRL +353 (0)1 632 5010 UK +44 (0)203 086 9200 US +1 (302)635 1160
WINNERS MoneyMate and Investor Magazine Financial Analysts 2006
Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.
GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Disclaimer
The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com,
is strictly prohibited. In no event shall GoldSeek.com or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
OilSeek.com
