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No Significant Capital Flows Into Gold From So Called ‘PIIGS

Press Release – GoldCore

Todays AM fix was USD 1,602.50, EUR 1,253.13 and GBP 1,057.41 per ounce. Yesterdays AM fix was USD 1,591.00, EUR 1,243.75 and GBP 1,052.39 per ounce.

No Significant Capital Flows Into Gold From So Called ‘PIIGS’ Yet
Today’s AM fix was USD 1,602.50, EUR 1,253.13 and GBP 1,057.41 per ounce.
Yesterday’s AM fix was USD 1,591.00, EUR 1,243.75 and GBP 1,052.39 per ounce.

Spot gold and silver closed at $1,606.40/oz and $28.79/oz.
GoldCore Market Performance Table 28th March 2013

Gold continues to consolidate above $1,600 an ounce today supported by widespread concerns that the expropriation of Cyprus deposits could become a blueprint for solving banking crises in the Eurozone.

This is increasing gold’s safe haven appeal and will continue to do so in the coming months. As will the real risk of deepening financial instability in the euro zone stoked by the crisis in Cyprus where hundreds of anxious depositors are withdrawing as much of their savings as they can after their banks reopened.

Depositors in Luxembourg, Slovenia, Spain, Italy, Portugal and Ireland will be made more nervous by the scenes of queues outside banks in Cyprus today.
Gold in Sterling, YTD – (Bloomberg)
Gold in Sterling, YTD – (Bloomberg)

Gold is on track for a 1.6% gain in March, its first monthly rise in six.

For the quarter, gold is 4.3% lower in dollar terms and 1.4% lower in euros. However, signalling that the demise of gold is greatly exaggerated, gold is 3.7% higher in Japanese yen and 2.6% higher in sterling.

The quarter or year to date charts suggest that gold is consolidating and given that the major fiscal, financial and monetary challenges that continue to face the EU and all major economies, we continue to be believe gold remains in a secular bull market.

Currency debasement is set to continue and this allied to the risk of wealth confiscation makes physical bullion a vital asset to own.
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Content Sourced from scoop.co.nz
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