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How High Can Gold Go? “There Is No Telling” James Grant Tells CNBC
Posted Friday, 21 September 2012 | Source: GoldSeek.com
Today’s AM fix was USD 1,773.75, EUR 1,361.28, GBP 1,089.19 per ounce.
Yesterday’s AM fix was USD 1,760.00, EUR 1,360.33 and GBP 1,088.03 per ounce.
Gold fell $2.10 or 0.12% in New York yesterday and closed at $1,768.40. Silver dropped to $34.084 in London, but rallied back higher later in the session and finished with a gain of 0.03%.
James Grant Interview on CNBC
Gold is slightly higher today and is being supported by investor concerns not just about ‘stimulus’ but about “open ended” QE or ‘QE to infinity’.
Gold and silver have this week consolidated on their recent sharp gains which is a healthy development as there were concerns that the markets were getting ahead of themselves.
Currency Ranked Returns – (Bloomberg)
Gold has been hovering near $1,775/oz a 6 ½ month high seen after the US Federal Reserve launched QE3 and vowed to keep borrowing costs low until 2015, fuelling global demand for gold, which benefits from a low and negative interest rate environment.
Deutsche Bank has reported that their high net worth private clients have expressed an increasing interest in owning gold in order to protect their wealth from the growing risk of inflation (see Newswire).
Thursday’s US manufacturing figures showed the sector suffered its weakest quarter in 3 years.
Gold Tick (17/09/2012-Today) – Bloomberg
The recent renewed appetite for gold and silver has shot the precious metal backed funds to their highest levels in a year.SPDR Gold Trust, the world’s largest gold ETF, said its holdings had hit 1,308.41 tonnes.Holdings in iShares Silver Trust, the world’s biggest silver ETF, climbed to an 11-month high of 9,940.66 tonnes.
