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GOLD
Gold is slightly higher in the US dollar and other major currencies. Spot silver has given up early gains but the futures market has seen longer term contracts fall more in price so that while spot is up $0.09 to $28.96/oz, the July 11 contract is only trading up $0.01 to $29.00 and and the December 11 contract has fallen by $0.084 to $29.01.
The dollar has fallen to 78.42 on the US Dollar Index and is looking technically vulnerable of falling to long term support at 76.0.
Gold is currently trading at $1,371.20/oz, €1,016.91/oz and £858.23/oz.
Gold to Silver Ratio - 50 Year (Quarterly)
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It would be wrong to assume that gold's recent sell off is over. Hedge funds and leveraged speculators on the COMEX tend to be more technically driven - making "the trend their friend". As the short term trend remains down they may continue to short the market and force out any remaining weak longs.
As ever, the primary focus of investors and savers should be the long term, and diversification is crucial (see conclusion).
European sovereign debt issues may also be leading to a bid in gold as Portuguese bond yields have risen to the risky 7% level and Greek bond yields rose sharply to nearly 11.5% this morning prior to a reversal.
The likelihood that sovereign debt risk will remain with us for the foreseeable future will likely see investors, pension funds and institutions remain risk averse. It will lead to increased allocations to gold and lead to further diversification into gold. Silver will also benefit from diversification as Jim Rogers recently pointed out.
With inflation pressures threatening emerging markets and taking hold in developed economies, as seen in the UK yesterday, inflation hedging buying continues.
SILVER
Silver is currently trading $29.09/oz, €21.57/oz and £18.20/oz.
US Mint Reports January Eagle Sales Reach 26 Year High
The US Mint has reported that sales of American Eagle silver bullion coins (1 oz) have reached 4,588,000 ("in ounces / number of coins") which is a record since the US Mint commenced selling the coins in 1986.
2011 American Eagle Bullion Sales Totals:
(in ounces / number of coins)
http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sal...
