Gold breached the $1,150 level to hit a new high, albeit it has fallen back in early trade. The weekly chart below highlights the sharp rally we have seen, so now it remains to be seen whether the $1,150 level will be the high point, or will further money come in at these levels. Another decline in US Dollar index is helping to keep prices of gold up. The 10% rally this month was kick started by the Indian central bank buying 200 tonnes.
Gold & Silver
- According to the Wall Street Journal, John Paulson, billionaire Hedge Fund manager, is starting up a gold fund, which will include a personal investment of $250mn. The fund is allegedly focusing on gold mining stocks and other gold related investments.
- The World Gold Council have confirmed that Q3 gold supply was down.
Major Economic News
|1330||US Initial Claims|