Gold Rises in Major Currencies

By: Mark O'Byrne | Wed, Jun 8, 2005
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Weekly Markets
Precious Metals - EUR/Gold, Gartman, UBS & HSBC
Oil - Up nearly 20% in 2 weeks & Henry Kissinger
Commodities - Jim Rogers on Commodities
Currencies - Euro referendum effects exaggerated?
Bonds - Greenspan's 'conundrum' continues
Stocks - Flat for the week

Weekly Commentary
International Property as 'Diversification'
Real Diversification in Gold &
Optimal Asset Allocation

Julian Robertson interviewed on CNBC
Our Unbalanced Global Economy

Performance ( % Change)
   Current Level   5 Days   1 Year   5 Year 
Gold 423.10  +0.9%  +9.1%  +55.5% 
Silver 7.49  +3.0%  +31.2%  +53.2% 
S&P 1,196.02  -0.2%  +6.7%  -15.9% 
Nasdaq 2,071.43  -0.2%  +5.7%  -40.1% 
ISEQ 6,294.07  +1.1%  +20.5%  +25.4% 
FTSE 4,999.40  +0.3%  +13.0%  -21.4% 
USD/EUR 0.8147  +1.9%  -0.4%  -24.3% 
OIL (Nymex) 55.03  +6.1%  +40.1%  +81.3 

Weekly Markets

Stock markets were largely down for the week.
Bond markets rallied with a corresponding drop in yields.
Precious metals and commodities were up and oil significantly.

Precious Metals

Gold was up $3.80 or 0.91% for the week. It closed at $423.10 per ounce.

Silver continued to rally and was up from $7.27 to $7.49 per ounce or 3.03% for the week and just off 2 and ½ month highs.

Platinum (July) was up more than 1%, finishing at $874 from $863 per ounce

Palladium (June) was largely unchanged at $184.35 per ounce.

World Gold Council

Once again investment analyst Dennis Gartman, author of 'The Gartman Letter' and frequent contributor on CNBC and Bloomberg, has nailed his colours to the mast regarding his belief that gold is now in a long term bull market in all currencies. This is significant as Gartman is no 'goldbug'. In fact he is the darling of Wall Street and is highly respected and followed by large hedge funds and financial institutions.

Gartman is bullish on gold especially in Euro terms: "Despite our antipathy to the arguments put forth by the "Gold bugs," for once they may be right. Gold is becoming a currency once again . . . if one is now suspect of owning the EUR then one is left to own the only other real source of international liquidity, gold. We are not happy with this reality, for as our clients know all too well, we do not like the Gold Bugs for we find their conspiratorialist philosophies anathema; but for now, they have the trend right and they've the trading wind at their backs. Should gold in EUR terms trade above EUR 337 for an hour or two or three we'll almost certainly add to the position."

Gold did close above EUR337 and indeed is now challenging multi year resistance at EUR350.

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Mark O'Byrne

Author: Mark O'Byrne

Mark O'Byrne

Brief Profile
Mark O'Byrne is Executive Director of Gold and Silver Investments Limited ( He is regularly quoted and writes in the international financial media and was awarded Ireland's prestigious Money Mate and Investor Magazine Financial Analyst of 2006. He is a financial analyst who believes that due to the current macroeconomic and geopolitical situation, saving and investing a small portion of one's wealth in precious metals is both prudent and wise. Gold and Silver Investments Limited believe that hard tangible assets and monetary assets such as gold and silver, the world's oldest forms of money, will once again become the safe haven assets of choice in the coming years. The increasing economic and geopolitical uncertainties at the dawn of the 21st Century mean that gold, silver and platinum will become increasingly important in the new century as a means of preserving financial wealth.

Gold & Silver Investments Limited is a precious metals brokerage company which sells and buys a wide variety of gold, silver and platinum numismatic and bullion products to all class of investor, companies and institutions in Ireland, the UK and internationally taking payment in all major currencies. We assist our clientele in diversifying their assets with a comprehensive range of precious metal coin and bar products and by allocated and unallocated precious metal storage facilities licensed by the Chicago Board of Trade (CBOT), Comex and Nymex and by other precious metal storage programs.

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Gold and Silver Investments Limited hope to inform our clientele of important weekly financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth. We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles precious metal savings and investments. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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