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
Opinions
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.
Brief Profile
Mark O'Byrne is Executive Director of Gold and Silver Investments Limited (www.goldassets.co.uk).
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.
Mission Statement
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.
Disclaimer -- Legal Notice:
The information herein is based on sources which Gold & Silver Investments
Limited believes to be reliable, but we cannot warrant its accuracy or completeness.
Such information is subject to change and is not intended to influence your
investment decisions. This document is not and should not be construed as an
offer to sell or the solicitation of an offer to purchase or subscribe for
any investment. Gold & Silver Investments Limited have based this document
on information obtained from sources it believes to be reliable but which it
has not independently verified; Gold & Silver Investments Limited make
no guarantee, representation or warranty and accepts no responsibility or liability
as to its accuracy or completeness. Expressions of opinion are those of Gold & Silver
Investments Limited only and are subject to change without notice. Gold & Silver
Investments Limited assume no warranty, liability or guarantee for the current
relevance, correctness or completeness of any information provided within this
Report and will not be held liable for the consequence of reliance upon any
opinion or statement contained herein or any omission. Furthermore, we assume
no liability for any direct or indirect loss or damage or, in particular, for
lost profit which you may incur as a result of the use and existence of the
information provided within this Report. Opinions expressed at www.goldassets.co.uk and
www.gold.ie are those of the individual authors and do not necessarily represent
the opinion of www.goldassets.co.uk and www.gold.ie or
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