All-Time High Weekly Close Sets Gold Up for New Record Highs
Source: Seeking Alpha, Goldcore (6/14/10)
"Momentum traders. . .could push gold to new (nominal) highs in coming days."
The medium-term trend clearly remains up, not to mention the long-term trend with the last six quarters of higher prices and last 10 years of rising prices. Until this momentum is disrupted with a series of weekly and monthly closes, gold will remain in secular bull market.
Gold is currently trading at $1,230/oz and in euro, GBP, CHF and JPY terms, at €1,008/oz, £838/oz, CHF 1,400/oz, JPY 113,241/oz respectively.
Recent international economic data has been largely positive but recently some U.S. economic indicators have begun to flash warning signals.
Last week, the jobs data, deficit figures and retail sales figures were worse than expected. Those concerned about the risk of a double dip recession may be prescient when they warn that the recent recovery is not sustainable and is based on bailouts, tax cuts and government stimulus.
The most prescient statistical guide to the health of the U.S. economy and an important leading indicator turned negative on Friday. The ECRI Weekly Leading Index, a composite index of key USA weekly economic series, has for the past five decades been one of the most accurate forecasting tools and its negative reading may signal that a double dip recession looms.
Silver: Silver is currently trading at $18.43/oz, €15.09/oz. and £12.54/oz.
Platinum Group Metals: Platinum is trading at $1,560/oz and palladium is currently trading at $457/oz. Rhodium is at $2,425/oz.