Gold Consolidates; Silver Breaks Out
Source: Seeking Alpha, GoldCore (6/16/10)
". . .this may be the pause before new record highs."
Gold in EUR, 30-Day (Tick)
Gold in GBP, 30-Day (Tick)
Markets await important housing and industrial data from the U.S., while the UK will release unemployment data and the eurozone will release CPI for May.
Silver: Currently trading at US$18.59/oz., €15.12/oz. and £12.56/oz. It has risen 0.3% today in USD, even more in other currencies (see Cross Currency Table) and appears to have broken out. It is again looking good technically having broken above $18.50/oz. and showing a mini-reverse head and shoulders pattern. Whether this is another false breakout remains to be seen, but silver's fundamentals remain sound and the belief that it will begin to catch up with gold seems sound.
Platinum Group Metals: Trading at $1,585/oz. and palladium is trading at $477/oz. Rhodium is at $2,425/oz.
Cross Currency Rates at 1030 GMT