Buy Gold

Learn how to buy and sell gold in our online guide to gold investing
Subscribe to RSS feed
Gold News | Gold Investing | Scrap Gold | Buy Gold Bars and Coins | Buy & Sell Bulk Bullion | Sell Your Gold | Gold Forums
Thursday, December 13th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Advances As US Woes Exceed Europe’s

Gold continued to advance in Tuesday morning trading, rising to $1545 per ounce. The increase came ahead of the Greek confidence vote and among rumours that the US economy is even worse off than the European.

On Tuesday, gold exceeded last month’s all time high by some 2 percent. Commodities strategist at the Standard Bank in London, Walter de Wet, said: “We have seen exceptionally strong physical gold demand so far this year… Much of this support seems to be coming from the physical gold market, especially Asia [which has] been buying gold on dips…this trend seems entrenched.”

Stock and commodity markets also advanced on Tuesday.

Meanwhile, US Treasury bonds fell among continued negotiations over the federal debt ceiling. Should Congress not agree to the raise the ceiling – currently at $14.3 trillion – by August 2, the sovereign debt will be put on “rating watch negative”, according to Andrew Colquhoun, head of Asia-Pacific sovereign ratings with ratings agency Fitch.

Treasury secretary, Tim Geithner, earlier this month warned that failing to raise the debt ceiling would lead to “light out” for the US economy.

The greenback continued to fall against the euro on Tuesday. Since the start of the year the US dollar is down nearly 7 percent against the euro.

“The Fed doesn’t look like it’s going to be in a position to raise rates well into 2012, and that will keep the US Dollar under pressure,” Grant Turley, senior currency strategist at Australia & New Zealand Bank, said.

On Tuesday and Wednesday the Federal Open Market Committee will meet for the last time before the current $600 billion asset purchase program ends on June 30.

Swiss precious metals group MKS released a statement saying  that ahead of Wednesday’s rate decision they “expect gold and silver to remain choppy and range bound.”

Looking for a precious metals provider that sells gold coins and bullion (including junk silver)? Click here to visit our favorite provider (FREE SHIPPING!).

© Copyright 2018, Buy Gold