Goldman Sees ‘Currency of Last Resort’ Rising

Gold’s London AM fix this morning was USD 1,590.00, EUR 1,228.37, and GBP 987.39 per ounce. Yesterday's AM fix was USD 1,585.50, EUR 1,221.87 and GBP 984.17 per ounce.

Silver is trading at $29.13/oz., €22.60/oz and £18.15/oz. Platinum is trading at $1,492.73/oz., palladium at $612.20/oz. and rhodium at $1,300/oz.

Gold fell $15.80 or 0.98% in New York yesterday and closed at $1,591.00/oz. Gold ticked higher in Asia but has drifted lower since Europe opened. Support is at yesterday’s intraday low of $1,580/oz.

Cross Currency Table – (Bloomberg)

Gold is relatively unchanged after three days of gradual losses despite the degeneration in the Eurozone crisis with the deteriorating situation in Greece and Spain increasing the risk of contagion.  

The continuous short term panaceas of recent months look set to create an even bigger crisis – which will benefit gold in the medium term.

Spain’s banking troubles could create the next political and economic crisis in Europe.  Spanish yields remain near five-months high (10-year at 6.07%) after Madrid took over the country's fourth biggest bank Bankia in an effort to clean up its banking sector.  

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