Comment: “Gold Will Prove A Haven From Currency Storms”

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“Gold Will Prove A Haven From Currency Storms”

“Gold Will Prove A Haven From Currency Storms” – OMFIF Study
1-18-13

Silver is trading at $31.79/oz, €23.91/oz and £20.04/oz. Platinum is trading at $1,695.25/oz, palladium at $723.00/oz and rhodium at $1,150/oz.

The almost certain higher weekly close today may embolden bulls who are expected to come back into the market.

Gold will be supported by the U. S. political standoff about the debt ceiling and expectations of continual quantitative easing.

Gold trading on the Tokyo Commodity Exchange hit a new high of 4,911 yen a gram when the yen plummeted to a 2 ½ year low against the dollar and a 33 year low against gold.

Silver has surged in all currencies this week. It is up 4.5% in dollar terms, 4.2% in euro terms, 5% in yen terms and 5.4% in pound terms.

Sterling’s sharp falls against gold and particularly silver are due to increasing concerns about the outlook for sterling – including concerns of a currency crisis.

Palladium hit a 16 month high on Friday and platinum was near the 3 month high hit in the prior trading session.
Full story:
http://www.zerohedge.com/news/2013-01-18/%E2%80%9Cgold-will-...