Mark O'Byrne | Aug 27, 2012 08:41AM ET
Today the London Bullion Market is closed for a national holiday.
Friday’s AM fix was USD 1,666.50, EUR 1,329.16 and GBP 1,051.88 per ounce.
Gold climbed $0.80 or 0.05% in New York on Friday and closed at $1,669.80. Silver surged to as high of $30.71 and finished with a gain of 0.52%. On the week, gold climbed 3.3% and silver gained a whopping 9.3%.
Alexander Dobrindt, a senior German politician who has been the Executive Secretary of the Christian Social Union of Bavaria since 2009, was more direct, saying Draghi risked passing into the history books as the "currency forger of Europe." A conservative ally of Merkel, Dobrindy echoed Bundesbank’s Weidmann that Greece should leave the currency bloc by next year.
The comments show the huge divisions in Germany over the debt crisis now in its 3rd year and the understandable concerns of inflation and even hyperinflation. The Bundebank and senior politicians and allies of Merkel may thwart Mario Draghi’s big plans to do “whatever it takes” to solve Europe’s financial collapse.
One way or another, the euro is certain to fall in value in the long-term.
NEWSWIRE
(Bloomberg) -- Platinum to Trade at Premium to Gold
Platinum may trade at a premium over gold within six months as a lower supply of the white metal boosts prices, according to Jeffrey Rhodes, global head of precious metals at INTL FCStone Inc. Platinum may climb to $2,000 an ounce by December, while gold advances to a record $1,975 an ounce, Rhodes said at a conference in Hyderabad, India today. Spot platinum ended at $1,549.75 yesterday after rallying on supply disruptions in largest producer South Africa. Gold was at $1,670.55.
Platinum is more bullish next year because many mines in South Africa will be closing, so supply will be reduced and the market will be more balanced, East said at a gold conference in Hyderabad. “Tighter regulations and problems at trade unions have created a lot of challenges at the production side,” he said.
Gold may climb to $1,750 an ounce by December because of problems in Europe and a possibility of further stimulus programs to boost economies, he said.
(Bloomberg) -- Gold Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York gold futures in the week ended August 21, according to U.S. Commodity Futures Trading Commission data. Speculative long positions, or bets prices will rise, outnumbered short positions by 130,684 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 16,380 contracts, or 14 percent, from a week earlier.
(Bloomberg) -- Silver Traders Increase Bets on Price Rise, CFTC Data Shows
Hedge-fund managers and other large speculators increased their net-long position in New York silver futures in the week ended August 21, according to U.S. Commodity Futures Trading Commission data. Speculative long positions, or bets prices will rise, outnumbered short positions by 21,200 contracts on the Comex division of the New York Mercantile Exchange, the Washington-based commission said in its Commitments of Traders report. Net-long positions rose by 5,613 contracts, or 36 percent, from a week earlier.
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