2010-11-10

Despite periods of dollar strength

Despite periods of dollar strength, especially against the euro, gold and silver have once again touched record highs. Silver led the way, closing on above $27.70/oz on Monday before powering through $28.00/oz during Tuesday morning. Gold also sailed through $1,400/oz on Monday without any difficulty, with the metal going on to trade above $1,420/oz ahead of US trade.

The euro weakness this morning has largely attributable to renewed concerns over the Eurozone’s sovereign debt situation, with Ireland again in the market’s crosshairs. These worries have broadened the safe-haven appeal of precious metals, most notably gold and silver, with those metals detaching from the dollar, albeit perhaps only temporarily.

Even in the physical market, selling is absent, despite the temptation of high prices, with participants expecting further upside still to come.

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