2011-03-15

Gold and silver are benefiting from a renewed flight to safety in the wake of the earthquake in Japan


Gold and silver are benefiting from a renewed flight to safety in the wake of the earthquake in Japan. Ongoing unrest in the MENA region is also contributing to uneasy investor interest. Over the next few weeks, further support could come from a weaker dollar, as Japanese financial institutions are forced to repatriate funds through the sale of dollar-denominated assets, in order to pay out insurance claims and rebuild the Japanese economy.

New yuan loans eased substantially in February, and although this slowdown is partly seasonal it does indicate continued monetary tightening in China. This caused some price weakness in gold and silver, although this proved temporary, given the elevated levels of risk aversion.

Gold support is at $1,410 and $1,397. Resistance is at $1,430 and $1,437.

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