From Adrian Ash<\/p>\n
\nBullionVault<\/a><\/p>\n \nHits New Euro & GBP Records as Silver Gains 6% in Thin Holiday Trade<\/strong><\/p>\n <\/strong><\/p>\n \nTHE PRICE OF GOLD<\/strong> held above $1400 per ounce for Dollar investors in London trade on Wednesday morning, gaining more than 24% from the start of 2010 despite this year’s strong recovery in the US currency’s forex value.<\/p>\n \nAsian stock markets recovered from yesterday’s 1% drop \u2013 sparked by China’s Christmas Day rate hike to 5.8% on bank loans \u2013 but European stock markets held flat on their first full return from the festive break.<\/p>\n \nThe silver price meantime extended this week’s jump to 5.9% vs. the Dollar, rising back above $30 per ounce for the second time this month.<\/p>\n \n“Volumes will likely remain light until after the holiday season,” says bullion bank Scotia Mocatta in its latest technical analysis.<\/p>\n \n“In the big picture, we remain near the upper end of the year’s $1045 to $1430 range” for the Dollar gold price.<\/p>\n \n“We’re going to probably trade off currencies, the Dollar index is still lower, that’s supporting gold this morning,” Reuters quotes Andrey Kryuchenkov at VTB Capital.<\/p>\n \nThe single European Euro currency today whipped around $1.31, nearing the end of 2010 some 9% lower from New Year’s Day against the Dollar.<\/p>\n \nThe gold price in Euros broke fresh all-time highs overnight in Asian trade, hitting more than \u20ac34,500 per kilo \u2013 some 38% higher in 2010.<\/p>\n \nThe British Pound meantime rallied from its lowest level to the Dollar since early Sept., pulling the gold price in Sterling back down from its own new record high above \u00a3916 per ounce, also hit overnight in Asian trade.<\/p>\n \nNoting both the new 2010 highs in palladium and a sharp rise in silver prices, “There is surely some year-end posturing with most of the market asleep and liquidity very thin,” says Japanese metals conglomerate Mitsui’s London team, “but reality is that…should the expected inflows come early next year this could just be the beginning of something bigger.<\/p>\n \n“The Chinese Christmas rate change has done little to dampen the market thus far.”<\/p>\n \nEuropean government bonds meantime ticked lower but US Treasury prices rose, nudging interest rates lower.<\/p>\n \nUS crude oil contracts slipped back below $91 per barrel.<\/p>\n \nAdrian Ash<\/p>\n \nBullionVault<\/a><\/p>\n \nGold price chart, no delay<\/a> |\u00a0\u00a0 Buy gold online at live prices<\/a><\/p>\n \nFormerly City correspondent for The Daily Reckoning in London and head of editorial at the UK’s leading financial advisory for private investors, Adrian Ash<\/strong> is the editor of Gold News<\/a> and head of research at BullionVault<\/a> \u2013 winner of the Queen’s Award for Enterprise Innovation, 2009 and now backed by the mining-sector’s World Gold Council<\/a> research body \u2013 where you can buy gold today<\/a> vaulted in Zurich on $3 spreads and 0.8% dealing fees.<\/p>\n