Cheaper office space for Goldman Sachs, an extension of a tax on rum, and a tax break offered to those building NASCAR racing tracks (yes, you read that last one correctly). All some of the more colourful (or scandalous some might say) provisions of last week’s fiscal cliff deal, courtesy of the The Washington Post.
After enjoying a solid start to the new year thanks to the fiscal cliff deal and better-than-expected US economic data, industrial commodities and general equities have lost some ground this morning, with the Dollar Index rising above 80.00 – a magnet for this particular index going back over a year now.
Likewise, gold continues to be pulled back towards $1,650/oz. Falls below this level always result in value investors – many wealthy Asians especially – stepping into the physical market, while rallies above this price are met with sales at the futures market in New York. The same is true for the $30 mark in relation to silver.
Broadly speaking, silver’s range is $29.50 to $35.50. It’s hard to get excited about any moves up in silver until it clears the latter price in convincing fashion. Gold’s is $1,600 to $1,800. Once we’re back over $1,800 then we could see a resumption of the powerful gains we saw from 2009 to September 2011. “Wake me up when we’re over $2,000” is probably the best attitude.
In other news, it seems farcical that people are seriously considering “the trillion-dollar platinum coin” idea, but then I guess we live in strange times. Jesse has a great take on this, as does one of the commentators at Robert Wenzel’s blog, who notes:
“You know they're desperate when they suggest a method that was funny when it was in a Simpsons episode: http://en.wikipedia.org/wiki/The_Trouble_with_Trillions”
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Polski
- Português (Portugal)
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
How About Trillion-Dollar Platinum?
Published 01/07/2013, 11:48 PM
Updated 05/14/2017, 06:45 AM
How About Trillion-Dollar Platinum?
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.