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04-12-2011, 08:10 AM #1
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Gold Over £900/oz As British Pound Falls Sharply - Soaring
Gold Over £900/oz As British Pound Falls Sharply - Soaring Inflation Sees UK Retail Sales Plunge Most On Record
Submitted by Tyler Durden
04/12/2011 07:06 -0400
Submitted by Gold Core
16 comments
Gold is marginally lower in all currencies today except sterling after UK retail sales plunged the most on record in March due to deepening inflation. Consumer’s finances in the UK and internationally are being negatively impacted by food and energy inflation showing the UK’s vulnerability to a double dip recession and stagflation. Gold rose 0.5% in sterling over the £900/oz mark again.
Silver has recovered somewhat from yesterdays sell off and is nearly 1% up against major currencies and 1.5% higher against the pound. Yesterday’s selling was likely primarily due to speculators taking profits and locking in recent gains.
Japan's Nikkei fell and equities in Asia and Europe have come under pressure on the gradual realization and admission that the impact of the March 11 earthquake may be far more severe than assumed and as Japan put its nuclear crisis on par with Chernobyl.
A nuclear catastrophe does not bode well for an already fragile global economic recovery.
Gold and particularly silver are vulnerable to a short term sell off. The fundamentals remain very sound but correction and consolidation may be necessary in both markets. Most participants are again expecting sharp pullbacks and some brave souls continue to assert gold and silver are “bubblesâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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