Gold lifts as investors move out of euro

The gold price has strengthened to USD$1237 as investors move out of euros after learning Moody's downgraded several Greek banks after cutting the government's credit rating to junk.

Gold still remains relatively range bound between USD$1220 and USD$1240. The next resistance level USD$1250 was broken through on June 8th, but without strong backing this looks to be a way off from reoccurring.
 

Currency

Light trading of the NZD overnight saw it pick back up to just below the 0.70 mark again to 0.6933, which feels like a long way off from the lows of the last few weeks.
 

NZD Gold

In spite of a rise in the gold price since Monday, a stronger NZD is again making gold cheaper to buy locally at NZD$1785.
 

Interesting Developments

• MIT in the US has found that using gold and platinum nanoparticles could make the lithium-air batteries used in electric vehicles significantly more effective. Commodity Online Story
• The number of bank closures in the USA has increased significantly in the past 3 years, see this Nifty Flash Map
• The fed reserve has sold 1.15bn in a Term Deposit Auction Bloomberg Story

DISCLAIMER: New Zealand Mint does not provide financial advice and does not employ financial advisors. Any opinions expressed within news articles are not intended as recommendations. If you are looking for investment advice, please seek independent, specific advice regarding your personal financial situation from a qualified professional.

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