METALS REBOUND

Gold and silver are both higher this morning, with gold having reached a high of $1,095.60 on the nearby contract before backing off to near unchanged levels. Silver rose as high as $16.86 before it pulled back to a $.09 gain. The dollar is down slightly and oil is up $.53. The Dow Industrials are rallying with a 71-point gain. Analysts said gold is slightly higher as the euro gets a bounce from some of its recent weakness.

One focus today is the EU summit as participants watch to see if European leaders reach any kind of a deal on sovereign debt issues. Another focus for gold is options expiration, with the market trading not far from the $1,100 strike price, says George Gero VP with RBC Capital. Long-term holders of gold continue to maintain their positions as evidenced by the holdings in the various exchange traded funds. Dennis Gartman said on Bloomberg this morning that he sees gold rising because of central bank demand. He said that the European sovereign debt problems are leading to the breakup of the union and that central banks, which have heavily accumulated euros over the past several years, are now in a position where they need to switch from euros to another reservable asset. In his view that reservable asset will be gold.

Clearly, if the euro becomes subject to question, then the only reservable assets that are available to central banks are dollars and gold. Since most are heavily overweight dollars and since the U.S. government has similar debt problems, gold should be a natural option. Many investors see gold as an appropriate diversification given massive sovereign debt problems on a global basis. In addition, the dollar is beginning to waiver as the world's sole reserve currency. Probably over the next five years or so there will be a continuing movement towards a new reserve currency system. That will be a negative for the dollar and very positive for gold. Some analysts believe that gold will be a part of that multinational global reserve system.

Peter Hambro, the chairman of a major London listed gold mining operation said he is surprised to see the gold price as low as it is now. He said to the Dow Jones Wire Service that he expects the price to reach $1,500 an ounce by the end of this year. Gold therefore is an excellent buying opportunity and with it remaining in bullish territory in a rising trend, investors will be considering acquiring gold on the dips before the long-term.

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