-- Posted Friday, 6 August 2010 | | Source: GoldSeek.com
The battle of $1,200 is intense. The 3rd August saw a London Gold Fix was at $1,194.50. The 4th August saw a Fix of $1,199.50 and on the 5th August in the morning it was set at $1,195.50, the afternoon at $1,192.5. After hours it moved back up through Asia to start today at $1,195 moving up to $1,197 just before London opened. Today’s morning Fix was set at $1,194.50. Look forward to a frantic Friday in New York particularly as the job losses are twice as bad as expected at 131,000 jobs lost.
For more details on the companies we favor subscribe through www.SilverForecaster.com or www.GoldForecaster.com].
Gold - Very Short-term
Today may well see a resolution of the consolidation at just below $1,200. Moves from here on will be large, once the break [either way] happens. New York could see a lively market!
Good quality investors are buying below $1,200 not traders.
Who are we? We are a newsletter that helps you to understand gold, its market and its place in the financial world. In addition we have a 95% correct record on the Gold & Silver Prices.
Silver – Very Short-term
Silver remains resolute at $18.40.
is down at $18.35 at the Fix in London and is holding ground just above $18.30 We don’t expect much of a move in the price today.
Gold Price Drivers
The type of gold buyer is important to the price of gold. Traders are capricious snipping off profits quickly after buying. When they take a price up or down, they are like froth on waves crashing onto the shore. Large longer-term investors are the tide that drives the sea one way or the other. At the moment, funds are buyers below $1,200. It is New York that pushes the price down. COMEX is a trader based market and influences the gold price, despite its being a money market only. Peripheral gold vaults do what little gold buying or selling that there is.
Today the market will be moved by the awful jobless numbers reported today. They will be taken as a statement of the state of the economy and leave it likely to turn down again. In turn this will point the way for the Fed to move on more easing of the money supply and undermine confidence in the U.S. Dollar. A break below 80 on the Dollar Index is now awaited. Irrespective of today’s gold price moves, this is positive for gold.
To subscribe, please go to www.SilverForecaster.com or www.GoldForecaster.com].
Regards,
Julian D.W. Phillips
-- Posted Friday, 6 August 2010 | Digg This Article
| Source: GoldSeek.com
