-- Posted Thursday, 26 August 2010 | | Source: GoldSeek.com
The gold price is fighting resistance all the way up now. It has to break through $1,260 to show convincingly that it has done so. This level represents a new high, if it can do it.
The belief that the housing reports are pointing to a double-dip recession is fuelling gold’s fire as are the flight into Treasuries and bonds in the States. With Yields there so low now, any lifting of interest rates is going to cause its own carnage.
Asia held gold at its $1,240 level as did London at the Fix, set at $1,240.25. Three of the five bullion banks at the Fix were buyers. Ahead of New York it went higher tackling $1,244 before slipping slightly. The Dollar was lackluster against the Euro, but both were weak against the Swiss Franc and the Japanese Yen. Fear and trepidation abound at the moment with a strong likelihood that equity markets will fall. It is strange that markets wait for figures after the event before they believe they happened. The days of hard and precious asset investment are soon to be on us.
We are including an article [with the important conclusions for Subscribers] on The Changing Face of Investing - From Capital Growth to Interest/Dividend earning instruments in the next issue of the Gold Forecaster. We feel it is important for investors to know that these changes are critical to the preservation of their hard won wealth!
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Gold - Very Short-term
The Fix at $1,240.25 bodes well for the rest of the day. The process of digesting the bad economic news on the housing front carries on and points to another positive day for gold.
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Silver – Very Short-term
Silver continued to catch up and now stands at $19.08 after a Fix of $19.11 and still looks to continue the strong path up in New York today. As with gold we therefore expect a positive day for silver in the States.
Gold Price Drivers
The mood in the gold market is positive. After the World Gold Council issued demand figures for the year 2010, to date, it is clear that the support from East will take whatever gold is left after the long-term developed world and bank investors have had their bite.
The fundamentals for gold on most fronts are now excellent for gold!
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Regards,
Julian D.W. Phillips
-- Posted Thursday, 26 August 2010 | Digg This Article
| Source: GoldSeek.com
