-- Posted Monday, 6 June 2011 | | Disqus
New York closed with gold at $1,541 and Asia plus London took the gold price higher. The dollar continued to want to weaken and stood at €1: $1.4640 for much of the morning in London before strengthening slightly to €1: $1.4420 ahead of New York’s opening. In the euro gold was Fixed at €1,054.66 still at the bottom of its trading range. In the dollar gold Fixed at $1,542.75 nearly the same as it was in New York on Friday.
Just after New York’s opening the gold price was higher at $1,548, still not fully reflecting the fall of the dollar and in the euro at €1,058.08 slightly down on Friday’s price. The dollar stood at €1: $1.4625.
Silver rose well in London to stand at $37.05 after Fixing at $36.87 as New York opened.
Gold - Very Short-term
Gold prices should have a positive bias today in New York.
Silver – Very Short-term
Silver should favor the upside in New York today.
Silver & Gold Price Drivers
The week holds promise of another attempt to bailout Greece after the Greek government imposes further harsh austerity measures. One wonders how long the government can hold onto power as huge demonstrations there continue. We will be surprised if the Greek economy can bear even harsher burdens than it already has without some major reforms to bureaucracy and taxation.
In the States we are sure that the bulk of fund managers are in investment strategy meeting to re-formulate their investment policies in the light of last week’s labor figures.
We look around the globe of some economic good news that will bring solid hope and can’t find a significant amount. We don’t think we will see economic collapse but may well see the bite of steady incomes in the face of inflation, which eats away at spending power. The developed world has been made cautious by the past four years of economic difficulties so another downturn will be quick to persuade people to pull in their spending horns even more. It does look as though the downturn will last as long as the downturn in the housing markets lasts. This is being forecast at up to four more years until the U.S. housing market is in good condition again. By then the global investment scene will have changed dramatically.
We cover the implications for gold in macro-economic and currency events in all the issues of the Gold Forecaster and the Silver Forecaster for subscribers. [The Gold Forecaster and Silver Forecaster are a “must-read” for all who want to understand why the gold and silver prices are moving as they are and why.] Subscribe at www.GoldForecaster.com or for silver at www.SilverForecaster.com].
Gold Prices in different currencies which highlight currency moves [We add the Swiss Franc today]:
Swiss Franc – Today: Sf1,293.57: 1 ounce of gold. Friday: 1,295.27: 1 ounce of gold.
U.S. $ - Today: $1,546.50: 1 ounce of gold. Friday: $1,539.15: 1 ounce of gold.
Euro - Today: €1,058.49: 1 ounce of gold. Friday: €1,065.16: 1 ounce of gold.
India –Today: Rs. 69,247.63: 1 ounce of gold. Friday: Rs.68,984.70: 1 ounce of gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
-- Posted Monday, 6 June 2011 | Digg This Article
| Source: GoldSeek.com
