-- Posted Tuesday, 21 June 2011 | | Disqus
Asia ended its day in the region of $1,541.80 Greek Parliament’s vote of confidence today. In the euro it was sitting at €1,075.85 ahead of London’s opening. The euro is sitting at Friday’s levels at €1: $1,4331 before London opened. At the Fix in London, gold in the dollar was $1,543.00 and in the euro at €1,077.21.
Ahead of New York’s opening gold was trading at $1,544.65. In the euro, gold stood at €1,076.48 unchanged. The euro was stronger at €1: $1.4349.
Silver is under the influence of the London silver Fixing, which was set at $36.22 where it is trading still ahead of New York.
Gold - Very Short-term
Dollar will stick close to the London Fixing levels ahead of the Greek vote of confidence, after which we expect it to move rapidly one way or the other.
Silver – Very Short-term
Dollar & euro silver price may follow gold today in whatever it does in New York today.
Silver & Gold Price Drivers
At the time of writing the markets were still waiting with bated breath for the result of the vote of confidence in the Greek Prime Minister.
The First World War was started by one gunshot in Sarajevo. If Greece does not give Papandreou his confidence vote, then expect over the next few week to see a ‘ripple’ effect travel throughout the developed world. However, in Greece, the feeling is that he is almost certain to get his vote. The pressure forces his opponents to realize that he is sitting on the edge of a financial precipice.
A failure to get support will be very gold-positive. If the vote of confidence is passed then traders will favor selling gold, but long-term holders will be unaffected. The mood in Europe is that Papandreou will get his vote of confidence.
The news out of Asia is that demand for gold is up over 500% in May over April and 222% up on the same time last year. As we said yesterday, “It is well to remember that more than 50% of gold demand comes from the emerging world and less than 10% from the U.S.A.”
Warning!
All markets are moving into a high risk area, with heightened volatility tomorrow. The markets [all markets, not just gold and silver] are no place for the nervous until the Greek crisis is settled one way or the other.
[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: Sf1,303.84: 1 ounce of gold. Friday: Sf1,298.02: 1 ounce of gold.
U.S. $ - Today: $1,544.65: 1 ounce of gold. Friday: $1,535.75: 1 ounce of gold.
Euro - Today: €1,076.48: 1 ounce of gold. Friday: €1,076.59: 1 ounce of gold.
India –Today: Rs. 69,307.67: 1 ounce of gold. Friday: Rs.69,104.14: 1 ounce of gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
-- Posted Tuesday, 21 June 2011 | Digg This Article
| Source: GoldSeek.com
