-- Posted Tuesday, 28 June 2011 | | Disqus
Asia pulled the gold price up back to $1,499, with the euro holding above €1: $1.42 level throughout London’s morning. At the morning Fix in London it was lifted higher to Fix at $1,502.50. Thereafter, it slipped slightly to hold around $1.501.85 until New York opened. In the euro it was Fixed lower at €1,052.32. These movements are not significant and should be seen as part of the consolidation phase, awaiting clear direction.
Ahead of New York’s opening, in the euro the gold price fell to €1,048.70, still within its recent trading range. The fear of a default by Greece is being heightened ahead of tomorrow’s vote, with markets hardly moving, awaiting the critical news.
Silver was Fixed at $33.96 compared to $34.01 yesterday. It is trading ahead of New York’s opening at $33.83.
Gold - Very Short-term
Gold is likely to be hold at current levels with perhaps a softer bias until tomorrow, in New York.
Silver – Very Short-term
Silver is likely to hold at current levels with a softer bias, in New York today.
Silver & Gold Price Drivers
While there is no new news today, tensions are rising through most, if not all, global markets, as the ramifications, to the wide financial global community, of a Greek default become clearer. That the stability of global markets should hang on the decisions of a few Greek politicians [who the Greek people believe are 90% corrupt] is appalling! The news out of Greece is that some on the government side may defect to the anti-bailout agreement leading to a default.
This means that from tomorrow on the gold and silver markets enter a very high risk area, again. The likelihood of heightened volatility is strong, either way. [We express our views in our newsletters each week very clearly] Thereafter, once direction is given we expect a strong move in both silver and gold.
As the crisis increases pressure, we get a clearer view of the relationship between politics and the banking system and the general public. This allows us to better understand how to put weight to the factors that come to bear upon the precious metal markets. The nub of the pressures is confidence in currencies, nations and banks, that describe the value of our day-to-day ‘means of exchange’ – money.
We remind readers of Alan Greenspan’s comment that, “Gold is money, in extremis”. The extreme times he was pointing to are rapidly approaching on a broad front, throughout the developed world [both sides of the Atlantic]. If George Soros believes we are on the edge of financial disaster, you can be sure he is long of a lot of gold!
We are producing an article on the 111 tonnes of Greek gold in the next issue of the Gold Forecaster and Silver Forecaster. What are the issue surrounding this gold and what’s happening to it?
[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.] We cover the oil markets, main currency market, central bank buying, gold & silver ETFs as well as the COMEX action alongside key articles on what drives the gold and silver markets. 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: Sf1,250.37: 1 ounce of gold. Friday: Sf1,250.48: 1 ounce of gold.
U.S. $ - Today: $1,501.05: 1 ounce of gold. Friday: $1,496.00: 1 ounce of gold.
Euro - Today: €1,048.70: 1 ounce of gold. Friday: €1,055.80: 1 ounce of gold.
India –Today: Rs. 67,635.67: 1 ounce of gold. Friday: Rs.67,420.33: 1 ounce of gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
-- Posted Tuesday, 28 June 2011 | Digg This Article
| Source: GoldSeek.com
