-- Posted Thursday, 14 July 2011 | | Disqus
The rise in the gold and silver prices continued in London today after Asia held the gold price at the highs achieved in New York yesterday. Ahead of London’s opening it stood at $1,584 and in the euro at €1,115.18. Unsteadily it rose until the London morning Fix, which remains the most accurate measure of current demand and supply, where it was Fixed at $1,592.50 and in the euro at €1,119. 04 with the dollar moving to €1: $1.4186.
Just ahead of New York’s opening, gold stood at $1,590 and in the euro at €1,122.34 with the euro holding at €1: $1.4188 at a record high, again, in the euro and the dollar.
Silver also rose moving up to $38.00 in London up from yesterday’s Fix of $36.75 before rising even further to $39.27 just ahead of New York’s opening.
Gold - Very Short-term
Gold should continue to have an upward bias, in New York today.
Silver – Very Short-term
Silver should continue to have an upward bias, in New York today.
Silver & Gold Price Drivers
It gets worse by the day now. The U.S. has been warned by the ratings agencies that it is being watched for a possible downgrade.
There may be some relief, albeit momentary, as Italy is expected to pass its austerity measure today and Friday. But this may well be insufficient to halt the market jitters over Italy. It is clear that if Italy defaults, the E.U. will be in jeopardy. With E.U. leadership still procrastinating worse is still to come. Or are they procrastinating to allow the situation to worsen, so justifying future drastic action against the weak and debt-distressed members of the E.U. to come?
What has become clear to all is that the E.U. has so many conflicting interests within its own ranks that its structure is visibly ineffective. If it cannot resolve this crisis [and only fiscal union has a chance of doing that] then it will either lose current members or collapse.
Across the Atlantic the game of ‘chicken’ is moving to the frantic, slugging stage. It’s all about politics and party interests. Just how close to the brink will they go? We will soon see the full and true nature of the way things work. It would not surprise us to see a downgrade of U.S. debt, but it would surprise us to see a default. Still, anything is possible, including a financial earthquake in the U.S. triggering a global financial tsunami. If there is a default, watch the ‘blame game’ destroy all that is left of respect in the U.S. political system, alongside gold and silver condemning them with much higher prices.
Again we say, “Meanwhile the gold price is painting a more accurate picture of the value of currencies than they are themselves.” [The Gold Forecaster and Silver Forecaster discuss all these points and more making them 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: Sf1,299.27: 1 ounce of gold. Friday: Sf1,303.57: 1 ounce of gold.
U.S. $ - Today: $1,592.15: 1 ounce of gold. Friday: $1,573.70: 1 ounce of gold.
Euro - Today: €1,122.34: 1 ounce of gold. Friday: €1,120.26: 1 ounce of gold.
India –Today: Rs. 70,850.68: 1 ounce of gold. Friday: Rs.70,177.58: 1 ounce of gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
-- Posted Thursday, 14 July 2011 | Digg This Article
| Source: GoldSeek.com
