-- Posted Thursday, 28 July 2011 | | Disqus
New York closed at $1,614.8 last night and held there in Asia up to London’s opening. The U.S. dollar stood a cent higher at €1: $1.4383. The gold and silver prices are being touted as reacting to the debt crises in the States, but we see little action caused by them. The markets are telling us that the gold price is being driven by other factors.
At the London morning Fix gold Fixed at $1,617.50 and in the euro at €1,125.53.
Just ahead of New York’s opening, gold continued to stand at $1,617.00 with the euro weaker standing at €1: $1.4271. Gold in the euro was at €1,133.07 up €8 on the day.
After Fixing at $40.19 down 62 cents from yesterday’s Fixing at $40.81 today, silver rose slightly to $40.22 just before the opening in New York. Again, the silver price has hardly been affected by the debt crises both sides of the Atlantic.
Gold - Very Short-term
Again, we expect gold to show a slightly stronger bias in New York today.
Silver – Very Short-term
Again, we expect silver to be show a slightly stronger bias in New York today.
Silver & Gold Price Drivers
We are producing an article that looks at “What really is driving gold and silver prices?”, because, contrary to what the media would have you believe, it is not the debt ceiling battle. The markets are telling us something different. Is Wall Street completing a classic ‘head-and-shoulders’ formation ahead of a major fall? Or is it still headed towards 14,000? Where is the demand for gold and silver coming from? Will the precious metal prices hold these levels if we see the ‘debt ceiling’ raised? What are these debt crises, both sides of the Atlantic symptomatic of? Are the factors driving gold and silver far bigger than we think?
So far almost no-one has allowed for a genuine default, after all, the U.S. can print money at will. Despite an expected breakdown in negotiations again today we are blithely going into a weekend feeling confident that all will be well next week. Is this wise? If there really is a default, we will see the real financial earthquake. We have produced an article that looks at what will happen in the event of a default in the gold and silver markets.
We are getting so used to dramatic news these days. The danger for investors is that we are beginning to take them as part of our day-to-day normality. It’s easy to lose our investment perspective when this happens. We produce the Gold Forecaster and Silver Forecaster to help you keep a global perspective on what is influencing the gold and silver prices, whether currencies, oil or market fundamentals, technical analysis or the structural issues in the monetary system. Subscribe through www.GoldForecaster.com or for silver at www.SilverForecaster.com
What you can be certain of is that next week will surprise you yet again. It is certainly no time to move away from gold and silver investments!
Gold Prices in different currencies which highlight currency moves [We add the Swiss Franc today]:
Swiss Franc – Today: Sf1,296.51: 1 ounce of gold. Friday: Sf1,295.34: 1 ounce of gold.
U.S. $ - Today: $1,617.00: 1 ounce of gold. Friday: $1,616.35: 1 ounce of gold.
Euro - Today: €1,133.07: 1 ounce of gold. Friday: €1,119.27: 1 ounce of gold.
India –Today: Rs. 71,277.36: 1 ounce of gold. Friday: Rs.71,441.05: 1 ounce of gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
-- Posted Thursday, 28 July 2011 | Digg This Article
| Source: GoldSeek.com
