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Gold & Silver's Daily Market Commentary

-- Posted Friday, 29 July 2011 | | Disqus

New York closed at $1,614 again.   The trading range is narrowing to the lower teens over $1,600.   This morning it swung between $1,613 and $1,614 much the same as yesterday.   This morning it Fixed at $1,613.75 25 cents up on yesterday only.   In the euro it Fixed at €1,129.27 also barely changed.   The U.S. dollar stood a cent higher at €1: $1.4248.  


Just ahead of New York’s opening, gold continued to stand at $1,621.60 with the euro weaker standing at €1: $1.4287.   Gold in the euro was at €1,135.07.


After Fixing at $39.63 down from $40.19 yesterday, silver followed the pattern set by gold and traded around the Fixing price just before the opening in New York.  


Gold - Very Short-term

Again, we expect greater volatility once the gold price moves today in New York today.   When it behaves like this it can move in either direction strongly.


Silver – Very Short-term

Again, we expect greater volatility once the silver price moves today in New York today.   When it behaves like this it can move in either direction strongly.


Silver & Gold Price Drivers

The politicians now have everybody’s attention in Washington.   But it’s not the sort of attention that does them any good.   Markets are now starting to lose confidence that they can avoid a default.   If we get to the stage where the ratings agencies alert the market to an imminent default, then we will see markets begin to react badly.   Still, no one expects a default, despite the deadline being Tuesday next week.   With poor economic news pointing to a downturn in U.S. growth more and more investors are seeing growing uncertainty.   The uncertainty we are referring to is not about debt, it is about the ability of the developed world’s governments to control their economic fortunes and their monetary systems.   Nothing could be more positive for the gold price, we are sad to say.


Yes, we do expect some temporary plan to be made that gets more political mileage out of the debt ceiling crisis, but it will be at the expense of good government.   Having said that, this story is having little impact on gold and silver prices.  In the present issues of our newsletters we are producing an article that looks at “What really is driving gold and silver prices?”   As we head off into the weekend it may be wise to stop listening to the rising tensions over the debt ceilings and to stand back and re-balance perspective.


We are getting close to the start of the high gold season when the Indian gold market comes to life fully.   This year it will find itself competing with a rapidly growing Chinese gold market.   We do expect to see Indian demand increasing over last year.   This will place extra pressure on supplies that will struggle to cover demand.   As eastern demand is responsible for over 60% of jewelry, bar and coin demand for gold, these facts have a disproportionately large impact on the gold price.


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  or for silver at


Gold Prices in different currencies which highlight currency moves [We add the Swiss Franc today]:

Swiss Franc – Today: Sf1,286.09: 1 ounce of gold.        Friday: Sf1,296.51: 1 ounce of gold.

U.S. $             - Today: $1,621.60: 1 ounce of gold.             Friday:  $1,617.00: 1 ounce of gold.

Euro                - Today: €1,135.07: 1 ounce of gold.          Friday:  €1,133.07: 1 ounce of gold.

India               –Today: Rs. 71,674.72: 1 ounce of gold.    Friday: Rs.71,277.36: 1 ounce of gold.




Julian D.W. Phillips for the Gold & Silver Forecasters

-- Posted Friday, 29 July 2011 | Digg This Article | Source:

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