What can one do but shake ones head at the unfolding consequences of the last four year in which fundamental problems have not been resolved nor properly addressed.For gold investors, life could not be better, of course.Asia drove prices up from yesterday’s records to $1,747.55 ahead of London’s opening.In the euro gold has crossed the milepost of €1,200 and vaulted to €1,228.16 at the same time.The dollar and the euro remain in synchronized flight downwards at €1: $1.4229.Are we in a different world to last week, when gold closed in the mid-$1,600 and the euro gold price stood not far above €1,100?Exchange rate intervention by the Bank of Japan is failing with the Yen at Y77.37 against the dollar and the Swiss Franc at 0.7558.Silver was Fixed at $39.86 but has not followed through with gold and now stands at $38.86.
Gold(very short-term)
The gold price should be stronger today in New York.
Silver(very short-term)
The silver price should be stronger today in New York, but it needs to be kicked started to follow gold.
Price Drivers
The S & P downgrade of the U.S. to ‘AA’ from ‘AAA’ was the straw that broke the camel’s back.For so long now markets have lived on hope, not realities.Hope that growth would resuscitate, that employment would rise, that government would govern and debts managed.The constant short-term measures to bring this about went on too long and as it became apparent that there were no fundamental reformations of the problems that hope became all that stopped markets from tumbling as they are doing now.Then came S & P, who had to do their job or simply become sycophantic incompetents helping the fog of unreality to persist. What is happening now could well turn out worse than August 2007 and the start of the ‘credit crunch’.This is because this time you have the Eurozone debt crisis in full flight a consequence of the original credit crunch.If a new banking crisis erupts, this time it will make Lehman Bros pale by comparison.
For the first time we know of, the gold price is higher than the price of platinum!
The leap of gold to the mid-$1,700 is a statement from Asia on the situation.Expect some dramatic news from that front.As the gold price vaults as never before, you must be wondering what’s next.We cannot address all the issues here, so we suggest that you subscribe to the Gold Forecaster and the Silver Forecaster to understand the markets you are seeing today!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves
Today
Yesterday
Franc
Sf1,317.38: 1 oz. of gold
Sf1,301.14: 1 oz. of gold
US
$1,750.90.00: 1 oz. of gold
$1,706.75: 1 oz. of gold
EU
€1,229.82: 1 oz. of gold
€1,199.15: 1 oz. of gold
India
Rs. 79,214.22: 1 oz. of gold
Rs.76,684.26: 1 oz. of gold
-- Posted Tuesday, 9 August 2011 | Digg This Article | Source: GoldSeek.com
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