-- Posted Monday, 29 August 2011 | | Disqus
After a very, volatile week last week, the week opened with the gold price rising from $1,823 to $1,832 in Asia. Once London opened the gold price slipped back to $1,816 [in the euro €1,251.35] during the morning. The dollar is slightly weaker standing at €1: $1.4518. While the Yen is barely changed at Yen 76.59 the Swiss Franc is visibly weakening at 0.8135.
There was no Gold Fixing in London this morning as it is a bank holiday. Gold ahead of New York fell to $1,816.25.
Silver remains steady in London after the opening at $41.05 [having dropped 25 cents since Friday] but then rose to $41.16 ahead of New York’s opening.
Gold (very short-term)
The gold price should have a weaker bias, today in New York.
Silver (very short-term)
The silver price should have a weaker bias, today in New York.
Price Drivers
Essentially, Mr. Ben Bernanke postponed action on further stimulation of the U.S. economy until later next month. Mr. Ben Bernanke, quite rightly, wagged a finger at Congress over their handling of the debt ceiling crisis, where Congress and its placing of partisan politics ahead of the financial health of the U.S. economy, which was damaging to the U.S. and its reputation. As we have so often said over the last four years, the U.S. government should put all is focus on the consumer’s financial health in order to get its banking system right. Mr. Bernanke’ said much the same when he suggested that Congress rectify the U.S. housing situation, still looking awful as it has done over the last four years.
What he said was not what the markets wanted to hear. After his speech the gold price continued its recovery right through $1,800 to $1,823. The market will show what underlies it this week. Will the gold price fall back to $1,500 or will it rise through $2,000? What factors will cause either move to happen and what is more likely? To get a more complete perspective on gold and silver subscribe to the Gold Forecaster and the Silver Forecaster, now!
This is the week when developed world and Indian demand returns to the market!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves |
| Today | Yesterday |
Franc | Sf1,482.49: 1 oz. of gold | Sf1,420.96: 1 oz. of gold |
US | $1,817.45: 1 oz. of gold | $1,845.00: 1 oz. of gold |
EU | €1,253.67: 1 oz. of gold | €1,239.60: 1 oz. of gold |
India | Rs. 83,693.57: 1 oz. of gold | Rs.82,529.44: 1 oz. of gold |
-- Posted Monday, 29 August 2011 | Digg This Article
| Source: GoldSeek.com
