-- Posted Tuesday, 30 August 2011 | | Disqus
The U.S. ended with gold at $1,787.90 but then rose even more in Asia to reach $1,796 before London opened. The dollar was steady against at €1: $1.4470. As London opened the price held around the level after being closed since Friday. While the Yen is barely changed at Yen 76.75 up from Yen 76.59 the Swiss Franc also steady at 0.8138 down from 0.8135.
The Gold Fixing in London this morning was set at $1,791 and in the euro at €1,243.49 while the €: $ exchange rate stood at €1: $1.4403. Gold ahead of New York rose $30 to $1,824and in the euro at €1,264.25.
Silver slipped from yesterday to $40.50 down from $41.05 but then rose to $41.31 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
It seems that ‘the disconnect’ between politicians and finance continues as Italy backtracks on its austerity measures somewhat. Today the markets will give their verdict on what they think of this when Italy goes to the market with a new issue of bonds. The E.C.B. is not allowed to buy their bonds as they are issued, only in the secondary market. The issue, as it has been in all the rest of the debt crises worldwide, remains the same. What confidence do these nations inspire when they play political games with finance? This translates into, “just how much can we rely on nation’s handling of their obligations in the future?” It is this spirit behind the value of currencies that makes gold and silver attractive and will do so until the words reliability or dependability become synonymous with political financial management. Is that likely?
The gold price yesterday was much stronger than many expected. Clearly there is a tussle between the Technical picture and the fundamental picture.
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 | Sf1,485.64: 1 oz. of gold | Sf1,482.49: 1 oz. of gold |
US | $1,824.25: 1 oz. of gold | $1,817.45: 1 oz. of gold |
EU | €1,264.25: 1 oz. of gold | €1,253.67: 1 oz. of gold |
India | Rs. 83,897.26: 1 oz. of gold | Rs.83,693.57: 1 oz. of gold |
-- Posted Tuesday, 30 August 2011 | Digg This Article
| Source: GoldSeek.com
