-- Posted Wednesday, 31 August 2011 | | Disqus
The U.S. ended with gold at $1,826.1 yesterday and held that level overnight right through to the Fix in London’s morning where it Fixed at $1,826.00. In the euro the gold price was Fixed at €1,264.19 with the €1: $1.4444 at the time.
Yet again the Yen is barely changed at Yen 76.52 up from Yen 76.59 yesterday making a mockery of attempts to weaken the currency. The Swiss Franc was doing better holding at 0.8080 down from 0.8135 yesterday. In both cases intervention is not working so far.
Gold ahead of New York fell back slightly after rising initially to $1,832.6 and in the euro at €1,269.55 falling to $1,824.15.
Silver was just about the same as yesterday at $41.29 after yesterday’s $41.31, ahead of New York’s opening.
Gold (very short-term)
The gold price should be steady to stronger, today in New York.
Silver (very short-term)
The silver price should b e steady to stronger, today in New York.
Price Drivers
The Italian bond auction did not go as well as Italy had hoped and it was rumored that the E.C.B. was in the secondary market buying Italy’s bond. The E.C.B. is not allowed to buy directly from Italy at the initial offering. The reason is the political factor reminded one of MGM’s Meyer when he made a strong moral statement in a speech, in which he finished, “…..because I have my principles!” which his audience did not appreciate. He immediately piped up and said, “And if you don’t like those I have others!” Prime Minister Berlusconi, having steered through adequate austerity measures last week, re-visited them removed the proposed extra tax on the super rich. We as the public have to understand that politicians need popularity in their voter’s eyes, so will not do anything to lose those votes, no matter what. The only time they can is when there is such a crisis that drastic measures are seen to be needed, not just needed. Without a dire crisis, votes will be lost. So don’t expect greater actions from global politicians than the moment requires. The lightening must be seen first! So we quietly motor on, slipping down the slope until then.
Add to that collapsing U.S. consumer confidence and the continued slippage on its housing crisis and you have adequate reasons for gold to be climbing again.
The gold price remains stronger than expected. 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!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves |
| Today | Yesterday |
Franc | Sf1,482.57: 1 oz. of gold | Sf1,485.64: 1 oz. of gold |
US | $1,832.60: 1 oz. of gold | $1,824.25: 1 oz. of gold |
EU | €1,269.55: 1 oz. of gold | €1,264.25: 1 oz. of gold |
India | Rs. 84,061.36: 1 oz. of gold | Rs.83,897.26: 1 oz. of gold |
-- Posted Wednesday, 31 August 2011 | Digg This Article
| Source: GoldSeek.com
