-- Posted Monday, 5 September 2011 | | Disqus
The week started with gold costing more than platinum, a most remarkable sight, and for good reasons! In the dollar, gold opened in Asia at $1,880 with the dollar standing at €1: $1.4155. Platinum stood at $1,872. In the euro gold stood at €1,328.15. Intervention in the Swiss Franc and the Japanese Yen continued to fail as the two currencies remained at their highs in terms of the dollar. During London’s morning the gold price moved through the $1,900 level before being Fixed at $1,896.50 and in the euro at €1,341.14 while the euro was at €1: $1.4141.
After the Fix and ahead of New York gold was weaker at $1.887.35 level and the dollar slightly stronger at €1: $1.4120.
The Yen is strengthening again to 76.81 from yesterday’s Yen 76.07 and the Swiss Franc is stronger again at 0.7859. Any direct intervention by the Swiss authorities is likely to be countered by strong demand for the Swiss Franc as buyers get a chance to buy in volume while not moving the price.
Silver opened at $43.18 then pulled back to $42.63 during London’s morning 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 government tells us they will pay their debts and remove their deficit. How comforting! Unfortunately few believe a word they say after the changes made to their austerity measures last week. Reinforcing the failure to believe politicians anymore is the demand from Finland for collateral on further loans to Greece. Of course the only source of collateral would be from the funds used to bail them out, giving them a Catch-22 situation. After all they won’t be able to waltz into Greece to takeover their railways?
For the monetary system to return to credibility the world needs ALL involved politicians to be able to give their honest word and show high integrity in terms of keeping that word. It needs their words to be set in stone. Then, the nations must bite the bullet and stick to the task of setting their financial statements in order. The gold price will tell you how likely this is. The euro is now weakening.
The global banking system must likewise show a similar degree of reliability. Will it? The news last week, that the Fed is suing many of the world’s leading banks for their “mis-selling” mortgage securities to Fannie Mae and Freddie Mac answers that question. Maybe the gold price is becoming an integrity measure? 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 | Sf1,483.46: 1 oz. of gold | Sf1,442.18: 1 oz. of gold |
US | $1,887.35: 1 oz. of gold | $1,861.35: 1 oz. of gold |
EU | €1,336.65: 1 oz. of gold | €1,305.48: 1 oz. of gold |
India | Rs.85966.52: 1 oz. of gold | Rs.85,026.47: 1 oz. of gold |
-- Posted Monday, 5 September 2011 | Digg This Article
| Source: GoldSeek.com
