-- Posted Friday, 9 September 2011 | | Disqus
The gold price rose in the U.S. yesterday by $39.70. In Asia and in London’s morning it rose another $26 to $1.881, despite the continuing fall of the euro. Gold in the euro ahead of the Fix stood at €1,360.28 up from €1,298.88 at yesterday’s morning Fix.
The Swiss Franc continues to be weakened at 0.8767 having fallen from 0.8618, yesterday. Against the euro [the rate the SNB are watching, it stands at SF 1.2158. The Swiss National Bank are keeping it at SF 1.20 or weaker against the euro. At London’s morning Fix gold was set at $1,879.50 and in the euro at €1,359.395. Thereafter and ahead of New York the gold price slipped slightly to $1,874 and in the euro to €1,356.60, while the euro stood against the dollar at €1: $1.3814.
Silver opened at $42.40 half a dollar higher than yesterday’s level. It held around that price for the rest of London’s morning. Ahead of New York it stood it was trading at $41.36.
Gold (very short-term)
The gold price should be mixed, today in New York.
Silver (very short-term)
The silver price should be mixed, today in New York.
Price Drivers
We feel that we would be wrong to simply express an opinion on a matter with the danger that we may become prejudiced in some way. Let the markets give their opinion and you will see where they are then headed. President Obama laid his “Jobs Bill” before Congress, a $447 billion aimed at promoting hiring in the U.S. Markets tumbled worldwide and gold rose again. This is not a fundamental plan for the U.S. economy, just another attempt to jump-start the economy. With Republican in Congress looking resolute in their position the question has to be asked, will it pass there?
Federal Reserve Chairman Ben S. Bernanke yesterday stopped short of detailing new plans to boost growth [what more can he do except more QE?], while European Central Bank President Jean-Claude Trichet said “downside risks” for the region’s economies have risen [He has halted rate rises in Europe, weakening the euro still more]. Ministers from the Group of Seven nations will meet in Marseille, France, amid mounting bets on a Greek default, but if history is to repeat itself little will come from the meeting. Add all these together and you have good cause to see currencies weakening more in the short and medium term.
It is clear that one should look through the state of world currencies to the gold and silver prices, to get a good perspective on where they are going.
We will be covering the history of gold price ‘management’ in our next issue of the Gold Forecaster and Silver Forecaster. 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 | Sf1,651.58: 1 oz. of gold | Sf1,598.65: 1 oz. of gold |
US | $1,874.05: 1 oz. of gold | $1,850.50: 1 oz. of gold |
EU | €1,359.11: 1 oz. of gold | €1,317.65: 1 oz. of gold |
India | Rs.87,165.71: 1 oz. of gold | Rs.85,472.74: 1 oz. of gold |
-- Posted Friday, 9 September 2011 | Digg This Article
| Source: GoldSeek.com
