-- Posted Wednesday, 14 September 2011 | | Disqus
Asia held the gold price up at New York’s closing price of $1,827 and London ahead of the Fix took it slightly higher to $1,831. The euro recovered slightly to €1: $1.3688 slightly stronger than yesterday.
Gold Fixed in London’s morning at $1,829.00 and in the euro at €1,339.338 while the euro was at €1: $1.3656.
The Swiss Franc is slightly stronger at 0.8769 and the Yen at 76.81 to $1. After the Fix and ahead of New York the gold price rose to $1,824.70 and in the euro to €1,329.57, while the euro stood against the dollar at €1: $1.3724.
Silver opened at $41.01 slightly up on yesterday. Ahead of New York it stood it was trading at $40.90.
Gold (very short-term)
The gold price should be mixed to steady, today in New York.
Silver (very short-term)
The silver price should be mixed to steady, today in New York.
Price Drivers
Today’s story revolves around the Eurozone yet again. This time Italy is in the spotlight. We are sure they will pass the austerity measures on the table, but will the government survive? Italy has lost the trust of the outside world, so seeing, is believing!
The meeting between Greece, France and Germany has to revolve around the inability of Greece to conjure up enough income to manage its debts. It is in a heavy recession now, so with the best will in the world, it is struggling with insufficient proceeds from the sale of State assets as well as with falling income, to cope with repayments. Will it exit the Eurozone or struggle on, reinforcing failure?
With such a vast exposure to Greek debt, it was not surprising too see the one notch downgrade of Societe Generale and Credit Agricole [French banks]. This has heightened worries over Greece too.
What is apparent is that the struggle to stave off the Eurozone debt crisis is both weakening and insufficient. The euro is relatively stable, but any added drama may see a gear shift sagging of its exchange rate as well as consequential moves in the gold and silver prices. While the U.S. dollar may benefit, the dollar itself is in iceberg strewn waters, so vulnerable to similar and considerable damage in the future.
We will be discussing the link between confidence and the gold price 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 | Sf1,599.71: 1 oz. of gold | Sf1,610.38: 1 oz. of gold |
US | $1,824.70: 1 oz. of gold | $1,824.80: 1 oz. of gold |
EU | €1,329.57: 1 oz. of gold | €1,336.85: 1 oz. of gold |
India | Rs.86,837.47: 1 oz. of gold | Rs.86,851.36: 1 oz. of gold |
-- Posted Wednesday, 14 September 2011 | Digg This Article
| Source: GoldSeek.com
