-- Posted Thursday, 15 September 2011 | | Disqus
Clearly Asia is happy to pay $1,800+ but is not prepared to chase prices. Asia dropped the gold price down from New York’s closing price of $1,823 to $1,810 before London took it slightly further down to $1,808.50 ahead of the Fix. The euro recovered slightly to €1: $1.3788 slightly stronger than the €1: $1.3688 of yesterday.
Gold Fixed in London’s morning at $1,806 down from yesterday’s $1,829.00 and in the euro at €1,310.025 while the euro was at €1: $1.3786. After the Fix and ahead of New York the gold price fell through $1,800 to $1,787 and in the euro to €1,296.52, while the euro stood against the dollar at €1: $1.3783. Silver opened at $40.40 down from yesterday’s $41.01. Ahead of New York it stood it was trading at $40.12.
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
In certain parts of the world realities demand calling a spade a spade. This is true in money matters. It is believed that numbers and concrete actions are far better than politician’s words. So when you hear from the French President and the German Chancellor on the future of Greece you look at their words very carefully. They said yesterday that, “they are “convinced” Greece will stay in the euro area. Is this a concrete statement that they will ensure Greece will have the needed financing to do so. Well, no!
Does this convince us that Greece will have the cash flow to manage their debt? Well, no again! So the drama continues and we all wait with baited breath for the month end to see if Greece can perform and get the next chunk of the bailout, with which to pay salaries. Can you bank on such statements?
Maybe they should follow the example of the new government in Libya and sell some gold to cover those costs? If they do, you can be sure that they can’t conjure up the needed cash flow to pay the salaries and are on the brink of exiting the euro and turning back to the Drachma.
Meanwhile the gold price is consolidating before giving us its next direction. Or should we say, currencies are consolidating before giving us direction against the gold and silver prices?
We will be discussing what a major Banking crisis will do to 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 | Sf1,562.02: 1 oz. of gold | Sf1,599.71: 1 oz. of gold |
US | $1,787.00: 1 oz. of gold | $1,824.70: 1 oz. of gold |
EU | €1,296.52: 1 oz. of gold | €1,329.57: 1 oz. of gold |
India | Rs.85,034.40: 1 oz. of gold | Rs.86,837.47: 1 oz. of gold |
-- Posted Thursday, 15 September 2011 | Digg This Article
| Source: GoldSeek.com
