-- Posted Monday, 19 September 2011 | | Disqus
Asia held gold at the levels seen at the close in New York on Friday at around $$1,824. London then tried to take it lower, but there was clearly underlying strength. So much so that the morning Fix in London was set at $1,8817.00 and in the euro at 1€,332.307 with the euro itself standing at 1.3638. As the trading range on both precious metals narrows so the risks of a strong move either way rise.
After the Fix and ahead of New York the gold price fell to $1,818.40 and in the euro to €1,332.16, while the euro stood against the dollar at €1: $1.3650.
Silver opened at $40.36 only 4 cents changed on Thursday. The silver price remains remarkably stable! Ahead of New York it stood it stood at the same level!
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
This week see a continuation of the two stories that have held our attention for most of the last years, the debt crisis on both sides of the Atlantic. President Obama is going to launch another attempt to raise taxes and cut spending, almost a repeat of the last failed attempt. The inability of politicians to master the demands of financial management look as through they are going to be an ongoing scene.
Over the pond in Greece, politicians are trying to convince their lenders of last resort that they can get sufficient cash flow going to cover the new debts the I.M.F. and the E.U. are aiming to give them. With their inability to counter the massive tax evasion and the fire-sale prices they are getting for state assets, fewer and fewer people are convinced.
With these two scenes likely to rule the value of the dollar and the euro confidence in both is ebbing away. Fortunately both currencies are losing value at a similar rate, leaving the exchange rate between the two looking relatively stable, hiding the falling value.
Nevertheless keep your eyes on currencies and the matters around them for these are dictating the direction of the gold price in those currencies. In other words the gold price is not rising so much as currencies are falling!
[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 | Sf1,605.26: 1 oz. of gold | Sf1,562.02: 1 oz. of gold |
US | $1,817.55: 1 oz. of gold | $1,787.00: 1 oz. of gold |
EU | €1,331.25: 1 oz. of gold | €1,296.52: 1 oz. of gold |
India | Rs.86,778.02: 1 oz. of gold | Rs.85,034.40: 1 oz. of gold |
-- Posted Monday, 19 September 2011 | Digg This Article
| Source: GoldSeek.com
