-- Posted Wednesday, 28 September 2011 | | Disqus
There was a slowdown in the bounce yesterday as it hit the $1,659 at the p.m. afternoon Fix in London. Once again we see New York trying to push prices down, but the London Fix dominating prices. The euro started to recover as investors search for hopes and discount them. The euro opened ahead of London’s opening at €1: $1.3584 leaving gold in the euro at €1,217.20. Again the Fix has confirmed the right price for gold at $1,655.00. In the euro it was Fixed at €1,214.77 while the euro traded against the U.S. dollar at €1: $1.3624. Thereafter, in London it rose further ahead of New York’s opening to $1,657.15 and in the euro €1,213.36. The euro stood at €1: 1.3657 but with a 5 point spread, which is unusually high! Ahead of New York’s opening gold once again moved down, but slightly, too $1,646.45 with the dollar at €1: $1.3646 leaving gold in the euro trading at €1,206.54.
Silver continued its roller coaster ride pulling back from yesterday’s $33.20 to leave Asia at $31.78. This is a trader’s paradise or downfall. Ahead of New York’s opening it stood at $30.97.
Gold
(very short-term)
The gold price should continue volatile today in New York.
Silver
(very short-term)
The silver price should continue volatile in New York, today.
Price Drivers
Just as in 2008 we saw a complete change of financial climate, so we are on the brink of another change of climate. Our hunger for a safe comfort zone can often persuade us to overlook the full force of the danger that’s coming. That’s where we are now. Until then we will see volatile markets in the precious metal markets alongside a partial recovery in other market. With the dollar and Treasuries the remaining seeming safe haven, we are not looking at a ‘safe place’ to park funds, but the least dangerous of places to park money. Follow that path and you see where markets are headed.
We do not believe that the U.S. dollar will be the least dangerous place for much longer. We are of the opinion that we are on the brink of some very dramatic events and market actions that are going to shake up all markets across the world. What is apparent is that a major fall in the gold price from here would indicate we are undergoing catastrophic events or that they are about to happen.
If the events are a major adjustment only, then we will see precious metals react very differently. If you noted this day on your calendar and looked back at it in three months time, you will then see to what we are referring.
We are looking at this prospective future in the next issues of the Gold Forecaster and the Silver Forecaster where you can get a more complete perspective on gold and silver so subscribe now!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves |
| Today | 6 days ago |
Franc | Sf1,471.93: 1 oz. of gold | Sf1,607.58: 1 oz. of gold |
US | $1,646.45: 1 oz. of gold | $1,800.00: 1 oz. of gold |
EU | 1,206.54: 1 oz. of gold | €1,317.23: 1 oz. of gold |
India | Rs.80,264.44: 1 oz. of gold | Rs.86,994.00: 1 oz. of gold |
-- Posted Wednesday, 28 September 2011 | Digg This Article
| Source: GoldSeek.com
