Gold was stronger this morning as Asia was closing and stood in the U.S. dollar at $1,645.00. The euro has recovered slightly to 1€: $1.3349, the same as yesterday, leaving gold in the euro at €1,232.3. When London awoke, gold held its gains and rose to $1,649.50 where it was Fixed. It was Fixed in the euro at €1,234.194 while the euro stood at €1: $1.3365. Later in London’s morning, gold held steady at $1,650.00 and $1,660 and in the euro at €1,242.515 while the euro stood against the dollar at €1: $1.3360. Ahead of New York, the gold price slipped back to $1,648.25 and in the euro to €1,239.75 while the euro was at €1: $1.3295.
The silver price started the day at $31.25 up from yesterday’s $30.68 slightly up from yesterday ahead of New York’s opening to $31.30.
Gold(very short-term)
The gold price should continue to consolidate today in New York.
Silver(very short-term)
The silver price should continue to consolidate in New York, today.
Price Drivers
The state of the Eurozone debt crisis is worsening as politicians keep taking too much time to halt the crisis. The fact that there are separate nations, which should combine to form a fiscal union –if they are to make the zone’s finances sound—is the problem. The different nations with their different cultures cannot combine to carry each other’s financial burdens and the different electorates just won’t buy into that amalgamation. Hence the problems churn on from day to day and will continue to do so, giving support to the gold price in Europe. The gold price thrives on uncertainty and loss of confidence, which sums up the scene in Europe.
The gold price has been consolidating over the last week and more and looks like it has suffered the falls it’s going to have and is succeeding in building a new ‘floor’ –a fact not missed in Asia.
Gold and silver investors have been rattled in the last week or so, by the performance of both the metals and the shares of gold and silver miners. Consequently we’re going to look at the way to adjust portfolios looking at the principles behind the decisions shaping precious metal portfolios. If you want to get the full benefit of the complete article, please subscribe through www.GoldForecaster.com or www.SilverForecaster.com.
Regards,
Julian D.W. Phillips, Gold & Silver Forecasters
Gold Prices to Highlight Currency Moves
Today
1 day ago
Franc
Sf1,525.95: 1 oz. of gold
Sf1,507.05: 1 oz. of gold
US
$1,648.25: 1 oz. of gold
$1,656.10: 1 oz. of gold
EU
1,242.52: 1 oz. of gold
€1,240.88: 1 oz. of gold
India
Rs.80,763.43: 1 oz. of gold
Rs.81,8403.94: 1 oz. of gold
-- Posted Thursday, 6 October 2011 | Digg This Article | Source: GoldSeek.com
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