This morning gold stood at $1,661 ahead of London’s opening. The euro looked slightly stronger at 1€: $1.3400. Ahead of the Fix, the gold price pulled back slightly to $1,653.4 and in the euro stood at €1,231.12 while the euro stood at €1: $1.3430. It was Fixed at $1,651.00 and €1,229.52 while the euro was at €1: $1.3428. Later in London’s morning, gold rose back over $1,657.00. Ahead of New York, the gold price rose to $1,654.60 and in the euro to €1,233.90 while the euro was at €1: $1.3428.
The silver price started the day at over $32.28 before slipping back to $31.80. Ahead of New York’s opening to $32.02.
Gold(very short-term)
The gold price should continue to consolidate with a positive bias, today in New York.
Silver(very short-term)
The silver price should continue to consolidate with a positive bias, in New York, today.
Price Drivers
What was most disturbing about Mervyn King (of the Bank of England’s action to increase quantitative easing) is the implication that he feels a banking crisis is on us. We don’t believe this directly impacted the gold price as such factors have a longer-term effect on gold prices. Gold is still in consolidation mode, between $1,600 and $1,660.
Across the Atlantic, the morphing of the bickering between Republicans and Democrats into a rich/poor battle does not bode will for the deficit reduction prospects. It’s more likely to result in the long campaign for votes, with the government process halted by the impasse in Congress and the Senate. The economy is rather like the human body needing blood to reach right out to the skin, to remain healthy. This means that it is not the quantity of blood that is as critical as the efficiency of circulation. The quantity of blood is there but the circulation is far from sufficient in the developed world.
The world’s financial markets are desperate for hope and direction. They’re currently bouncing on that hope. What’s very clear is that if direction does not come soon, hope will fade and markets will suffer. Gold and silver will benefit. 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
Sf1,525.95: 1 oz. of gold
US
$1,654.60: 1 oz. of gold
$1,648.25: 1 oz. of gold
EU
1,233.90: 1 oz. of gold
€1,242.52: 1 oz. of gold
India
Rs.81,449.00: 1 oz. of gold
Rs.81,8403.94: 1 oz. of gold
-- Posted Friday, 7 October 2011 | Digg This Article | Source: GoldSeek.com
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