-- Posted Monday, 17 October 2011 | | Disqus
Gold opened in Asia at the same price as gold closed in New York. We expect the London gold Fixing to make the running on the gold price today. After trying to hold above $1,690, the gold price was Fixed at $1,689.00 and in the euro at €1,217.648 and the euro stood at €1: $1.3871. Ahead of New York’s opening gold slipped to $1,681.15 and in the euro at €1,219.82, while the euro stood at €1: $1.3782.
The silver price started the day at over $32.40, before slipping slightly to $32.12 ahead of New York’s opening.
Gold (very short-term)
The gold price should have a steady to strong bias, today in New York.
Silver (very short-term)
The silver price should have a steady to strong bias, in New York, today.
Price Drivers
Portugal has increased its austerity measures in the hope they can convince markets to lend to them again. We start this week by reporting that the G-20 did nothing except tell European leaders to resolve: -
- What losses are to be taken on Greek Debt?
- What plans are there for the recapitalization of European banks?
- Bailout Fund increase to what?
All of this has to be completed IN ONE WEEK! This has to happen at the European Summit this coming weekend. It is not so much the time limit that has been given, but the fact that this limits the actions of the E.U. Finance Ministers to one more shot, before the market takes a very clear direction, either negative or positive. This has set the mood of skepticism for the markets. This is gold positive.
Meanwhile, the U.S. has reported a $1 trillion budget deficit, still set to rise. This news brought back to our minds the reality that the U.S. has a worse problems albeit down the road further and in a nation with fiscal union. What this implies is not that they have a better way out, but that if they don’t act, the solutions are fewer and the potential financial disaster, greater!
It is clear that we are moving to one of those dramatic moments in global financial markets when something is about to happen to change the financial climates of the developed world structurally and for a long time into the future. Are you ready for what lies ahead? We look at those factors and more on an ongoing basis in our newsletters, so we ask you to please subscribe through www.GoldForecaster.com or www.SilverForecaster.com.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,508.16 | Sf1,501.23 |
US | $1,681.15 | $1,673.15 |
EU | 1,219.82 | €1,213.74 |
India | Rs.82,275.48 | Rs.82,009.45 |
-- Posted Monday, 17 October 2011 | Digg This Article | Source: GoldSeek.com