-- Posted Friday, 21 October 2011 | | Disqus
Gold recovered in Asia ahead of London’s opening to $1,628.00 as the euro slipped slightly to 1€: $1.3741 leaving gold in the euro at €1,182.88. In London’s mid-morning, gold was Fixed at $1,623.00 and in the euro at €1,178.136 while the euro stood at €1: $1.3773.
The euro rose slightly to €1: $1.3814 ahead of New York’s opening, while gold rose again to $1,635.50 and in the euro to €1,183.94.
The silver price opened in London at $30.76 the same as it was yesterday ahead of New York’s opening and then rose to $31.00 ahead of New York’s opening.
Gold (very short-term)
The gold price should have a steady to stronger bias, today in New York.
Silver (very short-term)
The silver price should have a steady to stronger bias, in New York, today.
Price Drivers
Today sees a more positive gold and silver market alongside a steady euro.
The story emerging from whispers of what’s happening behind closed doors in Europe is that a ‘solution’ is on the way. The announcement we expect on Sunday may have enough content to postpone any heavy market reaction until Wednesday when the E.U. Finance Ministers make their final announcements. With the markets stories, media reactions and initial market moves, everybody realizes that too much is at stake for them not to succeed. Even European politicians have now got the message.
Consequently we are seeing a more positive tone in the precious metal markets today. While the smell upwind is better, we need to see the animal before we can confirm what it is, before we act. How many times have we listened to reassuring words from the E.U. and then been disappointed with what came along? Even in a more positive market, have no doubt that they will react precipitously if disappointed! But it will be very different if they are reassured! 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.
With Russia confirming it will be a buyer of gold for the foreseeable future and other emerging central banks buying gold remains in demand! One of the dangers facing gold investors is that they can get fixated on a particular topic affecting precious metal prices, to the exclusion of the ‘big’ picture. This leads to frequent wrong conclusions on the direction of the gold and silver prices.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,456.09 | Sf1,451.60 |
US | $1,635.50 | $1,621.00 |
EU | 1,183.94 | €1,174.13 |
India | Rs.81,822.43 | Rs.80,737.95 |
-- Posted Friday, 21 October 2011 | Digg This Article
| Source: GoldSeek.com
