New York closed at $1,708, then Asia took it to $1,728 before London added a little more to the price and took it to $1,731, just after its opening. The euro weakened slightly to €1: $1.3780 making the price of gold in the euro €1,256.17 only a €13 rise compared to a $23 rise in the dollar. During London’s morning the euro held that level and was then Fixed in the U.S. dollar at $1,731 and in the euro at €1,257.335 while the euro stood at €1: $1.3767.Thereafter the gold price rose ever so slightly to $1,733.15 and the euro rose to €1: $1.3795 leaving gold in the euro at €1,256.36 ahead of the opening of New York. Today gold rose in both currencies quite well.
The silver price fell back to $33.72 at London’s opening down on yesterday. Thereafter it rose to $34.00 ahead of New York’s opening.
Gold(very short-term)
The gold price should be steady to weaker, today in New York.
Silver(very short-term)
The silver price should have a steady to weaker bias, in New York, today.
Price Drivers
The gross financial mistake for the Eurozone and global economy, but the seemingly correct political move inside Greece by Papandreou continues to reverberate around the world.With Greek Cabinet approval and a meeting with Merkel and Sarkozy today Papandreou is in the crosshairs. It’s too late to retract the referendum and would prove too costly politically to do so, in Greece. Outside, Greece he is not a popular man because he has placed Greek politics ahead of the Eurozone [which he is duty bound to do so]. And this is why politicians are not equipped to run finance, why central banks are separate from government. The two don’t gel well.
Of great importance to the gold price in particular is the speed with which it bounced back into the $1,730 area.One has to be impressed that the time gold is taking to recover, after some dangerous negative news arrives, is shortening. This tells us that the impact of de-leveraging is lessening on the gold price. Silver is following but not quite as confidently. In turn this tells us that the gold price is lessening its vulnerability to investor woes. When an investor in any market has to de-leverage and take profits to protect himself, the process is not a reflection of the fundamentals of the gold or silver market but about the investor himself. Gold is growing less vulnerable to this as investors have considerably de-leveraged already. Asian demand is not leveraged. This bodes well for the performance and lower volatility of the gold price. By extension and perhaps with a delayed reaction the same will prove true of the silver price.
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