-- Posted Thursday, 3 November 2011 | | Disqus
New York closed at $1,727, then Asia took it to $1,733 before London where it held through to the Fix. The Fix was set at $1,732.50 with the euro price fixed at €1,257.257 while the euro was at €1: $1.3780. The euro weakened a cent to €1: $1.3691 making the price of gold in the euro €1,265.80 up €10.
Thereafter, ahead of New York’s opening the gold price held steady at $1.732.29 while the euro moved down to €1: $1.3779 and euro gold at €1,257.20. The London gold Fix was the dominating factor for the gold price as gold market spreads narrowed to almost half their usual spread. We expect a strong move soon as happens when prices hold steady for a few days.
The silver price stood solid and unmoving at $33.71 at London’s opening. In a delayed reaction to yesterday’s rises silver moved up slightly to $34.13 ahead of New York’s opening.
Gold (very short-term)
The gold price should be steady to stronger, today in New York.
Silver (very short-term)
The silver price should have a steady to stronger, in New York, today.
Price Drivers
The lines have been drawn by the tense meeting between Merkel-Sarkozy and Papandreou over Greece’s continued presence in the Eurozone. If the Greek referendum is a ‘Yes’ vote, then the lifeboat will allow the stricken ship of the Eurozone to limp on until the next crisis. If a ‘No’ then the country is bankrupt and will face a financial situation similar to when South Africa faced the sanctions of the outside world. A two-tier currency, import replacement policies [which could produce a boom] being shut out of the financial markets for a decade or so and the cheapest holidays in the world [buy your Drachmas just before your fly there]. That’s if Papandreou is still in power by the weekend?
Outside of Greece, expect the E.U. to save the banking system with far more than a trillion new euros and possible Exchange/Capital Controls inside the remaining debt-distressed P.I.I.S. nations of the Eurozone [The Eurozone Treaty allows for this for short periods]. The U.S. will feel the effects of this financial tsunami in their banking system and economy and a global recession will be countered by more money creation. Mix this altogether in the same bowl and you have a 2012 that will re-define the concept of financial storms. We look at all of this and related matters with a focus on gold & silver in our newsletters, so we ask you to please subscribe through www.GoldForecaster.com or www.SilverForecaster.com.
It is time for investors to take a very close look at what lies ahead in the future with regard to the structure of their portfolios in a very different investment climate than we have ever seen before. Let’s face it if you have understood how to invest in bad times, then you know you can protect wealth and make profits too even then. What’s coming will separate the men from the boys!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,524.07 | Sf1,528.81 |
US | $1,732.29 | $1,733.15 |
EU | 1,257.20 | €1,256.36 |
India | Rs.85,150.71 | Rs.85,243.25 |
-- Posted Thursday, 3 November 2011 | Digg This Article
| Source: GoldSeek.com
