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Gold & Silver Market Morning

-- Posted Friday, 4 November 2011 | | Disqus

New York closed at $1,763.90 and Asia held it there, before London opened. The Fix was set at $1,756.00 with the euro price Fixed at €1,269.612 while the euro was at €1: $1.3831. The euro strengthened slightly ahead of New York’s opening to €1: $1.3850 making the price of gold in the euro €1,270.88.  Thereafter, ahead of New York’s opening the gold price held steady at $1.759.40 and euro gold at €1,270.88. The London gold Fix remains the dominating factor for the gold price. As we forecast we saw a strong move happen yesterday.


The silver price climbed slightly to $34.53 in New York and held that level in Asia. Thereafter, remarkably it slipped to $34.32 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

What a sigh of relief we are hearing as the Greek referendum is off the table. All global financial markets are rising today, including precious metal markets. Oh, I hear, shouldn’t the gold and silver markets be falling? Gold and silver investors are aware that the gold and silver price are dependent of a host of global factors of which the Eurozone crisis is a small part. The fundamental problems of the global financial system are the root of this picture, as well as man’s distrust of man, when the paw-paw hits the fan. Remember that even before the talk of a referendum the Eurozone crisis with the bailout on the table persisted. Now Italy is moving to center stage. The fall in interests in the Eurozone from 1.5% to 1.25% lowers the cash flow from the euro and confirms that the Eurozone is in a recession. This reduces it resilience to further financial shocks.


Looking across the Atlantic, we find ourselves running up to the November 23 deadline to cut the budget deficit of the U.S., but again politics is placed higher than financial stability. What does this tell us about the future?


More pertinently to the gold price, in the emerging part of the world, to whom the concept that the financial system is capable of providing financial security was never on their minds, whereas gold has always been thought to provide it, the demand continues unabated. This is an unstoppable tidal flow to precious metals. No developed world crisis or lack thereof will stop this. Indeed, the clear shortfalls of the developed world financial system provide support for these flows.


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 or




Julian D.W. Phillips for the Gold & Silver Forecasters


Global Gold Price (1 ounce)



1 day ago














-- Posted Friday, 4 November 2011 | Digg This Article | Source:

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