-- Posted Friday, 11 November 2011 | | Disqus
New York closed at $1,759 then Asia held it steady around that level until before London’s opening. The euro held slightly above yesterday’s level at €1: $1.3609 leaving the gold price in the euro at €1,292.53, down €7.5.
The Fix was set at $1,764.00, and in the euro price it Fixed at €1,294.394, while the euro was at €1: $1.3628. The gold price held slightly higher to steady after the Fix at $1,764.50 still in a very tight spread while the euro weakened a cent ahead of New York’s opening to €1: $1.3645 making the price of gold in the euro €1,293.21.
The silver price has held remarkably steady all week, but is displaying a lackluster performance compared to gold and stood at $33.88 ahead of London’s opening. Because it is not a purely monetary metal, it’s just not performing as gold has. Thereafter, it rose to $34.02 ahead of New York’s opening.
Gold (very short-term)
The gold price should be steady to stronger in New York today.
Silver (very short-term)
The silver price should be steady to stronger in New York today.
Price Drivers
Over the weekend sees two new Prime Ministers appointed in Italy and Greece. It seems neither have political backgrounds but strong financial backgrounds. This departure from Democracy, seems to have gone unnoticed [Is it not adequate?]. Of course, no politician in his right mind or who wants a career after administering the medicine they have to, would take the job. In view of the depth of the financial crisis, perhaps too much will be asked of these men?
The crisis is rather like grasslands and forests that have dried out. A couple of fires appear to be under control, but the winds of contagion threaten to make the fires spread. If they do, the firefighters are just too few and inadequately equipped. Then the fires will consume far more than just a few nations or a few banks! And there are no signs of rain!
Gold and other markets rebounded quickly as investors, now used to the dry investment climate we are in, went with the flow. Gold bounced off a solid bottom and continues to consolidate, supported by strong global demand. Over in India, currently the world’s leading gold investor, government finance downgrades, Rupee weakness and even more government corruption have driven gold prices there to over Rs. 28,000. Indian investors see that this is not gold price strength in the main but the weakness of their monetary system too. While Indian investors never chase prices, they are seeing tremendous confirmation of why it is wise to invest in gold to protect their wealth and avoid man-made money. Having watched the same process in Europe and the U.S.A. the world is now seeing that gold price rises are not about gold, but about cheapening and weakening national currencies. To get a better perspective than we can give you here, 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 | Sf1,598.98 | Sf1,595.23 |
US | $1,764.59 | $1,762.00 |
EU | 1,293.21 | €1,298.64 |
India | Rs.88,432.43 | Rs.88,073.57 |
-- Posted Friday, 11 November 2011 | Digg This Article
| Source: GoldSeek.com
