-- Posted Monday, 19 December 2011 | | Disqus
Gold stood at $1,592.00 an ounce ahead of London’s opening today with the euro standing at €1: $1.3023. The euro price of gold Asia was at €1,299.24. After London opened the gold price rose through $1,595. It was then Fixed at $1,593, down $1 on Friday’s p.m. fixing and in the euro at €1,222.939 down €4 on Friday’s p.m. Fix, while the euro stood at €1: $1.3096. Ahead of New York’s opening gold rose slightly to $1,595.15 with the euro at 1€: $1.3015 leaving the gold price in the euro at €1,225.62.
The silver price opened the same as it was before New York’s opening on Friday at $29.05 continuing its robust, if uninteresting stability. Ahead of New York’s opening silver stood at $29.02.
Gold (very short-term)
The gold price should have a mixed bias, in New York today.
Silver (very short-term)
The silver price should have a mixed bias, in New York today.
Price Drivers
With the Eurozone crisis dragging on for so long now the time had to come when exasperation and an admission that failure was the most likely event to follow. This happened on Friday, setting the tone for the week ahead:
1. The head of the I.M.F., Christine Legarde stated that, “If countries don’t work together, the world will face a situation similar to the 1930s, before the world slid into World War II.” Worse still Legarde said, “There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super- advanced economies that will be immune to the crisis that we see not only unfolding, but escalating at a point where everybody would actually have to focus on what it can do.”
2. Then the ratings agency came out and Fitch Ratings lowered France’s credit outlook and put other euro-area nations on review Dec. 16, saying an overall crisis solution may be “technically and politically beyond reach.” Belgium’s rating was cut two levels to Aa3 by Moody’s Investors Service on the same day. We will cover the “The way ahead for gold if the Eurozone fails” in our newsletters [Subscribe through www.GoldForecaster.com or www.SilverForecaster.com to our newsletters on these subjects.]
Please note that the I.M.F. as much as anybody wants a solution to the crisis. Likewise the ratings agencies have no points to gain by saying what they said. They are simply doing their job.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,493.70 | Sf1,496.03 |
US | $1,595.15 | $1,590.43 |
EU | 1,225.62 | €1,222.47 |
India | Rs.84,375.46 | Rs.85,295.55 |
-- Posted Monday, 19 December 2011 | Digg This Article
| Source: GoldSeek.com
