-- Posted Friday, 23 December 2011 | | Disqus
Gold dropped to $1,604.70 at the close in New York, but picked up to $1,609.35 in Asia, before London opened. Then gold was Fixed in London at $1,607.50 and in the euro at €1,229.070 while the euro stood at €1: $1.3079, all barely changed on yesterday. At New York’s the market was barely changed at $1,608.75and the euro stood at €1: $1.3061 leaving gold in the euro at €1,231.72.
After Fixing at $29.22 the silver price followed gold down and stood at $29.30 as New York opened.
Gold (very short-term)
The gold price should have a quiet day, in New York today.
Silver (very short-term)
The silver price should have a quiet day, in New York today.
Price Drivers
Here we at the last day of business before the holidays begin. A good time to reduce risk positions, close the books and go back to family.
A glance back at the year sees gold, even after the fall, at a new annual high. What has changed in the year?
-Certainty has evaporated. - Confidence in currencies as a fair measure of value has a dropped even though there is nothing else that does the job as a daily means of exchange nearly as well.
-Faith in financial structures has diminished and hope of leaders rectifying matters lies in tatters.
- The banking system is struggling to work and needs cash to make their balance sheets look somewhere near healthy. They are not lending, so growth remains unattended.
- 2012 will surely see the inadequately handled financial crises come off the rails then.
- Gold has engendered more and more faith as a measure of value even in the minds of central bankers who are now established buyers of gold for reserves.
- In the minds of the newly wealthy middle classes in the emerging world, gold remains the safe place to hold your money and they have bought steadily and persistently and look like they will continue to do so.
- 2012 is more than likely to feature much more drama than we have seen in 2011. The Eurozone is likely to change as are prospects for the euro. With gold’s growing use amongst central bankers, the possibility of “Gold Confiscation” is rearing its ugly head. In the weeks/months/years to come we will be discussing this in our newsletters /website [So subscribe through www.GoldForecaster.com or www.SilverForecaster.com to our newsletters on these subjects.]
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,505.71 | Sf1,506.19 |
US | $1,608.75 | $1,606.00 |
EU | 1,231.72 | €1,233.01 |
India | Rs.85,247.66 | Rs.84,696.43 |
-- Posted Friday, 23 December 2011 | Digg This Article
| Source: GoldSeek.com
