-- Posted Thursday, 19 January 2012 | | Disqus
New York lifted the gold price up $15 to $1,662 and Asia held it at that level ahead of London’s opening. The euro moved slightly better against the U.S. dollar to €1: $1.2863 at London’s opening placing the euro gold price at €1,292.08 at London’s opening.
London Fixed the gold price at $1,664.00 and in the euro at €1,289.623. This is up in the dollar and slightly down in the euro as the euro stood at €1: $1.2903 up nearly two cents in the last two days. Ahead of New York’s opening the gold price was pushing higher at $1,665 with the euro also pushing up slightly at €1: $1.2905, leaving the euro price of gold at €1,291.20.
Silver improve on the back of gold overnight to open in London at $30.78. Ahead of New York’s opening silver stood at $30.83.
Gold (very short-term)
The gold price should move either way in a decisive day, in New York today.
Silver (very short-term)
Again, the silver price should move either way in a decisive day, in New York today.
Price Drivers
The I.M.F. is looking for $600 billion to add to its $380 billion so as to meet potential borrowing needs in the next few years as the World Bank warns of a global recession after the Eurozone has entered its own recession, already. Saudi Arabia, as we mentioned yesterday, wants an oil price of $100, reflecting the need of the oil world in total. The rest of the world will have to bow to this wish, because Saudi Arabia and the rest of the oil world has to power to impose that price, while the globe fights for growth.
And yet, global equity markets have become used to bad news and are starting to ignore it. They are rising in the face of every reason to fall. Why? The answer to this question is going to explain the performance of many markets including that of gold and silver in the next few years. We believe that the bulk of precious metal market observers have not yet come to grips with the perspectives that will drive the gold and silver prices forward. The concept of links to other markets, such as oil [no longer fashionable] the euro [illogically] or any other market appears to dominate many commentators thinking, but the underlying currents of the financial world are changing fast now, turned by the 2007 -onwards credit/debt crises. But the consequences of these changes have not been faced by investors, either blinded by hope or traditional financial thinking. What is for sure is that those who do understand the changes will maximize their profits and not be caught in the volatile short-term trading opportunities. [Much more on this in our weekly newsletters and on our website [So 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 | Sf1,558.73 | Sf1,561.99 |
US | $1,665.00 | $1,654.65 |
EU | 1,291.20 | €1,292.09 |
India | Rs.83,649.60 | Rs.83,419.18 |
-- Posted Thursday, 19 January 2012 | Digg This Article
| Source: GoldSeek.com
