-- Posted Tuesday, 31 January 2012 | | Disqus
New York closed at $1,728 but Asia pulled it back up to $1,738 and London kept the positive stance lifting it to $1,743 just ahead of London’s opening. The euro was a little stronger at €1: $1.3176 ahead of London’s opening.
At the Fix gold was set at $1,738.00 and in the euro at €1,317.265. At the time the euro stood at €1: $1.3194. Ahead of New York’s opening the gold price was tending higher at $1,739 with the euro at €1: $1.3203 leaving the euro price of gold at €1,317.12.
Silver was stronger at $33.85 and had a tenacious strength more so than gold had, just ahead of its London opening. Ahead of New York’s opening silver stood at $33.79.
Gold (very short-term)
Yet again, the gold price should have a steady to stronger bias in New York today.
Silver (very short-term)
Yet again, the silver price should have a steady to stronger bias in New York today.
Price Drivers
Greek negotiators with the E.U. must have a number in their head, which they cannot cross because below that a rescue would be worse than a default for Greece. E.U. leaders now want private holders to take a further trim from their, already, [Net Present Value] loss of 68%. They too know that if they trigger a ‘credit event’ then they will get paid a lot more. The German electorate won’t tolerate a bigger handout to Greece with Angela Merkel and her party set to pay a heavy price if more is given, at the upcoming elections. While we are yet again promised a solution by the end of the week, if there is none by next Tuesday, the six weeks needed to implement the solution will be passed!
Meanwhile the yields on Portuguese debt are jumping telling us that Portugal is lining up for a rescue now.
Gold is doing its job and reflecting a steady level while the world’s two leading currencies, the dollar and the euro are slipping down in tandem, giving the false impression that ‘all is well’ on the currency front.
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Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,587.27 | Sf1,580.59 |
US | $1,739.00 | $1,725.25 |
EU | 1,317.12 | €1,310.58 |
India | Rs.85,932.69 | Rs.85,582.90 |
-- Posted Tuesday, 31 January 2012 | Digg This Article
| Source: GoldSeek.com
