-- Posted Thursday, 9 February 2012 | | Disqus
New York closed at $1,733 down$12 on London’s high as the euro’s rise stalled waiting for a definitive conclusion in the Greek debt crisis. The euro stalled at €1: $1.3265 to $1.3280. London then Fixed it at $1,733.00. In the euro it was Fixed at €1,304.773. The euro held at €1: $1.3276 during the morning. Ahead of New York’s opening the gold price was rising again at $1,734.00 with the euro at €1: $1.3277 leaving the euro price of gold at €1,305.97 in the euro.
Silver continued held its ground but remained on the defensive opening at $34.01 but remains robust. Ahead of New York it stood at $33.87.
Gold (very short-term)
Gold should wait for a conclusion in Greece in New York today.
Silver (very short-term)
Silver price will remain solid but waiting for gold to move in New York today.
Price Drivers
The last issue to be resolved in the Greek debt crisis is the lowering of Pensions by 20%. We wait each day now for the conclusion. Should it happen today, we do not expect gold to rise in the euro, but because the euro itself will rise then, the gold price in the U.S. dollar will rise. The Greek Finance Minister has gone to Brussels as this problem is not being resolved! It’s amazing that deadlines that must be met are not met and new ones issued. We guess that there are still, quite a few chapters left to this story. We wait braced for drama!
As a result the euro’s and gold’s rise has stalled. The influence Greece is having on short-term market news is huge. We therefore face two scenes.
1) The first is that there will be a resolution to the crisis in which case all markets will jump strongly including the precious metals.
2) If there is a failure to resolve the crisis, then the paw-paw will hit the fan and short-term all markets will fall and a banking crisis will break out, initially. Once the impact is absorbed then different markets will move in different directions.
We are carefully preparing our stance if there is a default by Greece. If there is a resolution, the way forward is clear. If there is none, then we expect heavy volatility with big moves in all markets. [To get more of the right perspectives on the gold and silver markets and where gold and silver prices are going, subscribe through www.GoldForecaster.com or www.SilverForecaster.com]. We could well be on the brink of large market moves either way!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,580.80 | Sf1,593.94 |
US | $1,734.30 | $1,746.30 |
EU | 1,305.97 | €1,314.99 |
India | Rs.85,806.99 | Rs.85,830.65 |
-- Posted Thursday, 9 February 2012 | Digg This Article
| Source: GoldSeek.com
