-- Posted Friday, 10 February 2012 | | Disqus

New York closed at $1,728.80 as the Greeks appeared to have resolved the debt crisis. Asia took it up to $1,746 before the E.U. finance minister’s expressed more unhappiness with Greece, again.  Then gold retreated in Asia to $1,730. The euro stood in Asia at €1: $1.3252. London then Fixed it at $1,715.50. In the euro it was Fixed at €1,295.205. The euro held at €1: $1.3188 during New York’s morning.

Silver continues brave in the face of downward pressure and ahead of London’s opening stood at $33.88, the same as it was ahead of New York’s opening yesterday. During New York’s morning it stood at $33.65.

Gold _{(very short-term)}

Gold will continue to wait for a conclusion in Greece in New York today, until next week.

Silver _{(very short-term)}

Silver price will remain solid but waiting for gold to move in New York today, until next week.

Price Drivers

The word “turpitude” in hardly used these days. It means, disgraceful, wickedness, depravity, hardly a word to describe business, or is it? When we hear that the U.S. banks have to pay $25 billion to cover their improper [fraudulent?] behavior towards foreclosures. The word seems appropriate.  

When the E.U finance ministers want to ensure that the Greek government sticks to its word, so rejects the current resolution to the debt crisis, until all parties agree to hold to the agreement [ahead of impending elections] and give more cuts still, then that word comes to mind when considering the solidness of Greece’s current behavior. After all they have agreed to certain measures in the past then failed to keep their agreement.

The fact that the monetary system, at government level has to guard against such behavior expresses the prevalence of turpitude. There is no doubt that that is one of the reasons why precious metal prices have, are and will rise. It’s all about trust in money, with the ability to rely on it for providing true, persistent value. The structure of the monetary system has permitted a measure of turpitude to infect such values, justified by seemingly noble intentions. Gold and silver don’t incorporate morality and, as such, can’t express turpitude. That’s why it holds value and is trusted between nations. That’s why Iran is offering value in the face of its feared turpitude, when it offers gold for food and other necessary things. That’s why gold is a fundamental ‘in extremis,’ reserve asset and will keep being so.  [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]. 

Regards,

Julian D.W. Phillips for the Gold & Silver Forecasters

-- Posted Friday, 10 February 2012 | Digg This Article | Source: GoldSeek.com

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