-- Posted Friday, 24 February 2012 | | Disqus
New York held the gold price up at $1,779.50. Asia and London held it there to. The euro was stronger at €1: $1.3387 in London. In London, gold Fixed at $1,778.50 and in the euro at €1,328.230, down €9 on yesterday’s p.m. Fix. The euro stayed steady in front of New York’s opening. Ahead of New York gold started to climb again through $1,780 and in the euro to €1.329.10.
Silver opened in London over $35, maintaining a greater strength than gold. Ahead of New York’s opening it stood at $35.56 up another $1 on yesterday.
Gold (very short-term)
Gold will show a mixed to stronger bias, in New York today.
Silver (very short-term)
Silver will show a mixed to stronger bias, in New York today.
Price Drivers
Today’s gold market has a strong tone to it. Technically both gold and silver look better [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]. When you have persistent demand, unwilling to chase prices, but taking stock as it becomes available, then it is only a matter of time before any new demand that comes in has to chase prices to get stock. And chasing prices sometimes mean they return from whence they came, before any additional stock to meet that new demand becomes available. This looks to be the picture now. The euro continues to climb as worries over it are postponed for some time.
In the foreign exchange world though, all is not what it seems either. The Swiss Franc is falling against the dollar, as is the Indian Rupee, an important currency for gold investors. Relief is being felt in Japan too as it has to pay more than 80 Yen to get a dollar. So the euro is rising against all currencies but the dollar is rising against strong currencies too. It does not take the intelligence of the CIA to see that these currencies are being ‘assisted’ to find these levels. Frankly, exchange rates have become a tool in international trade competitiveness, not a measure of value. If this was not clear to the world before, it is becoming clear on a day-to-day basis. History shows such management can fool all of the people some of the time and some of the people all of the time, but cannot fool all of the people all of the time.
That’s why gold remains the thermometer of the state of the monetary system and there’s a fever a’ coming!
Put another way, something in the world’s monetary system must reflect value and precious metals being the focal point of value the world over, will discount any games played with currencies, if left un-confiscated by government. Is that coming? We are producing a series of articles on the subject soon
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,601.64 | Sf1,610.57 |
US | $1,780.00 | $1,776.00 |
EU | 1,329.10 | €1,325.55 |
India | Rs.87,264.50 | Rs.87,396.96 |
-- Posted Friday, 24 February 2012 | Digg This Article
| Source: GoldSeek.com
