-- Posted Wednesday, 4 April 2012 | | Disqus
New York closed at $1,646.30 down $30 then Asia took it down to $1.638 while the euro dropped 2 cents to €1: $1.3168. Today, gold Fixed it at $1,631.75 down $40 and in the euro at €1,239.649 down €15 while the euro stood at €1: $1.3163. Ahead of New York’s opening it stood at $1,633.75 and in the euro €1,241.07 while the euro was at €1: $1.3164.
Silver fell back to $32.14 down 84 cents. London moved it down to $32.08. Ahead of New York’s opening it stood at $32.10.
Gold (very short-term)
Gold will consolidate before having a weaker bias, in New York today.
Silver (very short-term)
Silver will consolidate before having a weaker bias, in New York today.
Price Drivers
While the jewelers strike in India is coming to an end the pent-up demand that built up during the strike has not fed through to the gold market, yet. The lower prices will add impetus to the release of this demand pressure. Add to this that in China there is a holiday for the rest of the week. We expect to see a marked drop in demand until either later this week or early next week.
Once the Chinese holiday is over and the Indian jewelry market back in action next week, the picture will do an about turn. [To follow our weekly commentary on the Chinese and Indian gold markets, please subscribe to our newsletters at www.GoldForecaster.com and at www.SilverForecaster.com.]
The head of the World Bank has accepted the likely formation of an emerging world, World Bank, stating that for India, infrastructural development would be the purpose, for China, to facilitate the internationalization of the Yuan. It is significant that the developed world is moving to accept these developments. They are inevitable and will undermine the developed world’s financial system, particularly the dollar.
We have just issued an article on the development of a monetary system that is aimed at being independent of the present U.S. dominated monetary system. We are of the opinion that this will lead to a wounding of the dollar, permanently and for gold to be brought to a more active role in both systems.
Next we will look at the Gold Standard and how a system with gold intertwined can be made to work. Both these subjects are pertinent to the future monetary systems that will control the globe in the years to come. Gold markets, alongside most global financial markets, tend to be myopic, but a glance at long-term developments will shape the view of the successful investor. After all when you understand the currents and tides that dominate the precious metal markets then the daily tidal flows are more manageable.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,493.98 | Sf1,508.27 |
US | $1,633.75 | $1,668.25 |
EU | 1,241.07 | €1,252.81 |
India | Rs.83,500.96 | Rs.84,874.72 |
-- Posted Wednesday, 4 April 2012 | Digg This Article
| Source: GoldSeek.com
