-- Posted Friday, 1 June 2012 | | Disqus
Gold Today – Gold closed in New York at $1,562.10 down $2.70 and in London’s early morning fell to $1,560.60 the same as yesterday. The euro stood at €1: $1.2364 another 30 cents lower than yesterday. Gold Fixed at $1,552.50 down $15 and in the euro at €1,259.370 down €3. Ahead of New York’s opening gold stood at $1,552.15 and in the euro, €1,259.45 while the euro was at €1: $1.2324. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and at www.SilverForecaster.com.].
Silver Today - Silver pulled back to $27.75 down 35 cents in New York and held there in London’s early morning. Ahead of New York’s opening at $27.42.
Gold (very short-term)
Gold will either hold at current levels or make a strong move, one way or the other, today in New York.
Silver (very short-term)
Silver will either hold at current levels or make a strong move, one way or the other, today in New York.
Price Drivers
Gold – When you hear the head of the European Central Bank say that the financial “situation in the Eurozone is unsustainable” and other E.U. leaders start talking about the collapse]]se of the Eurozone, then you know that they are preparing us all for the inevitable. With the euro down another 50 cents, money continues to flee from Europe.
At the moment of writing this the currency markets and the gold price were calm. As we say above, this may precede a strong move as we all sit waiting for more bad news.
The critical factor for gold and silver is, will it continue to move with the dollar as it has done this week and rise in the euro?
The financial winds that are blowing at present, point to recession throughout the developed world, lower growth in the emerging world and the probable need to pump more money into the system to keep it fluid and avoid considerably more asset deflation. We don’t think this will show itself as a gentle decline, but as a series of lurches lower. After four years of crises and attempts by governments to repair the situations have failed due to a hormone deficiency, one wonders what actions will be taken by governments now. Whatever they are they will have to be dramatic to counter accelerating deflation.
Silver – Silver pulled back slightly with gold. It too is waiting for the next piece of bad news to give it direction. This weekend may well hear some significant announcements made.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,512.18 | Sf1,516.44 |
US | $1,552.15 | $1,566.00 |
EU | 1,259.15 | €1,261.89 |
India | Rs.86,951.44 | Rs.87,891.75 |
-- Posted Friday, 1 June 2012 | Digg This Article
| Source: GoldSeek.com
