-- Posted Thursday, 14 June 2012 | | Disqus
Gold Today – Gold closed in New York at $1,618.80 and in London’s early morning rose slightly to $1,619.75. The Fixing in London today was set at $1,619.00 up $6.25. In the euro it was set at €1,289.834 up€6.7. Ahead of New York’s opening gold stood at $1,620.68 and in the euro, €1,288.30 while the euro was at €1: $1.2580.
Silver Today – Silver held steady in New York at $28.95 in New York and held there in London’s morning. Ahead of New York’s opening at $28.95, the same as yesterday.
Gold (very short-term)
Gold may well show a steady to positive bias, today in New York.
Silver (very short-term)
Silver may well show a steady to positive bias, today in New York.
Price Drivers
Gold – Here we are approaching week’s end ahead of one that could change the shape of Europe. The Greek elections will be the trigger. If Greece votes to stay in the Eurozone, then the euro will strengthen temporarily. Will this be good for gold and silver? If they don’t then we will see drama in the monetary world. Will this be good for gold and silver?
Austerity, as Germany wants, is unacceptable to the voters of weaker Europe and it’s the votes that decide the career of politicians. Spain will almost inevitably ask for more help. Will it come from the E.C.B. or from Germany? Will Germans see this as a chance to dominate Europe? Or will they see it as the way to loss of financial control? These are now the core issues for the Eurozone as the time for polito-talk comes to an end. In the midst of all of this, the last few days have seen the euro relatively stable against the U.S. dollar [with a little help from their friends].
Both gold and silver have moved independently of all currencies and may well continue to do so. If, well overdue, Exchange Controls are going to be imposed, this weekend is an ideal opportunity for their imposition and will confirm the separation of precious metals from currencies.
Silver – Silver is cautiously steady, reflecting more the Americas feelings on the credit/currency crisis in the Eurozone. Its solid steadiness, indicates the uncertainty over events of the next week. Silver, we feel, will reaction the most. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and at www.SilverForecaster.com.].
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,547.10 | Sf1,5243.92 |
US | $1,620.68 | $1,612.78 |
EU | 1,288.30 | €1,284.79 |
India | Rs.90,425.84 | Rs.89,678.24 |
-- Posted Thursday, 14 June 2012 | Digg This Article
| Source: GoldSeek.com
