-- Posted Thursday, 16 August 2012 | | Disqus
Gold Today –New York gold closed at $1,604.10. London held gold there through the morning right up to the Fix where it Fixed at $1,603.50 as the euro stood at €1: $1.2328. In the euro it was Fixed at €1,306.739, up €13 on yesterday. Ahead of New York’s opening, gold was steady at $1,603.55 in the middle and in the euro at €1,306.62.
Silver Today – Silver in New York closed at $27.81 after which, in London, it rose slightly higher to $27.86 where it stood just ahead of New York’s opening.
Gold (very short-term)
Gold should have a steady to stronger bias, today in New York.
Silver (very short-term)
Silver should have a steady to stronger bias, today in New York.
Price Drivers
Gold & Silver –
When we see Barclays and Standard Chartered pay huge fines to the U.S. regulator for money laundering, rigging LIBOR markets and then expect a further whole stream of banks to follow suit, while it alarms us all that banks have behaved this way, what we are watching is not simply paying fines, but the U.S. government putting the banks firmly in their place and reminding them that their banking licenses will be forfeit if they don’t toe the line. Perhaps bankers had got to the point where they felt their control of the banking system was nigh-on absolute? The lessons of these punishments metered out by U.S. regulators changes that misconception. But in the process we are reminded that all involved, even the U.S. regulators are mere mortals and that absolute trust in the banking system is misplaced. And that is precisely why gold held sway as money over the last 5,000+ years. Gold is inhuman and is money, ‘in extremis’ as Alan Greenspan put it.
While the Eurozone crisis appears quiet at the moment and the U.S. fiscal cliff a long way away, they have not gone away. It’s just such a relief to have days when some impending disaster is not highlighted. This ‘calm’ is being reflected in the gold price. While it keeps climbing back above $1,600 and appears pretty solid at that level it is really marking time. But with so many potential financial crises moving towards us and the ‘gold season’ starting shortly, the argument for selling gold or silver seems weak at best. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver
The same applies to silver as to gold. The argument for selling silver is even weaker as silver just looks solid. Its robust steadiness is encouraging investors to continue to be patient. And we agree with that sentiment.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,569.15 | Sf1,560.74 |
US | $1,603.55 | $1,595.60 |
EU | 1,306.62 | €1,299.40 |
India | Rs.89,694.57 | Rs.88,595.69 |
-- Posted Thursday, 16 August 2012 | Digg This Article
| Source: GoldSeek.com
