Gold Today –New York gold closed at $1,637.30 up $16.60 on the day. Asia andLondon took it higher to $1,644 with the euro only 20 points stronger at €1: $1.2470. This is gold running up against all currencies and breaking free from the euro in the process. Gold was Fixed in London at $1,640.50 and in the euro it was Fixed at €1,315.874up €7 on yesterday’s Fix.
Silver Today – Silver in New York closed at $29.27 up 46 cents after which London took it to $29.57. This is almost a 5% jump in the last few days showing the vibrance we expected from it.
Gold(very short-term)
Gold may well show a weaker bias, today in New York.
Silver(very short-term)
Silver may well show a weaker bias, today in New York.
Price Drivers
Gold & Silver –With gold now needing a breather, if only for a couple of days, we may be wrong and it breaks up even more overhead resistance. We watch and see.
One of the triggers of this is another imperceptible change of market moods. As the head of the E.U. goes to Greece we are being given the impression that Greece’s case is just about hopeless. Its economy is in free fall, it is politically too weak to take effective steps and it cannot repay the current debt let alone any more it needs to borrow. This is when creditors should accept that it will repay only when it can repay, but meanwhile must it go bust? It looks like exiting from the Eurozone is next. It may take a couple more painful months for this to be accepted but it is becoming almost inevitable.
The news that Russia bought 18.8 tonnes validates what we have been telling subscribers for so long now, that central banks don’t chase the market for gold, but waits for bullion bank dealers to make them the offer of gold that they are seeing in the market. This leads to central banks buying on the fall and taking off decent amounts of gold. It is not yet fully appreciated just how much central bank attitudes to gold have changed. This, we believe, is more than just simply topping up of reserves. We discuss this further in our next article available, in full, to subscribers. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]
Silver - Silver was quicker off the mark than gold today. Does this point the way ahead in the days to come?
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
