Gold Today –New York gold closed at $1,656.10.London opened at the same and held that level right up to the Fix. The euro is virtually unchanged at €1: $1,2557. The Fix was set at $1,657.00 and in the euro at €1,320.214. Ahead of New York’s opening the gold price stood at $1,655.80 and in the euro at €1,320.31.
Silver Today – Silver in New York closed at $30.68 and opened slightly higher at $30.75. Just ahead of New York’s opening it stood at$30.70.
Gold(very short-term)
Gold should follow the euro against the dollar, today in New York.
Silver(very short-term)
Silver should follow the euro against the dollar, today in New York.
Price Drivers
Gold & Silver –As we believed some months ago, the troubles facing Spain go far deeper that E.U. leaders and even Spain itself believed. We expect to hear from all the regions in Spain that they need the help of the country’s government to be able to raise funds with which to continue. Stories that town councils have had their equipment seized and are unable to operate are being broadcast now. We are all waiting painfully until the Spanish Prime Minister goes to E.U. leaders for help and a bailout. And yet the euro remains above $1.25, not the performance of a currency in trouble. Previously is did fall to $1.21 but in the face of all its troubles recovered. Perhaps this is due to the cooperation of the Fed and the E.C.B. more than to market forces? And yet, against gold, the euro has weakened nearly 3%.
As August comes to an end we see traders doing little but keep the dollar gold price in line with the euro gold price, as they have been trying to do for the last few years and will keep on doing as long as it is profitable in ‘day trading’. To us this is really a distraction from what’s going on in the gold world and certainly not a true reflection of the fundamentals of gold. It is mechanical trading that is profitable clipping tiny profits off each move. But in hiding the fundamentals from ‘daily view’ investors can be easily mislead by events of little consequence to the gold price over time. We believe we are now approaching a period of six months when some of the most momentous events the gold market will ever see will happen. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]
Silver - Silver is moving with gold but seeing shortfalls on the supply side. This gives the price underlying strength.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
Today
1 day ago
Franc
Sf1,585.35
Sf1,587.46
US
$1,655.80
$1,658.70
EU
1,320.31
€1,321.57
India
Rs.92,066.62
Rs.91,668.06
-- Posted Thursday, 30 August 2012 | Digg This Article | Source: GoldSeek.com
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