-- Posted Friday, 21 September 2012 | | Disqus
Gold Today –New York closed down at $1,768.4 only $2 down on yesterday. Asia and London took it down to $1,775. London Fixed the gold price at $1,773.75 up down$13 and in the euro at €1,361.282 barely changed on yesterday. The euro strengthened slightly to $1.3026, up 0.8 of a cent. Ahead of New York’s opening gold stood at $1,774.85 and in the euro at €1,362.54.
Silver Today – Silver was barely changed at $34.62. Ahead of New York’s opening it stood at $34.77.
Gold (very short-term)
Gold should consolidate with a stronger bias, today in New York.
Silver (very short-term)
Silver should consolidate with a stronger bias, today in New York.
Price Drivers
Gold & Silver – Fears that the euro will fall because the Eurozone economy is weakening were balanced by similar news in the U.S. and China. The global economy is weakening for sure as the recent streams of data confirm. In this climate, the monetary stimuli being seen across the globe has to promote growth or it will promote inflation, exacerbated by the slowdown. Both the dollar and the euro are being stabilized by the E.C.B. and the Fed calming the currency markets. Gold is remarkably steady within a narrow trading range around $1,760 - $1,770.
Investment demand and central bank buying, plus Chinese demand are the main price drivers for gold and by the nature of silver’s moving with gold, for silver.
Demand in India is currently being fed by sales of gold jewelry removing the need for imports of gold. The government there seems happy to see lower gold imports implying that interest in gold is waning there. To us this is stretching reality too much. Once the sellers of gold realize that high Rupee prices are as much the result of a weak Rupee and high inflation they will be back, buying. It’s just a matter of time. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – Silver has now turned back to moving in synch with gold, with a stronger bias.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,648.92 | Sf1,641.85 |
US | $1,774.85 | $1,758.72 |
EU | 1,362.54 | €1,358.77 |
India | Rs.94,741.49 | Rs.95,472.12 |
-- Posted Friday, 21 September 2012 | Digg This Article
| Source: GoldSeek.com
