-- Posted Tuesday, 2 October 2012 | | Disqus
Gold Today –New York closed up $22 at $1,776.90 yesterday. This morning Asia and London took it slightly higher to $1,779.35 before it was Fixed at $1,778.50 and in the euro at €1,377.188 up $7, while the euro stood at $1.2914. Ahead of New York’s opening gold stood at $1,779.35 and in the euro at €1,377.21.
Silver Today – Silver closed at $34.72, up 20 cents in New York yesterday. London lifted it slightly to $34.87. Ahead of New York’s opening it stood at $34.83.
Gold (very short-term)
Gold should still consolidate, today in New York, at slightly higher levels.
Silver (very short-term)
Silver should still consolidate, today in New York, at slightly higher levels.
Price Drivers
Gold & Silver – The upward pressure on gold and silver continues without any credible, specific items to push it higher.
In Spain, where 10-year bonds are back up to almost 6% the regional leaders are meeting the Spanish Prime Minister in Madrid. He must unify all these leaders behind the austerity measures. Can he? We suspect that the meeting will also endorse his reaching out for a bailout. When politics rules finance it isn’t easy to foresee a conclusion. If the news is pro-Eurozone, then the euro will rise. It is expected that it will take gold up with it.
The importance of India to the gold price is enormous. But we should not overlook that that importance only comes when they import gold. At the moment they aren’t. Scrap sales of gold from farmers in parts of India [not all] whose crops did not do well and from those who feel the gold price in Rupee terms is still too high, is satisfying demand inside the country to the extent that new imported gold is not required. This tells us that the gold price is rising in the absence of Indian gold imports. Demand from other sources is strong enough to do without the sub-continents demand. It is sufficient to push gold prices up to attack the $1,800 level. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] .
Silver – Silver is now trying to convincingly break through $35.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,666.45 | Sf1,649.64 |
US | $1,779.35 | $1,762.30 |
EU | 1,3777.21 | €1,371.11 |
India | Rs.93,229.04 | Rs.93,562.82 |
-- Posted Tuesday, 2 October 2012 | Digg This Article
| Source: GoldSeek.com
