-- Posted Wednesday, 3 October 2012 | | Disqus
Gold Today –New York closed up $22 at $1,775.10 only 20 cents different from this time yesterday. This morning Asia and London took it slightly higher to $1,777 before it was Fixed at $1,777.25 and in the euro at €1,374.729 down on yesterday by 2.5€, while the euro stood at $1.2928. Ahead of New York’s opening gold stood at $1,779.00 and in the euro at €1,376.78.
Silver Today – Silver closed at $34.59 in New York yesterday. London lifted it slightly to $34.76. Ahead of New York’s opening it stood at $34.75.
Gold (very short-term)
Gold is close to making a strong move, either way, today in New York.
Silver (very short-term)
Silver is close to making a strong move, either way, today in New York.
Price Drivers
Gold & Silver – The narrowing of the trading range in the gold and silver prices tells us that demand and supply are just about in balance. This usually precedes a strong move either way, so be ready!
Global markets now expect an announcement from Spain that it needs a bailout and is pricing it in. It may be deemed prudent to wait until the weekend for that so by Monday morning the dust will have settled and final pricing it in will be a quick orderly affair.
Fundamentally, while Spain may experience relief by either asking for the bailout or more dramatically leaving the E.U. it will conform that the financial world is not resolving the debt and currency crises, despite the noble efforts of the E.C.B. and the Fed. The steady attrition of confidence won’t go on until something gives. It will be forestalled by some action to shore up the decaying system. We do not expect true reformation while the demands of Democracy object to that painful reformation. We believe that this is where gold comes in. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]. There are times when the Technical picture supports the tidal changes in the fundamentals scene such as the one we expect now. So the short-term crossing of the long-term average appears to confirm a strong move in gold and silver prices soon.
Silver – Silver will outrun gold should a strong move in the gold price be seen, either way.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,666.83 | Sf1,666.45 |
US | $1,779.35 | $1,779.35 |
EU | 1,377.21 | €1,377.21 |
India | Rs.93,912.72 | Rs.93,229.04 |
-- Posted Wednesday, 3 October 2012 | Digg This Article
| Source: GoldSeek.com
