Gold Today –New Yorkclosed at $1,764.00 down $10 in line with the fall in the euro. This morning, Asia and London dealers moved it again, in line with the euro’s moves to $1,762. Gold was then Fixed at $1,763.00 and in the euro at €1,370.918 up 1€, while the euro stood at $1.2860. Ahead of New York’s opening gold stood at $1,762.38 and in the euro at €1,369.69.
Silver Today – Silver closed at $33.85 in New York.London pulled it back slightly to $33.80. Ahead of New York’s opening it stood at $33.83.
Gold(very short-term)
Gold should still consolidate with a steady to slightly stronger bias, today in New York.
Silver(very short-term)
Silver should still consolidate with a steady to slightly stronger bias, today in New York.
Price Drivers
Gold & Silver – Central bank buying is continuing unabated, but as we have said many times before, it does not chase prices, it chases volume. When you see prices fall, it can be misunderstood to mean that there are no buyers. But a situation can exist where dealers and traders sell small amounts and push prices down sometimes far further than the volume warrants. When the dealer then offers a sufficient amount to a central bank that it then buys, that cleans out the available gold. Sometimes the fall in prices itself produces sellers triggered by stop losses or simple fear that prices are going to tumble further. Central banks are not influenced by price falls or rises, they buy decent volumes when offered it. When other buyers then come in to buy they may well find they have to push prices up to get their stock. But rising prices bring in the U.S. investor. When prices have ‘floored’ or fallen too far it brings in Asian [and Indian] buyers too. So the mix of these types of behavior produces the price patterns we are seeing now. Today, we see prices falling on small volumes, which may build up, then we would expect prices to snap back as the bigger buyer to come in. We see no change of trend, only the day-to-day ups and downs. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com].
Silver – Silver is remarkably steady on this fall in the gold price.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
Today
1 day ago
Franc
Sf1,657.96
Sf1,660.55
US
$1,762.38
$1,772.77
EU
1,369.69
€1,371.16
India
Rs.93,503.07
Rs.93,487.03
-- Posted Wednesday, 10 October 2012 | Digg This Article | Source: GoldSeek.com
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