-- Posted Thursday, 11 October 2012 | | Disqus
Gold Today –New York closed at $1,762.90 down $1. This morning, Asia and London dealers moved it up to $1,768.68 up $6. Gold was then Fixed at $1,767.25 and in the euro at €1,371.450 up €0.5, while the euro stood at $1.2886. Ahead of New York’s opening gold stood at $1,770.88 and in the euro at €1,371.55.
Silver Today – Silver closed higher at $34.02 in New York. London lifted it to $34.17. Ahead of New York’s opening it stood at $34.25.
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 – Gold always tends to go onto the defensive when news of more slowing in economic growth is reported. The I.M.F.’s head Christine Legarde again warns the world that is slowing. She took politicians to task saying they must do more to get growth back. Politicians are mired in political issues that are blocking them from doing as Legarde says they should. This time around the slowing influence of the global economy is hampering nations where they are doing better and worsening things where they are getting worse.
In Spain government bonds are one grade away from being “Junk” while the nation is on the brink of asking for a “bailout”. In the past, gold and silver prices have, initially, slipped on such news only to recover strongly thereafter. But emerging world central banks are waiting for such falls to catch the gold sold. Bear in mind that we have only recently [July/August] come out of an 18-month consolidation period and with gold now at $1,770 all that consolidation is now acting as support.
The biggest threat to stable money, currently enjoying a huge rise in supply is uncertainty. Uncertainty is what is threatening the global economy now and it is unlikely to diminish. With non-growth attitudes prevalent in the developed world increasing money supply simply diminishes its value. This is hugely gold and silver positive. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
Silver – Silver is remarkably steady on this fall in the gold price and is back above $34.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,657.37 | Sf1,657.96 |
US | $1,770.88 | $1,762.38 |
EU | 1,371.55 | €1,369.69 |
India | Rs.93,298.81 | Rs.93,503.07 |
-- Posted Thursday, 11 October 2012 | Digg This Article
| Source: GoldSeek.com
