Gold Today –New Yorkclosed at $1,754.4 down 413.5 on Friday. This morning, Asia and London dealers took it down further to $1,745.20 where it held until it was Fixed at $1,747.25. In the euro it was Fixed at €1,347.563 down €15, while the euro stood at $1.2966 the same as Friday. Ahead of New York’s opening gold stood at $1,747.00 and in the euro at €1,348.36.
Silver Today – Silver closed lower at $33.48 in New York on Friday.Ahead of New York’s opening it stood at $33.22.
Gold(very short-term)
Gold is expected to have a weaker bias in New York today.
Silver(very short-term)
Silver is expected to have a weaker bias in New York today.
Price Drivers
Gold & Silver – The weekend saw all markets respond to the warnings issued by the I.M.F. from the I.M.F. conference in Tokyo. We are not surprised as, at last, the financial world is facing the realities that lie ahead with the ‘spin’ stripped out. The uncertainty they focused on will spawn rising volatility to the downside in all markets. Precious metals may see this too, until today’s reality penetrates even deeper and triggers a move to precious metals as an escape from the uncertainties that will becomea fundamental feature of financial markets going forward. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]. This is the third time since 2007 that the world has had to face the likelihood of stimulatory packages appearing to have little to no impact and set financial markets on the downside path.
This is worrying because the monetary authorities are running out of options. It is not longer good enough to say that there is still slight growth because the forces that are growing now in the monetary world will produce structurally destructive impacts unless growth is seen to be taking off.
Silver – Silver is sticking close to gold pricewise, showing it is moving as a monetary metal.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
Today
1 day ago
Franc
Sf1,630.56
Sf1,648.28
US
$1,747.00
$1,768.26
EU
1,348.36
€1,362.82
India
Rs.94,425.35
Rs.93,397.72
-- Posted Monday, 15 October 2012 | Digg This Article | Source: GoldSeek.com
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
