-- Posted Wednesday, 17 October 2012 | | Disqus
Gold Today –New York closed at $1,747.65 up $11. This morning, Asia and London dealers lifted it to $1,751 as the euro climbed to $1.3110 as the U.S. dollar continued to slip. At the Fix it was set at $1,747.75 only 50 cents higher. In the euro it was Fixed at €1,333.885 down €14, while the euro kept rising through to $1.3103 up 1.5 cents. Ahead of New York’s opening gold stood at $1,746.36 and in the euro at €1,331.07.
Silver Today – Silver closed higher at $32.95 up 25 cents in New York yesterday. Ahead of New York’s opening it stood at $32.97.
Gold (very short-term)
Gold is expected to consolidate in New York today.
Silver (very short-term)
Silver is expected to consolidate in New York today.
Price Drivers
Gold & Silver – The gold price is behaving in line with our forecast of Monday, “The uncertainty they focused on will spawn rising volatility to the downside in all markets. Precious metals may see this too……” [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]. The volumes of physical gold being sold are patchy, although some macro fund selling was seen too. Six tonnes of gold were sold out of the SPDR gold E.T.F. This could well have been protective stops being triggered as well. The fundamentals have not changed so we may enter trader’s paradise, a fast moving volatile market both ways.
European markets are reported as stronger because it is becoming clearer that Spain will ask for a bailout in November now. This illustrates the rising capriciousness of markets. Precious metals are being driven by forces entirely different to those of other financial markets. [We are producing an article on “What will influence the gold price in the developed world”]
Indian demand may well spill into international markets as the in-auspicious time to buy gold stopped on Tuesday. With Rupee prices of gold still well off the top, Indian investors are accepting new price levels and the potential for gold to recover.
Silver – While silver fell heavily earlier this week, it will outperform gold both ways.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,610.06 | Sf1,648.28 |
US | $1,746.36 | $1,768.26 |
EU | 1,331.07 | €1,362.82 |
India | Rs.92,347.52 | Rs.93,397.72 |
-- Posted Wednesday, 17 October 2012 | Digg This Article
| Source: GoldSeek.com
