Gold Today –New Yorkclosed at $1,709.50 up $0.5. This morning, Asia and London dealers drove it higher through the $1,712 area then higher. It then Fixed at $1,718.00 up $4.50 and in the euro at €1,321.538 down €1 while the euro was higher at €1: $1.3000. Ahead of New York’s opening gold stood at $1,719.25 and in the euro at €1,323.61.
Silver Today – Silver closed higher at $31.77 barely changed in New York yesterday. It then rose to $32.20 in London. Ahead of New York’s opening it stood at $32.21.
Gold(very short-term)
Gold will consolidate with a stronger bias, in New York today.
Silver(very short-term)
Silver will consolidate with a stronger bias, in New York today.
Price Drivers
Gold & Silver – The solid currents of underlying demand from central banks and Asia lifted the gold and silver prices higher today as the economic news worldwide continues to point to a slowing global economy. In the Eurozone the news worsens as Portugal, in the light of a slowing economy decides to impose further austerity and a lifting of taxes. At a time when there should be an acceleration of economic growth we are seeing a deceleration. This is not the time to apply more brakes!
With a continuation of QE in the world’s leading economies [now joined again by Japan] and evidence that it is not promoting growth, ‘stagflation’ prospects raises its ugly head once more. For gold this means that we are close to pulling the trigger on a heady decline on the buying power of currencies. Once this takes off, it is almost impossible to stop before it causes full-on systemic damage. The political and economic structures in the world are not designed to handle such events. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]. All financial markets across the globe are presently ignoring this probability. Once it begins to be factored in the whole tenor of markets will change.Volatility will increase and become the norm.
Silver – Silver is still fighting the battle of $32.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
Today
3 days ago
Franc
Sf1,596.84
Sf1,604.52
US
$1,719.25
$1,712.31
EU
1,322.25
€1,326.75
India
Rs.92,607.40
Rs.92,490.42
-- Posted Wednesday, 31 October 2012 | Digg This Article | Source: GoldSeek.com
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