-- Posted Wednesday, 21 November 2012 | | Disqus
Gold Today –New York closed at $1,727.70 down $4.40 on yesterday. This morning, Asia and London dealers took lower to trade at $1,726.20 ahead of London’s opening. It was Fixed at $1,726.75 down $7.25 on yesterday morning’s Fix. In the euro it was Fixed at €1,350.712 down €2.25 from yesterday while the euro was at €1: $1.2784. Ahead of New York’s opening, gold was almost the same at $1,726.30 and in the euro at €1,348.46.
Silver Today – As gold fell slightly gold remained robust closing at $33.16 yesterday, in New York. It then traded at $33.08 until, ahead of New York’s opening it stood at $33.05.
Gold (very short-term)
Gold is expected to consolidate with a weaker bias, in New York today.
Silver (very short-term)
Silver is expected to consolidate with a weaker bias, in New York today.
Price Drivers
Gold & Silver – After 12 hours of talks E.U. leaders have still not agreed on delivering the next tranche of its bailout to it. It seems that even the media are getting tired of putting a positive ‘spin’ on the story. The ingredients for a solution are in their hands but still they continue to thrash around in negotiations. But the euro is only moving slightly down against the dollar in the face of this. Its impact on the gold price is barely discernible.
Of greater impact is the progress on the ‘fiscal cliff’ as traders and speculators move prices on a daily basis in reaction to that event.
But let’s not take our eyes off where the bulk of demand for gold is coming from, Asia. The Chinese government continues to encourage the buying of gold through words and actions. The spread of gold selling outlets westward as China develops continues in line with growth.
But in India, where good governance is a pipe-dream, the government is blaming gold imports for its deficit. Because of that loans to buy gold have been halted by the government in its ongoing campaign against gold. While the government adopts that stance even government officials buy gold for themselves. Memories of when gold imports were made illegal and the smuggling that then followed are still fresh in their minds. Perhaps they should follow the cliché of, “if you can’t beat them join them” and try to harness gold in the financial system in such a way as to leave their citizens un-threatened and safe from government interference on their gold holdings. But we doubt that that will happen. [please subscribe] in our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]
Meanwhile U.S. gold market are still fixated on the gold actions of George Soros and John Paulson two leading U.S. investors, who have lifted their investments in the gold SPDR E.T.F. recently. The U.S. based gold E.T.F. is receiving renewed support from U.S. investors reacting to the future prospects of Quantitative Easing and the future of the U.S. dollar’s buying power.
Silver – Silver fundamentals continue to support silver investors and is ready to run.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,623.84 | Sf1,630.37 |
US | $1,726.30 | $1,722.79 |
EU | 1,348.46 | €1,353.73 |
India | Rs.95,145.89 | Rs.95,582.11 |
-- Posted Wednesday, 21 November 2012 | Digg This Article
| Source: GoldSeek.com
