Gold Today –New York closed at $1,711.30. But this morning, Asian dealers or speculators prepared to stay up, launched another ‘bear raid’ and drove the gold price down to $1,698 at the quietest time of day. London followed through to push it through $1,700 down to Fix at $1,694.75 down $17.75 on yesterday. In the euro it was Fixed at €1,299.157 down over €16.5 while the euro was slightly stronger at €1: $1.3045. Ahead of New York’s opening, gold was $1,693.00 and in the euro at €1,296.47.
Silver Today – Silver closed higher at $33.42 in New York yesterday. In Asia and London, silver was pushed down to $32.92. In London the silver price continued to slip to $32.70 ahead of New York’s opening.
Gold (very short-term)
Gold is expected to show a mixed performance, in New York today.
Silver (very short-term)
Silver is expected to show a mixed performance, in New York today.
Price Drivers
Gold & Silver – It would be easy to conclude that now that we have more QE through to 2015 the market, knowing that what it had expected is now fact, so the gold price fell. But the fact that the price dropped $12 after New York closed and before London opened tells us that speculators launched another ‘bear raid’ again. The technical picture shows that gold and silver’ trading range is narrowing again, warning that a strong move either way is expected shortly. Is this it? But when speculators attack like this, they are saying they feel it more likely to fall than rise. If they are wrong they switch direction in a heartbeat and move to the long side. What will it be today? [Subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com] So, what should one do? What influential news is out there? The Fed is telling us that the ‘Fiscal Cliff’ is causing damage out there already. They say they will increase QE if the U.S. falls over the cliff, but that their tools are insufficient to ameliorate the damage such a fall will create. Markets then discount the worst. It is unlikely in our view that politicians will want that on their head, but they are unlikely to put U.S. national interests ahead of being re-elected. A compromise deal which delays more, will likely happen, which keeps the U.S. in its current political and economic state for the next couple of years. This will not be initially gold & silver positive, but will prove to be so, over the longer-term.
In Europe the announcement of the way forward to a banking Union agreement we feel is gold neutral.
Silver – Silver is fighting to stay around the $33 level after the ‘bear raid’ on gold but may not succeed. The silver price is currently driven by speculators and dealers.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
Today
3 days ago
Franc
Sf1,568.31
Sf1,591.43
US
$1,693.00
$1,714.35
EU
1,296.47
€1,314.38
India
Rs.92,210.09
Rs.93,123.49
-- Posted Thursday, 13 December 2012 | Digg This Article | Source: GoldSeek.com
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