-- Posted Monday, 7 January 2013 | | Disqus
Gold Today – On Monday 7th January 2013 gold stood at $1,653.50down $16 from the last report we issued in 2012. While the gold price was volatile during the last days of 2012 and the first trading days of 2013 the market was thin. Today we see markets returning to normal. The dollar is stronger in the New Year at €1: $1.3042 up 2 cents since last year.
Gold Fixed this morning, at $1,653.75. In the euro it was Fixed at €1,267.824, while the euro was at €1: $1.3044. Ahead of New York’s opening, gold was $1,655.40 and in the euro at €1,269.48.
Silver Today – Silver stood at $30.15, lower by a dollar on the last price we reported in our last report of last year. Again the silver price is the result of currency moves reflecting in the silver price in a thin, year-end, market. Ahead of New York’s opening silver stood at $30.16.
Gold (very short-term)
Gold is waiting for speculators test the market today to the downside, in New York today.
Silver (very short-term)
Silver is waiting for speculators test the market today to the downside, in New York today.
Gold & Silver – Politicians did as politicians do best, over the festive season and that was to get the spotlight on them and the theater they love to create for their voters. The “Fiscal Cliff” was resolved at the very last moment, although it became apparent that the deal was struck well ahead of the deadline, but held back for maximum impact. With the ‘debt ceiling’ still to be resolved and spending cuts still to be finalized, there is far too much political mileage to be had yet again, so expect the political scene to continue to be theatrical brinkmanship. Will it affect the gold price? Growth in the States is still flat, but markets deem, no fall back into a recession, as a positive and the dollar is set to strengthen while the drama continues. But, as gold and silver are measured alongside the euro by speculators the conclusion that gold and silver will fall further may be an over-simplification. Progress is being made in Basel III to reinforce the reserves of Eurozone banks implying the euro may rise too. So the picture for gold and silver on a short term view remains uncertain. . [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
A responsible London Gold dealer has announced that gold has now been made a Level I [Tier 1] asset in bank’s reserves under Basel III and we are trying to validate this. If it is correct it is a structurally bullish factor for gold and silver prices! If so it brings to the market an entirely new demand feature, commercial banks, and promises to remove a considerable part of the volatility of their prices. We are trying to establish the accuracy of this report now. We had expected it sometime between 1 January 2013 and 1 January 2015. If it is true than the specter of the confiscation of gold in some nations has gained a great deal of credibility! [Contact us for more information via the above websites.]
Silver – Silver is waiting for New York to show the way forward now.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
3 days ago
-- Posted Monday, 7 January 2013 | Digg This Article | Source: GoldSeek.com