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Gold & Silver Market Morning



-- Posted Tuesday, 15 January 2013 | | Disqus

http://news.goldseek.com/2011/marketmorning.jpg

Gold Today – Yesterday saw gold strengthen further in New York then Asia and London then took it higher to Fix at $1,681.00 and in the euro at €1,257 up over €11.The euro was slightly weaker at €1: $1.3346. Gold continues to move independently of currencies including the euro. Ahead of New York’s opening, gold was $1,679.45 and in the euro at €1,259.10.

 

Silver Today – Silver stood at $31.21 up nearly 50 cents in London’s morning. Ahead of New York’s opening silver stood at $30.17.

 

Gold (very short-term)

 

Gold continues to consolidate but is expected to have a slightly weaker bias today, in New York.

 

Silver (very short-term)

 

Silver is still showing solidness but may well show a weaker bias, in New York today.

 

Price Drivers

Gold & Silver – Yesterday the World Gold Council released a report they had sponsored from the IMFIF which concluded the following:”Demand for gold is likely to rise as the world heads towards a multi-currency reserve system under the impact of uncertainty about the stability of the dollar and the euro, the main official assets held by central banks and sovereign funds. This is the conclusion of a wide-ranging analysis of the world monetary system by Official Monetary and Financial Institutions Forum, (OMFIF), in a report commissioned by the World Gold Council, the gold industry's market development body.” [Gold Forecaster has been forecasting this for some years now and continues to do so.] “Driven by China's desire to increase its financial influence, the Chinese Renminbi [Yuan] is likely to emerge gradually as a genuine international currency as Beijing eases restrictions on its use in transactions and investments abroad. During the coming period of uncertainty and transition between different reserve currencies, official central bank asset managers around the world are likely to increase their interest in gold as a result of doubts about the overall strength of global monetary arrangements.”

 

The first trend this reports confirms is that central banks in the emerging world will continue to buy gold for their reserves on an ongoing basis for the foreseeable future. Add this to the potential re-definition of gold as a Level I asset in bank’s balance sheets and you can expect commercial banks to enter the gold market sometime soon, even preceding its adoption by Basel III.  [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

 

Silver – Silver benefits in a recovery on the industrial front and in uncertainty on the investment front.

 

Regards,

 

Julian D.W. Phillips for the Gold & Silver Forecasters

 

Global Gold Price (1 ounce)

 

Today

3 days ago

Franc

Sf1,555.25

Sf1,552.61

US

$1,679.45

$1,691.30

EU

1,259.10

€1,285.43

India

Rs.91,739.96

Rs.92,750.89

 


-- Posted Tuesday, 15 January 2013 | Digg This Article | Source: GoldSeek.com

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