-- Posted Wednesday, 23 January 2013 | | Disqus
Gold Today – In Asia the gold price stood at the same level as yesterday at $1,692.00 but $2 up on New York’s close. The euro was weaker at €1: $1.3299 in London. Gold then Fixed at $1,692.25 and in the euro at €1,268.839 .The euro was slightly stronger at €1: $1.3337. Ahead of New York’s opening, gold was $1,692.30 and in the euro at €1,267.32. The gold price is almost static in the euro.
Silver Today – Silver continued to be strong and opened in London at $32.18 almost the same as New York’s close. Ahead of New York’s opening silver stood at $32.21.
Gold (very short-term)
The gold price has almost stopped moving in the dollar telling us we are at a point where we expect a strong move either way any time now in New York as well as London.
Silver (very short-term)
Silver is telling us it wants to break higher, in New York today.
Price Drivers
Gold & Silver – There is little out there to hold gold and silver back now. Growth in the developed world continues to disappoint. Interest rates are at such deep lows but they have not succeeded in promoting growth. In the U.K. the departing Bank of England governor is telling government to do more to promote growth. We see this as the mood across the world.
The problem is that unless growth does take off, the vast amounts of new money that are being printed will have a monetary inflationary impact. If it fuels growth then it can be withdrawn once growth is solid enough to withstand a reduction in the money supply. As time goes on the danger of loss of control of the damage too much money can do, is increased dramatically. Despite the political ‘spin’ in the developed world we could be approaching a crisis of far bigger proportions than we saw in 2007!
As far as we can see politics is given a higher priority than the welfare of the consumer/voter. This will come back to haunt politicians! [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]. The lack of coordination between politics and finance is promoting gold and silver and with the future of gold to take on a pivotal role in the global monetary system, the banking system and governments will have to turn to gold to shore-up confidence in the monetary system to prevent its collapse.
Silver – What is becoming clearer by the day is that silver’s role as an investment medium is growing by the day. The future price of silver is dependent on this demand. Nevertheless, investment demand is capricious at times so the metal remains heavily vulnerable to volatility, both ways! Right now it is showing itself to be robust.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,571.13 | Sf1,570.83 |
US | $1,692.30 | $1,691.25 |
EU | 1,269.11 | €1,267.32 |
India | Rs.90,759.74 | Rs.90,837.04 |
-- Posted Wednesday, 23 January 2013 | Digg This Article
| Source: GoldSeek.com
