-- Posted Thursday, 14 February 2013 | | Disqus
Gold Today – In New York the gold price fell to $1,645 on Tuesday and traded around there yesterday reaching a level of $1,643.75 in London today before it Fixed at $1,644.00 there, and in the euro at €1,233.216 up €8, while the euro was $1.3331. Ahead of New York’s opening, gold was $1,647.70 and in the euro at €1,235.67.
Silver Today – Silver closed at $30.77, yesterday. Ahead of New York’s opening silver stood at $30.95.
Gold (very short-term)
We expect gold to continue to consolidate today, in New York.
Silver (very short-term)
We expect silver to continue to consolidate, in New York.
Price Drivers
Gold & Silver – Gold continues to consolidate at lower levels while the Chinese holiday week comes to an end. It seems that business may be getting back to normal before week’s end. One would therefore expect Chinese gold retail demand to make its presence felt from early next week again.
Back in the developed world two long-term influences on gold popped up;
1) The duplicitous statement from the G-7 nations saying
Was a ‘non-statement’ that could be interpreted as no G-7 nations won’t weaken exchange rates for export purposes, r it could be read as -7 nations will conduct internal policies that will weaken exchange rates consequentially. The confusion this caused in the G-7 meeting alone implies that the ‘currency Revolution’ [it isn’t as civilized as a war] is very much on. The first casualties are the disappearance of ‘safe-haven’ currencies [the Swiss Franc and the Yen] which now become the same as all other currencies, an expression of national interests.
2) Talk has begun of a “Free Trade Zone” between the U.S. and the E.U. If it is credible it will take far more than two years and considerably less national self-interest than is the case now. This could also be translated as the start of developed world protectionism between the two blocs? Is this in preparation for China becoming the world’s number 1 economy in the world? [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver –Silver continues to follow gold but remains more robust when recovering lost ground.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,520.74 | Sf1,521.91 |
US | $1,647.70 | $1,675.65 |
EU | 1,235.67 | €1,235.50 |
India | Rs.88,828.33 | Rs.89,187.31 |
-- Posted Thursday, 14 February 2013 | Digg This Article
| Source: GoldSeek.com
