-- Posted Tuesday, 19 February 2013 | | Disqus
Gold Today – In New York on Friday the gold price held in a consolidation phase around $1,610 and held there in Asia and London before it was Fixed at $1,613.50 and in the euro at €1,208.795, while the euro was $1.3348, barely changed on yesterday. Ahead of New York’s opening, gold was $1,612.60 and in the euro at €1,209.94.
Silver Today – Silver closed at $29.98 in New York and fought to rise over $30 in London. Ahead of New York’s opening silver stood at $30.03.
Gold (very short-term)
We expect gold to consolidate around current levels, in New York today.
Silver (very short-term)
We expect silver to consolidate around current levels, in New York today.
Price Drivers
Gold & Silver – Since the end of the Chinese New Year Chinese demand came roaring back taking premiums in Hong Kong to highs that confirmed the returning demand. As you read in the media of how the gold price appears to be moved on the back of a confidence index or a release of trade figures or even a regional revelation in the U.S. it is as well to remind ourselves that the real driver of the gold price fall as well as rise is Asian demand. The run up to the Chinese Lunar New Year supported the gold price close to $1,700. As this demand evaporated at the start of the festivities the gold price plummeted down to $1,600. Chinese gold investors have been reported as saying, “We’re back!” this week so we watch to see if this will halt the fall or see the start of a rise. For sure, we will learn what drives the gold and silver prices.
Events of note this week are again events on the southern side of the E.U. with the Italian elections coming up next week and reports that France is headed towards sovereign debt problems now with its bloated bureaucracy. Across the Channel speculation that the pound is headed towards a hefty devaluation are circulating now. George Soros made a billion on the Yen lately, where is he now? These stories may contribute to fear, but to us these are symptomatic of the structural faults of the global money system which point the way forward.
The developed world is facing a frightening future. By 2030 80% of the world’s income that headed its way with 20% of it to the underdeveloped world poor will change to 35% to the developed world and 65% to the emerging world. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] The implications of this change are vast and extremely gold positive!
Silver –Silver too is clinging onto the $30 level waiting for a new direction of to fall further. This week may well point the way!
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,487.37 | Sf1,487.37 |
US | $1,611.80 | $1,611.80 |
EU | 1,206.52 | €1,206.52 |
India | Rs.87,465.13 | Rs.87,465.13 |
-- Posted Tuesday, 19 February 2013 | Digg This Article
| Source: GoldSeek.com
