-- Posted Friday, 8 March 2013 | | Disqus
Gold Today – The gold eased slightly to $1,577.7 in New York, yesterday. In Asia and London it held steady before Fixing at $1,578 and in the euro at €1,206.00, while the euro was $1.3084. Gold then Fixed, in London, at $1,576.00 and in the euro at €1,204.184. Ahead of New York’s opening, gold was $1,578.30 and in the euro at €1,214.73.
Silver Today – Silver eased slightly $28.86 in New York yesterday. Ahead of New York’s opening silver stood at $28.80.
Gold (very short-term)
Gold is preparing for a strong move soon, either way, which we may see, in New York, today.
Silver (very short-term)
We expect silver to move higher ahead of a move in gold today, in New York.
Price Drivers
Gold & Silver – The tightening trading range of gold is signalling a strong move in gold and silver either way, very soon. Today we say very soon, because the movements in the gold and silver prices are being made by traders and speculators on the basis that economic growth translates into lower gold and silver prices. When gold and silver prices were making their largest moves in history [2005 -2007], what was the state of the developed world economies? At that time developed they were growing their fastest and the U.S. housing market was vibrant.
Once the selling from the SPDR old ETF subsides, which it appears to be doing at the moment, we expect the gold price to do what it’s doing now and to stabilize. But within the context of the long-term gold price stabilizing the moves would be within $100, not $20. This gives room for the gold and silver prices to surprise us both ways. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
- India is in its quiet time as taxes must be paid and the marriage season is on hold. Thereafter, it continues until May.
- Chinese demand continues to be robust.
- New central bank buyers continue to be added to the number buying. More impressive is the growing number that want their gold held ‘at home’. Azerbaijan has just joined this number.
The trend to keep a nation’s demand at home is begging two questions. Is it because of loss of trust in the world’s main central banks or because of the need to be able to adjust to the changing economic power balance in the future?
Silver – Silver continues to market time, yet show better fundamentals than gold in the short-term.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,489.20 | Sf1,497.19 |
US | $1,581.40 | $1,581.40 |
EU | 1,204.44 | €1,214.73 |
India | Rs.85,685.91 | Rs.86,297.00 |
-- Posted Friday, 8 March 2013 | Digg This Article
| Source: GoldSeek.com
