-- Posted Thursday, 14 March 2013 | | Disqus
Gold Today – The gold eased further to $1,588.30 in New York, yesterday. In Asia and London it traded at $1,585 before Fixing at $1,585.00 and in the euro at €1,225.83, while the euro was $1.2930, down a cent. Ahead of New York’s opening, gold was $1,580.50 and in the euro at €1,223.16.
Silver Today – Silver fell slightly to close at $28.90 in New York yesterday. Ahead of New York’s opening silver stood at $28.73.
Gold (very short-term)
Gold is consolidating once more in a tight trading range around $1,585 before making a strong move either way soon. We are waiting for confirmation of a long-term change of direction.
Silver (very short-term)
Silver is moving to a point from where it will make a strong move either way, in New York, today, or sometime this week.
Price Drivers
Gold & Silver – There were only slight price movements in silver and gold yesterday as consolidation became the operative word in their markets yesterday. We see the price tightening further today too. This remains the quiet before the storm. But this quiet belies what is going on in the monetary world.
The Swiss National Bank reaffirmed that they will keep their policy of weakening the Swiss Franc to prevent deflation from taking hold in Swiss industry. They have not minced their words on this stance they are weakening their currency to retain what competitiveness they currently have. The SNB’s campaign to defend the cap has led to Swiss foreign currency holdings ballooning to more than 400 billion francs, almost three quarters of annual output. It spent 188 billion francs on interventions last year, 10 times the 2011 amount. They don’t call this war, they call it defense, but a rose by any other name smells as sweet. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The Bank of England looks like it will be the first Group of Seven nation to sign a currency-swap agreement with the People’s Bank of China, bringing the internationalization of the Yuan a big step closer. Its arrival will, we believe, deeply impact the currency world and cause some major upheavals, which will benefit gold and silver.
The position of France’s economy and Italian politics has not given rise to crises there yet, but are certain to do so in the next month or two. This is gold positive.
Silver – Silver continues to move in tandem with gold, but is garnering more and more attention from the financial media now.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,509.85 | Sf1,512.30 |
US | $1,580.50 | $1,592.15 |
EU | 1,223.16 | €1,226.62 |
India | Rs.85,923.88 | Rs.86,533.35 |
-- Posted Thursday, 14 March 2013 | Digg This Article
| Source: GoldSeek.com
