-- Posted Friday, 15 March 2013 | | Disqus
Gold Today – The gold eased further to $1,588.50 in New York, yesterday only 20 cents higher than the day before. In Asia and London it traded higher at $1,592 before Fixing at $1,593.25 and in the euro at €1,219.386, while the euro was $1.3066, up 1.3 cents. Ahead of New York’s opening, gold was $1,592.75 and in the euro at €1,219.34.
Silver Today – Silver closed at $28.75 in New York yesterday. Ahead of New York’s opening silver stood at $28.92.
Gold (very short-term)
Gold could break out either way at anytime now in New York today. We are waiting for confirmation of a long-term change of direction still.
Silver (very short-term)
Silver could break out either way at anytime now in New York today. We are waiting for confirmation of a long-term change of direction still
Price Drivers
Gold & Silver – There were barely any ‘net’ movements in gold and silver prices, yesterday. This tells us that we are still close to a breakout either way in a strong move. The fact that this has been the state of the market for nearly a full week, after another similar week last week [that ended with a $10 rise] confirms to us that we are just ahead of a confirmation of direction for the next month or more. Will the saying, “Beware the Ides of March” find another meaning today? It may well see us getting direction today.
Readers should be aware that we are not waiting for a specific piece of news to dictate gold and silver’s next direction, but the tipping of the scales between demand and supply for gold and, by extension, silver. It will signal a lowering of the influence of short-term traders over the gold and silver prices and should see them follow the path this change makes for them.
Yes, supplies are being hit by union and power problems in South Africa, but with South Africa’s annual production down to around 150 tonnes from the 1,000 tonnes in 1975 the fall off in S.A. production would have to be very large to affect the total supply of 4,000+ tonnes supply of gold per annum to the markets. Elsewhere the ‘newly mined’ supply of gold is climbing only very slowly per annum, whereas demand growth from Asia is in line with the growth of the Asian middle classes in India and China nations with a combined population of 2.5 billion people. China is turning the economy towards one with considerably more emphasis on the consumer [away from exports] inside the nation, which will require a faster growing middles class in the future. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – Silver continues to mark time until gold breaks out one way or the other.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,501.72 | Sf1,509.85 |
US | $1,592.75 | $1,580.50 |
EU | 1,219.34 | €1,223.16 |
India | Rs.86,049.12 | Rs.85,923.88 |
-- Posted Friday, 15 March 2013 | Digg This Article
| Source: GoldSeek.com
