-- Posted Monday, 18 March 2013 | | Disqus
Gold Today – The gold closed in New York on Friday at $1,591.60. In Asia on Monday the gold price was pushed through $1,600 then traded higher in London at $1,604 before Fixing at $1,599.50 and in the euro at €1,236.09 up €17, while the euro was $1.29.40 down 1.26 cents. Ahead of New York’s opening, gold was $1,602.70 and in the euro at €1,237.32.
Silver Today – Silver closed at $28.73 in New York on Friday. Ahead of New York’s opening silver stood at $28.80.
Gold (very short-term)
Gold has broken upwards and should continue to do so in New York today. We expect it to hold above $1,600 which will confirm the long-term change of direction.
Silver (very short-term)
Silver has broken upwards and should continue to do so in New York today. If New York does follow through then it will be a confirmation of the long-term change of direction.
Price Drivers
Gold & Silver – So that readers are not confused, it was Asia that took the gold price higher and through $1,600. The Cypriot ‘bailout’ terms were not the precipitant, but did add to the tone of the market. We see this as Asian demand lifting the gold price. We expect New York to lift the silver price later. It will squeeze traders with short positions and push them to go long in greater quantities.
The concept of governments confiscating anything has been a vague possibility residing in the minds of the unstable, until now or so many thought. Now it is a reality as depositors at all levels had some of their savings confiscated by the E.U. and I.M.F. so that Cyprus could avoid bankruptcy. It surprises us that the small depositors had over 6% of their deposits taken and bigger depositors over 9%. What has shocked the world is not that it is fair or reasonable, but that is has happened at all. The thought that the monetary authorities have the power and resolve to take such draconian actions has rattled all markets, asking can this happen in Spain or Italy or elsewhere? Well here is proof-positive that it is likely if conditions warrant it. Wise Investors won’t wait for the conditions to warrant it, but will take action now to protect their vulnerable assets. Are you? [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] Please note how it happened. Markets were closed it was a weekend, preventing anybody from protecting themselves. The amounts were taken from accounts at a time when depositors could do nothing whatsoever about it. History dictated they would act this way and should they deem it necessary they will act this way in the future.
With the Eurozone Sovereign debt crisis far from over we are in “extreme times”.
Silver – Silver is waiting for U.S. markets to push silver higher as it continues to follow the gold price. Certainly we are experiencing a ‘gear shift’ change in the markets today.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,514.87 | Sf1,501.72 |
US | $1,602.70 | $1,592.75 |
EU | 1,237.32 | €1,219.34 |
India | Rs.86,819.06 | Rs.86,049.12 |
-- Posted Monday, 18 March 2013 | Digg This Article
| Source: GoldSeek.com
