-- Posted Monday, 8 April 2013 | | Disqus
Gold Today – Gold closed in New York at $1,579 up nearly $26 on Friday. In Asia and London it traded slightly lower at $1,576.5 ahead of the Fix in London which was set at $1,577.25 and in the euro at €1,212.803 while the euro was at €1: $1.3005 cents. Ahead of New York’s opening it traded at $1,578.70 and in the euro at €1,211.96.
Silver Today – Silver closed at $27.29 in New York on Friday. Ahead of New York’s opening silver stood at $27.33.
Gold (very short-term)
Gold will show how strong the upward move really is, in New York today.
Silver (very short-term)
Silver will show how strong the upward move really is, in New York today.
Price Drivers
Gold & Silver – A 1.38 tonnes of gold was sold from the SPDR gold ETF on Friday, but this time it did not cause any fall, but was sold into a rapidly rising market as gold leapt nearly $26. This week is an important week for gold and silver as robust Asian demand from both India and China continues. On Friday support at $1,550 held, so we now wait to see if the market really has turned.
In Japan the Yen continues to weaken but at an accelerated pace as it approaches the Y100 to the U.S. dollar level. We expect many Japanese investors to turn to the dollar and to gold as a safeguard against the Yen’s fall. [Last week we said - At Y110 to the dollar not so long ago many expect the yen to tumble further] The fall in the Yen could fall much more than the Y110 level. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The Eurozone crisis lurched onto our screens again today, but this time from Portugal as its courts ruled some of the spending cuts unconstitutional. We see this being resolved to the satisfaction of the E.U. if not to the Portuguese people themselves. Many in the peripheral countries of the Eurozone must be wondering whether the benefits of their membership of the E.U. have been used up with few benefits coming in the future from continued membership. Certainly, being tied to a currency whose overall strength can only hurt the weaker nations must be being questioned. Would Greece or Spain or Portugal be worse off if they had left the Eurozone? For gold investors the knowledge that they are invested in it is reassuring when they see currency problems developing.
Silver – Silver bounced off long-term support less than gold, but should match gold’s performance in the ‘shunt effect’ we expect now.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 3 days ago |
Franc | Sf1,474.43 | Sf1,446.36 |
US | $1,578.70 | $1,554.40 |
EU | 1,211.96 | €1,202.91 |
India | Rs.86,095.19 | Rs.84,340.94 |
-- Posted Monday, 8 April 2013 | Digg This Article
| Source: GoldSeek.com
