-- Posted Friday, 31 May 2013 | | Disqus
Gold Today –New York’s closed at $1,413.80 up nearly $19 after which Asia lifted it to $1,417, then London pulled it back to Fix at $1,410.25 up $4.00 and in the euro at €1,085.977 up €2 while the euro was €1: $1.2986. Ahead of New York’s opening gold rose again to stand at $1,411.90 and in the euro at €1,086.75.
Silver Today – Silver closed at $22.74 in New York yesterday. Ahead of New York’s opening silver stood at $22.56.
Gold (very short-term)
The gold price will see a bout of consolidation with a stronger bias, in New York today.
Silver (very short-term)
The silver price will see a bout of consolidation with a stronger bias, in New York today.
Price Drivers
Gold & Silver – Yesterday saw no selling and no buying of gold from the SPDR gold ETF With gold now over the $1,400 level and with the record short position on COMEX investors are deciding, will the gold price fall back through $1,400 or will it move higher. It broke through the $1,400 level strongly thereafter. We have to get used to seeing the ‘big’ figure at 14 then the way forward will be clear.
So a word of caution is needed right now. The gold price is in the throes of deciding whether to stay above $1,400 or not. It needs to confirm that it has, just as we need to see that the sales from the SPDR gold ETF have ceased. There may well be last ditch efforts to push gold prices down. However, if these are not successful there are several factors that should add force to any rise in the price.
1) The successful bears/speculators have made huge profits.
2) Investors are aware of the potential for a rise and know that Asia has an insatiable appetite for gold and will easily turn bullish.
3) There are record short positions that need closing.
4) The downward move appears to have lost momentum and the precious metal prices should confirm direction soon.
We are reminded that two weeks ago George Soros positioned himself in highly leveraged Junior gold mines and in a further highly leveraged shape in derivatives of them. In turn he must decide whether the physical market will go with him on the way up if he buys physical? The record short position will react quickly on strong moves from now on.
The present gold market scene tells us that we will see volatile markets in the short-term in both gold and silver. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – We continue to believe that silver will respond quickly to the rise in the gold price as it is doing now.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,347.38 | Sf1,339.30 |
US | $1,400.65 | $1,390.90 |
EU | €1,078.79 | €1,065.78 |
India | Rs.79,744.82 | Rs.78,864.3 |
-- Posted Friday, 31 May 2013 | Digg This Article
| Source: GoldSeek.com
