-- Posted Monday, 15 July 2013 | | Disqus
Gold Today –New York closed on Tuesday at $1,284.50 up $0.90. This morning, in Asia, it rose to $1,290, then, as London opened it pulled back to $1,282. It was Fixed at $1,281.25, up $6.25 on Friday’s Fix and in the euro at €983.08, up €6.50 showing gold moving independently of currencies. Ahead of New York’s opening gold was trading at $1,283.50 and in the euro at €985.11.
Silver Today – Silver closed at $19.89 down 29 cents in New York. Ahead of New York’s opening it had fallen to $19.86.
Gold (very short-term)
The gold price will consolidate with a stronger bias, in New York today.
Silver (very short-term)
The silver price will consolidate with a stronger bias, in New York, today.
Price Drivers
Gold & Silver – There were no sales from the SPDR gold ETF on Friday leaving the market with a firmer tone at the beginning of this week. While speculators continue to build on their record short positions, U.S. hedge funds were seen as buyers on Friday, raising their long positions by over 4%, as the Technical position improved.
- Asian demand began the week with its usual positive boost to the gold price, but was overshadowed by London pulling the price back.
- On the macro-economic front the week began with lower growth levels in China at 7.5%, which was expected and confirmation of on-going bad news in the Eurozone. The turning inwards of China to foster economic growth beyond infrastructure, is being taken as bad news for the overall global economy, particularly the developing world.
- The E.U. is now admitting austerity has failed in Greece as unemployment crosses the 27% mark and its asset sales programs and tax collection objectives fall short of forecasts. The concept of a recovery in Greece is now leaving the screens of economists too. But the larger economies of Portugal and Spain are struggling to turn positive as well and are still more than likely to keep on the same road as Greece. Some are now describing these nations in a “pre-revolutionary” phase. If this is the case then we will certainly see the euro fall in value and the Eurozone crisis return with full force and gold move in the opposite direction to the euro.
- The French economy is moving into very difficult waters as it continues to turn down with very high debt levels. It is easy to look at the positive moves and efforts in the Eurozone as defining the way forward, but history now shows these have been long-winded and inadequate with the decay there continuing. The absence of immediate crisis does not measure an improving situation at all. It is the rising potential for more and deeper crises that points the way forward, a situation that gold and silver will benefit from. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – The silver price is now in step with the gold price.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,221.38 | Sf1,213.10 |
US | $1,283.50 | $1,276.95 |
EU | €985.11 | €978.81 |
India | Rs.76,804.64 | Rs.76,668.08 |
-- Posted Monday, 15 July 2013 | Digg This Article
| Source: GoldSeek.com
