-- Posted Thursday, 22 August 2013 | | Disqus
Gold Today –New York closed at $1,367.40 71.30 down $3.90. Asia took it back up to $1,378 but once again then London pulled it back to $1,370 before it Fixed in London at $1,370.50 up $10.50 and in the euro at €1,027.284 up nearly €12.00. Ahead of New York’s opening gold was at $1,368.00 and in the euro at €1,027.99.
Silver Today – Silver closed at $22.93 down 10 cents in New York yesterday. Ahead of New York’s opening it traded at $23.09.
Gold (very short-term)
The gold price should continue to consolidate, today in New York.
Silver (very short-term)
The silver price will continue to consolidate, in New York today.
Price Drivers
Gold & Silver – Monday saw purchases of the shares of the SPDR and Gold Trust gold ETF of 1.202 tonnes worth of gold. Again this is small but positive, showing a better U.S. investor mood. The total of the SPDR gold ETF now stands at 913.52 tonnes and the holdings of the Gold Trust stand unchanged at 178.2 tonnes, together totalling 1,091.72 tonnes.
The Indian Rupee has now fallen to Rs.64.975 cents against the U.S. dollar yesterday having been over Rs.65 earlier in the day. This is a fall of another 50 cents. The pace of decay is very rapid and one that will require action soon. It is in the nature of central bankers and politicians in this sort of crisis to rely on placating markets with reassuring words. We are hearing a lot of these such as, “...the controls on Indian investors are not really Capital Controls...” In the past these sorts of noises were a prelude to more stringent Capital Controls. [We cover that in our weekly newsletter. Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The eurozone crisis raised its ugly head again with the German Finance Minister Schaeuble’s comments on Greece referring to the existing aid program schedule for Greece. He indicated the probability of another Greek bailout. Chancellor Angela Merkel said she couldn’t say how much might be needed. “I can’t name or confirm an amount,” she said. “We will be able to tell only in the middle of next year.”
Meanwhile, the unmeasured consequence of the ‘bail-in’ in Cypriot banks is that Russian oligarchs will now be the majority shareholder in the Bank of Cyprus [60% shareholders], even though it is under the Cypriot Central Bank. The Cypriot economy is dependent on the banks involved for its continuation. The E.U. fought off such intrusion by Russians into the Eurozone but have now let them in, by default. Is this a prelude to Russian warships and air force finding a base there?
Silver – The silver price has a narrower trading range than gold now.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,268.75 | Sf1,253.74 |
US | $1,368.00 | $1,363.50 |
EU | €1,027.99 | €1,017.08 |
India | Rs.88,674.44 | Rs.87,529.88 |
-- Posted Thursday, 22 August 2013 | Digg This Article
| Source: GoldSeek.com
