-- Posted Friday, 23 August 2013 | | Disqus
Gold Today –New York closed at $1,374.60 up $7.20. Asia took it up to $1.376 where it held in London ahead of the Fix. It Fixed in London at $1,374.50 up $4 and in the euro at €1,028.586 up over €1. Ahead of New York’s opening gold was at $1,376.15 and in the euro at €1,029.74.
Silver Today – Silver closed at $23.06 up 13 cents in New York yesterday. Ahead of New York’s opening it traded at $23.15.
Gold (very short-term)
The gold price should continue to consolidate with a stronger bias, today in New York.
Silver (very short-term)
The silver price will continue to consolidate with a stronger bias, in New York today.
Price Drivers
Gold & Silver – The gold price continues to exhibit a steady strength, consolidating then moving up again. Yesterday saw no purchases or sales of the shares of the SPDR and Gold Trust gold ETF. The total of the SPDR gold ETF still stands at 913.52 tonnes and the holdings of the Gold Trust stand unchanged at 178.2 tonnes, together totalling 1,091.72 tonnes. We see that U.S. investors are turning back to the gold market as the Technical position now points much higher. Will the large funds go back in? It is likely. Lower U.S. gold coin sales will not impact the gold price because even at record levels they are a drop in the ocean next to Asian demand. [We cover that in our weekly newsletter. Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The Indian Rupee has recovered slightly to Rs.64.32 up from Rs.64.975 cents against the U.S. dollar yesterday. Please note that this is not only a response to the exiting of the ‘hot money’ but due to the structural problems India has in its economy. So the downward trend of the Rupee which began two years ago is expected to continue.
The ‘gold season’ starts in September, globally. We do expect to see a start to imports of gold soon into India after they were shut down by the stringent import controls on gold. Now the Reserve Bank of India has eased the requirement to prove that 20% of the gold imported has been exported, before more imports could take place. While a large amount of gold had been bought into stock in India in readiness for the ‘season,’ much was brought in because of the fear of shortages of gold. At current prices we do expect to see greater demand than last year at this time. Further impetus will be given by the excellent harvests now being cropped across India. The history of the gold price in India since the beginning of the century has done nothing but confirm the wisdom of holding gold for financial security and for the long-term. Its performance is expected to continue as the Asian middle classes, not only in India and China, continue to burgeon.
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 | Sf1,271.91 | Sf1,268.75 |
US | $1,376.15 | $1,368.00 |
EU | €1,029.74 | €1,027.99 |
India | Rs.88,252.50 | Rs.88,674.44 |
-- Posted Friday, 23 August 2013 | Digg This Article
| Source: GoldSeek.com
