-- Posted Friday, 30 August 2013 | | Disqus
Gold Today –New York closed at $1,407.10 down $8.60 on Thursday. Asia took it higher to $1,410 ahead of London’s opening. But London then smacked it down to $1,396 before it was Fixed at $1,392.75 down $13.50 and in the euro at €1,051.847 down just over €8.00. Ahead of New York’s opening gold was trading at $1,395.45 and in the euro at €1,054.05.
Silver Today – Silver closed at $23.85 down 45 17 cents in New York on Thursday. Ahead of New York’s opening it traded at $23.65.
Gold (very short-term)
The gold price should continue to pause and consolidate, today in New York.
Silver (very short-term)
The silver price should continue to pause and consolidate, in New York today.
Price Drivers
Gold & Silver – The Syria factor in the gold price is no longer at play as Britain votes not to join the U.S. in an attack on Syria.
With $1,400 being breached investors hesitated to lead the way higher. The market needs to accept this level after a strong rise from $1,180. Once these levels are accepted we see prices rising once more.
In India the government has initiated a pilot plan to allow banks to buy gold directly from the public cutting out the premiums that jewellers and pawn shops charge sellers. The current rise in the Rupee gold price reflected the drop in the Rupee’s value not the rise in the gold price. We see this plan as a thinly disguised plan to give the banking sector and government access to gold for the nation’s benefit. We talk more on this on this site http://news.goldseek.com/GoldForecaster/1377115200.php .
India's Trade Minister Anand Sharma suggested on Thursday that the central bank should look into the possibility of monetising gold holdings, and issuing bonds for privately-held gold. While it may not be initially seen as an outright confiscation of gold once in the governments [through the banks] hands, it is a small move to hold it for as long as they want. ‘A rose by any other name smells as sweet’! [We cover that in our weekly newsletter - Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] The scheme appear to have not been well prepared, yet but with over 20,000 tonnes of gold in private hands in India a mere 500 tonnes would place the central bank in a position to rise international loans against it as they did in 1991.
Yesterday saw the SPDR and Gold Trust gold ETF stay unchanged. The total of the SPDR gold ETF on Wednesday holdings remains at 921.030 tonnes and the holdings of the Gold Trust stand unchanged at 178.2 tonnes, together totalling 1,098.329 tonnes.
Silver – The silver price will pause with the gold price before outpacing it on the rise.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,298.05 | Sf1,312.20 |
US | $1,395.45 | $1,425.30 |
EU | €1,054.05 | €1,068.08 |
India | Rs.92,469.49 | Rs.97,718.57 |
-- Posted Friday, 30 August 2013 | Digg This Article
| Source: GoldSeek.com
