-- Posted Wednesday, 4 September 2013 | | Disqus
Gold Today –New York closed at $1,411.80 up $21.80 on Tuesday. Asia pulled it back to $1,407 ahead of London’s opening. London let it slip further until it was Fixed at $1,403.75 and in the euro at €1,065.627 up just over €9.50. Ahead of New York’s opening gold was trading at $1,405.60 and in the euro at €1,066.83.
Silver Today – Silver closed at $24.26 up 18 cents in New York on Tuesday. Ahead of New York’s opening it traded at $23.90.
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 should continue to consolidate with a stronger bias, in New York today.
Price Drivers
Gold & Silver – The U.S. attack on Syria is simply a matter of time now. Views that it will simply be a set of air strikes that knock the stuffing out of Syria’s air force and artillery and weaken the government seem prevalent. Only if this leads to a region-wide recognition that the conflict is between the two sides of Islam, Shi’ites against Sunnis [and not isolated within the different states involved] will it impact on the gold price. Needless to say it is apparent that the U.S. is behind the Sunnis governments that control the bulk of Middle Eastern oil. Then history will liken this to the 100-years war between Protestants and Catholics. Then we will see Middle Eastern demand for gold [and from their governments] jump significantly.
We stress that this is unlikely to affect Indian demand or Chinese demand which remain worlds apart on these issues, except through its impact on the oil price.
Should the oil price be directly affected by the conflict longer-term, the entire globe will be affected! Investors should contemplate their actions should this happen because if it does it will affect all global financial markets deeply and for a long times to come!
[We cover that in our weekly newsletter - Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The SPDR and Gold Trust gold ETF holdings fell as 1.802 tonnes of gold was sold from the SPDR gold ETF. The total of the SPDR gold ETF holdings is now 919.228 tonnes and the holdings of the Gold Trust stand unchanged at 178.2 tonnes, together totalling 1,097.428 tonnes.
Silver – The silver price is waiting for a clear direction from gold.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,316.13 | Sf1,304.07 |
US | $1,405.60 | $1,394.20 |
EU | €1,066.83 | €1,058.12 |
India | Rs.94,301.70 | Rs.94,714.44 |
-- Posted Wednesday, 4 September 2013 | Digg This Article
| Source: GoldSeek.com
