-- Posted Friday, 25 October 2013 | | Disqus
Gold Today –Gold closed stronger at $1,345.40 up $12.10 in New York yesterday. Asia held it there and so did London until the Fix, where it was set at $1,341.75 up $5.50 over yesterday’s Fix. In the euro it Fixed at €971.790 up €3.00 over yesterday’s Fixing. Ahead of New York’s opening gold stood at $1,342.40 and in the euro at €972.82, while the dollar held close to its lows at $1.3800: €1.
Silver Today – Silver rose to $22.67 up 11 cents in New York. Ahead of New York’s opening it traded at $22.42.
Gold (very short-term)
The gold price should show a stronger bias in New York, today.
Silver (very short-term)
The silver price should show a stronger bias today, in New York.
Price Drivers
There were sales yesterday from the SPDR gold ETF holdings of 1.801 tonnes leaving its holdings at 876.523 tonnes and sales of 0.66 tonnes from the holdings of the Gold Trust which left them at 171.88 tonnes. But these had no effect on the gold price as it rose except to cause a small retracement from $1,350 to $1,345.
The dollar continues to weaken. What we must remember is the swap arrangements between the Fed and the E.C.B. allow for any moves between the two currencies to be ‘managed’ [essentially to remove any ‘brutal’ swings in the rate], so we expect such moves to be gentle. But they are likely to be permitted to display the underlying current causing the moves. A move over $1.40: €1 will alarm markets!
‘D-Day - 83’....................The economic news out of the U.S. was disappointing and fears that ingredients for a new housing ‘bubble’ have been mixed together. In the rest of the developed world similar mixtures are being mixed too, in the belief that housing will be a safe-haven if more monetary dramas appear. What is of significance is that positive hope that the recovery is really gaining traction has faded either into a postponement of such sometime in 2014 or into fears that the developed world is slipping towards deflation. When a nation like Spain trumpets 0.1% growth, saying that a recovery is on the way there, one has to say we are sceptical until more growth over the next few months is established. But Bill Gates brought property in Spain. Certainly consumer confidence remains absent from the Eurozone. Fear and uncertainty remain entrenched and confidence absent, from consumer level.
It is clear that most investors don’t understand why gold is rising now. We have no doubt that if they did gold would be roaring up. [Find out more from www.GoldForecaster.com and www.SilverForecaster.com to subscribe to our newsletters and visit www.StockbridgeMgMt.com to hold gold so it can’t be seized]
Silver – The silver price remains robust at current levels.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,199.97 | Sf1,194.28 |
US | $1,342.40 | $1,340.00 |
EU | €972.82 | €970.80 |
India | Rs.82,612.01 | Rs.82,229.00 |
-- Posted Friday, 25 October 2013 | Digg This Article
| Source: GoldSeek.com
