-- Posted Friday, 6 December 2013 | | Disqus
Gold Today –The gold price in New York fell back to $1,222 down $21 with Asia taking it up to $1,225 ahead of London’s opening. London took it higher to $1,229.30 ahead of the Fix, which was set at $1,230.75 down $3.25. In the euro it Fixed at €900.593 down just over €7.00. Ahead of New York’s opening the euro stood at $1.3673: €1 with gold at $1,228.00 and in the euro at €898.12.
Silver Today – Silver fell with gold to close at $19.36 down 38 cents in New York. Ahead of New York’s opening, it traded at $19.49.
Gold (very short-term)
The gold price should continue to consolidate, in New York, today.
Silver (very short-term)
The silver price should continue to consolidate in New York, today.
Price Drivers
We are now watching gold and silver trading in a volatile manner, moving between $1,112 and $1,230 with Asia lifting it early today and New York both pulling it down and lifting it up. The two-way flow is coming from investors, short-coverers and Asia on the upside and U.S. dealers and small sellers on the downside. We continue to expect such volatility to continue in the days to come. The dollar is weakening again at $1.3673 to the euro and looking weak.
1 tonne of gold was sold from the SPDR gold ETF yesterday and 0.91 of a tonne from the Gold Trust. Without this sale we believe that the gold price would have risen. This is how sensitive the gold market is at the moment. It could go either way gently or strongly. We have seen some macro-fund buying as well as short covering this week, but this has been countered by some physical selling from the ETFs. This is why the week has been volatile and looking for direction. Many expect there to be at least a ‘spike’ downwards, while others feel we are very close to, if not at, the bottom now. With today being usually the most active day in the market we watch to see if there will be a push down or year-end considerations cause it to rise. [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]
The U.S. the November non-farm payroll and the unemployment rate will be the market’s focus of attention today in the U.S. and may influence the gold and silver prices. It is extraordinary that developed world markets move prices on small volumes while Asian demand from China is at such high levels. We have to accept this separation so long as global gold markets, ‘touch a forelock’ to London and New York.
Meanwhile gold prices at such low levels continue to undermine profitability and move the mine’s attention from lower grade ores to higher grade ores. While this restores short-term profitability, if carried on for too long, it will result in longer-term profitability being harmed. They need to see the gold price rising and costs either hold at current levels of drop.
Silver – The silver price continues to look for gold to give it direction.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 week ago |
Franc | Sf1,099.12 | Sf1,114.11 |
US | $1,228.00 | $1,234.40 |
EU | €898.12 | €907.98 |
India | Rs.75,423.76 | Rs.76,248.89 |
-- Posted Friday, 6 December 2013 | Digg This Article
| Source: GoldSeek.com
