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Gold Today – Yesterday
saw gold consolidate around $1,680 in New York and Asia with London opening
at $1,679. Gold then Fixed at $1,679.75 and in the euro at €1,262.78 up
over €3.The euro was slightly weaker at €1: $1.3327. Ahead of New
York’s opening, gold was $1,678.90 and in the euro at €1,259.77.
Silver Today –
Silver held steady overnight at $31.22 after yesterday’s $31.21, barely
changed. Ahead of New York’s opening silver stood at $31.27.
Gold (very short-term)
Gold is
consolidating in a tightening range preceding a strong move, either way. This
should continue to be the case in New York today.
Silver (very
short-term)
Silver is
consolidating in a tightening range preceding a strong move, either way. This
should continue to be the case in New York today.
Price Drivers
Gold & Silver – The report from
the World Gold Council released on Friday of last week has not impacted
whatsoever on the gold price and, by extension, the silver price, yet. We
believe it is a significant piece of news that in time will change the whole
shape of the gold market and its prospects. Likewise, the rise of China as a
world economic power, totally independent of the developed world has not yet
been factored into the future of gold. As we have said before, we expect
China to become a, if not the, gold hub of the world. We envisage a day with
four gold price Fixings, two in China and two in London making it a 24-hour
gold market. Of course, this gives a solid picture of gold’s prospects
for long-term investors, but will not impact the short-term traders and
speculators who will remain fixated on the Technical scene. The long-term
fundamental picture has not changed and remains positive, but short-term
forecasters still emphasize either the downside or a continuation of the
elongated consolidation. We would temper such forecasts by saying that the
coming structural changes in the monetary world, such as described in this
report. Despite the best efforts to introduce changes gently, so as not to
undermine the foreign exchange values of reserves, the inevitable resultant
changes in their values then or in the future, will shock markets into strong
reactions.
It is clear
that whether they arrive in 2013 or up to 2015, they will change the market
and the gold price structurally and have a positive impact on the gold price.
This impact, because of the importance of these changes, may well be
discounted ahead of their arrival. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
Silver – Silver’s robust price performance continues and favors the upside.
Regards,
Julian D.W. Phillips
for the Gold & Silver Forecasters
Global
Gold Price (1 ounce)
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Today
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3 days ago
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Franc
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Sf1,568.37
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Sf1,583.02
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US
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$1,692.15
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$1,702.50
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EU
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1,295.08
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€1,301.01
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India
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Rs.91,613.85
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Rs.92,959.11
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