Gold & Silver Market Morning
-- Posted Thursday, 1 November 2012 | | Source: GoldSeek.com
Gold Today –New York closed at $1,721.20 up nearly $12.00. This morning, Asia and London dealers held it at that level before it rose to Fix at $1,723.25 up $5.00 and in the euro at €1,330.592 up €9 while the euro was slightly lower at €1: $1.2960. Ahead of New York’s opening gold stood at $1,723.25 and in the euro at €1,328.69.
Silver Today – Silver closed higher at $32.25 up 50 cents in New York yesterday. It then rose to $32.57 in London, ahead of New York’s opening it stood.
Gold (very short-term)
Gold will consolidate with a stronger bias, in New York today.
Silver (very short-term)
Silver will consolidate with a stronger bias, in New York today.
Gold & Silver – There is a major discussion taking place in the gold world about whether the confiscation of gold will take place or not. On the one side, quite correctly, seasoned gold experts are saying there will be no confiscation without compensation and that there is no likelihood of confiscation, because in 1933 it was done to increase the money supply. However, today, we believe it can and will happen but for another reason. We believe there will be compensation and payment via government securities or cash, at market related rates. The reason for confiscation will be to reinforce confidence to failing currency values. We have watched confidence in the value of the world’s leading currencies steadily erode over the last seven years and we could well be on the brink of further major falls. To give currencies a semblance of real value, such that will convince banks both commercial and central, there is a need to bring gold back to a pivotal role in the monetary system. With gold soon to be raised to a level I asset on bank balance sheets, the demand for gold from the banking system will be a new demand factor that cannot be satisfied from the international market. To satisfy that demand we believe that confiscation is necessary in a few or more countries. For more information on this, e-mail us at email@example.com [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – Silver is now building support at $32.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
3 days ago