-- Posted Tuesday, 4 December 2012 | | Source: GoldSeek.com
Gold Today –New
York closed at $1,715.20 yesterday. This morning, Asian dealers pushed
prices down, unusually, to $1,705 before London opened. It was Fixed at
$1,706.75 down $11.50 on yesterday’s Fix. In the euro it was Fixed at
€1,305.354 down €11.5, while the euro was stronger at €1: $1.3075 and
strengthening. Ahead of New
York’s opening, gold was almost the same as Friday morning’s level at
$1,706.75 the same as the Fixing and in the euro at €1,304.61 down €23
as the euro continued to strengthen.
Silver Today
– Silver closed in New York at $33.59 yesterday. In Asia and London’s
start to the week, silver slipped to $33.33 in London, ahead of New
York’s opening falling slower than gold.
Gold (very short-term)
Gold is expected to consolidate with a negative bias, in New York today.
Silver (very short-term)
Silver is expected to consolidate with a negative bias, in New York today.
Price Drivers
Gold & Silver – With
the Technical picture still favoring the downside, traders and
speculators in Tokyo pushed the gold price down to nearly $1,700 at the
quietest time of gold’s day. Again traders and speculators are relying
on the downwards pointing Technical picture. But this still leaves the
gold price within a tightening trading range. A clear direction can only
be given once the pennant is fully formed. As we said yesterday, as
this narrows so we must again prepare ourselves for a strong move,
either way likely later in the week.
Perhaps
the most important factor affecting traders and speculators [not long
term holders of gold, Asian demand or central bank demand] is the turn
the “Fiscal Cliff” negotiations are taking. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
These are, we believe taking a turn for the worse as President Obama
and the Republicans harden their stances and demand more from the other
side. A question about to be contemplated is, “Which side has the most
to gain, if the U.S. falls over the Fiscal Cliff?” It seems that the
President will! If this is the case and he is actually prepared to blame
the Republicans as the recession is approached, then all markets will
begin to discount this shortly, precious metals included. But as gold
has so many other supportive factors behind it we cannot see speculators
or traders dominating the gold or silver markets for long.
It
seems that the bad effects of a fall over the cliff are resulting in
businesses now acting as though it’s already happening and laying off
workers as well as conserving cash!
Silver – Silver is being pushed to follow the gold price but is doing so in a small way and seemingly unwillingly.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| ||
Today
|
3 days ago
| |
Franc
|
Sf1,581.73
|
Sf1,601.04
|
US
|
$1,729.55
|
$1,729.55
|
EU
|
1,304.61
|
€1,327.67
|
India
|
Rs.93,333.62
|
Rs.94,701.51
|
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