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.
Price Drivers
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 admin@stockbridgemgmt.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.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| ||
Today
|
3 days ago
| |
Franc
|
Sf1,603.74
|
Sf1,596.84
|
US
|
$1,723.25
|
$1,719.25
|
EU
|
1,328.69
|
€1,322.25
|
India
|
Rs.92,542.83
|
Rs.92,607.40
|
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