-- Posted Monday, 3 December 2012 | | Source: GoldSeek.com
Gold Today –New
York closed at $1,713.20 on Friday. This morning, Asian and London
dealers lifted the gold price to $1.719.50. It was Fixed at $1,718.00
down on Friday’s p.m. Fix but up from New York’s lows then. In the euro
it was Fixed at €1,317.586 down €12, while the euro was slightly
stronger at €1: $1.3026. Ahead of New York’s opening, gold was almost
the same as Friday morning’s level at $1,729.55 and in the euro at
€1,327.67.
Silver Today
– Silver closed in New York at $33.37 on Friday. In Asia and London’s
start to the week, silver opened at $33.63 then slipped to $33.50 in
London. It then traded at $33.50, ahead of New York’s opening.
Gold (very short-term)
Gold is expected to consolidate with a positive bias, in New York today.
Silver (very short-term)
Silver is expected to consolidate with a positive bias, in New York today.
Price Drivers
Gold & Silver – With
the Technical picture still favoring the downside, traders and
speculators in New York tried to push gold and silver prices down and
succeeded in taking it to $1,713.21 a low higher than the previous
couple of days at $1,705. So now we are in the consolidation phase again
with a pennant shape forming. As this narrows so we must again prepare
ourselves for a strong move, either way likely later in the week.
As
Cyprus asks for a bailout this week, we see the Eurozone debt crisis
continue. They need a bailout because the losses they suffered on their
buying of Greek bonds and the haircut they had to take when the value of
these dropped 75%. This domino effect will continue, exacerbated by the
deepening recession in Europe making sure that this problem will not go
away. The failure of the E.U. to stimulate growth effectively tells us
that the crisis has years to run, at least.
Over
in the States the harsh political structural realities point to a major
confrontation pushing through to the last moment towards the brink of
the ‘fiscal cliff’. Its votes that count not financial common sense! [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – Silver’s
fundamentals are looking very good indeed. With demand rising in the
face of global economic growth and even in recession-bound Europe and
investment demand solid in the face of the decaying developed world
monetary system the prospects for silver in 2013 look good any which way
you look at it. With costs of producing an ounce still a small
percentage of the price, pure silver mining and silver/gold mining
shares that pay dividends, look to lead the pack in 2013.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| ||
Today
|
3 days ago
| |
Franc
|
Sf1,601.04
|
Sf1,603.12
|
US
|
$1,729.55
|
$1,729.55
|
EU
|
1,327.67
|
€1,330.06
|
India
|
Rs.94,701.51
|
Rs.93,845.03
|
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