-- Posted Friday, 14 December 2012 | | Source: GoldSeek.com
Gold Today –New
York closed at $1,697.10 down $14. While Asian dealers were quiet
overnight and gold prices held up, in London there was a battle to push
them down. Gold Fixed at $1,696.50 $1.75 higher than yesterday. In the
euro it was Fixed at €1,297.316 down nearly €2 while the euro was
slightly stronger at €1: $1.3077. Ahead of New York’s opening, gold was
$1,696.60.00 and in the euro at €1,295.70.
Silver Today
– Silver closed higher at $32.55 down nearly a dollar in New York
yesterday. In Asia and London, silver was pushed down to $32.51. Ahead
of New York’s opening silver stood at $32.52.
Gold (very short-term)
Gold is expected to continue to consolidate with a mixed bias, in New York today.
Silver (very short-term)
Silver is expected to continue to consolidate with a mixed bias, in New York today.
Price Drivers
Gold & Silver – Despite
the fall in the gold price the economic performance of China is on the
rise again. But this time it is in a way that encourages gold and silver
investors.
While
exports are on the rise it is internal demand that is causing the
growth. Such growth spreads throughout the Chinese population and
deepens and widens economic growth there extending the middle classes in
the same way. The middle classes are the prime gold and silver buyers.
With direct government encouragement to its people to buy gold and its
support of the expansion of the gold distribution system westwards
demand for gold will increase in line with this growth. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
It has taken well over the last decade for the Chinese economy to move
away from almost total reliance on exports to jump-start internal
demand. It is internal demand that will lead to the Chinese economy
becoming self-sustaining. It is this internal growth that will have the
greatest impact on the Chinese economy and the rise of wealth there.
With China overtaking India as the largest center of gold demand this is
positive for gold long-term!
Silver – Silver investment
demand from Chinese investors has jumped in recent years, making China
the world’s largest market for both physical investment and paper
trading of silver future and other similar contracts. This crown was taken from the U.S., many of whose ‘crowns’ are likely to be taken in the same way. In
2011, China’s demand for silver bars and coins soared to 17 million
ounces, accounting for 8% of worldwide net purchases of physical silver.
This confirms that the demand for silver there is likely to follow the
growth of demand for silver in the same way. But with silver we must
combine the growth in industrial demand to that of investment demand.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| ||
Today
|
3 days ago
| |
Franc
|
Sf1,566.39
|
Sf1,568.31
|
US
|
$1,693.00
|
$1,693.00
|
EU
|
1,295.70
|
€1,296.47
|
India
|
Rs.92,490.15
|
Rs.92,210.09
|
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