great deal happened over the weekend in the Eurozone
that affected the markets.
Gold is recovering in the euro and the dollar today. We are expecting a plan to be
put forward to resolve the Eurozone debt crisis,
but national sovereignty will get in the way. Gold is now hovering just below
the $1,400 level as gold builds its new ‘floor’ at $1,400,
still. What was remarkable
was the short distance gold fell again. The fall was from $1,426 to
$1,374 a drop of 3.64%.
This is hardly a correction.
Should it hold at current
levels for much longer it is describing just how robust the market is. With the Indian marriage season
in full swing and China
buying steadily, physical demand is a driving force behind the price. It is unlikely to abate.
from covering the gold and silver markets Gold Forecaster and Silver
Forecaster are structured in a way that addresses macro-economic
factors from oil to currencies covering the pertinent gold markets that
directly affect the gold price and some that simply influence it. It is a “must-read”
for all who want to understand why the gold price is moving as it is and
why. It also aims to help
you understand why currencies and today’s national economic problems
are influencing the global economy and the precious metal prices [we cover
platinum in the Silver Forecaster
- Very Short-term
continues to trade just above the gold Fix. We expect a dip in New
York today but not a significant one. The ‘bounce’ factor
in gold remains good. Will
the consolidation be short-lived remains this week’s key question.
– Very Short-term
continues to trade just above the silver Fix which was $29.33 showing
tremendous resilience. We
expect a dip in New York
today but not a significant one.
The ‘bounce’ factor in silver is even better than in
gold. Will the
consolidation be short-lived remains this week’s key question.
Asian demand from India
and from China underpins the gold price with the central bank
‘net’ waiting to catch any offers that come out on the dips. Such a practice stops the gold
price from spinning down and turns traders around quickly.
Currency fears for both the euro and the dollar will continue to grow,
adding to the numbers of investors that turn to gold and, in the developed
We do expect some more Sovereign debt crises to appear this week. Faith in politicians to resolve
these financial crises is waning.
While we expect the Italian P.M. Silvio
Berlusconi to keep his job as the top Italian politician, he is worried that
he may have to call early elections. This could propel Italy
onto the page that is reserved for debt-distressed nations in the Eurozone.
To get a better analysis than this to these crises and to follow the
main factors driving the gold price, subscribe at www.GoldForecaster.com or for silver at www.SilverForecaster.com].
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