pulled the gold price up even more to $1,507, with the
euro holding above €1: $1.4394 level throughout London’s morning. At the
morning Fix in London it Fixed at
$1,506.00. In the euro it was Fixed
The market was telling
us that the Greek Parliament was going to approve of the austerity package. This meant
that they believed the euro was going to recover.
Ahead of New York’s opening, in the euro the gold price
fell to €1,045.28, but rose in the dollar to
$1,507.40 as the euro climbed against
the dollar to €1: $1.4421.
This was ahead of
the vote by the Greek government
on t eh austerity measures. The decision
will be announced after New York opens.
Silver was Fixed
at $34.39 and traded at $34.40 ahead of New York’s opening at $33.83.
- Very Short-term
Gold is likely to be volatile today with a strong move after the Greek decision is announced, in New York.
Silver – Very
Silver is likely to be volatile after the Greek decision is announced, in New York today.
Silver & Gold Price Drivers
With the market believing that the euro was going to recover, the euro rose
all by itself, with the
gold price holding at the
lower end of its trading range [€1,045] but rising
in the dollar. The markets are telling us that the euro price of gold dominates over the dollar price
and that the Greek decision will be to adopt the austerity measures, in principle.
This will not give
the clear direction the market
wanted because tomorrow the Greek Parliament has to vote to implement
all the specific measures. That can
still be voted down and the debt default
So the gold price will
again be hanging in the air, just the same as most global markets will be.
Should the Greek crisis calm down [still threatening but not immediately],
the next to enter center
stage will be the U.S. when it is
expected that the ratings
agencies will downgrade U.S. government debt around the middle of
July. The game of ‘chicken’ will continue until the beginning of August, when the heat surrounding the issue will become white hot.
This means that tomorrow will again be
an uncertain day for gold
and silver. [We
express our views in our newsletters each week very clearly] Thereafter,
once direction is given we expect a strong
move in both silver and
are producing an article on the 111 tonnes of Greek gold in the next issue of
the Gold Forecaster and Silver
are the issues surrounding this
gold and what’s happening to it?
Prices in different currencies which highlight currency moves [We add the Swiss
Franc – Today: Sf1,258.20:
1 ounce of gold.
Friday: Sf1,250.37: 1 ounce of gold.
U.S. $ -
Today: $1,508.00: 1 ounce
of gold. Friday: $1,501.05: 1
ounce of gold.
Today: €1,045.48: 1 ounce
€1,048.70: 1 ounce of gold.
India –Today: Rs. 67,654.91: 1 ounce of gold.
Friday: Rs.67,653.67: 1 ounce
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