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"Gold
is running again and attacking $1,350 now, with Asia keeping prices up
overnight and London
working it higher, at the Fix at $1,238. Silver has yet to
follow, standing at $19.64.”
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Gold
- Very Short-term
With foreign
exchange markets taking the € down to recent record lows at $1.2465,
confidence is seeping away from the rescue package from the E.U. & I.M.F.
and from Greece.
Even the Portuguese government action, in the face of deep structural
financial problems, appear unconvincing. In Asia,
the gold price held and rose as cautious, solid buying continued
there. Once London opened,
European investment buyers came in calmly and took the gold price up a couple
of notches, setting the tone for New
York’s opening. The day looks ‘gold
friendly’ after just a brief breather, while we all looked around at
new territory. Silver has paused while gold advanced today, but
may feel the ‘shunt’ effect later?
We expect New
York to feel the pinch and chase prices higher again.
Long-term investors like to buy on the rise, hoping to prove entry points
were good, quickly. Shorts on COMEX should now be
squeezed. But we watch physical buying to see where the price is
going.
[Gold
Forecaster & Silver Forecaster newsletters will feature; “Gold
– A Means of Exchange? - A Measure of Value?” and “Does
defending a currency or a government bond really work?” and “Does COMEX determine Gold & Silver
prices?” - [Subscribe through www.GoldForecaster.com ]
Silver
– Very Short-term
Silver is strong,
but waiting for more investor demand so that it can keep in gold’s
slipstream. There is no reason to believe that it will not do so,
with a long way to go until it reaches its next target, spelled out in our
newsletter [Subscribe through www.SilverForecaster.com].
Watch gold for the next silver price movement!
Gold
Price Drivers
While many
believe that the E.U. finance package should give time for countries in the
Eurozone, such as Greece, Spain and Portugal to readjust their economies, so
as to cut their deficits back to manageable levels, the markets are telling
us that they do not believe that the governments of those countries are
powerful enough to make the necessary cuts and persist until they have
success. This is particularly true of Greece
and Portugal,
where social unrest is expected to deepen as the cuts are
implemented.
It appears that
money is now more powerful than politics. But politics is
unlikely to give in without a deep fight and greater crisis. If
this is the case, then the future step will be debt default and a fracture of
global confidence in the world monetary system. This is extremely
gold positive and tragic for the world. Watch this space!
Julian
D. W. Phillips
Gold/Silver Forecaster
– Global Watch
GoldForecaster.com
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