Gold & Silver Market Morning, February 20 2012

IMG Auteur
 
 
Published : February 20th, 2012
518 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 


New York took the gold price down to $1,722 but over the weekend, Asia lifted it to $1,732 ahead of London’s opening. London held it at that level and took the euro to €1: $1.3194. In London, gold Fixed at $1,729.50 and in the euro at €1,307.355. The euro was stronger at €1: $1.3265 ahead of New York’s opening. Gold followed the euro stronger ahead of New York moving up to $1,735 and in the euro to €1.308.05.


Silver moved with gold and opened in London at $33.48 almost the same as Friday in London. Ahead of New York’s opening it stood at $33.60.


Gold (very short-term)



Gold will respond to the Greece debt tragedy, in New York today.


Silver (very short-term)


Silver will move with gold but show a steadier bias, in New York today.


Price Drivers


The gold price is a bit like booze. Alcohol does well when people are happy or unhappy. Its low point is in between the two states. In the developed world we are seeing that in gold demand. In the developing world with three quarters of the globe’s population, times are good. Not the best, but almost so, with more and more people able to save and invest in precious metals each day. That points the way for gold and silver. In the west investors are at the mid-point with demand lower.


We are led to believe that Greece has now done all that has been required of it at government level to warrant the next tranche of bailout money from the E.U. What the Greek government cannot guarantee is that the economic depression it is now in won’t get worse and cut government cash flow back, to ensure it can’t keep its most recent commitments. Tax evasion is a national pastime there and with dreadful consumer conditions now prevailing, the cuts to government income may be even more severe. So while it will get its next bailout tranche on March 20, will it get the next one? We do expect markets to take a positive posture on the Greek situation, despite underlying skepticism. What is really needed in Europe is economic growth that is sustainable. The global economy is showing signs of stress which reduces its economic prospects.


But the markets are likely to respond to the positive aspect of this news and cause the euro to rise again lifting gold and silver. But by how much, will reflect the opinion of global markets on the overall situation, going forward.


Meanwhile Asia looks through its own perspectives, which don’t include Greece. They took it up $10 overnight, but gold remains in a tightening trading range. The market’s view on Greece will dictate the short-term movements in gold and silver, not their long-term moves. [To get more of the right perspectives on the gold and silver markets and where gold and silver prices are going, subscribe through www.GoldForecaster.com or www.SilverForecaster.com].


Regards,


Julian D.W. Phillips for the Gold & Silver Forecasters


Global Gold Price (1 ounce)

Today

1 day ago

Franc

Sf1,558.97

Sf1,553.41

US

$1,698.22

$1,691.80

EU

1,269.22

€1,262.34

India

Rs.88,434.81

Rs.88,591.11



 

Data and Statistics for these countries : Greece | All
Gold and Silver Prices for these countries : Greece | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Who Moved My Xanax?
17 JanThemis-1
I actually agree with a lot of what Trump says while deploring the tone and his lack of judgment in making such remarks publically while in office.
Socialist Dystopia: Starving Venezuelans Loot As Runaway Inflation ...
17 JanThemis
There is a 19th century English word that is particularly appropriate in this instance - "kakistocracy", i.e. government by the worst or least qual...
Who Moved My Xanax?
15 JanMr. Gnawbone
It is an exploitation of the ignorant and uninformed population, but that is what happens when they pay attention to meaningless information and ...
Racism-O-Rama
15 JanMr. Gnawbone1
It sounds racist, so it has to be. Overton Bubble at work, the faculty were programed to respond as if to a Pavlovian Bell. There is no way to ch...
Racism-O-Rama
16 Jandennyc1
Ah, yes, black welfare recipients receiving our hard earned and easily spent tax dollars and providing us nothing save their lives for our investme...
Racism-O-Rama
15 JanDoom2
It's not just the English that is considered RACIST, it's also mathematics, and a wide range of other things: http://professorconfess.blogspot...
2018: The Wrong Lesson on Gold Investing
14 JanThe Recusant
As you say, it's only what the central banks do that matters. Gold and its little brother silver are the only true measures of fiat currencies and ...
One-year score card for Trump
13 JanS W.
Everything else aside, Donald Trump has a very small mouth, combined with the weirdest lip action and pouting of any person I have ever seen.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.