Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold & Silver Market Morning, February 21 2012

IMG Auteur
 
Published : February 21st, 2012
487 words - Reading time : 1 - 1 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 up to $1,730 and there it stayed until about two hours after the statement on Greece, when it rose through $1,740. The euro rose to €1: $1.328 after that too. In London, gold Fixed at $1,737.00 and in the euro at €1,313.124. The euro was stronger at €1: $1.3270 ahead of New York’s opening. Gold remained unchanged alongside an unchanged euro after the Fixing. Ahead of New York gold stood at $1,738 and in the euro to €1.314.13.


Silver moved with gold and opened in London at $33.85. Ahead of New York’s opening it stood at $33.68.


Gold (very short-term)



Gold will show a stronger bias, in New York today.


Silver (very short-term)


Silver will show a stronger bias, in New York today.


Price Drivers


At last the Greek’s have their second bailout, at least postponing the debt crisis for that shrinking country. But that’s not the point. The banking crisis appears to have been averted, provided the bondholders accept the 53% haircut. It is assumed they will. Asia was not impressed at first and their markets did not rise, but then the gold price began to take off with silver. It ran ahead of the rise in the euro starting to release pent-up demand. As funds returned to the euro the dollar and Treasuries dropped.


While the dangerous symptoms of the debt crisis in Europe have abated, the crisis itself has simply been contained, temporarily. This is what market reactions tell us. After the initial jump, both gold and silver held the levels achieved, but without any effervescence probably because the move had been discounted already. What is of importance is that investor confidence has been lifted as the patient has moved out of ICU into the ordinary ward again. The increase in liquidity may well improve the outlook for the Eurozone, or will it? What the globe needs is good growth. The U.S. is pointing that way, Asia is still growing, if not as much, but the E.U. needs a shot in the arm.


Overall, this is a good environment for precious metals as today’s upward moves indicate.


Meanwhile, Asia, as we said yesterday, does not factor in the Eurozone debt crisis, but buys because of factors that affect those markets. These are primarily the rising disposable income and their trust in gold as security. Inflation spurs them on to prefer gold. The over-indebtedness of the developed world confirms the vulnerability of currencies as long-term investments.


But short-term we expect the developed world to show a renewed preference for gold and silver. [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



 

<< 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
Debate Over Electric Trucks: Let’s Get It On
25 AprJerry82
Thanks Mish, this was a very insightful and thought provoking piece. I've often heard concerns about the weight of these new electric trucks and th...
No, The Junior Mining Stocks Are Not About To Implode - Dave Kranzler
25 AprJerry821
Thank you Dave for this excellent article. I agree with your well thought out critiques that point to junior miners being just fine. Relying on tha...
Gold Bullion Erases $10 Bounce Despite French Election, N.Korea Ris...
25 AprJerry82
I don't know how much I'd trust the listed GLD holdings. I always found GLD's structure to be a bit strange. They so famously claim that they are 1...
The Story of Gold Money, Past, Present and Future, by Edwin Walter ...
18 AprJerry82
Thank you for this very thought provoking piece Nathan. I have not read any literature from Edwin Walter Kemmerer before but I am inclined to pick ...
Gold Prices Slip $10 After Breaking Downtrend as UK's May Seeks Bre...
18 AprSam Maher3
"That left the GLD gold ETF needing a 2017 high of 849 tonnes in bullion backing." I frequently see you make these claims on GLD's holding...
Bombs Away!
17 Aprprljr-1
James tribe owns trump.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
17 Aprprljr1
Unfortunately the world is not run by Christians, well except for the useful idiot ones.
Krunch Time for Korean Krackpot Despot, Kim Jong-Un: Missile Crisis...
15 Aprkevthorne1
I read from this that it is the USA that is 'a threat to the entire world'. How many times have we heard this - 'country X is a threat to the w...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS