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



 

Companies Mentionned : Metals X |
<< Previous article
Rate : Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Perseus Mining(Au)PRU.AX
Receives Approval to Extend Mining Operations at Edikan Gold Mine
AU$ 0.46+1.10%Trend Power :
Corporate news
Guyana(Ag-Cu-Ni)GPM.V
GPM Metals Inc. Closes Private Placement Financing to Raise $960,000
CA$ 0.12-4.17%Trend Power :
Financings
Cypress Development(Ag-Au-Ni)CYP.V
Directors Re-Elected at AGM
CA$ 0.08+7.14%Trend Power :
Nominations
MDN.(Cu-Zn-Au)MDN.TO
Prospecting Work Begin on Prairie Lake
CA$ 0.04+0.00%Trend Power :
Corporate news
Wildcat Silver Corp.(Cu-Zn-Au)WS.TO
Announces Professor Poonam Puri to Join its Board of Directors
CA$ 0.42+0.00%Trend Power :
Nominations
Midland ExplorationMD.V
Expands Its Gold Position on La Peltrie Southeast of Detour Gold High Grade Mineralization
CA$ 0.77+13.24%Trend Power :
Corporate news
MPH Ventures(Ag-Au-Mo)MPS.V
to Invest in Cash-Flowing Travel Media Company Servicing Travelers to Cuba by Signing LOI to
CA$ 0.04+0.00%Trend Power :
Corporate news
Integra Gold(Gems-Ag-Au)ICG.V
Receives Underground Exploration Permits for Triangle Zone, Commences Surface Preparation and
CA$ 0.32+6.78%Trend Power :
Corporate news
MLM(Au-Co-Cu)MLM.AX
Appointment of Chairman
AU$ 0.05+6.67%Trend Power :
Corporate news
IAMGOLD(Ag-Au-Cu)IMG.TO
Westwood mine production continues uninterrupted following a localized fall of ground
CA$ 2.51-0.40%Trend Power :
Exploration and drilling
Comments closed