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 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 note :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Revisionist Theory and Histo...
05 Febovertheedge
"The key is in the hand of the U.S. government. It is the same key that was used to lockthe U.S. Mint to silver in 1873, and to gold sixty years la...
First Report since April, 2014
05 FebS W.
Here I was just 2 days ago thinking whatever happened to that evangelical silver guy. Low and behold up he springs, like some spirit from the g...
LBMA Silver “Price”: A Perfect S...
03 FebS W.
There is no doubt that the Comex can be used as a casino for those who want to trade Silver up/or down or maybe some just wish to take a small punt...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
Bron refuses to EVER admit this market is a Casino and the disconnect between Paper and Physical is a big clue to this
LBMA Silver “Price”: A Perfect S...
30 JanS W.
Usually I enjoy Bron's take on things,but to be perfectly honest, I can't understand 95% of what he his on about here. I get the feeling that h...
ANOTHER NAIL IN THE U.S. EMPIRE ...
30 JanDemosthenes0
Very naive and pretentious article! The author thinks he knows everything and yet knows next to nothing. Shale gas producers are neither stupid n...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
I'd say that this was More than a Farce , 5,000 silver futures contracts within a minute or two !!!!! ( some charts indicate NO increase in Vo...
LBMA Silver “Price”: A Perfect S...
29 JanJ T.
"Criminal" is not the same as "stupid"...and it's not a farce when it is intentional. The only Farce has to do with the criminals in positions of ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Lara Expl.(Cu-Zn-Au)LRA.V
Revised Resource Estimate Report Filed for Maravaia Copper Gold Deposit
CA$ 0.34+1.47%Trend Power :
Corporate news
Black HillsBKH
Black Hills reports 4Q loss
US$ 50.90-0.59%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
Gasoline Inventories Rose Last Week despite Fall in Production
US$ 24.85-6.44%Trend Power :
Corporate news
United States Steel(Fe-Sn)X
U.S. Steel (X) States Ratification of Labor Agreements
US$ 7.94-3.64%Trend Power :
Corporate news
Black HillsBKH
4:34 pm Black Hills Corp beats by $0.04, misses on revs; guides FY16 EPS below consensus
US$ 50.90-0.59%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Reports 2015 Fourth Quarter and Full Year Results
US$ 50.90-0.59%Trend Power :
Corporate news
Transcanada PipelinesTRP.TO
TransCanada to Sign Substantial Agreement to Benefit Québec Economy
CA$ 48.65+0.16%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
4Q15 Crude Oil Prices: Fallout for the Energy Sector and SPY
US$ 24.85-6.44%Trend Power :
Corporate news
Comments closed