Gold Today In New York the gold price pulled back to $1,685.60. In Asia the gold price eased further right through Londons morning to Fix at stood at $1,677.00 down $15. The euro was stronger at 1: $1.3330 in London. Gold then Fixed at 1,258.065 down 10. Ahead of New Yorks opening, gold was $1,678.45 and in the euro at 1,267.32. The gold price is almost static in the euro.
Silver Today Silver closed strong in New York at $32.25 but in London it traded down to $31.90 almost the same as New Yorks close. Ahead of New Yorks opening silver stood at $31.86.
Gold (very short-term)
We expect volatility and maybe both ways in the gold market, in New York today.
Silver (very short-term)
We expect volatility and maybe both ways in the silver market, in New York today.
Gold & Silver The U.S. job market has yet to show the substantial gains Bernanke said he wants to see before halting asset purchases. With unemployment holding at 7.8% or higher since January 2009, while Bernanke held the main interest rate near zero and expanded the Feds assets to a record $2.97 trillion. Meanwhile, all 19 Federal Open Market Committee participants see no immediate threat from inflation, now at 1.4%. Consequently the concocted hype that Q.E. will end shortly flies in the face of the Feds ongoing policy. What is of new significance to us is that the ex-Bundesbank President, Axel Weber [now head of UBS the Swiss Bank] is warning of the dangers to holding interest rates too low for too long and the consequent damage that rising rates will then cause. Add to this that the governments of the developed world have not really addressed the task of promoting lasting growth. These are the factors that will shape tomorrows world. And it is against this background that gold will perform.
We are producing an article that discusses the bigger picture behind the repatriation of Germanys gold against tomorrows world so that gold investors can extend their views from the short term to the long-term. What is clear is that massive changes are on the way in the gold and monetary worlds. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
Silver The pullback in silver goes against the strength it has shown of late. No doubt the fall is a currency initiated fall as the euro strengthened. These can be a dummy pass for the price which has the ability to turn sharply upwards or move down sharply.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
3 days ago