Gold Today In New York the gold price pulled back $10 to $1,658.90 on Friday. In Asia on Monday it tried to climb back over $1,660 before London opened. Later in Londons morning it traded at where it Fixed at $1,656.75 down $13 on Friday morning70.25 and in the euro at 1,232.426 down 11. The euro strengthened to 1: $1.3446 against $1. Ahead of New Yorks opening, gold was $1,655.45 and in the euro at 1,231.73.
Silver Today Silver closed at $31.20 in New York. In London, following the gold price it turned slightly stronger at $31,22, before falling again. Ahead of New Yorks opening silver stood at $30.87.
Gold (very short-term)
After the fall on Friday we should see gold consolidate, in New York today.
Silver (very short-term)
After the fall on Friday we should see silver consolidate, in New York today.
Gold & Silver Previously nations such as Japan and Switzerland, who forced their currencies to weaken, to retain their international competitiveness, appeared to be understood for doing so. China was almost accused of being a currency manipulator because it held the Yuan low against the U.S. dollar. The world was disappointed at the disappearance of the concept of a safe haven currency, as their governments drove the value of their currencies down. In 2013 the picture has been colored differently by those now suffering from the weakness of the strong currencies and is now being called the start of a currency war. Japan has managed to force its currency down from a peak of 76 Yen to the dollar to almost 91 Yen to the dollar today a fall of nearly 20% in the last few months. And this fall is being emphasized by a quantitative easing program that aims to double inflation there. For those out there who still see any currency as a safe haven we suggest they revisit their position if only to contain the losses they are now suffering. The price that has and is being paid by the overall monetary system will be the ongoing loss of currency values. It is at the expense of the buying power in your pocket that this is happening.
Since before 1970 when gold was at $35 an ounce we have been like the frog put in cold water that was then gently heated over time at a pace that didnt alarm the frog. The frog stays there until it is boiled. But if you drop the frog into hot water it will jump out as quickly as it can. We should ask, Whats the temperature now?$1,660 is not boiling point but the heat is still on! [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
Silver Despite its stronger performance the silver price continues to move with gold. In the last fortnight we have seen over 1,000 tonnes of silver added to the Silver Trust [SLV].Is this one major investor or a broad move into silver as an investment?
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
3 days ago