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

IMG Auteur
Published : January 29th, 2013
505 words - Reading time : 1 - 2 minutes
( 1 vote, 4/5 ) , 1 commentary
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
1
comment
Our Newsletter...
Category : GoldWire



Gold Today – In New York the gold price pulled back $10 to $1,654.90 yesterday. In Asia it tried to climb back over $1,660 again before London opened. It Fixed at $1,660.50, up $4 and in the euro at €1,235.12. The euro weakened a little to €1: $1.3430 against $1. Ahead of New York’s opening, gold was $1,662.80 and in the euro at €1,238.08.

Silver Today – Silver closed at $30.86 in New York. Ahead of New York’s opening silver stood at $31.08.

Gold (very short-term)

We expect gold to continue to consolidate, in New York today.

Silver (very short-term)

We expect silver to continue to consolidate, in New York today.

Price Drivers

Gold & Silver – One of the reasons being put forward as to why the gold price is falling and failing to break through the $1,700 levels is because the economic prospects of the developed world are rising. We remind investors, that while the economies of the developed world were booming, prior to August 2007, gold was climbing to new levels. We see the key reason for gold’s current struggle to climb is due to the relief that the Eurozone debt crisis has not resulted in the breakdown of the E.U. itself or the euro. That’s different from its prospects turning better. It is simply not collapsing. It is traders and speculators who are dictating the very short-term moves of the gold and silver price. They also punt reasons in the developed world for such moves. But at such times as these, a look at the fundamentals can give us a reminder of what’s really going on.

The main drivers of the gold price, central bank and Asian demand, remain intact. Despite the cut in Indian interest rates the Indian Rupee remains strong pulling Rupee gold and silver prices to lows not seen for a year or so. With inflation still at high levels there the Indian appetite for gold and silver remains unabated.

And what lies ahead? The arrival of the Yuan as a global reserve currency will create tremendous monetary uncertainty. A future rise in interest rates will do likewise as bond markets tumble. The potential for more monetary crises and uncertainty tells us that the reasons for gold’s rise since 2005 have not gone away long-term. Short-term we are seeing relief and hope, but not reasons for future confidence such as will make the gold and silver prices fall longer-term. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

Silver – Weare not seeing a sell-off in the shares of the silver E.T.F. as the silver price falls again. However, the buying we saw in the last fortnight is not there today. Have prospects for silver changed in the last day? We can see no causes for such. We see consolidation right now and watch those shares in the Silver Trust [SLV] to see what longer term investors feel?

Regards,

Julian D.W. Phillips for the Gold & Silver Forecasters

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,537.01

Sf1,534.19

US

$1,662.80

$1,655.45

EU

1,238.08

€1,231.73

India

Rs.89,417.07

Rs.89,441.48


Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate :Average :4 (1 vote)
>> Next article
Julian Philips' history in the financial world goes back to 1970, after leaving the British Army having been an Officer in the Light Infantry, serving in Malaya, Mauritius, and Belfast. After a brief period in Timber Management, Julian joined the London Stock Exchange, qualifying as a member. He specialised from the beginning in currencies, gold and the "Dollar Premium". At the time, the gold / currency world exploded into action after the floating of the $ and the Pound Sterling. He wrote on gold and the $ premium in magazines, Accountancy and The International Currency Review. Julian moved to South Africa, where he was appointed a Macro economist for the Electricity Supply Commission, guiding currency decisions on the multi-Billion foreign Loan Portfolio, before joining Chase Manhattan the the U.K. Merchant Bank, Hill Samuel, in Johannesburg, specialising in gold. He moved to Capetown, where establishing the Fund Management department of the Board of Executors. Julian returned to the 'Gold World' over two years ago and established "Gold - Authentic Money" and now contributing to "Global Watch - The Gold Forecaster".
WebsiteSubscribe to his services
Latest comment posted for this article
Julian, there are some tough questions you need to answer. Back in 2004, the price of gold often dropped ~ because the central banks were often selling a few tons of gold into the market. Now, in 2013, the central banks are buying hundreds-of-tons of g  Read more
Gypsy - 1/29/2013 at 8:51 PM GMT
Top articles
Latest Comments
A Salvo in the Battle for the Go...
04:41overtheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
01:03Malcolm B.
Keith, Simple answer is to buy and hold gold in the UK.... Attracts no vat or capital gains on sale, (although I guess there may be issues...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
In Search of the Magic Wand: Car...
25 FebDoom
Yes, stay away from University of Phoenix, a school with a 9% graduation rate, that only gets students because it spends $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
The Bull Case For Gold This Year...
25 Febdepourcq
You talked about all the wrong reasons that gold will rise or fall, their is only one that everyone should know. The US has a debt of 18.134 trilli...
The Bull Case For Gold This Year...
25 Febneville
The fact that you are very lowly rated might be one of two things .1.You have been playing this card to often (Bear Joker) 2,The other is that you ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Caledonia Mining(Cu-Ni-Co)CAL.TO
Update on Implementation of the Revised Investment Plan
CA$ 0.72+0.00%Trend Power :
Corporate news
Avanti Mining(Ag-Le)AVT.V
Alloycorp Mining to Exhibit at Prospectors and Developers Association Conference March 1 to 4
CA$ 0.06+0.00%Trend Power :
Corporate news
Endeavour Financial(Ag-Au-Co)EDV.TO
Mining Generates Record Operating Cash Flow in 2014
CA$ 0.58+3.57%Trend Power :
Financials
Northern Gold(Au-Zn)NGM.V
Announces Updated Bulk Sample Results-Recovers 1,797 Oz Gold at 94.9% Recovery
CA$ 0.03+100.00%Trend Power :
Corporate news
Forum Uranium(Coal-Ngas-Ur)FDC.V
Commences Drilling on Its 100% Owned Fir Island Project
CA$ 0.08-5.56%Trend Power :
Corporate news
Anaconda Min.(Au)ANX.TO
maximizing Pine Cove deposit potential through recent drilling
CA$ 0.06+22.22%Trend Power :
Corporate news
Sprott Resources(Ag-Au-Co)SCP.TO
Resource Corp. Announces Date for 2014 Annual Results Conference Call
CA$ 1.33+0.00%Trend Power :
Corporate news
Nevada Copper(Cu)NCU.TO
Achieves Major Milestone
CA$ 1.70+7.59%Trend Power :
Corporate news
Vena Res.(Ag-Au-Cu)VEM.TO
Intersects 24.2 Metres of 131 g/t Ag and 0.4 g/t Au Including 8.1 Metres of 292 g/t Ag and 0.
CA$ 0.07+0.00%Trend Power :
Corporate news
Tanami Gold(Ta-Au)TAM.AX
NST Signs HOA to Acquire Central Tanami
AU$ 0.03-7.14%Trend Power :
Corporate news
Comments closed
  All Favorites Best Rated  
Julian, there are some tough questions you need to answer. Back in 2004, the price of gold often dropped ~ because the central banks were often selling a few tons of gold into the market. Now, in 2013, the central banks are buying hundreds-of-tons of gold ~ and the gold price drops. It is obvious that the price of gold would drop if tons of gold were being sold into the market; but it isn't obvious why the price of gold is dropping while the central banks are buying 574 tons of gold a year now. Could you tell us why this "dropping price action" is so ??
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.