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 30th, 2013
504 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire



Gold Today – In New York the gold recovered to $1,662.70 yesterday. In Asia it tried to rise more then in London’s morning it Fixed at $1,666.25 up over $5 and in the euro at €1,230.704 down €4. The 5 bullion banks that Fix the price were all neutral at the Fix, netting out the buying and selling within their own clients. The euro strengthened through resistance to €1: $1.3556 against $1. Ahead of New York’s opening, gold was $1,665.65 and in the euro at €1,229.13.

Silver Today – Silver closed at $31.35 in New York. Ahead of New York’s opening silver stood at $31.45.

Gold (very short-term)

We expect gold to continue to climb within the consolidation pattern, in New York today.

Silver (very short-term)

We expect silver to continue to climb within the consolidation pattern, in New York today.

Price Drivers

Gold & Silver – It was as though gold did not know which way to go as it rose in the dollar and fell in the euro at the morning Fix in London.

The Fix itself was strange as all five of the bullion banks ended up as neither buyers or sellers at the Fix. The Fix is where the five get together to deal for and with their clients sending the net bid or offer to the Fixing for bidding or offering there. We have just about always see one or more being buyers or sellers at the price they finally agree on at which all the dealing involved in the Fix are done. This allows all buyers and sellers to see that their price is a consensus of that day’s influences in the market. Hence, this is where the bulk of all trades are done at in the physical markets. This has been the case since 12th September 1919.

By the time the “Fix” has reached 100 years old we may see a different picture. If we are right in our forecasts, by then we may have four “Fixes” in the day, not just two in London. The London Bullion banks may be sagacious enough to institute two more Fixes in either Shanghai or Honk Kong reflecting the rising importance of China in the world of gold. Then gold will be a 24-hour market stretching round the globe.

Then the gold price will reflect a much greater physical bias than it does now, with the high volatility influence of the U.S. markets sidelined. Perhaps this will reflect the fundamentals of the gold market far more than the Technical picture does at present? [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

Silver – True to form, silver is riding in tandem with gold’s moves as it starts to consolidate above support. The price of silver is reflecting more and more its investment side in demand. The industrial demand while vibrant is in second place in the day-to-day prices.

Regards,

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

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,525.90

Sf1,537.01

US

$1,665.65

$1,662.80

EU

1,229.13

€1,238.08

India

Rs.88,854.10

Rs.89,417.07


Companies Mentionned : Bullion |
Data and Statistics for these countries : China | India | All
Gold and Silver Prices for these countries : China | India | All
<< Previous article
Rate :Average :5 (1 vote)
>> Next article
Latest topics on forum :
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Koos Jansen: India's silver expo...
26 JanDoom
Heh, the title doesn't match the subject. I would have been shocked if India was really exporting silver, much less exporting a record.
Education is Too Important Not t...
26 Jansam_site0
Right on Ron. Americans don't understand that we have been fed a distorted version of history taught in our schools. The constant attempts by cri...
Job Site of the Future: Unmanned...
26 Janrhaacke
All this fear of automation taking over jobs is completely unfounded. It will never be possible for machines to make everyone unemployed. If everyo...
Jim Rickards: Gold price manipul...
26 Janstustev1
Jim, If the intent of the manipulation is to get more gold into China and it is imperative to accomplish this forthwith then why do not the wor...
Dollar Denial Ain't Just a River
24 Janovertheedge
"It all comes back to preparing for the worst, and letting the best take care of itself. Easy to say - hard to implement. " "Therefore, we...
Housing Affordability: How Does ...
23 JanThautikus4
Mish, As a Canadian follower of your excellent commentary I will answer in regard to the Canadian Real Estate bubble which crested in 2013-2014 and...
Francs, Bonds, Barrels, and Bail...
23 Janesandy
Are there any differences between US banks and savings-and-loans with regard to Glass-Steagall?
Jim Rickards: Gold price manipul...
22 Janneville3
One of the hardest things an aquirer of a huge amount of stocks on any bourse would encounter would be the dealers /traders around him getting a wh...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
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.