Gold Today In New York the gold recovered to $1,662.70 yesterday. In Asia it tried to rise more then in Londons 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 Yorks 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 Yorks 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.
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 days 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 golds 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.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
3 days ago