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Gold & Silver Market Morning
Published : January 30th, 2013
504 words - Reading time : 1 - 2 minutes
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Keywords :   Bullion | China | Fixed | Global | Gold | Gold Market | India | Silver | Volatility |



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


Data and Statistics for these countries : China | India | All
Gold and Silver Prices for these countries : China | India | All
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Julian D. W. Phillips

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".
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