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 31st, 2013
524 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...



Gold Today – In New York the gold price recovered to $1,676.50, yesterday, up $14. In Asia it slipped a little to $1,677 and traded below that level in London’s morning where it Fixed at $1,674.5 up over $8 and in the euro at €1,234.882 up €4. The euro held the same level as yesterday at €1: $1.3556, despite the negative growth figures published yesterday in the U.S.Ahead of New York’s opening, gold was $1,674.65 and in the euro at €1,235.31.

Silver Today – Silver closed at $31.98 up 62 cents in New York. Ahead of New York’s opening silver stood at $31.96.

Gold (very short-term)

We expect gold to tighten its consolidation range, in New York today.

Silver (very short-term)

We expect silver to tighten its consolidation range, in New York today.

Price Drivers

Gold & Silver – What a shock! The U.S. economy contracted because of defense spending o.1%. Apart from such falls in major U.S. production sectors of the economy, the U.S. is expected to grow by around 1% we are told. The euro continued to stay strong, but the jump in the gold price was trader and speculator driven, which we see as part of the current consolidation phase for gold and silver. In the next few days we expect to see the gold and silver prices tighten their trading ranges as they prepare for a strong move either way.It seems that these price preparations are like a cat coiling up to pounce. Such moves are increasing in frequency in this area below $1,700. The question is, “Will they continue to try to break through $1,700?” The trading range between $1,650 and $1,690 is now a well worn path going back over a year. It seems that we are reaching a point where a major move is soon to take place.

Across in India as the wedding season comes into view [and there are millions of them] gold buying is high right through until May, when the ‘season’ ends ahead of the monsoon’s beginning. In addition the Rupee has strengthened to the extent that, as you can see below yesterday’s price fell to below Rs.89,000 an ounce, a price level not seen for around a year.

The flat growth in the U.S. [take inflation of just over 1% from 1% growth and there is nothing left] is disheartening for the Fed who on their own, have tried to spur growth, almost without the help of government. Add to that that the fiscal crises remain unresolved there, still. It is the damage done to the value of the dollar that affects gold, not the state of the economy! [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

Silver – Silver is climbing again with gold and at the same pace, both of which is seeing strong underlying demand for the long-term and rising investment demand. After five years of trying, developed world growth is still struggling to gain traction. Flat growth and money printing are good for gold & silver!

Regards,

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

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,525.69

Sf1,537.01

US

$1,674.65

$1,662.80

EU

1,235.31

€1,238.08

India

Rs.89,066.26

Rs.89,417.07


Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Napoleon vs. Cheney: "Interrogat...
15:16Josu O.
I cannot overstate how important is that every american read this article. It's absolutely wonderful how you have summarized every aspect around to...
Muslim terrorism, the left and t...
10:38end-1
Does anyone still wonder why is Australia hotbed for second generation Muslim migrant radicalization? Does anyone still need an explanation on why ...
Gold & Silver Market Morning
17 Decsamking731
Gypsie, my take on what he's saying is on paper gold, not actual gold that you are holding in your hand. In that way, gold is gold, though Pandas ...
Gold & Silver Market Morning
17 DecGypsy1
You have me confused Julian. When you say "We believe that holders of gold in the Ruble. . . . ." I take it you are not talking about someone hold...
Gold Price chart showing big dro...
17 Decuser47791
The article ludicrously misinterprets the chart. What the chart shows is the market price of German Aktien, namely shares in British or stocks in A...
New Poll Shows US Citizens in Ev...
17 DecJosu O.
It's very sad to see such support of torture in USA. What is incredible is that a lot of those people consider themselves christians and nice peopl...
Why I Quit
16 Decmykey992
I feel for you and appreciate your courage. Being placed in an unwinnable situation is never pleasant. Recognizing and acknowledging one's situat...
Mark of the Beast: Microchips ‘T...
15 DecGypsy
The really scary Future Event (scary to The Powers That Be) will be telepathy: communication without implants among ALL humans. That point comes 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.