Gold & Silver Market Morning

IMG Auteur
Published : February 05th, 2013
505 words - Reading time : 1 - 2 minutes
( 2 votes, 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 price rose $5.50 to $1,673.50 yesterday. In Asia on Monday it began to recover a little more to $1,677 and then Fixed at $1,678.00 up $14 and in the euro at €1,240.02 up nearly €14, while the euro was $1.3532. Ahead ofNew York’s opening, gold was $1,680.65 and in the euro at €1,242.03.

Silver Today – Silver closed at $31.71 yesterday. Ahead of New York’s opening silver stood at $32.02.

Gold (very short-term)

We expect gold soon move strongly one way or the other, in New York today.

Silver (very short-term)

We expect silver to soon move strongly one way or the other, in New York today.

Price Drivers

Gold & Silver –

The Eurozone crisis raised its ugly head again as Italian & Spanish yields rose sharply on the back of political news. In Spain accusations of back-handers muddied the Prime Minister Rajoy’s image and in Italy, Berlusconi moved ahead in the race for the top by promising Tax cuts if he gets in. The unacceptable face of Latin politics appears unconcerned at the collateral damage they may cause their countries. The euro weakened half a cent on the stories, but this may just n=be a short-term move before continuing higher.

Meanwhile the Technical picture for gold and silver is improving at the moment. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

We are hearing of reports that many commentators are expressing the view that the ‘bull market’ in gold is finishing because of the turnaround in economic growth for the better. This overlooks the fact that gold began to rise shortly after the turn of the century and rose while the U.S. economy was going full pelt. After a pause and 20% retreat in 2007/8 it then saw a continuation of its rise thereafter. It became clear then that gold’s rise has little long-term reaction to the state of the developed world’s economies, but has everything to do with the state of the world’s currencies. We fully agree with the Mexican Central Bank President’s view that the world is moving to a ‘perfect storm’ when interest rates begin to rise again in the developed world. The ‘carry trade’ will pull in its horns very rapidly causing a flood of funds to exit from the emerging world back to the rising interest rate nations. In turn they will see havoc in their fixed interest rate markets themselves as yields rise and prices drop. The hunt for yield will then be like a bull in a China shop in world markets. So we take our focus away from growth and look at the ripple effect that will follow. And in that climate, how long will growth last. Mr. Bernanke and Mr. Carney will have unenviable tasks then.

Silver –U.S. silver buyers should shortly re-enter the market.

Regards,

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

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,526.87

Sf1,515.16

US

$1,680.65

$1,663.00

EU

1,242.03

€1,225.81

India

Rs.89,475.29

Rs.88,621.27


Data and Statistics for these countries : China | India | Italy | Spain | All
Gold and Silver Prices for these countries : China | India | Italy | Spain | All
<< Previous article
Rate : Average note :5 (2 votes)
>> 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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Top Ten Reasons I Buy Gold Silver [#7] - These Assets Come With a ...
21 Sepvictoriashores1
HI Jeff I have read your articles with a lot of interest in your feelings with the future of Gold and Silver. I'm 75 years of age and have ...
What Is the Correct Amount of Money?
20 Sepgfs5431
If money is the heart of the economy, then the economies of the world are running with diseased hearts. Keynesians and other monetary intervention...
Pushback
20 SepGypsy
James, you're getting more difficult to read. As a Deplorable, I realize my under-education leaves me at a disadvantage when faced against the Mer...
Pushback
18 Sepdennyc3
If a university professor has been on the job for more than five years without venturing out into the world there's usually nothing to learn here. ...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
18 SepDRGEORGE
The world & the US $ have been on the brink for 10 years (or more). In 2008 it nearly happened but giving the 1% a stack of money saved the day. It...
'No evidence' of gold market manipulation, CPM Group's Christian in...
15 Sepneville
Despite being a so-called GOLD website ,I have read more anti GOLD articles on kitco than on any other site. Yes chris you are absolutely corre...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
15 SepSilverthumb2
I used to enjoy listening to Rickards. He sold out when he signed on with Agora Financial. Now he's just another ranting alarmist trying to get ri...
What's Killing the Jobs Market?
13 SepJ.0
It is hard to know where to begin to respond to your comment Recusant. You do not seem to understand how markets work. So, I'll throw out some po...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS