Gold & Silver Market Morning

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Published : February 27th, 2013
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Category : GoldWire

Gold Today – The gold price jumped in New York, yesterday to close at $1,613.90 up nearly $20. In Asia and ahead of London’s opening it slipped slightly to $1,607. In London it was Fixed at $1,608.50 up $10 and in the euro at €1,228.801 up nearly €11, while the euro was $1.3090. Ahead of New York’s opening, gold was $1,607.65 and in the euro at €1,228.25.

Silver Today – Silver continued to recover to $29.38 cautiously in New York yesterday. Ahead of New York’s opening silver stood at $29.13.

Gold (very short-term)

We expect gold to continue to consolidate above the $1,600 level, in New York today.

Silver (very short-term)

We expect silver to continue to recover, in New York today.

Price Drivers

Gold & Silver – With gold sold out of the ETFs and COMEX low on longs and high on shorts speculators and traders risk being caught either short or out of the market. The recovery in the gold price was driven by Asian and central demand. Central banks buy the dips and Asian demand has to pay up to get the bargain prices, which they are doing. With developed world gold action dictated by the Technical picture and Asia simply looking for a lower ‘floor’ to get the opportunity to buy low, but ahead of a rise, we are seeing another clash between Western and Eastern cultures. This time, it’s Asia that has the West on the hop. So we expect to see more short covering in New York today. Or will we see gold slip to find support on previous resistance?

The Italian elections have left Italy ungovernable and Italy racing past Spain to become the next point of crisis in the Sovereign debt crisis that just won’t go away. As Europe’s third largest economy a Sovereign debt crisis there brings the Eurozone debt crisis to a whole new level! What’s worse is that the result was a rejection of E.U. austerity measures!

Over in the States Mr Bernanke confirmed that QE will go on and on and on. He did state that he needs to see unemployment down and house prices up and holding longer term before he changes his policy. Observers appear to have got lost in the detail and missed the big picture, which tells us that an exit won’t happen until it can leave U.S. growth unaffected and markets able to absorb high interest rates and the removal of vast quantities of money from the system in maybe two years or more time? Until then [and we see past then] gold will continue to benefit and by extension silver too. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]

Silver –The silver price is following gold’s lead cautiously now. While gold consolidates today we may see more strength in silver than in gold today in New York today.

Regards,

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

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,496.96

Sf1,481.04

US

$1,607.65

$1,592.00

EU

1,228.25

€1,216.99

India

Rs.86,636.26

Rs.86,119.24


Data and Statistics for these countries : India | Italy | Spain | All
Gold and Silver Prices for these countries : India | Italy | Spain | All
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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
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