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Gold Today The gold price closed at $1,305.10 down $2.30 on Monday in New York. In Asia and early London, prices rose to $1,310.The gold price was Fixed at $1,307.50 up $2.50 and in the euro at 972.842 up 1.643, while the euro was slightly stronger at $1.3440. Ahead of New Yorks opening, gold was trading at $1,309.00 and in the euro at 974.25. Silver Today The silver price closed in New York at $20.62 down 12 cents. Ahead of New Yorks opening it was trading at $20.73. Gold (very short-term) We expect gold to consolidate with a positive bias, in New York today. Silver (very short-term) We expect silver to consolidate with a positive bias, in New York today. Price Drivers There were no sales or purchases to or from the SPDR gold ETF or from or into the Gold Trust on Monday. The holdings of the gold ETFs stand at 801.844 tonnes in the SPDR gold ETF and at 165.66 tonnes in the Gold Trust.[Subscribe www.GoldForecaster.com ensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com]. The dollar continues to have a stronger bias as Eurozone record low interest rates and stimuli are set to continue for a long time to come, while U.S. low interest rates and stimuli are set to fade away. In the U.S. nothing is more keenly awaited than a date when interest rates begin to rise. In addition, the E.C.B. wants a cheaper euro against the dollar. Today sees the start of the 2-day Fed meeting and also the month-end process of rolling over of options into next month. This is a time when gold and silver prices are more likely to be volatile. On balance, we expect these prices to rise as strong support sits just below these prices and speculators retain high level short positions. Should upward pressure continue we expect such moves to precipitate short selling and higher prices. Nevertheless, sideways movements in the gold and silver prices are set to continue until a specific piece of news appears to galvanize these markets. The euro is pausing at the moment at $1.3433 but we expect it to continue to decline. Gold remains strong in the euro and will continue to do so. Today marks 100 years from the day that Archduke Ferdinand and his wife were assassinated and set off a chain of events that saw [as Churchill put it] the world went mad. Looking across global events we wonder whether it ever regained its sanity. Gold is often described as a safe haven, which is usually understood to be a haven against falling monetary values. But monetary values describe specifically, dropping values in so many other areas. Looking at the values that persisted 100-years ago and comparing them to todays, on all fronts, tells us why gold can be a protection of values in todays world. Long-term gold investors see this clearly.Traders dont look for that, just profits. Silver The silver price is now waiting for gold to give it direction.[www.SilverForecaster.com] Regards, Global Gold Price (1 ounce) | | Today | Yesterday | Franc | Sf1,179.53 | Sf1,179.53 | US | $1,304.50 | $1,304.50 | EU | 970.72 | 970.72 | India | Rs.78,433.06 | Rs.78,433.06 |
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