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Gold Today -New York closed at $1,186.20 up $5.20.Today sees the dollar weaker at $1.1265 down half a cent with the dollar index weaker at 94.97 down from 95.28. The LBMA Gold Price was set at $1,182.10 up $3.85 with the equivalent euro price at ?1,050.24 down ?3.74. Ahead of New York's opening, gold was trading in London at $1,183.50 and in the euro at ?1,051.11. Silver Today - The silver price rose to $16.11 up from$15.94 in New York. Ahead of New York's opening it was trading at $16,03. Gold (very short-term) The gold price will consolidate, in New York today. Silver (very short-term) The silver price will consolidate, in New York today. Price Drivers The biggest news of the day for gold is the addition of the first Chinese bank to the LBMA Gold price setting members. The Bank of China is the new member. Bank of China's direct participation in the gold auction would reinforce the connection between the Chinese domestic market and overseas markets, making the international gold price better reflect the supply and demand in China, and help to promote the internationalization of the Chinese gold market. We would expect more Chinese banks to join to make the hopes of the Bank of China come true. It would represent the start of the shift in pricing power to Shanghai, we believe. There is no basis for agreement between the E.U. and Greece it seems.Weighing up the factors on both sides, we see the E.U. having considerably more to lose than Greece now. The head of Airbus is extremely happy with the orders Airbus achieved at the Paris Air show and attributed its success in no small part to the euro's exchange rate with the dollar. If that had been at $1.40, what would it have cost this company alone? Here is where the potential loss to the E.U. lies! Add geopolitical factors and we would think the stakes are far higher than just the accountants and finance ministers concerns. The remarkable feature of the Greek debt crisis is that markets across the world are moving according to the state of those negotiations, at least that is what the media tells us. If this is true, we ask why? Is it because the expected damage to the currency world is far greater than we are led to believe? If the exit of Greece from the Eurozone is to have a global impact, it will be seen in the currency world leaving it in a state of turbulence. With the globe's two most important currencies gyrating against each other thereafter, the economic ramifications are far larger than so far stated. Bear in mind that these two currencies and trading blocs have satellite, trading nations that supply them, who move their own currencies against these two. China is included in this group, so far, but its objective is to be the third and independent major global currency that won't fit into the current world monetary system except on terms that suits it alone.The subsequent monetary turbulence that is coming, no matter what, will reshape the global monetary system and gold will be needed to temper the turbulence thereafter. Subscribe www.goldForecaster.com There were sales of gold from the SPDR gold ETF of 2.087 tonnes of gold on Monday. The holdings of the SPDR gold ETF are at 701.897 tonnes and at 167.01 tonnes in the Gold Trust. Silver- Silver and gold have a strong undertone.Subscribe www.SilverForecaster.com Regards, Global Gold Price (1 ounce) | | Today | Yesterday | Franc | Sf1,102.13 | Sf1,105.47 | US | $1,183.50 | $1,181.50 | EU | ?1,051.11 | ?1,051.58 | India | Rs.76,021.53 | Rs. 75,740.06 | | | |
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