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Gold Today -New York closed at $1,158.80 up $3.00 with Asia and London taking it up to $1,162.80. The dollar was almost unchanged at $1,1033 against the euro and the dollar Index was almost unchanged at 96.50 up from 96.45.The LBMA gold price was set this morning at $1,162.10 up $7.85. The euro equivalent was ?1,052.96 up ?7.25. Ahead of New York's opening, gold was trading in London at $1,162.20 and in the euro at ?1,053.39. Silver Today - The silver price rose to $15.14 up 4 cents in New York. Ahead of New York's opening it was trading at $15.35. Gold (very short-term) The gold price will consolidate, today in New York, today. Silver (very short-term) The silver price will consolidate in New York, today. Price Drivers If Greece holds its position, then the weekend will see the first chink in the E.U. armor. Gold and silver prices will not overreact until next week, but speculators will try to make them, we're sure. The current fall in gold and silver prices prices was speculative but the demand that filters through to London and New York will remain restrained until next week. The slight rise in prices today leans towards a dramatic week next week. Once there is a Yuan Gold "Fix" we do expect to see more of a global price for gold and silver. The Chinese, when we look at yesterday's moves to control prices in equity markets will work to ensure stability in precious metal prices, globally in time. They certainly have the market power to do so. Anybody that doubted the existence of market manipulation need only look at China, where holders of share in a company that exceeds 5% may not sell for 6 months. 1300 companies have suspended trading in their shares and the government is hunting down 'malicious short sellers". No doubt when caught they will get jail time or worse? This contrasts strongly with the western concept of speculator. With a market that has fallen 30% in the last three weeks and looks as though it could fall to 50% of its peak in a short time China clearly does not like what can happen in 'free' markets. But today with these remarkable measures, the Chinese equity market is giving the appearance of recovering. Looking away from Greece to the potential 'ripple' effects of Greece leaving the euro, a foundation concept of the Eurozone and euro will have been mortally wounded. The future of the euro will be questioned and although we see it continuing as the second global reserve currency its stability will be damaged as will its relationship with the U.S. dollar. Many doubt that gold will become a more important reserve asset, but we don't. When nations under pressure, like Russia, tell the world they 'have enough gold and....' to withstand financial shocks, then we know that globally, nations accept that gold is a protection in extreme times as international money. This won't change!For more - Subscribewww.goldForecaster.com Silver- Silver will mark time now.Subscribe www.SilverForecaster.com Regards, Global Gold Price (1 ounce) | | Today | Yesterday | Franc | Sf1,104.15 | Sf1,096.54 | US | $1,162.20 | $1,155.10 | EU | ?1,053.39 | ?1,046.14 | India | Rs.73,757.28 | Rs. 73,458.01 | | | |
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