Gold and Silver Market morning, December 04, 2012

IMG Auteur
 
Published : December 04th, 2012
480 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,715.20 yesterday. This morning, Asian dealers pushed prices down, unusually, to $1,705 before London opened. It was Fixed at $1,706.75 down $11.50 on yesterday’s Fix. In the euro it was Fixed at €1,305.354 down €11.5, while the euro was stronger at €1: $1.3075 and strengthening. Ahead of New York’s opening, gold was almost the same as Friday morning’s level at $1,706.75 the same as the Fixing and in the euro at €1,304.61 down €23 as the euro continued to strengthen.


Silver Today – Silver closed in New York at $33.59 yesterday. In Asia and London’s start to the week, silver slipped to $33.33 in London, ahead of New York’s opening falling slower than gold.


Gold (very short-term)



Gold is expected to consolidate with a negative bias, in New York today.


Silver (very short-term)


Silver is expected to consolidate with a negative bias, in New York today.


Price Drivers


Gold & Silver – With the Technical picture still favoring the downside, traders and speculators in Tokyo pushed the gold price down to nearly $1,700 at the quietest time of gold’s day. Again traders and speculators are relying on the downwards pointing Technical picture. But this still leaves the gold price within a tightening trading range. A clear direction can only be given once the pennant is fully formed. As we said yesterday, as this narrows so we must again prepare ourselves for a strong move, either way likely later in the week.


Perhaps the most important factor affecting traders and speculators [not long term holders of gold, Asian demand or central bank demand] is the turn the “Fiscal Cliff” negotiations are taking. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] These are, we believe taking a turn for the worse as President Obama and the Republicans harden their stances and demand more from the other side. A question about to be contemplated is, “Which side has the most to gain, if the U.S. falls over the Fiscal Cliff?” It seems that the President will! If this is the case and he is actually prepared to blame the Republicans as the recession is approached, then all markets will begin to discount this shortly, precious metals included. But as gold has so many other supportive factors behind it we cannot see speculators or traders dominating the gold or silver markets for long.


It seems that the bad effects of a fall over the cliff are resulting in businesses now acting as though it’s already happening and laying off workers as well as conserving cash!


Silver – Silver is being pushed to follow the gold price but is doing so in a small way and seemingly unwillingly.


Regards,


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


Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,603.74

Sf1,596.84

US

$1,723.25

$1,719.25

EU

1,328.69

€1,322.25

India

Rs.92,542.83

Rs.92,607.40


 

 

Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Predicting The Next Crisis, Programming Behavior: “The Ability To T...
18 JanS W.
Excellent article with a small touch of healthy paranoia. Good idea, 'leave the phone at home sometimes' Go smell the roses !
Racism-O-Rama
18 JanS W.
Fancy specialising in race and gender studies ! And then do exactly what? I suspect, write papers ad infinitum that hardly anyone would read.
Who Moved My Xanax?
17 JanThemis0
I actually agree with a lot of what Trump says while deploring the tone and his lack of judgment in making such remarks publically while in office.
Socialist Dystopia: Starving Venezuelans Loot As Runaway Inflation ...
17 JanThemis
There is a 19th century English word that is particularly appropriate in this instance - "kakistocracy", i.e. government by the worst or least qual...
Who Moved My Xanax?
15 JanMr. Gnawbone1
It is an exploitation of the ignorant and uninformed population, but that is what happens when they pay attention to meaningless information and ...
Racism-O-Rama
15 JanMr. Gnawbone1
It sounds racist, so it has to be. Overton Bubble at work, the faculty were programed to respond as if to a Pavlovian Bell. There is no way to ch...
Racism-O-Rama
16 Jandennyc3
Ah, yes, black welfare recipients receiving our hard earned and easily spent tax dollars and providing us nothing save their lives for our investme...
Racism-O-Rama
15 JanDoom2
It's not just the English that is considered RACIST, it's also mathematics, and a wide range of other things: http://professorconfess.blogspot...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.