Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

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


 

 

Companies Mentionned : Metals X |
Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Spain to Suspend Evictions, Rewr...
04:05overtheedge
"... negotiate funding agreements with creditors for half of the accrued liability ..." The devil is always in the details. Accrued l...
The Price of Everything and the ...
03:54overtheedge
Debt Jubilee? Not gonna happen. 1. All collateral will be seized before any debate on debt forgiveness happens. 2. All pension plans will b...
Watch: This Is Why Russia Can’t ...
20 DecA.
Area 51 conspiracies in support of the American "exceptional-ism" theory. REALLY ?? I was expecting more from this site...
Evolution of YouTube: Will it Su...
22 Decprljr
It all depends on how much control the j-mafia will buy into like any other enterprise that can be purchased. Makes it easier if you can print your...
North Korea Threatens White Hous...
22 Decprljr
The president said the hack on the Hollywood studio was not an act of war but was “very costly”, To whom is it costly? Not having t...
Lessons Learned from the Suisse ...
22 Decsneezy67
Hello Switzerland....goodbye Switzerland :: Hello USA...goodbye USA :: Hello financial elite...you have had your way for 100's of years...kiss my ...
Sick Market Moves While Gold Rem...
22 Decsneezy67
Oh..... the agony and many pains it must be as a financial analyst (prognosticator ?)
Chinese Copper Elephant
21 Decovertheedge
If some of the central African countries, such as Nigeria, get their politico-economic acts together, then increased demand for base metals, especi...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.