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 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
Greece’s referendum
11:58end
"History may judge him instead to have played a poor hand very well indeed." I'm quite sure both Macleod and Varoufakis will be quite disa...
Gold Daily and Silver Weekly Cha...
02 Julglasstiger
Jesse, you use the term "could care less" frequently. Is this American speak for "couldn't care less"? Similar I suppose to the ubiquitou...
One more book, Mr. Stockman
02 Juluser4779-1
While it is true that "[Gold standards] were abused, suspended, and ultimately abandoned in favor of a currency that central banks could inflate at...
Panicked Hedge Funds Now Praying...
30 Junovertheedge1
"... and the silly game theory ..." Obviously you have no knowledge of game theory and its applications. Otherwise you wouldn't have used ...
The Gold Standard: Generator & P...
30 Junuser4779
Is it really so bad for Americans that they do not spend their lives labouring on a production line to make mass-produced goods, and have left this...
The Gold Standard: Generator & P...
30 Junsam_site
You state, “To continue selling to the West, China will have to open wide its doors to imports” Here’s the crux of your argument of why Chin...
The euro crisis
30 Junovertheedge1
"There is no immediate benefit from debating why." Debate? That would be like debating whether or not gravity exists. You stated the obvio...
The Ultimate Confirmation
29 Junovertheedge
It would appear that we share the same conclusion. A few sealed cans of kerosene might be handy as well. Thumbs up sir.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Junex(Ngas)JNX.V
Junex Closes a Portion of its Private Placement for Proceeds of $5 Million
CA$ 0.80+0.00%Trend Power :
Corporate news
Potash Corp.POT.TO
K+S says no basis for talks suggested by Potash Corp
CA$ 38.88+0.52%Trend Power :
Corporate news
EMED(Au-Cu)EMED.L
Director Share Purchase
GBX 4.57-3.79%Trend Power :
Corporate news
Golden West Res.(Fe)GWR.AX
Change in Substantial Shareholding - WPI
AU$ 0.05+0.00%Trend Power :
Corporate news
Potash Corp.POT.TO
Potash says confident can address K+S' concerns about takeover offer
CA$ 38.88+0.52%Trend Power :
Corporate news
Potash Corp.POT.TO
PotashCorp Confident K+S Concerns Can Be Addressed Through Collaborative Discussion
CA$ 38.88+0.52%Trend Power :
Corporate news
Tawana Resources(Gems)TAW.AX
Changes to Tawana’s Board of Directors | 71.72 KB
AU$ 0.00+0.00%Trend Power :
Corporate news
Teras Resources(Au)TRA.V
Teras Receives Results From Core Drill Program
CA$ 0.08+6.67%Trend Power :
Corporate news
Goldrush Res.(Au)GOD.V
Goldrush Announces Receipt of US$500,000 Payment and Appointment of New Chief Financial Officer
CA$ 0.02+0.00%Trend Power :
Corporate news
McEwen Mining(Cu-Le-Zn)MUX
McEwen Mining Addresses New York Stock Exchange Listing Requirements
US$ 0.96+6.67%Trend Power :
Corporate news
Comments closed