Gold and Silver Market morning, December 05, 2012

IMG Auteur
 
Published : December 05th, 2012
506 words - Reading time : 1 - 2 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 $1,703.00 down $3.75 on yesterday’s Fix. In the euro it was Fixed at €1,300.794 down €5.354 while the euro was stronger at €1: $1.3092 and stabilizing. Ahead of New York’s opening, gold was $1,702.5 and in the euro at €1,301.01.


Silver Today – Silver closed in New York at $32.96 yesterday. In Asia and London’s start to the week, silver recovered to $33.05 in London, ahead of New York’s opening recovering faster than gold.


Gold (very short-term)



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


Silver (very short-term)


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


Price Drivers


Gold & Silver – Traders and speculators are really pushing gold down hoping that support will really break. Just as they thought they had done so the gold price recovered on Indian and Chinese demand plus unobtrusive central bank demand. This pulled it back from the $1,692 brink to this morning’s Fixing at $1.703.00. Having touched the bottom of the current consolidation patter it has turned back up. The consolidation is expected to continue in both silver and gold for the rest of this week before deciding to give a clear direction one way or the other. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]


The fall in the gold price was significant in terms of currencies. Gold fell while the euro rose. But the dollar rose against all currencies too, with the euro even stronger. We will be addressing the underlying pattern that shows the U.S. moving to a lesser dependency on the global economy. Pressure on branches of foreign banks in the U.S. to comply with the capital requirements as U.S. banks in the U.S.A.is a move we tie to the coming oil self-sufficiency in the next few years. Additionally there is a drive to get manufacturing jobs back inside the U.S. These moves point to a drive to a much higher level of self-sufficiency for the U.S. economy. We will see this begin to show in a far better U.S. Trade balance in the next few years.


More importantly for gold and silver, we see in these moves preparations for the dollar to lower its role as the world’s sole reserve currency. Taking this further, the level of global economic and trade integration will turn from a rising pattern to a falling one. Precious metal investors should attune themselves to these future developments, which are positive for the gold price in all currencies as it has always been important in such transitions.


Silver – Silver bounced back strongly as gold returned to the above $1,600 level today. Despite it robustness it will continue to move with the gold price.


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
Get Ready To Party Like It’s 2008 - Dave Kranzler
21 OctSilverLining
Very good article, Dave. The S&P chart helps to visualize the uncharted territory the current market finds itself in. There is a confluence of fa...
The Fed Is Confused about What Drives Inflation
23 Octprljr
Central banking is the biggest lie or in other words the largest CON
The Fed Is Confused about What Drives Inflation
18 Octneville1
Hi Frank, Thanks for your article.......The fact of the matter is that LIES LIKE EVERYTHING ELSE DRIVES INFLATION , which as it so happens is 'THE'...
What kind of person runs for public office ?
17 OctThemis1
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom-1
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS