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 07, 2012

IMG Auteur
 
Published : December 07th, 2012
483 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 $1,698.00 down $3.6 yesterday as a result of short covering. This morning, Asian & London dealers lifted prices higher to reclaim the $1,702 level. It was Fixed at $1,697.00 up $4 on yesterday’s Fix. In the euro it was Fixed at €1,312.553 up €17.5 while the euro was slightly weaker at €1: $1.2962 and weakening. Ahead of New York’s opening, gold was $1,697.05 and in the euro at €1,309.25.


Silver Today – Silver closed in New York at $32.98 yesterday. In Asia and London, silver climbed back to reclaim the $33.08 levels. Ahead of New York’s opening it stood at $32.88.


Gold (very short-term)



Gold is expected to show a stronger bias, in New York today.


Silver (very short-term)


Silver is expected to show a stronger bias, in New York today.


Price Drivers


Gold & Silver – Confirmation that the breakdown of supports in gold was caused by speculators and traders came overnight, as short covering returned gold prices to $1,702 and silver back over $33.08. Volumes were again small, demonstrating that neither the market, nor fundamental perceptions have changed. We continue to expect large long-term buyers from central banks and Asia to enter the market to buy at these levels.


[Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]


The fall in the gold price in Indian Rupees to the Rs. 91,000 area will bring Indian investors rushing in to get bargains. Western investors rush in as prices start to rise as they ‘want in’ for the ride. Indian investors rush in because they don’t think prices will go any lower. Two very different worlds! But Indian demand is the larger in the gold market, longer term. Indian gold imports declined to 398 tonnes between April-October 2012 from 589 tonnes a year earlier over the same period.


The main reason investors buy and sell in different parts of the world differently, is that gold is priced in the local currency in each market of the world. The weaker Rupee during the year led to record Rupee prices for gold, whereas in the dollar and the euro gold prices remained below their peaks. Understanding this is always clouded by the fact there is no currency by itself that can measure gold’s real value. Investors instinctively see prices in their own currency and use that currency as the measure they understand. The common denominator is gold itself, which a U.S. millionaire can sell to a farmer in India [if he wants Rupees]. Likewise the farmer can sell that gold to an American millionaire [if he wants dollars?].


Silver – Silver was riding tandem with gold as they both reclaimed the levels investors feel they should be at overnight.


Regards,


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


Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,568.37

Sf1,583.02

US

$1,692.15

$1,702.50

EU

1,295.08

€1,301.01

India

Rs.91,613.85

Rs.92,959.11


 

 

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
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Gold Surges Another 7% This Week...
12 Febovertheedge
"Buyers should be getting into position to buy on the next dip." Gold is up something like 16% so far this year. Should'a bought when it wa...
Here We Go Again: Banks Are Impl...
12 Febsonora69
What is going to happen NEXT Monday? The Shanghai markets are closed all this week for the Lunar New Year. Monday morning ( or Sunday night U.S. t...
First Report since April, 2014
05 FebAndy_K1
Jason, One of your articles written way back is one of the reasons I started paying attention to silver and shortly thereafter started to ...
Something has Changed in Gold St...
06 Febneville
No nothing strange has happened in GOLD stocks....absolutely nothing.....The fact of the matter is that you byrne have been playing the man and...
The Revisionist Theory and Histo...
05 Febovertheedge
"The key is in the hand of the U.S. government. It is the same key that was used to lockthe U.S. Mint to silver in 1873, and to gold sixty years la...
First Report since April, 2014
05 FebS W.1
Here I was just 2 days ago thinking whatever happened to that evangelical silver guy. Low and behold up he springs, like some spirit from the g...
LBMA Silver “Price”: A Perfect S...
03 FebS W.
There is no doubt that the Comex can be used as a casino for those who want to trade Silver up/or down or maybe some just wish to take a small punt...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
Bron refuses to EVER admit this market is a Casino and the disconnect between Paper and Physical is a big clue to this
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Lara Expl.(Cu-Zn-Au)LRA.V
Revised Resource Estimate Report Filed for Maravaia Copper Gold Deposit
CA$ 0.34+1.49%Trend Power :
Corporate news
Black HillsBKH
Black Hills reports 4Q loss
US$ 51.64-2.75%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Kinder Morgan(Oil)KMP
Midstream Companies Were above the 20-Day Moving Averages
US$ 102.03+1.98%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
Gasoline Inventories Rose Last Week despite Fall in Production
US$ 21.69+2.07%Trend Power :
Corporate news
United States Steel(Fe-Sn)X
U.S. Steel (X) States Ratification of Labor Agreements
US$ 7.40+8.35%Trend Power :
Corporate news
Black HillsBKH
4:34 pm Black Hills Corp beats by $0.04, misses on revs; guides FY16 EPS below consensus
US$ 51.64-2.75%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Reports 2015 Fourth Quarter and Full Year Results
US$ 51.64-2.75%Trend Power :
Corporate news
Transcanada PipelinesTRP.TO
TransCanada to Sign Substantial Agreement to Benefit Québec Economy
CA$ 48.65+0.16%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
4Q15 Crude Oil Prices: Fallout for the Energy Sector and SPY
US$ 21.69+2.07%Trend Power :
Corporate news
Comments closed