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Gold & Silver Prices in

Gold and Silver Market morning, December 07, 2012

IMG Auteur
 
Published : December 07th, 2012
483 words - Reading time : 1 - 1 minutes
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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
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