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 20, 2012

IMG Auteur
 
Published : December 20th, 2012
518 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,669.3 down nearly $30 in two days. This morning there was no rush to support the price or turn it around. It slipped slightly as the euro continued to strengthen to $1,667.00 where it Fixed this morning, In the euro it was Fixed at €1,259.254 down €30 on two days ago, while the euro was slightly stronger at €1: $1.3238. Ahead of New York’s opening, gold was $1,670.40 and in the euro at €1,259.97.


Silver Today – Silver closed lower at $31.1 the lowest it has been for some time in New York yesterday. It opened in London a similar level and traded there at $31.13. Ahead of New York’s opening silver stood at $31.23.


Gold (very short-term)



Gold is expected to look for support at these or lower levels, in New York today.


Silver (very short-term)


Silver is expected to look for support at these or lower levels, in New York today.


Price Drivers


Gold & Silver – While equity markets are determined to take a positive view of the ‘Fiscal Cliff’ talks the realities are that politicians are taking this game of ‘chicken’ right to the brink of the precipice. Republicans are aware that if they accept Tax hikes they will lose voter support while Obama in his second and last term has little to lose by sticking to his position. So while most observers realize the need for politicians to go to the brink for the sake of votes, they all believe some compromise will be the result. It reminds us of a long-bowman pulling the string of his bow to breaking point before releasing the arrow. Markets believe that the ‘relief rally’ will impact gold and silver negatively and are discounting it. But if politicians fall over the ‘cliff’ gold and silver might turn out to be the arrow? What is a fact of recent history is that gold and silver are approaching huge support in the lower $1,600 area. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].


What has become very clear is that Asian demand is not so price sensitive as to rush in on lower prices, as we are seeing now. Asian demand relates itself to Asian situations. Lower Rupee prices do precipitate some buying but must first soak up Indian supplies. Chinese demand relates to disposable income availability. These must work through over time and don’t rush in and out as speculators are able to do.


Central Bank demand looks for volume not prices. While we believe that all these aspects of demand are active they are not instantly price sensitive. This allows for the price action we are seeing now. The volatility present in the market is momentum driven and follows the Technical picture.


As the festive season is almost on us, jewelry demand has slowed as manufacturing for this season has finished.


Silver – Silver is sitting on strong support now.


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 :5 (1 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
23 JunDynoman
Valuable potential is what's currently offered by digital currencies. It makes absolute sense to have a global digital economy based upon borderles...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
22 JunDavid C.1
Yes Mish, but bitcoin and the wealth and debt burdens of the world are fully backed by electrons which are very light. Unlike that 68 ft glob of m...
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Things To Come
12 Jun Roygbiv0
And JHK ruined your life because he then voted for Obamba ? For Jim C.
Things To Come
12 JunJim C.-1
Surely Kunstler cannot be ignorant of economics, of the direct correlation between the production of wealth and Capitalism, and the subsequent crea...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS