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 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
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
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.
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
LBMA Silver “Price”: A Perfect S...
30 JanS W.
Usually I enjoy Bron's take on things,but to be perfectly honest, I can't understand 95% of what he his on about here. I get the feeling that h...
ANOTHER NAIL IN THE U.S. EMPIRE ...
30 JanDemosthenes0
Very naive and pretentious article! The author thinks he knows everything and yet knows next to nothing. Shale gas producers are neither stupid n...
LBMA Silver “Price”: A Perfect S...
30 JanOzSILV1
I'd say that this was More than a Farce , 5,000 silver futures contracts within a minute or two !!!!! ( some charts indicate NO increase in Vo...
LBMA Silver “Price”: A Perfect S...
29 JanJ T.
"Criminal" is not the same as "stupid"...and it's not a farce when it is intentional. The only Farce has to do with the criminals in positions of ...
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+1.47%Trend Power :
Corporate news
Black HillsBKH
Black Hills reports 4Q loss
US$ 50.90-0.59%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$ 24.85-6.44%Trend Power :
Corporate news
United States Steel(Fe-Sn)X
U.S. Steel (X) States Ratification of Labor Agreements
US$ 7.94-3.64%Trend Power :
Corporate news
Black HillsBKH
4:34 pm Black Hills Corp beats by $0.04, misses on revs; guides FY16 EPS below consensus
US$ 50.90-0.59%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Reports 2015 Fourth Quarter and Full Year Results
US$ 50.90-0.59%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$ 24.85-6.44%Trend Power :
Corporate news
Comments closed